Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | EBMT | |
Entity Registrant Name | Eagle Bancorp Montana, Inc. | |
Entity Central Index Key | 1,478,454 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,776,916 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash and due from banks | $ 6,529 | $ 11,889 |
Interest-bearing deposits in banks | 717 | 613 |
Total cash and cash equivalents | 7,246 | 12,502 |
Securities available-for-sale | 147,460 | 161,787 |
Federal Home Loan Bank stock | 2,853 | 1,968 |
Federal Reserve Bank stock | 642 | 641 |
Investment in Eagle Bancorp Statutory Trust I | 155 | 155 |
Mortgage loans held-for-sale | 14,731 | 17,587 |
Loans receivable, net of deferred loan fees of $750 at September 30, 2015 and $486 at December 31, 2014 and allowance for loan losses of $3,230 at September 30, 2015 and $2,450 at December 31, 2014 | 388,244 | 316,270 |
Accrued interest and dividends receivable | 2,332 | 2,318 |
Mortgage servicing rights, net | 4,808 | 4,115 |
Premises and equipment, net | 18,290 | 19,964 |
Cash surrender value of life insurance | 12,429 | 11,735 |
Real estate and other repossessed assets acquired in settlement of loans, net | 619 | 637 |
Goodwill | 7,034 | 7,034 |
Core deposit intangible, net | 550 | 663 |
Deferred tax asset, net | 1,694 | 1,467 |
Other assets | 2,322 | 1,364 |
Total assets | 611,409 | 560,207 |
Deposit accounts: | ||
Noninterest bearing | 82,842 | 60,924 |
Interest bearing | 398,286 | 380,476 |
Total deposits | 481,128 | 441,400 |
Accrued expenses and other liabilities | 5,372 | 4,161 |
Federal Home Loan Bank advances and other borrowings | 55,534 | 54,993 |
Subordinated debentures: | ||
Principal Amount | 15,155 | 5,155 |
Unamortized debt issuance costs | (204) | |
Total subordinated debentures less unamortized debt issuance costs | 14,951 | 5,155 |
Total liabilities | $ 556,985 | $ 505,709 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock (no par value; 1,000,000 shares authorized; no shares issued or outstanding) | ||
Common stock (par value $0.01 per share; 8,000,000 shares authorized; 4,083,127 shares issued; 3,776,916 and 3,878,781 shares outstanding at September 30, 2015 and December 31, 2014, respectively) | $ 41 | $ 41 |
Additional paid-in capital | 22,134 | 22,122 |
Unallocated common stock held by Employee Stock Ownership Plan | (1,016) | (1,141) |
Treasury stock, at cost | (3,338) | (2,194) |
Retained earnings | 36,714 | 35,885 |
Net accumulated other comprehensive loss | (111) | (215) |
Total shareholders' equity | 54,424 | 54,498 |
Total liabilities and shareholders' equity | $ 611,409 | $ 560,207 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Loans receivable, deferred loan fees | $ 750 | $ 486 |
Loans receivable, allowance for loan losses | $ 3,230 | $ 2,450 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 4,083,127 | 4,083,127 |
Common stock, shares outstanding | 3,776,916 | 3,878,781 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST AND DIVIDEND INCOME: | ||||
Interest and fees on loans | $ 4,390 | $ 3,658 | $ 12,607 | $ 10,291 |
Securities available-for-sale | 759 | 1,044 | 2,255 | 3,227 |
Federal Home Loan Bank and Federal Reserve Bank dividends | 5 | 25 | ||
Interest on deposits in banks | 1 | 6 | 5 | |
Total interest and dividend income | 5,154 | 4,703 | 14,893 | 13,523 |
INTEREST EXPENSE: | ||||
Deposits | 400 | 338 | 1,093 | 999 |
Federal Home Loan Bank advances and other borrowings | 130 | 156 | 401 | 455 |
Subordinated debentures | 191 | 21 | 254 | 63 |
Total interest expense | 721 | 515 | 1,748 | 1,517 |
NET INTEREST INCOME | 4,433 | 4,188 | 13,145 | 12,006 |
Loan loss provision | 310 | 215 | 960 | 511 |
NET INTEREST INCOME AFTER LOAN LOSS PROVISION | 4,123 | 3,973 | 12,185 | 11,495 |
NONINTEREST INCOME: | ||||
Service charges on deposit accounts | 317 | 284 | 783 | 763 |
Net gain on sale of loans (includes $462 and $461 for the three months ended September 30, 2015 and 2014, respectively, and $1,487 and $1,065 for the nine months ended September 30, 2015 and 2014, respectively, related to accumulated other comprehensive earnings reclassification) | 1,639 | 1,398 | 5,126 | 3,430 |
Mortgage loan servicing fees | 523 | 380 | 1,360 | 1,099 |
Wealth management income | 174 | 112 | 470 | 383 |
Net gain on sale of available-for-sale securities (includes $0 and $194 for the three months ended September 30, 2015 and 2014, respectively, and $234 and $431 for the nine months ended September 30, 2015 and 2014, respectively, related to accumulated other comprehensive earnings reclassification) | 194 | 234 | 431 | |
Net loss on sale of real estate owned and other repossessed property | (2) | (1) | (4) | (1) |
Net loss on fair value hedge | (47) | (93) | (181) | |
Other noninterest income | 261 | 337 | 1,193 | 1,207 |
Total noninterest income | 2,912 | 2,657 | 9,069 | 7,131 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 3,660 | 3,131 | 10,678 | 9,523 |
Occupancy and equipment expense | 838 | 695 | 2,307 | 2,094 |
Data processing | 560 | 540 | 1,605 | 1,479 |
Advertising | 170 | 166 | 563 | 525 |
Amortization of mortgage servicing rights | 218 | 166 | 640 | 462 |
Amortization of core deposit intangible and tax credits | 116 | 105 | 317 | 315 |
Federal insurance premiums | 83 | 73 | 251 | 176 |
Postage | 63 | 44 | 152 | 127 |
Legal, accounting and examination fees | 126 | 262 | 415 | 548 |
Consulting fees | 72 | 176 | 523 | 558 |
Write-down on real estate owned and other repossessed property | 10 | |||
Other noninterest expense | 586 | 507 | 1,874 | 1,490 |
Total noninterest expense | 6,492 | 5,865 | 19,325 | 17,307 |
INCOME BEFORE INCOME TAXES | 543 | 765 | 1,929 | 1,319 |
Income tax expense (benefit) (includes $671 and $688 for the three months ended September 30, 2015 and 2014, respectively, and $71 and $3,067 for the nine months ended September, 30, 2015 and 2014, respectively related to income tax expense from reclassification items) | 22 | 47 | 230 | (369) |
NET INCOME | $ 521 | $ 718 | $ 1,699 | $ 1,688 |
BASIC EARNINGS PER SHARE | $ 0.14 | $ 0.18 | $ 0.44 | $ 0.43 |
DILUTED EARNINGS PER SHARE | $ 0.14 | $ 0.18 | $ 0.44 | $ 0.43 |
WEIGHTED AVERAGE SHARES OUTSTANDING (BASIC EPS) | 3,804,532 | 3,889,603 | 3,823,896 | 3,907,259 |
WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED EPS) | 3,841,787 | 3,944,406 | 3,861,151 | 3,962,062 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||||
Gain on sale of loans, accumulated other comprehensive earnings reclassification | $ 462 | $ 461 | $ 1,487 | $ 1,065 | ||
Net gain on sale of available-for-sale securities, accumulated other comprehensive earnings reclassification | 0 | 194 | 234 | 431 | ||
Income tax expense, reclassification items | $ 671 | $ (600) | $ 688 | $ 2,379 | $ 71 | $ 3,067 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 521 | $ 718 | $ 1,699 | $ 1,688 |
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS): | ||||
Change in fair value of investment securities available for sale, before income taxes | 1,688 | 1,713 | 485 | 7,692 |
Reclassification for realized gains and losses on investment securities included in income, before income tax | 0 | (194) | (234) | (431) |
Change in fair value of derivatives designated as cash flow hedges, before income taxes | 420 | 630 | 1,411 | 1,329 |
Reclassification for realized gains on derivatives designated as cash flow hedges, before income taxes | (462) | (461) | (1,487) | (1,065) |
Total other items of comprehensive income | 1,646 | 1,688 | 175 | 7,525 |
Income tax (expense) benefit related to: | ||||
Investment securities | (688) | (619) | (102) | (2,959) |
Derivatives designated as cash flow hedges | 17 | (69) | 31 | (108) |
Income tax (expense) benefit | (671) | (688) | (71) | (3,067) |
COMPREHENSIVE INCOME | $ 1,496 | $ 1,718 | $ 1,803 | $ 6,146 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | PREFERRED STOCK | COMMON STOCK | PAID-IN CAPITAL | UNALLOCATED ESOP SHARES | TREASURY STOCK | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
Balance at Dec. 31, 2013 | $ 47,757 | $ 41 | $ 22,118 | $ (1,307) | $ (1,800) | $ 34,422 | $ (5,717) | |
NET INCOME | 1,688 | 1,688 | ||||||
Other comprehensive income | 4,458 | 4,458 | ||||||
Dividends paid | (858) | (858) | ||||||
Employee Stock Ownership Plan shares allocated or committed to be released for allocation (12,462 shares) | 133 | 8 | 125 | |||||
Treasury stock purchased (50,000 shares at $10.65 average cost per share in 2014 and 101,865 shares at $11.23 average cost per share in 2015) | (533) | (533) | ||||||
Balance at Sep. 30, 2014 | 52,645 | 41 | 22,126 | (1,182) | (2,333) | 35,252 | (1,259) | |
Balance at Dec. 31, 2014 | 54,498 | 41 | 22,122 | (1,141) | (2,194) | 35,885 | (215) | |
NET INCOME | 1,699 | 1,699 | ||||||
Other comprehensive income | 104 | 104 | ||||||
Dividends paid | (870) | (870) | ||||||
Employee Stock Ownership Plan shares allocated or committed to be released for allocation (12,462 shares) | 137 | 12 | 125 | |||||
Treasury stock purchased (50,000 shares at $10.65 average cost per share in 2014 and 101,865 shares at $11.23 average cost per share in 2015) | (1,144) | (1,144) | ||||||
Balance at Sep. 30, 2015 | $ 54,424 | $ 41 | $ 22,134 | $ (1,016) | $ (3,338) | $ 36,714 | $ (111) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
ESOP shares allocated or committed to be released for allocation, shares | 12,462 | 12,462 |
Treasury stock purchased, shares | 101,865 | 50,000 |
Treasury stock purchased, cost per share | $ 11.23 | $ 10.65 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME | $ 1,699 | $ 1,688 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Loan loss provision | 960 | 511 |
Write-down on real estate owned and other repossessed assets | 10 | |
Depreciation | 924 | 864 |
Net amortization of investment securities premium and discounts | 1,530 | 1,792 |
Amortization of mortgage servicing rights | 640 | 462 |
Amortization of core deposit intangible and tax credits | 317 | 315 |
Deferred income tax benefit | (207) | (176) |
Net gain on sale of loans | (5,126) | (3,430) |
Net gain on sale of available-for-sale securities | (234) | (431) |
Net loss on sale of real estate owned and other repossessed assets | 4 | 1 |
Net loss on fair value hedge | 93 | 181 |
Net (gain) loss on sale/disposal of premises and equipment | (304) | 11 |
Net appreciation in cash surrender value of life insurance | (244) | (232) |
Net change in: | ||
Accrued interest and dividends receivable | (14) | 48 |
Loans held-for-sale | 7,906 | (3,252) |
Other assets | (1,311) | (208) |
Accrued expenses and other liabilities | 1,326 | 1,533 |
Net cash provided by (used in) operating activities | 7,959 | (313) |
Activity in available-for-sale securities: | ||
Sales | 31,043 | 27,326 |
Maturities, principal payments and calls | 8,851 | 11,913 |
Purchases | (26,612) | (16,760) |
Federal Home Loan Bank stock (purchased) redeemed | (885) | 18 |
Federal Reserve Bank stock purchased | (1) | |
Loan origination and principal collection, net | (74,276) | (52,809) |
Proceeds from Bank owned life insurance | 109 | |
Purchases of Bank owned life insurance | (450) | (495) |
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans | 23 | 5 |
Insurance proceeds related to premises and equipment | 3 | |
Proceeds from sale of premises and equipment | 1,437 | |
Additions to premises and equipment | (396) | (1,760) |
Net cash used in investing activities | (61,266) | (32,450) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 39,728 | 7,904 |
Net short-term (payments) advances on Federal Home Loan Bank and other borrowings | (4,747) | 23,255 |
Long-term advances from Federal Home Loan Bank and other borrowings | 13,000 | 5,000 |
Payments on long-term Federal Home Loan Bank and other borrowings | (7,712) | (5,150) |
Proceeds from issuance of subordinated debentures | 10,000 | |
Payment for debt issuance costs | (204) | |
Dividends paid | (870) | (858) |
Purchase of treasury stock, at cost | (1,144) | (533) |
Net cash provided by financing activities | 48,051 | 29,618 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,256) | (3,145) |
CASH AND CASH EQUIVALENTS, beginning of period | 12,502 | 7,055 |
CASH AND CASH EQUIVALENTS, end of period | 7,246 | 3,910 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 1,742 | 1,541 |
Cash paid during the period for income taxes | 142 | 81 |
NON-CASH INVESTING ACTIVITIES: | ||
Increase in market value of securities available-for-sale | 251 | 7,261 |
Mortgage servicing rights recognized | 1,333 | 848 |
Loans transferred to real estate and other assets acquired in foreclosure | 9 | 216 |
