Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 7-May-14 | |
Document Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'LaPorte Bancorp, Inc. | ' |
Entity Central Index Key | '0001549276 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 5,771,360 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from financial institutions | $8,500 | $18,219 |
Interest-earning time deposits in other financial institutions | 7,129 | 6,642 |
Securities available-for-sale | 173,918 | 164,272 |
Federal Home Loan Bank stock, at cost (restricted) | 4,375 | 4,375 |
Loans held for sale, at fair value | 974 | 1,118 |
Loans, net of allowance for loan losses of $3,868 at March 31, 2014, and $3,905 at December 31, 2013 | 292,725 | 293,285 |
Mortgage servicing rights | 366 | 368 |
Other real estate owned | 849 | 1,188 |
Premises and equipment, net | 9,388 | 9,464 |
Goodwill | 8,431 | 8,431 |
Other intangible assets | 256 | 274 |
Bank owned life insurance | 13,781 | 13,677 |
Accrued interest receivable and other assets | 4,914 | 5,568 |
Total assets | 525,606 | 526,881 |
Deposits: | ' | ' |
Non-interest bearing | 50,837 | 51,017 |
Interest bearing | 292,434 | 295,684 |
Total deposits | 343,271 | 346,701 |
Federal Home Loan Bank advances | 82,490 | 86,777 |
Subordinated debentures | 5,155 | 5,155 |
Short-term borrowings | 8,995 | 2,415 |
Accrued interest payable and other liabilities | 4,701 | 5,584 |
Total liabilities | 444,612 | 446,632 |
Shareholders’ equity | ' | ' |
Preferred stock, no par value; 50,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value; 100,000,000 shares authorized at March 31, 2014 and December 31, 2013; 5,824,960 and 5,924,209 shares issued and outstanding at March 31, 2014 and December 31, 2013 | 58 | 59 |
Additional paid-in capital | 43,478 | 44,495 |
Retained earnings | 41,385 | 40,771 |
Accumulated other comprehensive loss, net of tax benefit of $379 at March 31, 2014 and $947 at December 31, 2013 | -734 | -1,838 |
Unearned Employee Stock Ownership Plan (ESOP) shares | -3,193 | -3,238 |
Total shareholders’ equity | 80,994 | 80,249 |
Total liabilities and shareholders’ equity | $525,606 | $526,881 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for loan losses | $3,868 | $3,905 |
Preferred stock, par value (in usd per share) | ' | ' |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,824,960 | 5,924,209 |
Common stock, shares outstanding | 5,824,960 | 5,924,209 |
Accumulated other comprehensive income, tax | $379 | $947 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest and dividend income: | ' | ' |
Loans, including fees | $3,250 | $3,577 |
Taxable securities | 538 | 462 |
Tax exempt securities | 414 | 342 |
Federal Home Loan Bank stock | 52 | 34 |
Other interest income | 23 | 25 |
Total interest and dividend income | 4,277 | 4,440 |
Interest expense: | ' | ' |
Deposits | 477 | 578 |
Federal Home Loan Bank advances | 253 | 227 |
Subordinated debentures | 65 | 69 |
Total interest expense | 795 | 874 |
Net interest income | 3,482 | 3,566 |
Provision for loan losses | 0 | 3 |
Net interest income after provision for loan losses | 3,482 | 3,563 |
Noninterest income: | ' | ' |
Service charges on deposit accounts | 104 | 99 |
ATM and debit card fees | 100 | 98 |
Earnings on bank owned life insurance, net | 104 | 93 |
Net gains on mortgage banking activities | 119 | 340 |
Loan servicing fees, net | 34 | 24 |
Net gains on the sale of securities | 10 | 253 |
Losses on other assets | -36 | -91 |
Other income | 86 | 90 |
Total noninterest income | 521 | 906 |
Noninterest expense: | ' | ' |
Salaries and employee benefits | 1,784 | 1,667 |
Occupancy and equipment | 483 | 456 |
Data processing | 150 | 185 |
Advertising | 73 | 91 |
Bank examination fees | 43 | 81 |
Amortization of intangible assets | 18 | 24 |
FDIC insurance | 83 | 83 |
Collection and other real estate owned | 53 | 65 |
Other expenses | 418 | 395 |
Total noninterest expense | 3,105 | 3,047 |
Income before income taxes | 898 | 1,422 |
Income tax expense | 48 | 334 |
Net income | $850 | $1,088 |
Earnings per share (Note 3): | ' | ' |
Basic (in usd per share) | $0.15 | $0.19 |
Diluted (in usd per share) | $0.15 | $0.19 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $850 | $1,088 |
Unrealized gains (losses) on securities: | ' | ' |
Unrealized holding gains (losses) arising during the period | 1,499 | -551 |
Reclassification adjustment for net gains included in net income | -10 | -253 |
Gross unrealized gains (losses) | 1,489 | -804 |
Related income tax (expense) benefit | -507 | 274 |
Net unrealized gains (losses) | 982 | -530 |
Unrealized gains on cash flow hedges: | ' | ' |
Gross unrealized gains | 183 | 198 |
Related income tax expense | -61 | -67 |
Net unrealized gains | 122 | 131 |
Total other comprehensive income (loss) | 1,104 | -399 |
Comprehensive income | $1,954 | $689 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) (USD $) | Total | Unearned ESOP Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) Net of Tax [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2012 | $84,055 | ($3,418) | $62 | $47,302 | $37,745 | $2,364 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 1,088 | ' | ' | ' | 1,088 | ' |
Other comprehensive income (loss) | -399 | ' | ' | ' | ' | -399 |
Cash dividends on common stock | -248 | ' | ' | ' | -248 | ' |
ESOP shares earned | 54 | 45 | ' | 9 | ' | ' |
Stock based compensation expense | 61 | ' | ' | 61 | ' | ' |
Ending Balance at Mar. 31, 2013 | 84,611 | -3,373 | 62 | 47,372 | 38,585 | 1,965 |
Beginning Balance at Dec. 31, 2013 | 80,249 | -3,238 | 59 | 44,495 | 40,771 | -1,838 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 850 | ' | ' | ' | 850 | ' |
Other comprehensive income (loss) | 1,104 | ' | ' | ' | ' | 1,104 |
Cash dividends on common stock | -236 | ' | ' | ' | -236 | ' |
Repurchase of common stock | -1,110 | ' | -1 | -1,109 | ' | ' |
ESOP shares earned | 61 | 45 | ' | 16 | ' | ' |
Stock activity under stock compensation plans (2,236 shares) | 14 | ' | ' | 14 | ' | ' |
Stock based compensation expense | 62 | ' | ' | 62 | ' | ' |
Ending Balance at Mar. 31, 2014 | $80,994 | ($3,193) | $58 | $43,478 | $41,385 | ($734) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash dividends (in usd per share) | $0.04 | $0.04 |
ESOP shares earned | 5,621 | 5,621 |
Exercise of stock options (in shares) | 2,236 | 0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $850 | $1,088 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation | 140 | 141 |
Provision for loan losses | 0 | 3 |