Employee Stock Ownership Plan shares released | $ 137 | $ 133 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income and cash flows for the unaudited interim periods. The results of operations for the nine month period ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or any other period. The unaudited consolidated financial statements and notes presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in Eagle’s Form 10-K for the six month transition period ended December 31, 2014. Certain prior period amounts have been reclassified to conform to the presentation for 2015. These reclassifications had no impact on net income or total shareholders’ equity. Certain loan amounts were reclassified for December 31, 2014 and September 30, 2014 to be consistent with loan category classification for September 30, 2015. In addition, to be more consistent with regulatory reporting requirements, advances by borrowers for taxes and interest are included in noninterest bearing deposits at September 30, 2015 on the Consolidated Statement of Financial Condition. The escrow balance of $417,000 at December 31, 2014 was reclassed from accrued expenses and other liabilities to be consistent with the September 30, 2015 presentation. The Company evaluated subsequent events for potential recognition and/or disclosure through November 10, 2015 the date the unaudited consolidated financial statements were issued. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 2. INVESTMENT SECURITIES Investment securities are summarized as follows: September 30, 2015 December 31, 2014 Gross Gross Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value (In Thousands) Available-for-Sale: U.S. government and agency obligations $ 11,886 $ 30 $ (117 ) $ 11,799 $ 33,472 $ 42 $ (333 ) $ 33,181 Municipal obligations 67,142 690 (1,250 ) 66,582 71,844 1,243 (1,202 ) 71,885 Corporate obligations 10,655 3 (103 ) 10,555 5,990 27 (12 ) 6,005 MBSs - government-backed 32,447 381 (82 ) 32,746 22,097 56 (189 ) 21,964 CMOs - government backed 25,938 39 (199 ) 25,778 29,243 26 (517 ) 28,752 Total $ 148,068 $ 1,143 $ (1,751 ) $ 147,460 $ 162,646 $ 1,394 $ (2,253 ) $ 161,787 There were no sales of securities available-for-sale during the three months ended September 30, 2015. During the three months ended September 30, 2014, net proceeds from sales of securities available-for-sale were $9,646,000. For the three months ended September 30, 2014, gross realized gains were $245,000 and gross realized losses were $51,000. For the nine months ended September 30, 2015 and 2014, net proceeds from sales of securities available-for-sale were $31,043,000 and $27,326,000, respectively. For the nine months ended September 30, 2015 and 2014, gross realized gains were $534,000 and $612,000, respectively and gross realized losses were $300,000 and $181,000, respectively. The amortized cost and fair value of securities at September 30, 2015 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In Thousands) Due in one year or less $ 999 $ 1,000 Due from one to five years 8,370 8,351 Due from five to ten years 19,222 19,110 Due after ten years 61,092 60,475 89,683 88,936 MBSs - government-backed 32,447 32,746 CMOs - government-backed 25,938 25,778 Total $ 148,068 $ 147,460 Maturities of securities do not reflect repricing opportunities present in adjustable rate securities. The Company’s investment securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve or more months were as follows: September 30, 2015 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency $ 2,196 $ (8 ) $ 7,140 $ (109 ) Municipal obligations 21,203 (316 ) 24,301 (934 ) Corporate obligations 5,356 (47 ) 2,944 (56 ) MBSs and CMOs - government-backed 13,997 (95 ) 15,912 (186 ) Total $ 42,752 $ (466 ) $ 50,297 $ (1,285 ) December 31, 2014 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency $ 1,611 $ (19 ) $ 27,733 $ (314 ) Municipal obligations 2,330 (48 ) 44,386 (1,154 ) Corporate obligations 997 (2 ) 1,990 (10 ) MBSs and CMOs - government-backed 9,091 (68 ) 35,333 (638 ) Total $ 14,029 $ (137 ) $ 109,442 $ (2,116 ) Management evaluates securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. As of September 30, 2015 and December 31, 2014, there were 90 and 87, respectively, securities in an unrealized loss position and that were considered to be temporarily impaired and therefore an impairment charge has not been recorded. At September 30, 2015, 65 U.S. government and agency securities and municipal obligations had unrealized losses with aggregate depreciation of approximately 2.43% from the Company’s amortized cost basis of these securities. At December 31, 2014, 69 U.S. government and agency securities and municipal obligations had unrealized losses with aggregate depreciation of approximately 1.98% from the Company’s amortized cost basis of these securities. These unrealized losses are principally due to changes in interest rates and credit spreads. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and industry analysts' reports. As management has the ability to hold debt securities until maturity, or for the foreseeable future, no declines are deemed to be other than temporary. At September 30, 2015, 12 corporate obligations had an unrealized loss of approximately 1.23% from the Company’s amortized cost basis of these securities. At December 31, 2014, 3 corporate obligations had an unrealized loss with aggregate depreciation of approximately 0.40% from the Company's cost basis. This unrealized loss is principally due to changes in interest rates. No credit issues have been identified that cause management to believe the declines in market value are other than temporary. In analyzing the issuer's financial condition, management considers industry analysts' reports, financial performance and projected target prices of investment analysts within a one-year time frame. As management has the ability to hold debt securities until maturity, or for the foreseeable future, no declines are deemed to be other than temporary. At September 30, 2015, 13 MBSs and CMOs had unrealized losses with aggregate depreciation of approximately 0.93% from the Company’s cost basis of these securities. At December 31, 2014, 15 mortgage backed and CMO securities have unrealized losses with aggregate depreciation of approximately 1.56% from the Company’s cost basis. We believe these unrealized losses are principally due to the credit market’s concerns regarding the stability of the mortgage market, changes in interest rates and credit spreads and uncertainty of future prepayment speeds. Management considers available evidence to assess whether it is more likely-than-not that all amounts due would not be collected. In such assessment, management considers the severity and duration of the impairment, the credit ratings of the security, the overall deal and payment structure, including the Company's position within the structure, underlying obligor, financial condition and near term prospects of the issuer, delinquencies, defaults, loss severities, recoveries, prepayments, cumulative loss projections, discounted cash flows and fair value estimates. There has been no disruption of the scheduled cash flows on any of the securities. Management’s analysis as of September 30, 2015 revealed no expected credit losses on the securities and therefore, declines are not deemed to be other than temporary. |
Loans Receivable
Loans Receivable | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans Receivable | NOTE 3. LOANS RECEIVABLE Loans receivable consisted of the following: September 30, December 31, 2015 2014 (In Thousands) First mortgage loans: Residential mortgage (1-4 family) $ 117,320 $ 103,420 Commercial real estate 157,179 117,060 Real estate construction 22,656 9,526 Other loans: Home equity 46,632 40,123 Consumer 14,885 13,827 Commercial 33,552 35,250 Total 392,224 319,206 Allowance for loan losses (3,230 ) (2,450 ) Deferred loan fees, net (750 ) (486 ) Total loans, net $ 388,244 $ 316,270 Within the commercial real estate loan category above, $12,244,000 and $12,612,000 was guaranteed by the United States Department of Agriculture Rural Development, at September 30, 2015 and December 31, 2014, respectively. In addition, within the commercial loan category above, $1,978,000 and $3,704,000 were in loans originated through a syndication program where the business resides outside of Montana, at September 30, 2015, and December 31, 2014, respectively. The following table includes information regarding nonperforming assets. September 30, December 31, 2015 2014 (Dollars in Thousands) Non-accrual loans $ 556 $ 962 Accruing loans delinquent 90 days or more 888 - Restructured loans, net 47 48 Total nonperforming loans 1,491 1,010 Real estate owned and other repossessed assets, net 619 637 Total nonperforming assets $ 2,110 $ 1,647 Total non-performing assets as a percentage of total assets 0.35 % 0.29 % Allowance for loan losses $ 3,230 $ 2,450 Percent of allowance for loan losses to non-performing loans 216.63 % 242.57 % Percent of allowance for loan losses to non-performing assets 153.08 % 148.76 % Allowance for loan losses activity was as follows: Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2015 $ 685 $ 1,425 $ 45 $ 326 $ 52 $ 417 $ 2,950 Charge-offs - - - - (14 ) (25 ) (39 ) Recoveries - - - - 8 1 9 Provision 67 168 34 10 16 15 310 Ending balance, September 30, 2015 $ 752 $ 1,593 $ 79 $ 336 $ 62 $ 408 $ 3,230 Allowance for loan losses: Beginning balance, January 1, 2015 $ 684 $ 1,098 $ 35 $ 270 $ 46 $ 317 $ 2,450 Charge-offs (137 ) - - - (29 ) (25 ) (191 ) Recoveries - - - - 10 1 11 Provision 205 495 44 66 35 115 960 Ending balance, September 30, 2015 $ 752 $ 1,593 $ 79 $ 336 $ 62 $ 408 $ 3,230 Ending balance, September 30, 2015 allocated to $ - $ - $ - $ - $ 15 $ - $ 15 Ending balance, September 30, 2015 allocated to $ 752 $ 1,593 $ 79 $ 336 $ 47 $ 408 $ 3,215 Loans receivable: Ending balance, September 30, 2015 $ 117,320 $ 157,179 $ 22,656 $ 46,632 $ 14,885 $ 33,552 $ 392,224 Ending balance, September 30, 2015 of loans $ 1,207 $ 1,554 $ 177 $ 282 $ 61 $ 284 $ 3,565 Ending balance, September 30, 2015 of loans $ 116,113 $ 155,625 $ 22,479 $ 46,350 $ 14,824 $ 33,268 $ 388,659 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2014 $ 485 $ 974 $ 30 $ 299 $ 49 $ 288 $ 2,125 Charge-offs - - - (31 ) (34 ) (15 ) (80 ) Recoveries - 31 - - 9 - 40 Provision 20 43 4 90 25 33 215 Ending balance, September 30, 2014 $ 505 $ 1,048 $ 34 $ 358 $ 49 $ 306 $ 2,300 Allowance for loan losses: Beginning balance, January 1, 2014 $ 463 $ 914 $ 25 $ 324 $ 51 $ 343 $ 2,120 Charge-offs - (21 ) - (99 ) (111 ) (159 ) (390 ) Recoveries - 48 - - 11 - 59 Provision 42 107 9 133 98 122 511 Ending balance, September 30, 2014 $ 505 $ 1,048 $ 34 $ 358 $ 49 $ 306 $ 2,300 Ending balance, September 30, 2014 allocated to $ - $ - $ - $ 128 $ 20 $ 9 $ 157 Ending balance, September 30, 2014 allocated to $ 505 $ 1,048 $ 34 $ 230 $ 29 $ 297 $ 2,143 Loans receivable: Ending balance, September 30, 2014 $ 99,224 $ 101,153 $ 11,133 $ 39,408 $ 13,692 $ 36,759 $ 301,369 Ending balance, September 30, 2014 of loans $ 656 $ - $ 217 $ 438 $ 86 $ 636 $ 2,033 Ending balance, September 30, 2014 of loans $ 98,568 $ 101,153 $ 10,916 $ 38,970 $ 13,606 $ 36,123 $ 299,336 The Company utilizes a 5 point internal loan rating system, largely based on regulatory classifications, as follows: Loans rated Pass Loans rated Special Mention Loans rated Substandard Loans rated Doubtful: Loans rated Loss On an annual basis, or more often if needed, the Company formally reviews the ratings of all commercial real estate, construction, and commercial business loans that have a principal balance of $500,000 or more. Quarterly, the Company reviews the rating of any consumer loan, broadly defined, that is delinquent 90 days or more. Likewise, quarterly, the Company reviews the rating of any commercial loan, broadly defined, that is delinquent 60 days or more. Annually, the Company engages an independent third-party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. Internal classification of the loan portfolio was as follows: September 30, 2015 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 116,113 $ 155,625 $ 22,479 $ 46,350 $ 14,824 $ 33,268 $ 388,659 Special mention - - - - - - - Substandard 1,207 1,554 177 201 41 284 3,464 Doubtful - - - 81 5 - 86 Loss - - - - 15 - 15 Total $ 117,320 $ 157,179 $ 22,656 $ 46,632 $ 14,885 $ 33,552 $ 392,224 Credit risk profile based on payment activity Performing $ 116,350 $ 156,847 $ 22,656 $ 46,525 $ 14,860 $ 33,495 $ 390,733 Restructured loans - - - 47 - - 47 Nonperforming 970 332 - 60 25 57 1,444 Total $ 117,320 $ 157,179 $ 22,656 $ 46,632 $ 14,885 $ 33,552 $ 392,224 December 31, 2014 Residential Mortgage Commercial Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 101,949 $ 117,060 $ 9,526 $ 39,795 $ 13,772 $ 35,021 $ 317,123 Special mention - - - - - - - Substandard 1,331 - - 328 41 229 1,929 Doubtful - - - - 7 - 7 Loss 140 - - - 7 - 147 Total $ 103,420 $ 117,060 $ 9,526 $ 40,123 $ 13,827 $ 35,250 $ 319,206 Credit risk profile based on payment activity Performing $ 102,599 $ 117,060 $ 9,526 $ 40,027 $ 13,811 $ 35,173 $ 318,196 Restructured loans - - - 48 - - 48 Nonperforming 821 - - 48 16 77 962 Total $ 103,420 $ 117,060 $ 9,526 $ 40,123 $ 13,827 $ 35,250 $ 319,206 The following tables include information regarding delinquencies within the loan portfolio. September 30, 2015 Recorded 90 Days Investment 30-89 Days and Total Total >90 Days and Past Due Greater Past Due Current Loans Still Accruing (In Thousands) Residential mortgage (1-4 family) $ 887 $ 970 $ 1,857 $ 115,463 $ 117,320 $ 817 Commercial real estate 857 332 1,189 155,990 157,179 - Real estate construction 177 - 177 22,479 22,656 - Home equity 325 60 385 46,247 46,632 - Consumer 366 25 391 14,494 14,885 14 Commercial 168 57 225 33,327 33,552 57 Total $ 2,780 $ 1,444 $ 4,224 $ 388,000 $ 392,224 $ 888 December 31, 2014 Recorded 90 Days Investment 30-89 Days and Total Total >90 Days and Past Due Greater Past Due Current Loans Still Accruing (In Thousands) Residential mortgage (1-4 family) $ 203 $ 821 $ 1,024 $ 102,396 $ 103,420 $ - Commercial real estate 131 - 131 116,929 117,060 - Real estate construction - - - 9,526 9,526 - Home equity 303 48 351 39,772 40,123 - Consumer 258 16 274 13,553 13,827 - Commercial 331 77 408 34,842 35,250 - Total $ 1,226 $ 962 $ 2,188 $ 317,018 $ 319,206 $ - The following tables include information regarding impaired loans. September 30, 2015 Unpaid Interest Average Recorded Principal Related Income Recorded Investment Balance Allowance Recognized Investment (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 1,207 $ 1,207 $ - $ 23 $ 929 Commercial real estate 1,554 1,554 - 25 777 Construction 177 177 - 2 88 Home equity 282 282 - 7 305 Consumer 46 46 - 2 47 Commercial 284 284 - 7 256 With a related allowance: Residential mortgage (1-4 family) - - - - 411 Commercial real estate - - - - - Construction - - - - - Home equity - - - - - Consumer 15 15 15 - 11 Commercial - - - - - Total: Residential mortgage (1-4 family) 1,207 1,207 - 23 1,340 Commercial real estate 1,554 1,554 - 25 777 Construction 177 177 - 2 88 Home equity 282 282 - 7 305 Consumer 61 61 15 2 58 Commercial 284 284 - 7 256 Total $ 3,565 $ 3,565 $ 15 $ 66 $ 2,824 December 31, 2014 Unpaid Interest Average Recorded Principal Related Income Recorded Investment Balance Allowance Recognized Investment (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 650 $ 650 $ - $ 14 $ 655 Commercial real estate - - - - 140 Construction - - - 2 - Home equity 328 392 - 6 293 Consumer 48 82 - 2 65 Commercial 229 259 - 9 265 With a related allowance: Residential mortgage (1-4 family) 821 821 140 - 411 Commercial real estate - - - - - Construction - - - - - Home equity - - - - 16 Consumer 7 7 7 - 14 Commercial - - - - 8 Total: Residential mortgage (1-4 family) 1,471 1,471 140 14 1,066 Commercial real estate - - - - 140 Construction - - - 2 - Home equity 328 392 - 6 309 Consumer 55 89 7 2 79 Commercial 229 259 - 9 273 Total $ 2,083 $ 2,211 $ 147 $ 33 $ 1,867 |