Net gains on securities available-for-sale | -10 | -253 |
Net amortization on securities available-for-sale | 247 | 252 |
Net gains on sales of loans | -114 | -296 |
Originations of loans held for sale | -3,360 | -10,106 |
Proceeds from sales of loans held for sale | 3,618 | 9,261 |
Recognition of mortgage servicing rights | -5 | -44 |
Amortization of mortgage servicing rights | 13 | 38 |
Net change in loan servicing rights valuation allowance | -6 | -20 |
Net gains on sales of other real estate owned | -26 | 0 |
Write downs of other real estate owned | 73 | 91 |
Earnings on bank owned life insurance, net | -104 | -93 |
Amortization of intangible assets | 18 | 24 |
ESOP compensation expense | 61 | 54 |
Stock based compensation expense | 62 | 61 |
Change in assets and liabilities: | ' | ' |
Accrued interest receivable and other assets | 86 | 352 |
Accrued interest payable and other liabilities | -666 | -124 |
Net cash provided by operating activities | 877 | 429 |
Cash flows from investing activities: | ' | ' |
Purchase of interest-earning time deposits at other financial institutions | -487 | -735 |
Proceeds from sales of securities available-for-sale | 680 | 5,260 |
Proceeds from maturities, calls, and principal repayments of securities available-for-sale | 3,586 | 3,602 |
Purchases of securities available-for-sale | -12,660 | -23,142 |
Net change in loans | 529 | 21,673 |
Proceeds from sales of other real estate owned | 289 | 0 |
Premises and equipment expenditures, net | -64 | -251 |
Net cash (utilized for) provided by investing activities | -8,127 | 6,407 |
Cash flows from financing activities: | ' | ' |
Net change in deposits | -3,430 | -8,444 |
Proceeds from FHLB long-term advances | 0 | 5,000 |
Repayment of FHLB long-term advances | 0 | -4,999 |
Net change in FHLB short-term advances | -4,287 | -1,298 |
Net change in short-term borrowings | 6,580 | 1,000 |
Stock options exercised | 14 | 0 |
Dividends paid on common stock | -236 | -248 |
Repurchase of common stock | -1,110 | 0 |
Net cash utilized for financing activities | -2,469 | -8,989 |
Net decrease in cash and cash equivalents | -9,719 | -2,153 |
Cash and cash equivalents at beginning of period | 18,219 | 6,857 |
Cash and cash equivalents at end of period | 8,500 | 4,704 |
Cash paid during the period for: | ' | ' |
Interest | 807 | 887 |
Income taxes | 0 | 0 |
Supplemental noncash disclosures: | ' | ' |
Transfers from loans receivable to other real estate owned | $32 | $509 |
BASIS_OF_PRESENTATION_AND_CONS
BASIS OF PRESENTATION AND CONSOLIDATION | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION AND CONSOLIDATION | ' |
BASIS OF PRESENTATION AND CONSOLIDATION | |
The unaudited consolidated financial statements included herein include the accounts of LaPorte Bancorp, Inc., a Maryland corporation (the “Bancorp”), its wholly owned subsidiaries, LSB Risk Management LLC, The LaPorte Savings Bank (the “Bank”), the Bank’s wholly owned subsidiary, LSB Investments, Inc., (“LSB Inc.”) and LSB Inc.’s wholly owned subsidiary, LSB Real Estate, Inc., (“LSB REIT”), together referred to as the “Company”. The Bancorp was formed in June 2012. LSB Risk Management LLC was formed on December 27, 2013 as a captive insurance company. LSB Inc. was formed on October 1, 2011 to manage a portion of the Bank’s investment portfolio. LSB REIT was formed on January 1, 2013 to invest in assets secured by residential or commercial real estate properties originated by the Bank. Intercompany transactions and balances are eliminated in consolidation. | |
The unaudited consolidated financial statements included herein have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial statements and Article 8 of Regulation S-X of the Securities and Exchange Commission. In the opinion of management, the unaudited consolidated financial statements contain all material adjustments (consisting of normal recurring accruals) and disclosures which are necessary in the opinion of management to make the financial statements not misleading and for a fair presentation of the financial position and results of operations for the interim periods presented herein. | |
Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the interim consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements included in the Form 10-K Annual Report of the Company for the fiscal year ended December 31, 2013. The results for the three month period ended March 31, 2014 may not indicate the results to be expected for any other interim period or for the full year ending December 31, 2014. | |
Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-04 “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure.” This ASU clarifies when an in-substance repossession or foreclosure occurs and states that a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The new requirements are effective for public companies for interim and annual periods beginning after December 15, 2014. Adopting this standard is not expected to have a significant impact on the Company’s financial condition or results of operation. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
EARNINGS PER SHARE | ' | |||||||
EARNINGS PER SHARE | ||||||||
Basic earnings per common share is determined by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Employee Stock Ownership Plan (“ESOP”) shares are considered outstanding for this calculation unless unearned. Diluted earnings per common share is determined by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding for the period, adjusted for the dilutive effect of common share equivalents. | ||||||||
The factors used in the earnings per common share computation follow: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(Dollars in thousands, | ||||||||
except per share data) | ||||||||
Basic: | ||||||||
Net income | $ | 850 | $ | 1,088 | ||||
Weighted average common shares outstanding | 5,886,073 | 6,205,250 | ||||||
Less: Average unallocated ESOP shares | (401,935 | ) | (424,421 | ) | ||||
Average shares | 5,484,138 | 5,780,829 | ||||||
Basic earnings per common share | $ | 0.15 | $ | 0.19 | ||||
Diluted: | ||||||||
Net income | $ | 850 | $ | 1,088 | ||||
Weighted average common shares outstanding for basic earnings per common share | 5,484,138 | 5,780,829 | ||||||
Add: Diluted effects of assumed exercises of stock options | 79,155 | 50,522 | ||||||
Average shares and dilutive potential common shares | 5,563,293 | 5,831,351 | ||||||
Diluted earnings per common share | $ | 0.15 | $ | 0.19 | ||||
SECURITIES_AVAILABLE_FOR_SALE