Troubled Debt Restructurings
Troubled Debt Restructurings | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Troubled Debt Restructurings | NOTE 4. TROUBLED DEBT RESTRUCTURINGS The Company adopted the amendments in Accounting Standards Update No. 2011-02 during the quarter ended December 31, 2011. As required, the Company reassessed all restructurings that occurred on or after the beginning of that fiscal year starting July 1, 2011 for identification as troubled debt restructurings. The Company identified as troubled debt restructurings certain receivables for which the allowance for credit losses had previously been measured under a general allowance for credit losses methodology (ASC 450-20). Upon identifying the reassessed receivables as troubled debt restructurings, the Company also identified them as impaired under the guidance in ASC 310-10-35. The amendments in Accounting Standards Update No. 2011-02 require prospective application of the impairment measurement guidance in Section 310-10-35 for those receivables newly identified as impaired. As of September 30, 2015, the recorded investment in receivables for which the allowance for credit losses was previously measured under a general allowance for credit losses methodology and are now impaired under Section 310-10-35 was $47,000 (310-40-65-1(b)), and there was no allowance for credit losses associated with these receivables, on the basis of a current evaluation of loss (310-40-65-1(b)). There was $34,000 charged-off at the time of restructure related to these receivables. The Company offers a variety of modifications to borrowers. The modification categories offered can generally be described in the following categories: Rate Modification Term Modification Interest Only Modification Payment Modification Combination Modification The following tables present troubled debt restructurings. September 30, 2015 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 47 - 47 Consumer - - - Commercial - - - Total $ 47 $ - $ 47 December 31, 2014 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 48 - 48 Consumer - - - Commercial - - - Total $ 48 $ - $ 48 The Bank’s policy is that loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospect for future payment in accordance with the loan agreement appears relatively certain. The Bank’s policy generally refers to six months of payment performance as sufficient to warrant a return to accrual status. During the three and nine months ended September 30, 2015 and 2014, there were no new restructured loans. There were no loans modified as a troubled debt restructured loan within the previous nine months for which there was a payment default during the nine months ended September 30, 2015. A default for purposes of this disclosure is a troubled debt restructured loan in which the borrower is 90 days past due or results in the foreclosure and repossession of the applicable collateral. As of September 30, 2015 and December 31, 2014, the Company had no commitments to lend additional funds to loan customers whose terms had been modified in trouble debt restructures. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 5. DEPOSITS Deposits are summarized as follows: September 30, December 31, 2015 2014 (In Thousands) Noninterest checking $ 82,842 $ 60,924 Interest-bearing checking 83,565 76,367 Savings 67,162 62,455 Money market 94,547 91,431 Time certificates of deposit 153,012 150,223 Total $ 481,128 $ 441,400 |
Subordinated Debentures
Subordinated Debentures | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Subordinated Debentures | NOTE 6. SUBORDINATED DEBENTURES Subordinated debentures consisted of the following: September 30, 2015 December 31, 2014 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Subordinated debentures: Variable at 3-Month Libor plus 1.42%, due 2035 $ 5,155 $ - $ 5,155 $ - Fixed at 6.75%, due 2025 10,000 (204 ) - - Total $ 15,155 $ (204 ) $ 5,155 $ - In September 2005, the Company completed the private placement of $5,155,000 in subordinated debentures to Eagle Bancorp Statutory Trust I (“the Trust”). The Trust funded the purchase of the subordinated debentures through the sale of trust preferred securities to First Tennessee Bank, N.A. with a liquidation value of $5,155,000. Using interest payments made by the Company on the debentures, the Trust began paying quarterly dividends to preferred security holders in December 2005. The annual percentage rate of the interest payable on the subordinated debentures and distributions payable on the preferred securities was fixed at 6.02% until December 2010 then became variable at 3-Month LIBOR plus 1.42%, making the rate 1.745% and 1.676% as of September 30, 2015 and December 31, 2014, respectively. Dividends on the preferred securities are cumulative and the Trust may defer the payments for up to five years. The preferred securities mature in December 2035 unless the Company elects and obtains regulatory approval to accelerate the maturity date. In June 2015, the Company completed the issuance of $10,000,000 in aggregate principal amount of subordinated notes due in 2025 in a private placement transaction to an institutional accredited investor. The notes will bear interest at an annual fixed rate of 6.75% and interest will be paid quarterly through maturity date or earlier redemption. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | NOTE 7. EARNINGS PER SHARE Basic earnings per share for the three months ended September 30, 2015 was computed using 3,804,532 weighted average shares outstanding. Basic earnings per share for the three months ended September 30, 2014 was computed using 3,889,603 weighted average shares outstanding. Diluted earnings per share was computed using the treasury stock method by adjusting the number of shares outstanding by the shares purchased. The weighted average shares outstanding for the diluted earnings per share calculations was 3,841,787 for the three months ended September 30, 2015 and 3,944,406 for the three months ended September 30, 2014. Basic earnings per share for the nine months ended September 30, 2015 was computed using 3,823,896 weighted average shares outstanding. Basic earnings per share for the nine months ended September 30, 2014 was computed using 3,907,259 weighted average shares outstanding. Diluted earnings per share was computed using the treasury stock method by adjusting the number of shares outstanding by the shares purchased. The weighted average shares outstanding for the diluted earnings per share calculations was 3,861,151 for the nine months ended September 30, 2015 and 3,962,062 for the nine months ended September 30, 2014. |
Dividends and Stock Repurchase
Dividends and Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Dividends and Stock Repurchase Program | NOTE 8. DIVIDENDS AND STOCK REPURCHASE PROGRAM For the six month transition period from July 1, 2014 through December 31, 2014, Eagle paid dividends of $0.075 per share each quarter. A dividend of $0.075 per share was declared on January 22, 2015, and paid March 6, 2015 to shareholders of record on February 13, 2015. A dividend of $0.075 per share was declared on April 23, 2015, payable on June 6, 2015 to shareholders of record on May 13, 2015. A dividend of $0.0775 per share was declared on July 23, 2015, payable on September 4, 2015 to shareholders of record on August 14, 2015. A dividend of $0.0775 per share was declared on October 22, 2015, payable on December 4, 2015 to shareholders of record on November 13, 2015. On July 1, 2013, the Company announced that its Board of Directors authorized a common stock repurchase program for 150,000 shares of common stock, effective July 1, 2013. The Company did not purchase any shares of our common stock during the fiscal year ended June 30, 2014. The repurchase program expired on June 30, 2014. On July 1, 2014, the Company announced that its Board of Directors had authorized the repurchase of up to 200,000 shares of its common stock. Under the plan, shares could be purchased by the company on the open market or in privately negotiated transactions. During the six month transition period ended December 31, 2014, 55,000 shares were purchased at an average price of $10.66 per share. During the six months ended June 30, 2015, 55,800 shares were purchased at an average price of $11.03 per share. The repurchase program expired on June 30, 2015. On July 23, 2015, the Board of Directors authorized the repurchase of up to 100,000 shares of its common stock. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. During the three months ended September 30, 2015, 46,065 shares were purchased at an average price of $11.47 per share. There are 53,935 shares remaining to be purchased under the plan. The repurchase program expires on July 23, 2016. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table includes information regarding the activity in accumulated other comprehensive income (loss). Unrealized Unrealized Gains (Losses) (Losses) Gains on Derivatives on Investment Designated as Securities Cash Flow Hedges Available for Sale Total (In Thousands) Balance, January 1, 2015 $ 294 $ (509 ) $ (215 ) Other comprehensive income (loss), before reclassifications and income taxes 991 (1,203 ) (212 ) Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (1,025 ) (234 ) (1,259 ) Income tax benefit 14 586 600 Total other comprehensive loss (20 ) (851 ) (871 ) Balance, June 30, 2015 274 (1,360 ) (1,086 ) Other comprehensive income, before reclassifications and income taxes 420 1,688 2,108 Amounts reclassified from accumulated other comprehensive income, before income taxes (462 ) - (462 ) Income tax benefit (expense) 17 (688 ) (671 ) Total other comprehensive (loss) income (25 ) 1,000 975 Balance, September 30, 2015 $ 249 $ (360 ) $ (111 ) Balance, January 1, 2014 $ 217 $ (5,934 ) $ (5,717 ) Other comprehensive income, before reclassifications and income taxes 699 5,979 6,678 Amounts reclassified from accumulated other comprehensive income, before income taxes (604 ) (237 ) (841 ) Income tax expense (39 ) (2,340 ) (2,379 ) Total other comprehensive income 56 3,402 3,458 Balance, June 30, 2014 273 (2,532 ) (2,259 ) Other comprehensive income, before reclassifications and income taxes 630 1,713 2,343 Amounts reclassified from accumulated other comprehensive income, before income taxes (461 ) (194 ) (655 ) Income tax expense (69 ) (619 ) (688 ) Total other comprehensive income 100 900 1,000 Balance, September 30, 2014 $ 373 $ (1,632 ) $ (1,259 ) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 10. DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company entered into an interest rate swap agreement on August 27, 2010 with a third party to manage interest rate risk associated with a fixed-rate loan. The interest rate swap agreement effectively converted the loan’s fixed rate into a variable rate. Derivatives and hedging accounting requires that the Company recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. In accordance with this guidance, the Company designated the interest rate swap on this fixed-rate loan as a fair value hedge. The Company was exposed to credit-related losses in the event of nonperformance by the counterparties to this agreement. The Company controlled the credit risk of its financial contracts through credit approvals, limits and monitoring procedures, and did not expect any counterparties to fail their obligations. The Company deals only with primary dealers. If certain hedging criteria specified in derivatives and hedging accounting guidance are met, including testing for hedge effectiveness, hedge accounting may be applied. The hedge effectiveness assessment methodologies for similar hedges are performed in a similar manner and are used consistently throughout the hedging relationships. The hedge documentation specifies the terms of the hedged item and the interest rate swap. The documentation also indicates that the derivative is hedging a fixed-rate item, that the hedge exposure is to the changes in the fair value of the hedged item, and that the strategy is to eliminate fair value variability by converting fixed-rate interest payments to variable-rate interest payments. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. The Company includes the gain or loss on the hedged items in the same line item—noninterest income—as the offsetting loss or gain on the related interest rate swap. The hedged fixed rate loan had an original maturity of 20 years and was not callable. This loan was hedged with a “pay fixed rate, receive variable rate” swap with a similar notional amount, maturity, and fixed rate coupons. The swap was not callable. At December 31, 2014, the loan had an outstanding principal balance of $10,641,000 and the interest rate swap had a notional value of $10,673,000. At December 31, 2014, the interest rate swap on the fixed-rate loan was ineffective. The Bank recorded a loss of $317,000 in noninterest income during the quarter ended December 31, 2014 related to the ineffectiveness. The interest rate swap was terminated during the quarter ended March 31, 2015. The Bank recorded a loss of $93,000 in noninterest income during the quarter ended March 31, 2015 related to the swap termination. The loan fair value adjustment of $138,000 at March 31, 2015 will be amortized over the remaining life of the loan which matures September 1, 2030. Effect of Derivative Instruments on Statement of Financial Condition Fair Value of Derivative Instruments Asset Derivatives Liabilities Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Balance Balance Balance Balance Sheet Fair Sheet Fair Sheet Fair Sheet Fair Location Value Location Value Location Value Location Value (In Thousands) Derivatives designated as hedging instruments under ASC 815 Other Interest rate contracts n/a $ - n/a $ - n/a $ - Liabilities $ 579 Change in fair value of financial instrument being hedged under ASC 815 Interest rate contracts Loans $ 135 Loans $ 138 n/a $ - n/a $ - Effect of Derivative Instruments on Statement of Income For the Three Months Ended September 30, 2015 and 2014 (In Thousands) Amount of Location of Gain or (Loss) Derivatives Designated Gain or (Loss) Recognized in as Hedging Instruments Recognized in Income on Derivative Under ASC 815 Income on Derivative 2015 2014 Interest rate contracts Noninterest income - $ (47 ) Effect of Derivative Instruments on Statement of Income For the Nine Months Ended September 30, 2015 and 2014 (In Thousands) Amount of Location of Gain or (Loss) Derivatives Designated Gain or (Loss) Recognized in as Hedging Instruments Recognized in Income on Derivative Under ASC 815 Income on Derivative 2015 2014 Interest rate contracts Noninterest income (93 ) $ (181 ) Derivative loan commitments – Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held-for-sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A mortgage loan commitment binds the Company to lend funds to a potential borrower at a specified interest rate and within a specified period of time, generally up to 60 days after inception of the rate lock. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. The notional amount of interest rate lock commitments was $21,164,000 and $12,276,000 at September 30, 2015 and December 31, 2014, respectively. The Company has no other off-balance-sheet arrangements or transactions with unconsolidated, special purpose entities that would expose the Company to liability that is not reflected on the face of the financial statements. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | NOTE 11. FAIR VALUE DISCLOSURES FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and, (iv) willing to transact. FASB ASC 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, FASB ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date, or convert to cash in the short term. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs - Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Available-for-Sale Securities – Securities classified as available-for-sale are reported at fair value utilizing Level 1 and Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U. S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the bond’s terms and conditions, among other things. Impaired Loans – Impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 3 inputs based on internally customized discounting criteria. Loans Held-for-Sale – These loans are reported at the lower of cost or fair value. Fair value is determined based on expected proceeds based on sales contracts and commitments and are considered Level 2 inputs. Repossessed Assets – Fair values are valued at the time the loan is foreclosed upon and the asset is transferred from loans. The value is based upon primary third party appraisals, less costs to sell. The appraisals are generally discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Such discounts are typically significant and result in Level 3 classification of the inputs for determining fair value. Repossessed assets are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on same or similar factors above. Loan Subject to Fair Value Hedge – The Company previously had one loan that was carried at fair value subject to a fair value hedge. Fair value was determined utilizing valuation models that considered the scheduled cash flows through anticipated maturity and was considered a Level 2 input. The interest rate swap was terminated during the quarter ended March 31, 2015. See Note 10 – Derivatives and Hedging Activities for more information. Derivative financial instruments – Fair values for interest rate swap agreements were based upon the amounts required to settle the contracts. These instruments were valued using Level 3 inputs utilizing valuation models that considered: (a) time value, (b) volatility factors and (c) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Although the Company utilized counterparties’ valuations to assess the reasonableness of its prices and valuation techniques, there was not sufficient corroborating market evidence to support classifying these assets and liabilities as Level 2. The interest rate swap was terminated during the quarter ended March 31, 2015. See Note 10 – Derivatives and Hedging Activities for more information. The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. September 30, 2015 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial Assets: Available-for-sale securities U.S. government and agency $ - $ 11,799 $ - $ 11,799 Municipal obligations - 66,582 - 66,582 Corporate obligations - 10,555 - 10,555 MBSs - government-backed - 32,746 - 32,746 CMOs - government backed - 25,778 - 25,778 Loans held-for-sale - 14,731 - 14,731 December 31, 2014 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial Assets: Available-for-sale securities U.S. government and agency $ - $ 33,181 $ - $ 33,181 Municipal obligations - 71,885 - 71,885 Corporate obligations - 6,005 - 6,005 MBSs - government-backed - 21,964 - 21,964 CMOs - government backed - 28,752 - 28,752 Loans held-for-sale - 17,587 - 17,587 Financial Liability: Derivative financial instruments - 579 - 579 Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table summarizes financial assets and financial liabilities measured at fair value on a nonrecurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2015 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 3,550 $ 3,550 Repossessed assets - - 619 619 December 31, 2014 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 1,936 $ 1,936 Repossessed assets - - 637 637 During the nine months ended September 30, 2015, certain impaired loans were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for possible loan losses based upon the fair value of the underlying collateral. Impaired loans with a carrying value of $3,565,000 were reduced by specific valuation allowance allocations totaling $15,000 to a total reported fair value of $3,550,000 based on collateral valuations utilizing Level 3 valuation inputs. During the six months ended December 31, 2014, certain impaired loans were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for possible loan losses based upon the fair value of the underlying collateral. Impaired loans with a carrying value of $2,083,000 were reduced by specific valuation allowance allocations totaling $147,000 to a total reported fair value of $1,936,000 based on collateral valuations utilizing Level 3 valuation inputs. The following table represents the Banks’s Level 3 financial assets and liabilities, the valuation techniques used to measure the fair value of those financial assets and liabilities, and the significant unobservable inputs and the ranges of values for those inputs. Fair Value at Principal Significant Range of September 30, December 31, Valuation Unobservable Signficant Input Instrument 2015 2014 Technique Inputs Values (Dollars In Thousands) Appraisal of Appraisal Impaired loans $ 3,550 $ 1,936 collateral (1) adjustments 10-30 % Appraisal of Liquidation Repossessed Assets $ 619 $ 637 collateral (1)(3) expenses (2) 10-30 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less associated allowance. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. FASB ASC Topic 825 requires disclosure of the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Below is a table that summarizes the fair market values of all financial instruments of the Company at September 30, 2015 and December 31, 2014, followed by methods and assumptions that were used by the Company in estimating the fair value of the classes of financial instruments. The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2015 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 7,246 $ - $ - $ 7,246 $ 7,246 Federal Home Loan Bank stock 2,853 - - 2,853 2,853 Federal Reserve Bank stock 642 - - 642 642 Loans receivable, net - - 393,888 393,888 384,694 Accrued interest and dividends 2,332 - - 2,332 2,332 Mortgage servicing rights - - 6,105 6,105 4,808 Cash surrender value of life insurance 12,429 - - 12,429 12,429 Financial Liabilities: Non-maturing interest bearing deposits - 245,274 - 245,274 245,274 Non-interest bearing deposits 82,842 - - 82,842 82,842 Time certificates of deposit - - 153,716 153,716 153,012 Accrued expenses and other liabilities 5,372 - - 5,372 5,372 Federal Home Loan Bank advances - - 55,778 55,778 55,534 Subordinated debentures - - 14,352 14,352 15,155 Off-balance-sheet instruments Forward loan sales commitments - - - - - Commitments to extend credit - - - - - Rate lock commitments - - - - - December 31, 2014 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 12,502 $ - $ - $ 12,502 $ 12,502 Federal Home Loan Bank stock 1,968 - - 1,968 1,968 Federal Reserve Bank stock 641 - - 641 641 Loans receivable, net - - 321,312 321,312 314,334 Accrued interest and dividends 2,318 - - 2,318 2,318 Mortgage servicing rights - - 5,168 5,168 4,115 Cash surrender value of life insurance 11,735 - - 11,735 11,735 Financial Liabilities: Non-maturing interest bearing deposits - 230,253 - 230,253 230,253 Non-interest bearing deposits 60,924 - - 60,924 60,924 Time certificates of deposit - - 151,004 151,004 150,223 Accrued expenses and other liabilities 4,161 - - 4,161 4,161 Federal Home Loan Bank advances - - 55,273 55,273 54,993 Subordinated debentures 3,854 3,854 5,155 Off-balance-sheet instruments Forward loan sales commitments - - - - - Commitments to extend credit - - - - - Rate lock commitments - - - - - The following methods and assumptions were used by the Company in estimating the fair value of the following classes of financial instruments. However, the Form 10-K for the six month transition period ended December 31, 2014 provides additional description of valuation methodologies used in estimating fair value of these financial instruments. Cash, interest-bearing accounts, accrued interest and dividend receivable and accrued expenses and other liabilities – The carrying amounts approximate fair value due to the relatively short period of time between the origination of these instruments and their expected realization. Stock in the FHLB and FRB – The fair value of stock approximates redemption value. Loans receivable – Fair values are estimated by stratifying the loan portfolio into groups of loans with similar financial characteristics. Loans are segregated by type such as real estate, commercial, and consumer, with each category further segmented into fixed and adjustable rate interest terms. For mortgage loans, the Company uses the secondary market rates in effect for loans that have similar characteristics. The fair value of other fixed rate loans is calculated by discounting scheduled cash flows through the anticipated maturities adjusted for prepayment estimates. Adjustable interest rate loans are assumed to approximate fair value because they generally reprice within the short term. Fair values are adjusted for credit risk based on assessment of risk identified with specific loans, and risk adjustments on the remaining portfolio based on credit loss experience. Assumptions regarding credit risk are judgmentally determined using specific borrower information, internal credit quality analysis, and historical information on segmented loan categories for non-specific borrowers. Mortgage servicing rights – the fair value of servicing rights was determined using discount rates ranging from approximately 10.00% to 12.00%, prepayment speeds ranging from approximately 100.00% to 399.00% PSA, depending on stratification of the specific right. The fair value was also adjusted for the effect of potential past dues and foreclosures. Cash surrender value of life insurance – The carrying amount for cash surrender value of life insurance approximates fair value as policies are recorded at redemption value. Deposits and time certificates of deposit – The fair value of deposits with no stated maturity, such as checking, passbook, and money market, is equal to the amount payable on demand. The fair value of time certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar maturities. Advances from the FHLB and Subordinated Debentures – The fair value of the Company’s advances and debentures are estimated using discounted cash flow analysis based on the interest rate that would be effective September 30, 2015 and December 31, 2014, respectively if the borrowings repriced according to their stated terms. Off-balance-sheet instruments - 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. The fair values of these financial instruments are considered insignificant. Additionally, those financial instruments have no carrying value. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 12. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers (Topic 606). This guidance is a comprehensive new revenue recognition standard that will supersede substantially all existing revenue recognition guidance. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. On July 9, 2015, the FASB agreed to delay the effective date of the standard by one year. Therefore, the new standard will be effective in the first quarter of 2018 and is not expected to have a significant impact to the Company’s financial statements. In 2015, the FASB amended its authoritative guidance related to debt issuance costs. The amendment requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. However, the recognition and measurement guidance related to debt issuance costs is not affected by this amendment. The amendment is effective for annual and interim reporting periods beginning after December 15, 2015 and is to be applied on a retrospective basis. Early adoption is permitted. The Company adopted this standard during the quarter ended June 30, 2015 and has included the required disclosures in this report on Form 10-Q. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Estimated Fair values and Unrealized Gains and Losses | Investment securities are summarized as follows: September 30, 2015 December 31, 2014 Gross Gross Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value (In Thousands) Available-for-Sale: U.S. government and agency obligations $ 11,886 $ 30 $ (117 ) $ 11,799 $ 33,472 $ 42 $ (333 ) $ 33,181 Municipal obligations 67,142 690 (1,250 ) 66,582 71,844 1,243 (1,202 ) 71,885 Corporate obligations 10,655 3 (103 ) 10,555 5,990 27 (12 ) 6,005 MBSs - government-backed 32,447 381 (82 ) 32,746 22,097 56 (189 ) 21,964 CMOs - government backed 25,938 39 (199 ) 25,778 29,243 26 (517 ) 28,752 Total $ 148,068 $ 1,143 $ (1,751 ) $ 147,460 $ 162,646 $ 1,394 $ (2,253 ) $ 161,787 |