SECURITIES AVAILABLE FOR SALE | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | ' | |||||||||||||||||||||||
SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||
The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
At March 31, 2014: | (Dollars in thousands) | |||||||||||||||||||||||
U.S. federal agency obligations | $ | 7,706 | $ | 32 | $ | (113 | ) | $ | 7,625 | |||||||||||||||
State and municipal | 56,538 | 2,083 | (371 | ) | 58,250 | |||||||||||||||||||
Mortgage-backed securities – residential | 34,280 | 169 | (223 | ) | 34,226 | |||||||||||||||||||
Government agency sponsored collateralized | 72,388 | 321 | (2,023 | ) | 70,686 | |||||||||||||||||||
mortgage obligations | ||||||||||||||||||||||||
Corporate debt securities | 3,121 | 25 | (15 | ) | 3,131 | |||||||||||||||||||
Total | $ | 174,033 | $ | 2,630 | $ | (2,745 | ) | $ | 173,918 | |||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
At December 31, 2013: | (Dollars in thousands) | |||||||||||||||||||||||
U.S. federal agency obligations | $ | 6,249 | $ | 43 | $ | (142 | ) | $ | 6,150 | |||||||||||||||
State and municipal | 54,892 | 1,505 | (674 | ) | 55,723 | |||||||||||||||||||
Mortgage-backed securities – residential | 28,197 | 107 | (366 | ) | 27,938 | |||||||||||||||||||
Government agency sponsored collateralized | 74,417 | 274 | (2,380 | ) | 72,311 | |||||||||||||||||||
mortgage obligations | ||||||||||||||||||||||||
Corporate debt securities | 2,121 | 29 | — | 2,150 | ||||||||||||||||||||
Total | $ | 165,876 | $ | 1,958 | $ | (3,562 | ) | $ | 164,272 | |||||||||||||||
At March 31, 2014 and December 31, 2013, all of our mortgage-backed securities were issued by U.S. government-sponsored enterprises and all of our collateralized mortgage obligations were issued by either U.S. government-sponsored enterprises or the U.S. Small Business Administration. | ||||||||||||||||||||||||
Securities with unrealized losses at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Continuing Unrealized Loss For Less Than 12 Months | Continuing Unrealized Loss For 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
U.S. federal agency obligations | $ | 5,468 | $ | (113 | ) | $ | — | $ | — | $ | 5,468 | $ | (113 | ) | ||||||||||
State and municipal | 12,958 | (275 | ) | 1,852 | (96 | ) | 14,810 | (371 | ) | |||||||||||||||
Mortgage-backed securities – residential | 18,088 | (189 | ) | 2,640 | (34 | ) | 20,728 | (223 | ) | |||||||||||||||
Government agency sponsored | 35,962 | (1,460 | ) | 11,709 | (563 | ) | 47,671 | (2,023 | ) | |||||||||||||||
collateralized mortgage obligations | ||||||||||||||||||||||||
Corporate debt securities | 985 | (15 | ) | — | — | 985 | (15 | ) | ||||||||||||||||
Total temporarily impaired | $ | 73,461 | $ | (2,052 | ) | $ | 16,201 | $ | (693 | ) | $ | 89,662 | $ | (2,745 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
Continuing Unrealized Loss For Less Than 12 Months | Continuing Unrealized Loss For 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
U.S. federal agency obligations | $ | 2,858 | $ | (142 | ) | $ | — | $ | — | $ | 2,858 | $ | (142 | ) | ||||||||||
State and municipal | 17,352 | (558 | ) | 1,524 | (116 | ) | 18,876 | (674 | ) | |||||||||||||||
Mortgage-backed securities – residential | 22,432 | (366 | ) | — | — | 22,432 | (366 | ) | ||||||||||||||||
Government agency sponsored | 46,555 | (2,023 | ) | 6,708 | (357 | ) | 53,263 | (2,380 | ) | |||||||||||||||
collateralized mortgage obligations | ||||||||||||||||||||||||
Total temporarily impaired | $ | 89,197 | $ | (3,089 | ) | $ | 8,232 | $ | (473 | ) | $ | 97,429 | $ | (3,562 | ) | |||||||||
At March 31, 2014, the Company held 115 investments in debt securities of which 94 were in an unrealized loss position for less than twelve months and 21 investments in debt securities which were in an unrealized loss position for more than twelve months. At December 31, 2013, the Company held 122 investments in debt securities of which 110 were in an unrealized loss position for less than twelve months and 12 investments in debt securities which were in an unrealized loss position for more than twelve months. Management periodically evaluates each investment security for potential other-than-temporary impairment, relying primarily on industry analyst reports and observation of market conditions and interest rate fluctuations. Management believes it will be able to collect all amounts due according to the contractual terms of the underlying investment securities and that the noted declines in fair value are considered temporary and due only to normal market interest rate fluctuations. The Company does not intend to sell the securities and is not more likely than not to be required to sell these debt securities before their anticipated recovery. | ||||||||||||||||||||||||
Sales of securities available-for-sale for the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Proceeds | $ | 680 | $ | 5,260 | ||||||||||||||||||||
Gross gains | 10 | 253 | ||||||||||||||||||||||
Gross losses | — | — | ||||||||||||||||||||||
The amortized cost and fair value of debt securities at March 31, 2014 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities and collateralized mortgage obligations (“CMO”), are shown separately. | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 3,009 | $ | 3,031 | ||||||||||||||||||||
Due from more than one to five years | 13,658 | 13,893 | ||||||||||||||||||||||
Due from more than five to ten years | 35,761 | 36,342 | ||||||||||||||||||||||
Due after ten years | 14,937 | 15,740 | ||||||||||||||||||||||
Subtotal | 67,365 | 69,006 | ||||||||||||||||||||||
Mortgage-backed securities and government agency sponsored collateralized mortgage obligations | 106,668 | 104,912 | ||||||||||||||||||||||
Total | $ | 174,033 | $ | 173,918 | ||||||||||||||||||||
Securities pledged at March 31, 2014 and December 31, 2013 had a carrying amount of approximately $56.7 million and $57.7 million, respectively, and were pledged to secure FHLB advances, short-term borrowings through the Federal Reserve Discount Window, and cash flow hedges. |
LOANS
LOANS | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
LOANS | ' | |||||||||||||||||||||||||||||||
LOANS | ||||||||||||||||||||||||||||||||
Loans at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial | $ | 125,973 | $ | 128,922 | ||||||||||||||||||||||||||||
Mortgage | 35,488 | 35,438 | ||||||||||||||||||||||||||||||
Mortgage warehouse | 118,213 | 115,443 | ||||||||||||||||||||||||||||||