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity | The amortized cost and fair value of securities at September 30, 2015 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In Thousands) Due in one year or less $ 999 $ 1,000 Due from one to five years 8,370 8,351 Due from five to ten years 19,222 19,110 Due after ten years 61,092 60,475 89,683 88,936 MBSs - government-backed 32,447 32,746 CMOs - government-backed 25,938 25,778 Total $ 148,068 $ 147,460 |
Schedule of Investment Securities That Have Been in a Continuous Unrealized-Loss Position | The Company’s investment securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve or more months were as follows: September 30, 2015 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency $ 2,196 $ (8 ) $ 7,140 $ (109 ) Municipal obligations 21,203 (316 ) 24,301 (934 ) Corporate obligations 5,356 (47 ) 2,944 (56 ) MBSs and CMOs - government-backed 13,997 (95 ) 15,912 (186 ) Total $ 42,752 $ (466 ) $ 50,297 $ (1,285 ) December 31, 2014 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency $ 1,611 $ (19 ) $ 27,733 $ (314 ) Municipal obligations 2,330 (48 ) 44,386 (1,154 ) Corporate obligations 997 (2 ) 1,990 (10 ) MBSs and CMOs - government-backed 9,091 (68 ) 35,333 (638 ) Total $ 14,029 $ (137 ) $ 109,442 $ (2,116 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans receivable consisted of the following: September 30, December 31, 2015 2014 (In Thousands) First mortgage loans: Residential mortgage (1-4 family) $ 117,320 $ 103,420 Commercial real estate 157,179 117,060 Real estate construction 22,656 9,526 Other loans: Home equity 46,632 40,123 Consumer 14,885 13,827 Commercial 33,552 35,250 Total 392,224 319,206 Allowance for loan losses (3,230 ) (2,450 ) Deferred loan fees, net (750 ) (486 ) Total loans, net $ 388,244 $ 316,270 |
Schedule of Information Regarding Non-Performing Assets | The following table includes information regarding nonperforming assets. September 30, December 31, 2015 2014 (Dollars in Thousands) Non-accrual loans $ 556 $ 962 Accruing loans delinquent 90 days or more 888 - Restructured loans, net 47 48 Total nonperforming loans 1,491 1,010 Real estate owned and other repossessed assets, net 619 637 Total nonperforming assets $ 2,110 $ 1,647 Total non-performing assets as a percentage of total assets 0.35 % 0.29 % Allowance for loan losses $ 3,230 $ 2,450 Percent of allowance for loan losses to non-performing loans 216.63 % 242.57 % Percent of allowance for loan losses to non-performing assets 153.08 % 148.76 % |
Schedule of Allowance for Loan Losses Activity | Allowance for loan losses activity was as follows: Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2015 $ 685 $ 1,425 $ 45 $ 326 $ 52 $ 417 $ 2,950 Charge-offs - - - - (14 ) (25 ) (39 ) Recoveries - - - - 8 1 9 Provision 67 168 34 10 16 15 310 Ending balance, September 30, 2015 $ 752 $ 1,593 $ 79 $ 336 $ 62 $ 408 $ 3,230 Allowance for loan losses: Beginning balance, January 1, 2015 $ 684 $ 1,098 $ 35 $ 270 $ 46 $ 317 $ 2,450 Charge-offs (137 ) - - - (29 ) (25 ) (191 ) Recoveries - - - - 10 1 11 Provision 205 495 44 66 35 115 960 Ending balance, September 30, 2015 $ 752 $ 1,593 $ 79 $ 336 $ 62 $ 408 $ 3,230 Ending balance, September 30, 2015 allocated to $ - $ - $ - $ - $ 15 $ - $ 15 Ending balance, September 30, 2015 allocated to $ 752 $ 1,593 $ 79 $ 336 $ 47 $ 408 $ 3,215 Loans receivable: Ending balance, September 30, 2015 $ 117,320 $ 157,179 $ 22,656 $ 46,632 $ 14,885 $ 33,552 $ 392,224 Ending balance, September 30, 2015 of loans $ 1,207 $ 1,554 $ 177 $ 282 $ 61 $ 284 $ 3,565 Ending balance, September 30, 2015 of loans $ 116,113 $ 155,625 $ 22,479 $ 46,350 $ 14,824 $ 33,268 $ 388,659 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2014 $ 485 $ 974 $ 30 $ 299 $ 49 $ 288 $ 2,125 Charge-offs - - - (31 ) (34 ) (15 ) (80 ) Recoveries - 31 - - 9 - 40 Provision 20 43 4 90 25 33 215 Ending balance, September 30, 2014 $ 505 $ 1,048 $ 34 $ 358 $ 49 $ 306 $ 2,300 Allowance for loan losses: Beginning balance, January 1, 2014 $ 463 $ 914 $ 25 $ 324 $ 51 $ 343 $ 2,120 Charge-offs - (21 ) - (99 ) (111 ) (159 ) (390 ) Recoveries - 48 - - 11 - 59 Provision 42 107 9 133 98 122 511 Ending balance, September 30, 2014 $ 505 $ 1,048 $ 34 $ 358 $ 49 $ 306 $ 2,300 Ending balance, September 30, 2014 allocated to $ - $ - $ - $ 128 $ 20 $ 9 $ 157 Ending balance, September 30, 2014 allocated to $ 505 $ 1,048 $ 34 $ 230 $ 29 $ 297 $ 2,143 Loans receivable: Ending balance, September 30, 2014 $ 99,224 $ 101,153 $ 11,133 $ 39,408 $ 13,692 $ 36,759 $ 301,369 Ending balance, September 30, 2014 of loans $ 656 $ - $ 217 $ 438 $ 86 $ 636 $ 2,033 Ending balance, September 30, 2014 of loans $ 98,568 $ 101,153 $ 10,916 $ 38,970 $ 13,606 $ 36,123 $ 299,336 |
Schedule of Information Regarding the Internal Classification of the Loan Portfolio | Internal classification of the loan portfolio was as follows: September 30, 2015 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 116,113 $ 155,625 $ 22,479 $ 46,350 $ 14,824 $ 33,268 $ 388,659 Special mention - - - - - - - Substandard 1,207 1,554 177 201 41 284 3,464 Doubtful - - - 81 5 - 86 Loss - - - - 15 - 15 Total $ 117,320 $ 157,179 $ 22,656 $ 46,632 $ 14,885 $ 33,552 $ 392,224 Credit risk profile based on payment activity Performing $ 116,350 $ 156,847 $ 22,656 $ 46,525 $ 14,860 $ 33,495 $ 390,733 Restructured loans - - - 47 - - 47 Nonperforming 970 332 - 60 25 57 1,444 Total $ 117,320 $ 157,179 $ 22,656 $ 46,632 $ 14,885 $ 33,552 $ 392,224 December 31, 2014 Residential Mortgage Commercial Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 101,949 $ 117,060 $ 9,526 $ 39,795 $ 13,772 $ 35,021 $ 317,123 Special mention - - - - - - - Substandard 1,331 - - 328 41 229 1,929 Doubtful - - - - 7 - 7 Loss 140 - - - 7 - 147 Total $ 103,420 $ 117,060 $ 9,526 $ 40,123 $ 13,827 $ 35,250 $ 319,206 Credit risk profile based on payment activity Performing $ 102,599 $ 117,060 $ 9,526 $ 40,027 $ 13,811 $ 35,173 $ 318,196 Restructured loans - - - 48 - - 48 Nonperforming 821 - - 48 16 77 962 Total $ 103,420 $ 117,060 $ 9,526 $ 40,123 $ 13,827 $ 35,250 $ 319,206 |
Schedule of Delinquencies Within the Loan Portfolio | The following tables include information regarding delinquencies within the loan portfolio. September 30, 2015 Recorded 90 Days Investment 30-89 Days and Total Total >90 Days and Past Due Greater Past Due Current Loans Still Accruing (In Thousands) Residential mortgage (1-4 family) $ 887 $ 970 $ 1,857 $ 115,463 $ 117,320 $ 817 Commercial real estate 857 332 1,189 155,990 157,179 - Real estate construction 177 - 177 22,479 22,656 - Home equity 325 60 385 46,247 46,632 - Consumer 366 25 391 14,494 14,885 14 Commercial 168 57 225 33,327 33,552 57 Total $ 2,780 $ 1,444 $ 4,224 $ 388,000 $ 392,224 $ 888 December 31, 2014 Recorded 90 Days Investment 30-89 Days and Total Total >90 Days and Past Due Greater Past Due Current Loans Still Accruing (In Thousands) Residential mortgage (1-4 family) $ 203 $ 821 $ 1,024 $ 102,396 $ 103,420 $ - Commercial real estate 131 - 131 116,929 117,060 - Real estate construction - - - 9,526 9,526 - Home equity 303 48 351 39,772 40,123 - Consumer 258 16 274 13,553 13,827 - Commercial 331 77 408 34,842 35,250 - Total $ 1,226 $ 962 $ 2,188 $ 317,018 $ 319,206 $ - |
Schedule of Impaired Loans | The following tables include information regarding impaired loans. September 30, 2015 Unpaid Interest Average Recorded Principal Related Income Recorded Investment Balance Allowance Recognized Investment (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 1,207 $ 1,207 $ - $ 23 $ 929 Commercial real estate 1,554 1,554 - 25 777 Construction 177 177 - 2 88 Home equity 282 282 - 7 305 Consumer 46 46 - 2 47 Commercial 284 284 - 7 256 With a related allowance: Residential mortgage (1-4 family) - - - - 411 Commercial real estate - - - - - Construction - - - - - Home equity - - - - - Consumer 15 15 15 - 11 Commercial - - - - - Total: Residential mortgage (1-4 family) 1,207 1,207 - 23 1,340 Commercial real estate 1,554 1,554 - 25 777 Construction 177 177 - 2 88 Home equity 282 282 - 7 305 Consumer 61 61 15 2 58 Commercial 284 284 - 7 256 Total $ 3,565 $ 3,565 $ 15 $ 66 $ 2,824 December 31, 2014 Unpaid Interest Average Recorded Principal Related Income Recorded Investment Balance Allowance Recognized Investment (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 650 $ 650 $ - $ 14 $ 655 Commercial real estate - - - - 140 Construction - - - 2 - Home equity 328 392 - 6 293 Consumer 48 82 - 2 65 Commercial 229 259 - 9 265 With a related allowance: Residential mortgage (1-4 family) 821 821 140 - 411 Commercial real estate - - - - - Construction - - - - - Home equity - - - - 16 Consumer 7 7 7 - 14 Commercial - - - - 8 Total: Residential mortgage (1-4 family) 1,471 1,471 140 14 1,066 Commercial real estate - - - - 140 Construction - - - 2 - Home equity 328 392 - 6 309 Consumer 55 89 7 2 79 Commercial 229 259 - 9 273 Total $ 2,083 $ 2,211 $ 147 $ 33 $ 1,867 |
Troubled Debt Restructurings (T
Troubled Debt Restructurings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Troubled Debt Restructurings | The following tables present troubled debt restructurings. September 30, 2015 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 47 - 47 Consumer - - - Commercial - - - Total $ 47 $ - $ 47 December 31, 2014 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 48 - 48 Consumer - - - Commercial - - - Total $ 48 $ - $ 48 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Composition of Deposits | Deposits are summarized as follows: September 30, December 31, 2015 2014 (In Thousands) Noninterest checking $ 82,842 $ 60,924 Interest-bearing checking 83,565 76,367 Savings 67,162 62,455 Money market 94,547 91,431 Time certificates of deposit 153,012 150,223 Total $ 481,128 $ 441,400 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Schedule of Subordinated Debentures | Subordinated debentures consisted of the following: September 30, 2015 December 31, 2014 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Subordinated debentures: Variable at 3-Month Libor plus 1.42%, due 2035 $ 5,155 $ - $ 5,155 $ - Fixed at 6.75%, due 2025 10,000 (204 ) - - Total $ 15,155 $ (204 ) $ 5,155 $ - |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Activity in Accumulated Other Comprehensive Income (Loss) | The following table includes information regarding the activity in accumulated other comprehensive income (loss). Unrealized Unrealized Gains (Losses) (Losses) Gains on Derivatives on Investment Designated as Securities Cash Flow Hedges Available for Sale Total (In Thousands) Balance, January 1, 2015 $ 294 $ (509 ) $ (215 ) Other comprehensive income (loss), before reclassifications and income taxes 991 (1,203 ) (212 ) Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (1,025 ) (234 ) (1,259 ) Income tax benefit 14 586 600 Total other comprehensive loss (20 ) (851 ) (871 ) Balance, June 30, 2015 274 (1,360 ) (1,086 ) Other comprehensive income, before reclassifications and income taxes 420 1,688 2,108 Amounts reclassified from accumulated other comprehensive income, before income taxes (462 ) - (462 ) Income tax benefit (expense) 17 (688 ) (671 ) Total other comprehensive (loss) income (25 ) 1,000 975 Balance, September 30, 2015 $ 249 $ (360 ) $ (111 ) Balance, January 1, 2014 $ 217 $ (5,934 ) $ (5,717 ) Other comprehensive income, before reclassifications and income taxes 699 5,979 6,678 Amounts reclassified from accumulated other comprehensive income, before income taxes (604 ) (237 ) (841 ) Income tax expense (39 ) (2,340 ) (2,379 ) Total other comprehensive income 56 3,402 3,458 Balance, June 30, 2014 273 (2,532 ) (2,259 ) Other comprehensive income, before reclassifications and income taxes 630 1,713 2,343 Amounts reclassified from accumulated other comprehensive income, before income taxes (461 ) (194 ) (655 ) Income tax expense (69 ) (619 ) (688 ) Total other comprehensive income 100 900 1,000 Balance, September 30, 2014 $ 373 $ (1,632 ) $ (1,259 ) |
Derivatives and Hedging Activ28
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Effect of Derivative Instruments on Statement of Financial Condition | Effect of Derivative Instruments on Statement of Financial Condition Fair Value of Derivative Instruments Asset Derivatives Liabilities Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Balance Balance Balance Balance Sheet Fair Sheet Fair Sheet Fair Sheet Fair Location Value Location Value Location Value Location Value (In Thousands) Derivatives designated as hedging instruments under ASC 815 Other Interest rate contracts n/a $ - n/a $ - n/a $ - Liabilities $ 579 Change in fair value of financial instrument being hedged under ASC 815 Interest rate contracts Loans $ 135 Loans $ 138 n/a $ - n/a $ - |
Schedule of Effect of Derivative Instruments on Statement of Income | Effect of Derivative Instruments on Statement of Financial Condition Fair Value of Derivative Instruments Asset Derivatives Liabilities Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Balance Balance Balance Balance Sheet Fair Sheet Fair Sheet Fair Sheet Fair Location Value Location Value Location Value Location Value (In Thousands) Derivatives designated as hedging instruments under ASC 815 Other Interest rate contracts n/a $ - n/a $ - n/a $ - Liabilities $ 579 Change in fair value of financial instrument being hedged under ASC 815 Interest rate contracts Loans $ 135 Loans $ 138 n/a $ - n/a $ - Effect of Derivative Instruments on Statement of Income For the Three Months Ended September 30, 2015 and 2014 (In Thousands) Amount of Location of Gain or (Loss) Derivatives Designated Gain or (Loss) Recognized in as Hedging Instruments Recognized in Income on Derivative Under ASC 815 Income on Derivative 2015 2014 Interest rate contracts Noninterest income - $ (47 ) Effect of Derivative Instruments on Statement of Income For the Nine Months Ended September 30, 2015 and 2014 (In Thousands) Amount of Location of Gain or (Loss) Derivatives Designated Gain or (Loss) Recognized in as Hedging Instruments Recognized in Income on Derivative Under ASC 815 Income on Derivative 2015 2014 Interest rate contracts Noninterest income (93 ) $ (181 ) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. September 30, 2015 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial Assets: Available-for-sale securities U.S. government and agency $ - $ 11,799 $ - $ 11,799 Municipal obligations - 66,582 - 66,582 Corporate obligations - 10,555 - 10,555 MBSs - government-backed - 32,746 - 32,746 CMOs - government backed - 25,778 - 25,778 Loans held-for-sale - 14,731 - 14,731 December 31, 2014 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial Assets: Available-for-sale securities U.S. government and agency $ - $ 33,181 $ - $ 33,181 Municipal obligations - 71,885 - 71,885 Corporate obligations - 6,005 - 6,005 MBSs - government-backed - 21,964 - 21,964 CMOs - government backed - 28,752 - 28,752 Loans held-for-sale - 17,587 - 17,587 Financial Liability: Derivative financial instruments - 579 - 579 |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a nonrecurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2015 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 3,550 $ 3,550 Repossessed assets - - 619 619 December 31, 2014 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 1,936 $ 1,936 Repossessed assets - - 637 637 |
Schedule of Financial Assets and Liabilities, Valuation Techniques used to Measure Fair Value of Financial Assets and Liabilities | The following table represents the Banks’s Level 3 financial assets and liabilities, the valuation techniques used to measure the fair value of those financial assets and liabilities, and the significant unobservable inputs and the ranges of values for those inputs. Fair Value at Principal Significant Range of September 30, December 31, Valuation Unobservable Signficant Input Instrument 2015 2014 Technique Inputs Values (Dollars In Thousands) Appraisal of Appraisal Impaired loans $ 3,550 $ 1,936 collateral (1) adjustments 10-30 % Appraisal of Liquidation Repossessed Assets $ 619 $ 637 collateral (1)(3) expenses (2) 10-30 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less associated allowance. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. |
Schedule of Estimated Fair Value and Carrying Amounts of Financial Instruments | The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2015 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 7,246 $ - $ - $ 7,246 $ 7,246 Federal Home Loan Bank stock 2,853 - - 2,853 2,853 Federal Reserve Bank stock 642 - - 642 642 Loans receivable, net - - 393,888 393,888 384,694 Accrued interest and dividends 2,332 - - 2,332 2,332 Mortgage servicing rights - - 6,105 6,105 4,808 Cash surrender value of life insurance 12,429 - - 12,429 12,429 Financial Liabilities: Non-maturing interest bearing deposits - 245,274 - 245,274 245,274 Non-interest bearing deposits 82,842 - - 82,842 82,842 Time certificates of deposit - - 153,716 153,716 153,012 Accrued expenses and other liabilities 5,372 - - 5,372 5,372 Federal Home Loan Bank advances - - 55,778 55,778 55,534 Subordinated debentures - - 14,352 14,352 15,155 Off-balance-sheet instruments Forward loan sales commitments - - - - - Commitments to extend credit - - - - - Rate lock commitments - - - - - December 31, 2014 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 12,502 $ - $ - $ 12,502 $ 12,502 Federal Home Loan Bank stock 1,968 - - 1,968 1,968 Federal Reserve Bank stock 641 - - 641 641 Loans receivable, net - - 321,312 321,312 314,334 Accrued interest and dividends 2,318 - - 2,318 2,318 Mortgage servicing rights - - 5,168 5,168 4,115 Cash surrender value of life insurance 11,735 - - 11,735 11,735 Financial Liabilities: Non-maturing interest bearing deposits - 230,253 - 230,253 230,253 Non-interest bearing deposits 60,924 - - 60,924 60,924 Time certificates of deposit - - 151,004 151,004 150,223 Accrued expenses and other liabilities 4,161 - - 4,161 4,161 Federal Home Loan Bank advances - - 55,273 55,273 54,993 Subordinated debentures 3,854 3,854 5,155 Off-balance-sheet instruments Forward loan sales commitments - - - - - Commitments to extend credit - - - - - Rate lock commitments - - - - - |
Basis of Presentation (Addition
Basis of Presentation (Additional Information) (Detail) | Dec. 31, 2014USD ($) |
Noninterest Bearing Deposits [Member] | |
Basis of Presentation [Line Items] | |
Escrow deposits | $ 417,000 |
Investment Securities (Schedule
Investment Securities (Schedule of Amortized Cost, Estimated Fair Values and Unrealized Gains and Losses) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 148,068 | $ 162,646 |
Gross Unrealized Gains | 1,143 | 1,394 |
Gross Unrealized (Losses) | (1,751) | (2,253) |
Fair Value | 147,460 | 161,787 |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,886 | 33,472 |
Gross Unrealized Gains | 30 | 42 |
Gross Unrealized (Losses) | (117) | (333) |
Fair Value | 11,799 | 33,181 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 67,142 | 71,844 |
Gross Unrealized Gains | 690 | 1,243 |
Gross Unrealized (Losses) | (1,250) | (1,202) |
Fair Value | 66,582 | 71,885 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,655 | 5,990 |
Gross Unrealized Gains | 3 | 27 |
Gross Unrealized (Losses) | (103) | (12) |
Fair Value | 10,555 | 6,005 |
MBSs - Government Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 32,447 | 22,097 |
Gross Unrealized Gains | 381 | 56 |
Gross Unrealized (Losses) | (82) | (189) |
Fair Value | 32,746 | 21,964 |
CMOs - Government Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,938 | 29,243 |
Gross Unrealized Gains | 39 | 26 |
Gross Unrealized (Losses) | (199) | (517) |
Fair Value | $ 25,778 | $ 28,752 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)Investment | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Investment | Sep. 30, 2014USD ($) | Dec. 31, 2014Investment | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sale of available for sale securities | $ | $ 0 | $ 9,646 | $ 31,043 | $ 27,326 | |
Available for sale securities gross realized gains | $ | 245 | 534 | 612 | ||
Available for sale securities gross realized losses | $ | $ 51 | $ 300 | $ 181 | ||
Number of available for sale securities in unrealized loss position | 90 | 90 | 87 | ||
U.S. Government and Agency Obligations [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of available for sale securities in unrealized loss position | 65 | 65 | 69 | ||
Securities in an unrealized loss position, aggregate depreciation from amortized cost basis | 2.43% | 2.43% | 1.98% | ||
Corporate Obligations [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of available for sale securities in unrealized loss position | 12 | 12 | 3 | ||
Securities in an unrealized loss position, aggregate depreciation from amortized cost basis | 1.23% | 1.23% | 0.40% | ||
Mortgage-Backed and CMOs [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of available for sale securities in unrealized loss position | 13 | 13 | 15 | ||
Securities in an unrealized loss position, aggregate depreciation from amortized cost basis | 0.93% | 0.93% | 1.56% |
Investment Securities (Schedu33
Investment Securities (Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities due in one year or less, amortized cost | $ 999 | |
Available for sale securities due from one to five years, amortized cost | 8,370 | |
Available for sale securities due from five to ten years, amortized cost | 19,222 | |
Available for sale securities due after ten years, amortized cost | 61,092 | |
Total available for sale securities debt maturities, amortized cost | 89,683 | |
Amortized Cost | 148,068 | $ 162,646 |
Available for sale securities due in one year or less, fair value | 1,000 | |
Available for sale securities due from one to five years, fair value | 8,351 | |
Available for sale securities due from five to ten years, fair value | 19,110 | |
Available for sale securities due after ten years, fair value | 60,475 | |
Total available for sale securities debt maturities, fair value | 88,936 | |
Available for sale securities, fair value | 147,460 | 161,787 |
MBSs - Government Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 32,447 | |
Amortized Cost | 32,447 | 22,097 |
Available for sale securities, fair value | 32,746 | |
Available for sale securities, fair value | 32,746 | 21,964 |
CMOs - Government Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 25,938 | |
Amortized Cost | 25,938 | 29,243 |
Available for sale securities, fair value | 25,778 | |
Available for sale securities, fair value | $ 25,778 | $ 28,752 |
Investment Securities (Schedu34
Investment Securities (Schedule of Investment Securities that Have Been in a Continuous Unrealized-Loss Position) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | $ 42,752 | $ 14,029 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (466) | (137) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 50,297 | 109,442 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | (1,285) | (2,116) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | 2,196 | 1,611 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (8) | (19) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 7,140 | 27,733 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | (109) | (314) |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | 21,203 | 2,330 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (316) | (48) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 24,301 | 44,386 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | (934) | (1,154) |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | 5,356 | 997 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (47) | (2) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 2,944 | 1,990 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | (56) | (10) |
Mortgage-Backed and CMOs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | 13,997 | 9,091 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (95) | (68) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 15,912 | 35,333 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | $ (186) | $ (638) |
Loans (Schedule of Summary of t
Loans (Schedule of Summary of the Balances of Loans) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||||||
Residential mortgage (1-4 family) | $ 117,320 | $ 103,420 | ||||
Commercial real estate | 157,179 | 117,060 | ||||
Real Estate Construction | 22,656 | 9,526 | ||||
Home Equity | 46,632 | 40,123 | ||||
Consumer | 14,885 | 13,827 | ||||
Commercial | 33,552 | 35,250 | ||||
Total | 392,224 | 319,206 | $ 301,369 | |||
Allowance for loan losses | (3,230) | $ (2,950) | (2,450) | $ (2,300) | $ (2,125) | $ (2,120) |
Deferred loan fees, net | (750) | (486) | ||||
Total loans, net | $ 388,244 | $ 316,270 |
Loans (Narrative) (Detail)
Loans (Narrative) (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate loans | $ 157,179,000 | $ 117,060,000 |
Commercial loans | 33,552,000 | 35,250,000 |
Minimum principal balance of loans for quarterly rating review | $ 500,000 | |
Minimum number of days consumer loans are delinquent for quarterly rating review | 90 days | |
Minimum number of days commercial loans are delinquent for quarterly rating review | 60 days | |
Syndicated Loan Facility [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 1,978,000 | 3,704,000 |
United States Department of Agriculture Rural Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate loans | $ 12,244,000 | $ 12,612,000 |
Loans (Schedule of Information
Loans (Schedule of Information Regarding Non-Performing Assets) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||||||
Non-accrual loans | $ 556 | $ 962 | ||||
Accruing loans delinquent 90 days or more | 888 | |||||
Restructured loans, net | 47 | 48 | ||||
Total nonperforming loans | 1,491 | 1,010 | ||||
Real estate owned and other repossessed assets, net | 619 | 637 | ||||
Total | $ 2,110 | $ 1,647 | ||||
Total non-performing assets as a percentage of total assets | 0.35% | 0.29% | ||||
Allowance for loan losses | $ 3,230 | $ 2,950 | $ 2,450 | $ 2,300 | $ 2,125 | $ 2,120 |
Percent of allowance for loan losses to non-performing loans | 216.63% | 242.57% | ||||
Percent of allowance for loan losses to non-performing assets | 153.08% | 148.76% |
Loans (Schedule of Informatio38
Loans (Schedule of Information Regarding the Activity in the Allowance for Loan Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, beginning balance | $ 2,950 | $ 2,125 | $ 2,450 | $ 2,120 | |
Charge-offs | (39) | (80) | (191) | (390) | |
Recoveries | 9 | 40 | 11 | 59 | |
Provision | 310 | 215 | 960 | 511 | |
Allowance for loan losses, ending balance | 3,230 | 2,300 | 3,230 | 2,300 | |
Allowance for loan losses, allocated to loans individually evaluated for impairment | 15 | 157 | 15 | 157 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 3,215 | 2,143 | 3,215 | 2,143 | |
Loans receivable, total | 392,224 | 301,369 | 392,224 | 301,369 | $ 319,206 |
Loans receivable, individually evaluated for impairment | 3,565 | 2,033 | 3,565 | 2,033 | |
Loans receivable, collectively evaluated for impairment | 388,659 | 299,336 | 388,659 | 299,336 | |
Real Estate Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, beginning balance | 45 | 30 | 35 | 25 | |
Provision | 34 | 4 | 44 | 9 | |
Allowance for loan losses, ending balance | 79 | 34 | 79 | 34 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 79 | 34 | 79 | 34 | |
Loans receivable, total | 22,656 | 11,133 | 22,656 | 11,133 | 9,526 |
Loans receivable, individually evaluated for impairment | 177 | 217 | 177 | 217 | |
Loans receivable, collectively evaluated for impairment | 22,479 | 10,916 | 22,479 | 10,916 | |
Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, beginning balance | 326 | 299 | 270 | 324 | |
Charge-offs | (31) | (99) | |||
Provision | 10 | 90 | 66 | 133 | |
Allowance for loan losses, ending balance | 336 | 358 | 336 | 358 | |
Allowance for loan losses, allocated to loans individually evaluated for impairment | 128 | 128 | |||
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 336 | 230 | 336 | 230 | |