Residential construction | 651 | 792 | ||||||||||||||||||||||||||||||
Home equity | 11,211 | 11,397 | ||||||||||||||||||||||||||||||
Consumer and other | 4,788 | 4,920 | ||||||||||||||||||||||||||||||
Subtotal | 296,324 | 296,912 | ||||||||||||||||||||||||||||||
Less: Net deferred loan costs | 269 | 278 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (3,868 | ) | (3,905 | ) | ||||||||||||||||||||||||||||
Loans, net | $ | 292,725 | $ | 293,285 | ||||||||||||||||||||||||||||
As of March 31, 2014, the Bank’s mortgage warehouse division had repurchase agreements with 20 mortgage companies. For the three months ended March 31, 2014, the mortgage companies originated $414.6 million in mortgage loans and sold $412.0 million in mortgage loans. The Bank recorded interest income of $894,000 and mortgage warehouse loan fees of $125,000, which are included in loan interest income, and wire transfer fees of $41,000, which are included in noninterest income, during the three months ended March 31, 2014 attributable to the mortgage warehouse lines. | ||||||||||||||||||||||||||||||||
As of March 31, 2013, the Bank’s mortgage warehouse division had repurchase agreements with 11 mortgage companies. For the three months ended March 31, 2013, the mortgage companies originated $604.7 million in mortgage loans and sold $622.3 million in mortgage loans. The Bank recorded interest income of $1.2 million and mortgage warehouse loan fees of $193,000, which are included in loan interest income, and wire transfer fees of $67,000, which are included in noninterest income, during the three months ended March 31, 2013 attributable to the mortgage warehouse lines. | ||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,725 | $ | 458 | $ | 508 | $ | — | $ | 111 | $ | 83 | $ | 20 | $ | 3,905 | ||||||||||||||||
Charge-offs | — | (37 | ) | — | — | — | (7 | ) | — | (44 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||||||
Provision | (92 | ) | 114 | 12 | 1 | (5 | ) | (10 | ) | (20 | ) | — | ||||||||||||||||||||
Ending balance | $ | 2,633 | $ | 535 | $ | 520 | $ | 1 | $ | 106 | $ | 73 | $ | — | $ | 3,868 | ||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,131 | $ | 401 | $ | 601 | $ | 2 | $ | 130 | $ | 43 | $ | — | $ | 4,308 | ||||||||||||||||
Charge-offs | (66 | ) | (19 | ) | — | — | (22 | ) | (7 | ) | — | (114 | ) | |||||||||||||||||||
Recoveries | — | 19 | — | — | — | 4 | — | 23 | ||||||||||||||||||||||||
Provisions | 57 | (42 | ) | (71 | ) | — | 14 | 45 | — | 3 | ||||||||||||||||||||||
Ending balance | $ | 3,122 | $ | 359 | $ | 530 | $ | 2 | $ | 122 | $ | 85 | $ | — | $ | 4,220 | ||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 787 | $ | 202 | $ | — | $ | — | $ | 28 | $ | — | $ | — | $ | 1,017 | ||||||||||||||||
Collectively evaluated for impairment | 1,846 | 333 | 520 | 1 | 78 | 73 | — | 2,851 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total ending allowance | $ | 2,633 | $ | 535 | $ | 520 | $ | 1 | $ | 106 | $ | 73 | $ | — | $ | 3,868 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,132 | $ | 1,763 | $ | — | $ | — | $ | 39 | $ | — | $ | — | $ | 11,934 | ||||||||||||||||
Collectively evaluated for impairment | 115,179 | 33,603 | 118,213 | 651 | 11,172 | 4,788 | — | 283,606 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 662 | 122 | — | — | — | — | — | 784 | ||||||||||||||||||||||||
Total ending loan balance | $ | 125,973 | $ | 35,488 | $ | 118,213 | $ | 651 | $ | 11,211 | $ | 4,788 | $ | — | $ | 296,324 | ||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 792 | $ | 135 | $ | — | $ | — | $ | 32 | $ | — | $ | — | $ | 959 | ||||||||||||||||
Collectively evaluated for impairment | 1,933 | 323 | 508 | — | 79 | 83 | 20 | 2,946 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total ending allowance | $ | 2,725 | $ | 458 | $ | 508 | $ | — | $ | 111 | $ | 83 | $ | 20 | $ | 3,905 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,930 | $ | 1,472 | $ | — | $ | — | $ | 43 | $ | — | $ | — | $ | 11,445 | ||||||||||||||||
Collectively evaluated for impairment | 118,324 | 33,842 | 115,443 | 792 | 11,354 | 4,920 | — | 284,675 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 668 | 124 | — | — | — | — | — | 792 | ||||||||||||||||||||||||
Total ending loan balance | $ | 128,922 | $ | 35,438 | $ | 115,443 | $ | 792 | $ | 11,397 | $ | 4,920 | $ | — | $ | 296,912 | ||||||||||||||||
The following table presents information related to impaired loans by class of loans as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||||||
Principal | Investment | Loan Losses | ||||||||||||||||||||||||||||||
Balance | Allocated | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,798 | $ | 2,798 | $ | — | ||||||||||||||||||||||||||
Five or more family | 3,750 | 3,750 | — | |||||||||||||||||||||||||||||
Land | 213 | 201 | — | |||||||||||||||||||||||||||||
Mortgage | 1,290 | 1,223 | — | |||||||||||||||||||||||||||||
Home equity | 11 | 11 | — | |||||||||||||||||||||||||||||
Subtotal | 8,062 | 7,983 | — | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 842 | 814 | 247 | |||||||||||||||||||||||||||||
Land | 2,751 | 2,569 | 540 | |||||||||||||||||||||||||||||
Mortgage | 556 | 540 | 202 | |||||||||||||||||||||||||||||
Home equity | 28 | 28 | 28 | |||||||||||||||||||||||||||||
Subtotal | 4,177 | 3,951 | 1,017 | |||||||||||||||||||||||||||||
Total | $ | 12,239 | $ | 11,934 | $ | 1,017 | ||||||||||||||||||||||||||
The following table presents information related to impaired loans by class of loans as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||||||
Principal | Investment | Loan Losses | ||||||||||||||||||||||||||||||
Balance | Allocated | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,832 | $ | 2,832 | $ | — | ||||||||||||||||||||||||||
Five or more family | 3,508 | 3,508 | — | |||||||||||||||||||||||||||||
Land | 201 | 201 | — | |||||||||||||||||||||||||||||
Mortgage | 769 | 769 | — | |||||||||||||||||||||||||||||
Home equity | 11 | 11 | — | |||||||||||||||||||||||||||||
Subtotal | 7,321 | 7,321 | — | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 843 | 843 | 275 | |||||||||||||||||||||||||||||
Land | 2,547 | 2,547 | 517 | |||||||||||||||||||||||||||||
Mortgage | 702 | 702 | 135 | |||||||||||||||||||||||||||||
Home equity | 32 | 32 | 32 | |||||||||||||||||||||||||||||
Subtotal | 4,124 | 4,124 | 959 | |||||||||||||||||||||||||||||
Total | $ | 11,445 | $ | 11,445 | $ | 959 | ||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,815 | $ | 39 | $ | 2,003 | $ | 2 | ||||||||||||||||||||||||
Five or more family | 3,510 | 49 | — | — | ||||||||||||||||||||||||||||
Land | 201 | — | 213 | — | ||||||||||||||||||||||||||||
Mortgage | 1,228 | 6 | 1,175 | — | ||||||||||||||||||||||||||||
Home equity | 11 | — | 46 | — | ||||||||||||||||||||||||||||
Subtotal | 7,765 | 94 | 3,437 | 2 | ||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 815 | — | 820 | — | ||||||||||||||||||||||||||||
Land | 2,574 | — | 2,756 | — | ||||||||||||||||||||||||||||
Mortgage | 176 | — | 749 | — | ||||||||||||||||||||||||||||
Home equity | 28 | — | — | — | ||||||||||||||||||||||||||||
Subtotal | 3,593 | — | 4,325 | — | ||||||||||||||||||||||||||||
Total | $ | 11,358 | $ | 94 | $ | 7,762 | $ | 2 | ||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
Nonaccrual | Loans Past Due | |||||||||||||||||||||||||||||||
Over 90 Days | ||||||||||||||||||||||||||||||||
Still Accruing | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 27 | $ | 27 | $ | — | $ | — | ||||||||||||||||||||||||
Real estate | 868 | 897 | — | — | ||||||||||||||||||||||||||||
Land | 2,770 | 2,748 | — | — | ||||||||||||||||||||||||||||
Mortgage | 1,483 | 1,190 | — | — | ||||||||||||||||||||||||||||
Home equity | 39 | 43 | — | — | ||||||||||||||||||||||||||||
Consumer and other | 2 | 3 | — | — | ||||||||||||||||||||||||||||
Total | $ | 5,189 | $ | 4,908 | $ | — | $ | — | ||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of March 31, 2014 by class of loans: | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | Total | Loans Not | Total | |||||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Past Due | ||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | — | $ | — | $ | 27 | $ | 27 | $ | 17,827 | $ | 17,854 | ||||||||||||||||||||
Real estate | 984 | — | 868 | 1,852 | 79,138 | 80,990 | ||||||||||||||||||||||||||
Five or more family | — | — | — | — | 14,960 | 14,960 | ||||||||||||||||||||||||||
Construction | — | 875 | — | 875 | 3,353 | 4,228 | ||||||||||||||||||||||||||
Land | — | — | 2,348 | 2,348 | 5,593 | 7,941 | ||||||||||||||||||||||||||
Mortgage | 1,055 | 136 | 939 | 2,130 | 33,358 | 35,488 | ||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 118,213 | 118,213 | ||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 43 | — | — | 43 | 322 | 365 | ||||||||||||||||||||||||||
Land | — | — | — | — | 286 | 286 | ||||||||||||||||||||||||||
Home equity | 6 | — | 39 | 45 | 11,166 | 11,211 | ||||||||||||||||||||||||||
Consumer and other | — | 161 | 2 | 163 | 4,625 | 4,788 | ||||||||||||||||||||||||||
Total | $ | 2,088 | $ | 1,172 | $ | 4,223 | $ | 7,483 | $ | 288,841 | $ | 296,324 | ||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | Total | Loans Not | Total | |||||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Past Due | ||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 2 | $ | — | $ | — | $ | 2 | $ | 17,638 | $ | 17,640 | ||||||||||||||||||||
Real estate | 2,377 | — | 874 | 3,251 | 80,531 | 83,782 | ||||||||||||||||||||||||||
Five or more family | 76 | — | — | 76 | 15,326 | 15,402 | ||||||||||||||||||||||||||
Construction | — | — | — | — | 3,949 | 3,949 | ||||||||||||||||||||||||||
Land | — | — | 2,317 | 2,317 | 5,832 | 8,149 | ||||||||||||||||||||||||||
Mortgage | 640 | 7 | 1,161 | 1,808 | 33,630 | 35,438 | ||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 115,443 | 115,443 | ||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 503 | 503 | ||||||||||||||||||||||||||
Land | — | — | — | — | 289 | 289 | ||||||||||||||||||||||||||
Home equity | 4 | — | 12 | 16 | 11,381 | 11,397 | ||||||||||||||||||||||||||
Consumer and other | 176 | — | 3 | 179 | 4,741 | 4,920 | ||||||||||||||||||||||||||
Total | $ | 3,275 | $ | 7 | $ | 4,367 | $ | 7,649 | $ | 289,263 | $ | 296,912 | ||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||
A loan modification is considered a troubled debt restructuring when a borrower is experiencing financial difficulty and the Company grants a concession it would not otherwise consider but for the borrower’s financial difficulties. At March 31, 2014 and December 31, 2013, the outstanding balance of loans that were modified as troubled debt restructurings totaled $6.0 million and $2.2 million, respectively. At March 31, 2014, $5.7 million of loans modified as troubled debt restructurings were considered performing in accordance with their modified repayment terms, and $256,000 of loans modified as troubled debt restructurings were considered nonperforming. At December 31, 2013, $1.9 million of loans modified as troubled debt restructurings were considered performing in accordance with their modified repayment terms, and $227,000 of loans modified as troubled debt restructurings were considered nonperforming. The Company has allocated $61,000 of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of March 31, 2014 and December 31, 2013. Troubled debt restructurings previously disclosed resulted in no charge-offs during the three months ended March 31, 2014 and 2013. The Company has not committed to lend additional amounts as of March 31, 2014 and December 31, 2013 to customers with outstanding loans that are classified as troubled debt restructurings. | ||||||||||||||||||||||||||||||||
The following tables present loans by class modified as troubled debt restructurings that occurred during the three months ended March 31, 2014. | ||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real Estate | 1 | $ | 919 | $ | 919 | |||||||||||||||||||||||||||
Five or more family | 1 | 3,507 | 3,750 | |||||||||||||||||||||||||||||
Total | 2 | $ | 4,426 | $ | 4,669 | |||||||||||||||||||||||||||
During the three months ended March 31, 2013, the Bank did not modify any loans which were considered to be troubled debt restructurings. | ||||||||||||||||||||||||||||||||
There were no troubled debt restructurings that defaulted within twelve months following the modification during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. | ||||||||||||||||||||||||||||||||
In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed by the Company’s management loan committee. | ||||||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||||||
The Company categorized loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. The analysis includes loans with risk ratings of Special Mention, Substandard, and Doubtful. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: | ||||||||||||||||||||||||||||||||
Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. | ||||||||||||||||||||||||||||||||
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||||||