Loans receivable, total | 46,632 | 39,408 | 46,632 | 39,408 | 40,123 |
Loans receivable, individually evaluated for impairment | 282 | 438 | 282 | 438 | |
Loans receivable, collectively evaluated for impairment | 46,350 | 38,970 | 46,350 | 38,970 | |
Residential Mortgage (1-4 Family) [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, beginning balance | 685 | 485 | 684 | 463 | |
Charge-offs | (137) | ||||
Provision | 67 | 20 | 205 | 42 | |
Allowance for loan losses, ending balance | 752 | 505 | 752 | 505 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 752 | 505 | 752 | 505 | |
Loans receivable, total | 117,320 | 99,224 | 117,320 | 99,224 | 103,420 |
Loans receivable, individually evaluated for impairment | 1,207 | 656 | 1,207 | 656 | |
Loans receivable, collectively evaluated for impairment | 116,113 | 98,568 | 116,113 | 98,568 | |
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, beginning balance | 1,425 | 974 | 1,098 | 914 | |
Charge-offs | (21) | ||||
Recoveries | 31 | 48 | |||
Provision | 168 | 43 | 495 | 107 | |
Allowance for loan losses, ending balance | 1,593 | 1,048 | 1,593 | 1,048 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 1,593 | 1,048 | 1,593 | 1,048 | |
Loans receivable, total | 157,179 | 101,153 | 157,179 | 101,153 | 117,060 |
Loans receivable, individually evaluated for impairment | 1,554 | 1,554 | |||
Loans receivable, collectively evaluated for impairment | 155,625 | 101,153 | 155,625 | 101,153 | |
Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, beginning balance | 52 | 49 | 46 | 51 | |
Charge-offs | (14) | (34) | (29) | (111) | |
Recoveries | 8 | 9 | 10 | 11 | |
Provision | 16 | 25 | 35 | 98 | |
Allowance for loan losses, ending balance | 62 | 49 | 62 | 49 | |
Allowance for loan losses, allocated to loans individually evaluated for impairment | 15 | 20 | 15 | 20 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 47 | 29 | 47 | 29 | |
Loans receivable, total | 14,885 | 13,692 | 14,885 | 13,692 | 13,827 |
Loans receivable, individually evaluated for impairment | 61 | 86 | 61 | 86 | |
Loans receivable, collectively evaluated for impairment | 14,824 | 13,606 | 14,824 | 13,606 | |
Commercial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, beginning balance | 417 | 288 | 317 | 343 | |
Charge-offs | (25) | (15) | (25) | (159) | |
Recoveries | 1 | 1 | |||
Provision | 15 | 33 | 115 | 122 | |
Allowance for loan losses, ending balance | 408 | 306 | 408 | 306 | |
Allowance for loan losses, allocated to loans individually evaluated for impairment | 9 | 9 | |||
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 408 | 297 | 408 | 297 | |
Loans receivable, total | 33,552 | 36,759 | 33,552 | 36,759 | $ 35,250 |
Loans receivable, individually evaluated for impairment | 284 | 636 | 284 | 636 | |
Loans receivable, collectively evaluated for impairment | $ 33,268 | $ 36,123 | $ 33,268 | $ 36,123 |
Loans (Schedule of Informatio39
Loans (Schedule of Information Regarding the Internal Classification of the Loan Portfolio) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage (1-4 family) | $ 117,320 | $ 103,420 | |
Commercial real estate | 157,179 | 117,060 | |
Real Estate Construction | 22,656 | 9,526 | |
Home Equity | 46,632 | 40,123 | |
Consumer | 14,885 | 13,827 | |
Commercial | 33,552 | 35,250 | |
Loans receivable, total | 392,224 | 319,206 | $ 301,369 |
Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage (1-4 family) | 116,350 | 102,599 | |
Commercial real estate | 156,847 | 117,060 | |
Real Estate Construction | 22,656 | 9,526 | |
Home Equity | 46,525 | 40,027 | |
Consumer | 14,860 | 13,811 | |
Commercial | 33,495 | 35,173 | |
Loans receivable, total | 390,733 | 318,196 | |
Restructured Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home Equity | 47 | 48 | |
Loans receivable, total | 47 | 48 | |
Nonperforming [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage (1-4 family) | 970 | 821 | |
Commercial real estate | 332 | ||
Home Equity | 60 | 48 | |
Consumer | 25 | 16 | |
Commercial | 57 | 77 | |
Loans receivable, total | 1,444 | 962 | |
Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage (1-4 family) | 116,113 | 101,949 | |
Commercial real estate | 155,625 | 117,060 | |
Real Estate Construction | 22,479 | 9,526 | |
Home Equity | 46,350 | 39,795 | |
Consumer | 14,824 | 13,772 | |
Commercial | 33,268 | 35,021 | |
Loans receivable, total | 388,659 | 317,123 | |
Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage (1-4 family) | 1,207 | 1,331 | |
Commercial real estate | 1,554 | ||
Real Estate Construction | 177 | ||
Home Equity | 201 | 328 | |
Consumer | 41 | 41 | |
Commercial | 284 | 229 | |
Loans receivable, total | 3,464 | 1,929 | |
Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home Equity | 81 | ||
Consumer | 5 | 7 | |
Loans receivable, total | 86 | 7 | |
Loss [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential mortgage (1-4 family) | 140 | ||
Consumer | 15 | 7 | |
Loans receivable, total | $ 15 | $ 147 |
Loans (Schedule of Delinquencie
Loans (Schedule of Delinquencies Within the Loan Portfolio) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 4,224 | $ 2,188 | |
Current | 388,000 | 317,018 | |
Loans receivable, total | 392,224 | 319,206 | $ 301,369 |
Recorded Investment >90 Days and Still Accruing | 888 | ||
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 177 | ||
Current | 22,479 | 9,526 | |
Loans receivable, total | 22,656 | 9,526 | 11,133 |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 385 | 351 | |
Current | 46,247 | 39,772 | |
Loans receivable, total | 46,632 | 40,123 | 39,408 |
Residential Mortgage (1-4 Family) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,857 | 1,024 | |
Current | 115,463 | 102,396 | |
Loans receivable, total | 117,320 | 103,420 | 99,224 |
Recorded Investment >90 Days and Still Accruing | 817 | ||
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,189 | 131 | |
Current | 155,990 | 116,929 | |
Loans receivable, total | 157,179 | 117,060 | 101,153 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 391 | 274 | |
Current | 14,494 | 13,553 | |
Loans receivable, total | 14,885 | 13,827 | 13,692 |
Recorded Investment >90 Days and Still Accruing | 14 | ||
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 225 | 408 | |
Current | 33,327 | 34,842 | |
Loans receivable, total | 33,552 | 35,250 | $ 36,759 |
Recorded Investment >90 Days and Still Accruing | 57 | ||
30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,780 | 1,226 | |
30-89 Days Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 177 | ||
30-89 Days Past Due [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 325 | 303 | |
30-89 Days Past Due [Member] | Residential Mortgage (1-4 Family) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 887 | 203 | |
30-89 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 857 | 131 | |
30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 366 | 258 | |
30-89 Days Past Due [Member] | Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 168 | 331 | |
90 Days and Greater Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,444 | 962 | |
90 Days and Greater Past Due [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 60 | 48 | |
90 Days and Greater Past Due [Member] | Residential Mortgage (1-4 Family) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 970 | 821 | |
90 Days and Greater Past Due [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 332 | ||
90 Days and Greater Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 25 | 16 | |
90 Days and Greater Past Due [Member] | Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 57 | $ 77 |
Loans (Schedule of Informatio41
Loans (Schedule of Information Regarding Impaired Loans) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total recorded investment | $ 3,565 | $ 2,083 |
Total unpaid principal balance | 3,565 | 2,211 |
Total related allowance | 15 | 147 |
Total interest income recognized | 66 | 33 |
Total average recorded investment | 2,824 | 1,867 |
Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With no related allowance, recorded investment | 177 | |
With no related allowance, principal balance | 177 | |
With no related allowance, income recognized | 2 | 2 |
With no related allowance, average recorded investment | 88 | |
With related allowance, income recognized | 0 | 0 |
Total recorded investment | 177 | |
Total unpaid principal balance | 177 | |
Total interest income recognized | 2 | 2 |
Total average recorded investment | 88 | |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With no related allowance, recorded investment | 282 | 328 |
With no related allowance, principal balance | 282 | 392 |
With no related allowance, income recognized | 7 | 6 |
With no related allowance, average recorded investment | 305 | 293 |
With related allowance, income recognized | 0 | 0 |
With related allowance, average recorded investment | 16 | |
Total recorded investment | 282 | 328 |
Total unpaid principal balance | 282 | 392 |
Total interest income recognized | 7 | 6 |
Total average recorded investment | 305 | 309 |
Residential Mortgage (1-4 Family) [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With no related allowance, recorded investment | 1,207 | 650 |
With no related allowance, principal balance | 1,207 | 650 |
With no related allowance, income recognized | 23 | 14 |
With no related allowance, average recorded investment | 929 | 655 |
With related allowance, recorded investment | 821 | |
With related allowance, principal balance | 821 | |
With related allowance, related allowance | 140 | |
With related allowance, income recognized | 0 | 0 |
With related allowance, average recorded investment | 411 | 411 |
Total recorded investment | 1,207 | 1,471 |
Total unpaid principal balance | 1,207 | 1,471 |
Total related allowance | 140 | |
Total interest income recognized | 23 | 14 |
Total average recorded investment | 1,340 | 1,066 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With no related allowance, recorded investment | 1,554 | |
With no related allowance, principal balance | 1,554 | |
With no related allowance, income recognized | 25 | |
With no related allowance, average recorded investment | 777 | 140 |
With related allowance, income recognized | 0 | 0 |
Total recorded investment | 1,554 | |
Total unpaid principal balance | 1,554 | |
Total interest income recognized | 25 | |
Total average recorded investment | 777 | 140 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With no related allowance, recorded investment | 46 | 48 |
With no related allowance, principal balance | 46 | 82 |
With no related allowance, income recognized | 2 | 2 |
With no related allowance, average recorded investment | 47 | 65 |
With related allowance, recorded investment | 15 | 7 |
With related allowance, principal balance | 15 | 7 |
With related allowance, related allowance | 15 | 7 |
With related allowance, income recognized | 0 | 0 |
With related allowance, average recorded investment | 11 | 14 |
Total recorded investment | 61 | 55 |
Total unpaid principal balance | 61 | 89 |
Total related allowance | 15 | 7 |
Total interest income recognized | 2 | 2 |
Total average recorded investment | 58 | 79 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With no related allowance, recorded investment | 284 | 229 |
With no related allowance, principal balance | 284 | 259 |
With no related allowance, income recognized | 7 | 9 |
With no related allowance, average recorded investment | 256 | 265 |
With related allowance, income recognized | 0 | 0 |
With related allowance, average recorded investment | 8 | |
Total recorded investment | 284 | 229 |
Total unpaid principal balance | 284 | 259 |
Total interest income recognized | 7 | 9 |
Total average recorded investment | $ 256 | $ 273 |
Trouble Debt Restructurings (Na
Trouble Debt Restructurings (Narrative) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Loan | Sep. 30, 2014Loan | Sep. 30, 2015USD ($)Loan | Sep. 30, 2014Loan | |
Receivables [Abstract] | ||||
Impaired receivables | $ 47,000 | $ 47,000 | ||
Impaired receivables, allowance for credit losses | $ 0 | 0 | ||
Impaired receivables, charged-off at time of restructure | $ 34,000 | |||
Number of newly restructured loans | Loan | 0 | 0 | 0 | 0 |
Loans modified as a troubled debt restructured loan within the previous 3 months and for which there was a payment default | $ 0 | |||
Number of days past due for a troubled debt restructured loan to be categorized as default | 90 days |
Trouble Debt Restructurings (Sc
Trouble Debt Restructurings (Schedule of Trouble Debt Restructurings by Accrual Status) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | $ 47 | $ 48 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | 47 | 48 |
Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | 47 | 48 |
Accrual Status [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | $ 47 | $ 48 |
Deposits (Schedule of Compositi
Deposits (Schedule of Composition of Deposits) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Noninterest checking | $ 82,842 | $ 60,924 |
Interest-bearing checking | 83,565 | 76,367 |
Savings | 67,162 | 62,455 |
Money market | 94,547 | 91,431 |
Time certificates of deposit | 153,012 | 150,223 |
Total deposits | $ 481,128 | $ 441,400 |
Subordinated Debentures (Schedu
Subordinated Debentures (Schedule of Subordinated Debentures) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Subordinated Borrowing [Line Items] | |||
Principal Amount | $ 15,155 | $ 5,155 | |
Unamortized debt issuance costs | (204) | ||
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Principal Amount | 5,155 | $ 5,155 | |
6.75% Subordinated Notes Due in 2025 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Principal Amount | 10,000 | $ 10,000 | |
Unamortized debt issuance costs | $ (204) |
Subordinated Debentures (Sche46
Subordinated Debentures (Schedule of Subordinated Debentures) (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, variable interest rate | 3-Month Libor | |
Debt instrument, interest rate above LIBOR rate | 1.42% | |
Debt instrument, maturity year | 2,035 | |
6.75% Subordinated Notes Due in 2025 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, maturity year | 2,025 | |
Debt instrument, fixed interest rate | 6.75% | 6.75% |