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | ||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The Bank monitors credit quality on loans not rated through the loan’s individual payment performance. As of March 31, 2014, the most recent analysis performed, the risk category of loans by class of loans was as follows: | ||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||
Not | Pass | Special | Substandard | Doubtful | ||||||||||||||||||||||||||||
Rated | Mention | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 252 | $ | 17,072 | $ | 465 | $ | 42 | $ | 23 | ||||||||||||||||||||||
Real estate | — | 69,582 | 6,263 | 5,145 | — | |||||||||||||||||||||||||||
Five or more family | 185 | 11,025 | — | 3,750 | — | |||||||||||||||||||||||||||
Construction | — | 4,228 | — | — | — | |||||||||||||||||||||||||||
Land | 12 | 5,054 | 105 | 2,770 | — | |||||||||||||||||||||||||||
Mortgage | 29,973 | 3,109 | 460 | 1,946 | — | |||||||||||||||||||||||||||
Mortgage warehouse | 118,213 | — | — | — | — | |||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 365 | — | — | — | — | |||||||||||||||||||||||||||
Land | 286 | — | — | — | — | |||||||||||||||||||||||||||
Home equity | 10,943 | 128 | 98 | 42 | — | |||||||||||||||||||||||||||
Consumer and other | 4,105 | 683 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 164,334 | $ | 110,881 | $ | 7,391 | $ | 13,695 | $ | 23 | ||||||||||||||||||||||
As of December 31, 2013 the risk category of loans by class of loans was as follows: | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Not | Pass | Special | Substandard | Doubtful | ||||||||||||||||||||||||||||
Rated | Mention | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 83 | $ | 17,159 | $ | 380 | $ | 18 | $ | — | ||||||||||||||||||||||
Real estate | — | 71,943 | 6,705 | 5,111 | 23 | |||||||||||||||||||||||||||
Five or more family | 188 | 11,706 | — | 3,508 | — | |||||||||||||||||||||||||||
Construction | — | 3,949 | — | — | — | |||||||||||||||||||||||||||
Land | — | 5,296 | 106 | 2,747 | — | |||||||||||||||||||||||||||
Mortgage | 29,977 | 3,323 | 471 | 1,667 | — | |||||||||||||||||||||||||||
Mortgage warehouse | 115,443 | — | — | — | — | |||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 503 | — | — | — | — | |||||||||||||||||||||||||||
Land | 289 | — | — | — | — | |||||||||||||||||||||||||||
Home equity | 11,116 | 133 | 101 | 47 | — | |||||||||||||||||||||||||||
Consumer and other | 3,985 | 703 | 232 | — | — | |||||||||||||||||||||||||||
Total | $ | 161,584 | $ | 114,212 | $ | 7,995 | $ | 13,098 | $ | 23 | ||||||||||||||||||||||
Purchased Loans | ||||||||||||||||||||||||||||||||
The Company purchased loans during 2007, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding balance and carrying amount of those loans was as follows: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 27 | $ | 27 | ||||||||||||||||||||||||||||
Real estate | 664 | 670 | ||||||||||||||||||||||||||||||
Mortgage | 122 | 123 | ||||||||||||||||||||||||||||||
Outstanding balance | $ | 813 | $ | 820 | ||||||||||||||||||||||||||||
Carrying amount, net of allowance of $0 | $ | 784 | $ | 791 | ||||||||||||||||||||||||||||
Accretable yield, or income expected to be collected, was as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 73 | $ | 128 | ||||||||||||||||||||||||||||
Reclassification from non-accretable yield | — | 1 | ||||||||||||||||||||||||||||||
Accretion of income | (14 | ) | (15 | ) | ||||||||||||||||||||||||||||
Disposals | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 59 | $ | 114 | ||||||||||||||||||||||||||||
For the purchased loans disclosed above, the Company did not increase the allowance for loan losses during 2014 or 2013. No allowance for loan losses was reversed during 2014 or 2013. |
ALLOWANCE_FOR_LOAN_LOSSES_Note
ALLOWANCE FOR LOAN LOSSES (Notes) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ' | |||||||||||||||||||||||||||||||
LOANS | ||||||||||||||||||||||||||||||||
Loans at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial | $ | 125,973 | $ | 128,922 | ||||||||||||||||||||||||||||
Mortgage | 35,488 | 35,438 | ||||||||||||||||||||||||||||||
Mortgage warehouse | 118,213 | 115,443 | ||||||||||||||||||||||||||||||
Residential construction | 651 | 792 | ||||||||||||||||||||||||||||||
Home equity | 11,211 | 11,397 | ||||||||||||||||||||||||||||||
Consumer and other | 4,788 | 4,920 | ||||||||||||||||||||||||||||||
Subtotal | 296,324 | 296,912 | ||||||||||||||||||||||||||||||
Less: Net deferred loan costs | 269 | 278 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (3,868 | ) | (3,905 | ) | ||||||||||||||||||||||||||||
Loans, net | $ | 292,725 | $ | 293,285 | ||||||||||||||||||||||||||||
As of March 31, 2014, the Bank’s mortgage warehouse division had repurchase agreements with 20 mortgage companies. For the three months ended March 31, 2014, the mortgage companies originated $414.6 million in mortgage loans and sold $412.0 million in mortgage loans. The Bank recorded interest income of $894,000 and mortgage warehouse loan fees of $125,000, which are included in loan interest income, and wire transfer fees of $41,000, which are included in noninterest income, during the three months ended March 31, 2014 attributable to the mortgage warehouse lines. | ||||||||||||||||||||||||||||||||
As of March 31, 2013, the Bank’s mortgage warehouse division had repurchase agreements with 11 mortgage companies. For the three months ended March 31, 2013, the mortgage companies originated $604.7 million in mortgage loans and sold $622.3 million in mortgage loans. The Bank recorded interest income of $1.2 million and mortgage warehouse loan fees of $193,000, which are included in loan interest income, and wire transfer fees of $67,000, which are included in noninterest income, during the three months ended March 31, 2013 attributable to the mortgage warehouse lines. | ||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,725 | $ | 458 | $ | 508 | $ | — | $ | 111 | $ | 83 | $ | 20 | $ | 3,905 | ||||||||||||||||
Charge-offs | — | (37 | ) | — | — | — | (7 | ) | — | (44 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||||||
Provision | (92 | ) | 114 | 12 | 1 | (5 | ) | (10 | ) | (20 | ) | — | ||||||||||||||||||||
Ending balance | $ | 2,633 | $ | 535 | $ | 520 | $ | 1 | $ | 106 | $ | 73 | $ | — | $ | 3,868 | ||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,131 | $ | 401 | $ | 601 | $ | 2 | $ | 130 | $ | 43 | $ | — | $ | 4,308 | ||||||||||||||||
Charge-offs | (66 | ) | (19 | ) | — | — | (22 | ) | (7 | ) | — | (114 | ) | |||||||||||||||||||
Recoveries | — | 19 | — | — | — | 4 | — | 23 | ||||||||||||||||||||||||
Provisions | 57 | (42 | ) | (71 | ) | — | 14 | 45 | — | 3 | ||||||||||||||||||||||
Ending balance | $ | 3,122 | $ | 359 | $ | 530 | $ | 2 | $ | 122 | $ | 85 | $ | — | $ | 4,220 | ||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 787 | $ | 202 | $ | — | $ | — | $ | 28 | $ | — | $ | — | $ | 1,017 | ||||||||||||||||
Collectively evaluated for impairment | 1,846 | 333 | 520 | 1 | 78 | 73 | — | 2,851 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total ending allowance | $ | 2,633 | $ | 535 | $ | 520 | $ | 1 | $ | 106 | $ | 73 | $ | — | $ | 3,868 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,132 | $ | 1,763 | $ | — | $ | — | $ | 39 | $ | — | $ | — | $ | 11,934 | ||||||||||||||||
Collectively evaluated for impairment | 115,179 | 33,603 | 118,213 | 651 | 11,172 | 4,788 | — | 283,606 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 662 | 122 | — | — | — | — | — | 784 | ||||||||||||||||||||||||
Total ending loan balance | $ | 125,973 | $ | 35,488 | $ | 118,213 | $ | 651 | $ | 11,211 | $ | 4,788 | $ | — | $ | 296,324 | ||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 792 | $ | 135 | $ | — | $ | — | $ | 32 | $ | — | $ | — | $ | 959 | ||||||||||||||||
Collectively evaluated for impairment | 1,933 | 323 | 508 | — | 79 | 83 | 20 | 2,946 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total ending allowance | $ | 2,725 | $ | 458 | $ | 508 | $ | — | $ | 111 | $ | 83 | $ | 20 | $ | 3,905 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,930 | $ | 1,472 | $ | — | $ | — | $ | 43 | $ | — | $ | — | $ | 11,445 | ||||||||||||||||
Collectively evaluated for impairment | 118,324 | 33,842 | 115,443 | 792 | 11,354 | 4,920 | — | 284,675 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 668 | 124 | — | — | — | — | — | 792 | ||||||||||||||||||||||||
Total ending loan balance | $ | 128,922 | $ | 35,438 | $ | 115,443 | $ | 792 | $ | 11,397 | $ | 4,920 | $ | — | $ | 296,912 | ||||||||||||||||
The following table presents information related to impaired loans by class of loans as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||||||
Principal | Investment | Loan Losses | ||||||||||||||||||||||||||||||
Balance | Allocated | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,798 | $ | 2,798 | $ | — | ||||||||||||||||||||||||||
Five or more family | 3,750 | 3,750 | — | |||||||||||||||||||||||||||||
Land | 213 | 201 | — | |||||||||||||||||||||||||||||
Mortgage | 1,290 | 1,223 | — | |||||||||||||||||||||||||||||
Home equity | 11 | 11 | — | |||||||||||||||||||||||||||||
Subtotal | 8,062 | 7,983 | — | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 842 | 814 | 247 | |||||||||||||||||||||||||||||
Land | 2,751 | 2,569 | 540 | |||||||||||||||||||||||||||||
Mortgage | 556 | 540 | 202 | |||||||||||||||||||||||||||||
Home equity | 28 | 28 | 28 | |||||||||||||||||||||||||||||
Subtotal | 4,177 | 3,951 | 1,017 | |||||||||||||||||||||||||||||
Total | $ | 12,239 | $ | 11,934 | $ | 1,017 | ||||||||||||||||||||||||||
The following table presents information related to impaired loans by class of loans as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||||||
Principal | Investment | Loan Losses | ||||||||||||||||||||||||||||||
Balance | Allocated | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,832 | $ | 2,832 | $ | — | ||||||||||||||||||||||||||
Five or more family | 3,508 | 3,508 | — | |||||||||||||||||||||||||||||
Land | 201 | 201 | — | |||||||||||||||||||||||||||||
Mortgage | 769 | 769 | — | |||||||||||||||||||||||||||||
Home equity | 11 | 11 | — | |||||||||||||||||||||||||||||
Subtotal | 7,321 | 7,321 | — | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 843 | 843 | 275 | |||||||||||||||||||||||||||||
Land | 2,547 | 2,547 | 517 | |||||||||||||||||||||||||||||
Mortgage | 702 | 702 | 135 | |||||||||||||||||||||||||||||
Home equity | 32 | 32 | 32 | |||||||||||||||||||||||||||||
Subtotal | 4,124 | 4,124 | 959 | |||||||||||||||||||||||||||||
Total | $ | 11,445 | $ | 11,445 | $ | 959 | ||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,815 | $ | 39 | $ | 2,003 | $ | 2 | ||||||||||||||||||||||||
Five or more family | 3,510 | 49 | — | — | ||||||||||||||||||||||||||||
Land | 201 | — | 213 | — | ||||||||||||||||||||||||||||
Mortgage | 1,228 | 6 | 1,175 | — | ||||||||||||||||||||||||||||
Home equity | 11 | — | 46 | — | ||||||||||||||||||||||||||||
Subtotal | 7,765 | 94 | 3,437 | 2 | ||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 815 | — | 820 | — | ||||||||||||||||||||||||||||
Land | 2,574 | — | 2,756 | — | ||||||||||||||||||||||||||||
Mortgage | 176 | — | 749 | — | ||||||||||||||||||||||||||||
Home equity | 28 | — | — | — | ||||||||||||||||||||||||||||
Subtotal | 3,593 | — | 4,325 | — | ||||||||||||||||||||||||||||
Total | $ | 11,358 | $ | 94 | $ | 7,762 | $ | 2 | ||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
Nonaccrual | Loans Past Due | |||||||||||||||||||||||||||||||
Over 90 Days | ||||||||||||||||||||||||||||||||
Still Accruing | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 27 | $ | 27 | $ | — | $ | — | ||||||||||||||||||||||||
Real estate | 868 | 897 | — | — | ||||||||||||||||||||||||||||
Land | 2,770 | 2,748 | — | — | ||||||||||||||||||||||||||||
Mortgage | 1,483 | 1,190 | — | — | ||||||||||||||||||||||||||||
Home equity | 39 | 43 | — | — | ||||||||||||||||||||||||||||
Consumer and other | 2 | 3 | — | — | ||||||||||||||||||||||||||||
Total | $ | 5,189 | $ | 4,908 | $ | — | $ | — | ||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of March 31, 2014 by class of loans: | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | Total | Loans Not | Total | |||||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Past Due | ||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | — | $ | — | $ | 27 | $ | 27 | $ | 17,827 | $ | 17,854 | ||||||||||||||||||||
Real estate | 984 | — | 868 | 1,852 | 79,138 | 80,990 | ||||||||||||||||||||||||||
Five or more family | — | — | — | — | 14,960 | 14,960 | ||||||||||||||||||||||||||
Construction | — | 875 | — | 875 | 3,353 | 4,228 | ||||||||||||||||||||||||||
Land | — | — | 2,348 | 2,348 | 5,593 | 7,941 | ||||||||||||||||||||||||||
Mortgage | 1,055 | 136 | 939 | 2,130 | 33,358 | 35,488 | ||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 118,213 | 118,213 | ||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 43 | — | — | 43 | 322 | 365 | ||||||||||||||||||||||||||
Land | — | — | — | — | 286 | 286 | ||||||||||||||||||||||||||
Home equity | 6 | — | 39 | 45 | 11,166 | 11,211 | ||||||||||||||||||||||||||