Subordinated Debentures (Detail
Subordinated Debentures (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2005 | |
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures | $ 14,951 | $ 5,155 | ||
Debt instrument, aggregate principal amount | $ 15,155 | $ 5,155 | ||
Eagle Bancorp Statutory Trust I [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures | $ 5,155 | |||
Eagle Bancorp Statutory Trust I [Member] | Subordinated Debt [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt instrument, fixed interest rate | 6.02% | |||
Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt instrument, interest rate above LIBOR rate | 1.42% | |||
Debt instrument, interest rate at year end | 1.745% | 1.676% | ||
First Tennessee Bank, N.A. [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Trust preferred securities, liquidation value | $ 5,155 | |||
Trust preferred securities, maximum dividend deferring period in years | 5 years | |||
Trust preferred securities, maturity date | 2035-12 | |||
6.75% Subordinated Notes Due in 2025 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt instrument, fixed interest rate | 6.75% | 6.75% | ||
Debt instrument, aggregate principal amount | $ 10,000 | $ 10,000 | ||
Debt instrument, maturity year | 2,025 | |||
Debt instrument, payment term | Interest will be paid quarterly through maturity date or earlier redemption |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares outstanding during the year on which basic earnings per share is calculated | 3,804,532 | 3,889,603 | 3,823,896 | 3,907,259 |
Average outstanding shares on which diluted earnings per share is calculated | 3,841,787 | 3,944,406 | 3,861,151 | 3,962,062 |
Dividends and Stock Repurchas49
Dividends and Stock Repurchase Program (Narrative) (Detail) - $ / shares | Oct. 22, 2015 | Jul. 23, 2015 | Apr. 23, 2015 | Jan. 22, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2013 |
Common Stock Equity [Line Items] | ||||||||||||||
Dividends, cash paid per share | $ 0.075 | $ 0.075 | ||||||||||||
Dividends declared per share | $ 0.0775 | $ 0.0750 | $ 0.0750 | |||||||||||
Dividends, date of declaration | Jul. 23, 2015 | Apr. 23, 2015 | Jan. 22, 2015 | |||||||||||
Dividends, date of record | Aug. 14, 2015 | May 13, 2015 | Feb. 13, 2015 | |||||||||||
Dividends, date of distribution | Sep. 4, 2015 | Jun. 6, 2015 | Mar. 6, 2015 | |||||||||||
Shares authorized for repurchase under common stock repurchase program | 100,000 | 200,000 | 150,000 | |||||||||||
Treasury stock purchased, shares | 46,065 | 55,800 | 55,000 | 101,865 | 50,000 | 0 | ||||||||
Treasury stock purchased, cost per share | $ 11.47 | $ 11.03 | $ 10.66 | $ 11.23 | $ 10.65 | |||||||||
Treasury stock shares, remaining shares to be purchased | 53,935 | 53,935 | ||||||||||||
Subsequent Event [Member] | ||||||||||||||
Common Stock Equity [Line Items] | ||||||||||||||
Dividends declared per share | $ 0.0775 | |||||||||||||
Dividends, date of declaration | Oct. 22, 2015 | |||||||||||||
Dividends, date of record | Nov. 13, 2015 | |||||||||||||
Dividends, date of distribution | Dec. 4, 2015 |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Income (Loss) (Schedule of Activity Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | $ (1,086) | $ (215) | $ (2,259) | $ (5,717) | $ (215) | |
Other comprehensive income (loss), before reclassifications and income taxes | 2,108 | (212) | 2,343 | 6,678 | ||
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (462) | (1,259) | (655) | (841) | ||
Income tax benefit (expense) | (671) | 600 | (688) | (2,379) | (71) | $ (3,067) |
Total other comprehensive (loss) income | 975 | (871) | 1,000 | 3,458 | 104 | 4,458 |
Ending Balance | (111) | (1,086) | (1,259) | (2,259) | (111) | (1,259) |
Unrealized Gains (Losses) on Derivatives Designated as Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | 274 | 294 | 273 | 217 | ||
Other comprehensive income (loss), before reclassifications and income taxes | 420 | 991 | 630 | 699 | ||
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (462) | (1,025) | (461) | (604) | ||
Income tax benefit (expense) | 17 | 14 | (69) | (39) | ||
Total other comprehensive (loss) income | (25) | (20) | 100 | 56 | ||
Ending Balance | 249 | 274 | 373 | 273 | 249 | 373 |
Unrealized (Losses) Gains on Investment Securities Available for Sale [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | (1,360) | (509) | (2,532) | (5,934) | ||
Other comprehensive income (loss), before reclassifications and income taxes | 1,688 | (1,203) | 1,713 | 5,979 | ||
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (234) | (194) | (237) | |||
Income tax benefit (expense) | (688) | 586 | (619) | (2,340) | ||
Total other comprehensive (loss) income | 1,000 | (851) | 900 | 3,402 | ||
Ending Balance | $ (360) | $ (1,360) | $ (1,632) | $ (2,532) | $ (360) | $ (1,632) |
Derivatives and Hedging Activ51
Derivatives and Hedging Activities (Narrative) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Derivative [Line Items] | |||
Fixed rate loan hedged, original maturity term | 20 years | ||
Loans receivable, outstanding principal balance | $ 10,641,000 | ||
Loan fair value adjustment | $ 138,000 | ||
Loan maturity date | Sep. 1, 2030 | ||
Commitments to extend credit, maximum binding period | 60 days | ||
Rate Lock Commitments [Member] | |||
Derivative [Line Items] | |||
Notional amount | 12,276,000 | $ 21,164,000 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | 10,673,000 | ||
Interest Rate Swap [Member] | Non Interest Income [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in income, related to ineffectiveness | $ (93,000) | $ (317,000) |
Derivatives and Hedging Activ52
Derivatives and Hedging Activities (Schedule of Effect of Derivative Instruments on Statement of Financial Condition (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Derivatives designed as hedging instruments, interest rate contracts | $ 0 | $ 0 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivatives designed as hedging instruments, interest rate contracts | 579 | |
Loans [Member] | ||
Derivative [Line Items] | ||
Change in fair value of financial instrument being hedged, interest rate contracts | $ 135 | $ 138 |
Derivatives and Hedging Activ53
Derivatives and Hedging Activities (Schedule of Effect of Derivative Instruments on Statement of Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Non Interest Income [Member] | |||
Derivative [Line Items] | |||
Interest rate contracts, amount of gain (loss) recognized in income | $ (47) | $ (93) | $ (181) |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis) (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Assets: | ||
Loans held-for-sale | $ 14,731 | $ 17,587 |
Financial Liability: | ||
Derivative financial instruments | 579 | |
Available-for-sale Securities [Member] | ||
Financial Assets: | ||
U.S. government and agency | 11,799 | 33,181 |
Municipal obligations | 66,582 | 71,885 |
Corporate obligations | 10,555 | 6,005 |
MBSs - government-backed | 32,746 | 21,964 |
CMOs - government backed | 25,778 | 28,752 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Loans held-for-sale | 14,731 | 17,587 |
Financial Liability: | ||
Derivative financial instruments | 579 | |
Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member] | ||
Financial Assets: | ||
U.S. government and agency | 11,799 | 33,181 |
Municipal obligations | 66,582 | 71,885 |
Corporate obligations | 10,555 | 6,005 |
MBSs - government-backed | 32,746 | 21,964 |
CMOs - government backed | $ 25,778 | $ 28,752 |
Fair Value Disclosures (Sched55
Fair Value Disclosures (Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Financial assets measured at fair value on nonrecurring basis | $ 3,550 | $ 1,936 |
Repossessed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Financial assets measured at fair value on nonrecurring basis | 619 | 637 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Financial assets measured at fair value on nonrecurring basis | 3,550 | 1,936 |
Fair Value, Inputs, Level 3 [Member] | Repossessed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Financial assets measured at fair value on nonrecurring basis | $ 619 | $ 637 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans receivable, carrying value | $ 392,224 | $ 319,206 | $ 301,369 | |||
Loans receivable, valuation allowance | 3,230 | $ 2,950 | 2,450 | $ 2,300 | $ 2,125 | $ 2,120 |
Loans receivable, fair value | 393,888 | 321,312 | ||||
Impaired Loans [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans receivable, carrying value | 3,565 | 2,083 | ||||
Loans receivable, valuation allowance | 15 | 147 | ||||
Loans receivable, fair value | $ 3,550 | $ 1,936 | ||||
Mortgage Servicing Rights [Member] | Minimum [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of servicing rights, discount rates | 10.00% | |||||
Fair value of servicing rights, repayment speed | 100.00% | |||||
Mortgage Servicing Rights [Member] | Maximum [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of servicing rights, discount rates | 12.00% | |||||
Fair value of servicing rights, repayment speed | 399.00% |
Fair Value Disclosures (Sched57
Fair Value Disclosures (Schedule of Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements) (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $ 3,550 | $ 1,936 | |
Principal Valuation Technique | [1] | Appraisal of collateral | Appraisal of collateral |
Significant Unobservable Inputs | Appraisal adjustments | Appraisal adjustments | |
Repossessed Assets [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $ 619 | $ 637 | |
Principal Valuation Technique | [1],[2] | Appraisal of collateral | Appraisal of collateral |
Significant Unobservable Inputs | [3] | Liquidation expenses | Liquidation expenses |
Minimum [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range of Significant Input Values | 10.00% | 10.00% | |
Minimum [Member] | Repossessed Assets [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range of Significant Input Values | 10.00% | 10.00% | |
Maximum [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range of Significant Input Values | 30.00% | 30.00% | |
Maximum [Member] | Repossessed Assets [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range of Significant Input Values | 30.00% | 30.00% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less associated allowance. | ||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. | ||
[3] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair Value Disclosures (Sched58
Fair Value Disclosures (Schedule of Estimated Fair Value and Carrying Amounts of Financial Instruments) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Financial Assets: | ||||
Cash and cash equivalents | $ 7,246 | $ 12,502 | ||
Federal Home Loan Bank stock | 2,853 | 1,968 | ||
Federal Reserve Bank stock | 642 | 641 | ||
Loans receivable, net | 393,888 | 321,312 | ||
Accrued interest and dividends receivable | 2,332 | 2,318 | ||
Mortgage servicing rights | 6,105 | 5,168 | ||
Cash surrender value of life insurance | 12,429 | 11,735 | ||
Financial Liabilities: | ||||
Non-maturing interest bearing deposits | 245,274 | 230,253 | ||
Non-interest bearing deposits | 82,842 | 60,924 | ||
Time certificates of deposit | 153,716 | 151,004 | ||
Accrued expenses and other liabilities | 5,372 | 4,161 | ||
Federal Home Loan Bank advances and other borrowings | 55,778 | 55,273 | ||
Subordinated debentures | 14,352 | 3,854 | ||
Financial Assets: | ||||
Cash and cash equivalents | 7,246 | 12,502 | $ 3,910 | $ 7,055 |
Federal Home Loan Bank stock | 2,853 | 1,968 | ||
Federal Reserve Bank stock | 642 | 641 | ||
Loans receivable, net | 384,694 | 314,334 | ||
Accrued interest and dividends receivable | 2,332 | 2,318 | ||
Mortgage servicing rights | 4,808 | 4,115 | ||
Cash surrender value of life insurance | 12,429 | 11,735 | ||
Financial Liabilities: | ||||
Non-maturing interest bearing deposits | 245,274 | 230,253 | ||
Non-interest bearing deposits | 82,842 | 60,924 | ||
Time certificates of deposit | 153,012 | 150,223 | ||
Accrued expenses and other liabilities | 5,372 | 4,161 | ||
Federal Home Loan Bank advances and other borrowings | 55,534 | 54,993 | ||
Subordinated debentures | 15,155 | 5,155 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 7,246 | 12,502 | ||
Federal Home Loan Bank stock | 2,853 | 1,968 | ||
Federal Reserve Bank stock | 642 | 641 | ||
Accrued interest and dividends receivable | 2,332 | 2,318 | ||
Cash surrender value of life insurance | 12,429 | 11,735 | ||
Financial Liabilities: | ||||
Non-interest bearing deposits | 82,842 | 60,924 | ||
Accrued expenses and other liabilities | 5,372 | 4,161 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial Liabilities: | ||||
Non-maturing interest bearing deposits | 245,274 | 230,253 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial Assets: | ||||
Loans receivable, net | 393,888 | 321,312 | ||
Mortgage servicing rights | 6,105 | 5,168 | ||
Financial Liabilities: | ||||
Time certificates of deposit | 153,716 | 151,004 | ||
Federal Home Loan Bank advances and other borrowings | 55,778 | 55,273 | ||
Subordinated debentures | 14,352 | 3,854 | ||
Forward Loan Sales Commitments [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Off-balance-sheet instruments, carrying value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Commitments to Extend Credit [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Off-balance-sheet instruments, carrying value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Commitments to Extend Credit [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Commitments to Extend Credit [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Commitments to Extend Credit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Rate Lock Commitments [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Off-balance-sheet instruments, carrying value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Rate Lock Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Rate Lock Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Rate Lock Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Off-balance-sheet instruments, fair value | ||||
Off-balance-sheet instruments | $ 0 | $ 0 |