Consumer and other | — | 161 | 2 | 163 | 4,625 | 4,788 | ||||||||||||||||||||||||||
Total | $ | 2,088 | $ | 1,172 | $ | 4,223 | $ | 7,483 | $ | 288,841 | $ | 296,324 | ||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | Total | Loans Not | Total | |||||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Past Due | ||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 2 | $ | — | $ | — | $ | 2 | $ | 17,638 | $ | 17,640 | ||||||||||||||||||||
Real estate | 2,377 | — | 874 | 3,251 | 80,531 | 83,782 | ||||||||||||||||||||||||||
Five or more family | 76 | — | — | 76 | 15,326 | 15,402 | ||||||||||||||||||||||||||
Construction | — | — | — | — | 3,949 | 3,949 | ||||||||||||||||||||||||||
Land | — | — | 2,317 | 2,317 | 5,832 | 8,149 | ||||||||||||||||||||||||||
Mortgage | 640 | 7 | 1,161 | 1,808 | 33,630 | 35,438 | ||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 115,443 | 115,443 | ||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 503 | 503 | ||||||||||||||||||||||||||
Land | — | — | — | — | 289 | 289 | ||||||||||||||||||||||||||
Home equity | 4 | — | 12 | 16 | 11,381 | 11,397 | ||||||||||||||||||||||||||
Consumer and other | 176 | — | 3 | 179 | 4,741 | 4,920 | ||||||||||||||||||||||||||
Total | $ | 3,275 | $ | 7 | $ | 4,367 | $ | 7,649 | $ | 289,263 | $ | 296,912 | ||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||
A loan modification is considered a troubled debt restructuring when a borrower is experiencing financial difficulty and the Company grants a concession it would not otherwise consider but for the borrower’s financial difficulties. At March 31, 2014 and December 31, 2013, the outstanding balance of loans that were modified as troubled debt restructurings totaled $6.0 million and $2.2 million, respectively. At March 31, 2014, $5.7 million of loans modified as troubled debt restructurings were considered performing in accordance with their modified repayment terms, and $256,000 of loans modified as troubled debt restructurings were considered nonperforming. At December 31, 2013, $1.9 million of loans modified as troubled debt restructurings were considered performing in accordance with their modified repayment terms, and $227,000 of loans modified as troubled debt restructurings were considered nonperforming. The Company has allocated $61,000 of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of March 31, 2014 and December 31, 2013. Troubled debt restructurings previously disclosed resulted in no charge-offs during the three months ended March 31, 2014 and 2013. The Company has not committed to lend additional amounts as of March 31, 2014 and December 31, 2013 to customers with outstanding loans that are classified as troubled debt restructurings. | ||||||||||||||||||||||||||||||||
The following tables present loans by class modified as troubled debt restructurings that occurred during the three months ended March 31, 2014. | ||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real Estate | 1 | $ | 919 | $ | 919 | |||||||||||||||||||||||||||
Five or more family | 1 | 3,507 | 3,750 | |||||||||||||||||||||||||||||
Total | 2 | $ | 4,426 | $ | 4,669 | |||||||||||||||||||||||||||
During the three months ended March 31, 2013, the Bank did not modify any loans which were considered to be troubled debt restructurings. | ||||||||||||||||||||||||||||||||
There were no troubled debt restructurings that defaulted within twelve months following the modification during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. | ||||||||||||||||||||||||||||||||
In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed by the Company’s management loan committee. | ||||||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||||||
The Company categorized loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. The analysis includes loans with risk ratings of Special Mention, Substandard, and Doubtful. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: | ||||||||||||||||||||||||||||||||
Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. | ||||||||||||||||||||||||||||||||
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||||||
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | ||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The Bank monitors credit quality on loans not rated through the loan’s individual payment performance. As of March 31, 2014, the most recent analysis performed, the risk category of loans by class of loans was as follows: | ||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||
Not | Pass | Special | Substandard | Doubtful | ||||||||||||||||||||||||||||
Rated | Mention | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 252 | $ | 17,072 | $ | 465 | $ | 42 | $ | 23 | ||||||||||||||||||||||
Real estate | — | 69,582 | 6,263 | 5,145 | — | |||||||||||||||||||||||||||
Five or more family | 185 | 11,025 | — | 3,750 | — | |||||||||||||||||||||||||||
Construction | — | 4,228 | — | — | — | |||||||||||||||||||||||||||
Land | 12 | 5,054 | 105 | 2,770 | — | |||||||||||||||||||||||||||
Mortgage | 29,973 | 3,109 | 460 | 1,946 | — | |||||||||||||||||||||||||||
Mortgage warehouse | 118,213 | — | — | — | — | |||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 365 | — | — | — | — | |||||||||||||||||||||||||||
Land | 286 | — | — | — | — | |||||||||||||||||||||||||||
Home equity | 10,943 | 128 | 98 | 42 | — | |||||||||||||||||||||||||||
Consumer and other | 4,105 | 683 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 164,334 | $ | 110,881 | $ | 7,391 | $ | 13,695 | $ | 23 | ||||||||||||||||||||||
As of December 31, 2013 the risk category of loans by class of loans was as follows: | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Not | Pass | Special | Substandard | Doubtful | ||||||||||||||||||||||||||||
Rated | Mention | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 83 | $ | 17,159 | $ | 380 | $ | 18 | $ | — | ||||||||||||||||||||||
Real estate | — | 71,943 | 6,705 | 5,111 | 23 | |||||||||||||||||||||||||||
Five or more family | 188 | 11,706 | — | 3,508 | — | |||||||||||||||||||||||||||
Construction | — | 3,949 | — | — | — | |||||||||||||||||||||||||||
Land | — | 5,296 | 106 | 2,747 | — | |||||||||||||||||||||||||||
Mortgage | 29,977 | 3,323 | 471 | 1,667 | — | |||||||||||||||||||||||||||
Mortgage warehouse | 115,443 | — | — | — | — | |||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 503 | — | — | — | — | |||||||||||||||||||||||||||
Land | 289 | — | — | — | — | |||||||||||||||||||||||||||
Home equity | 11,116 | 133 | 101 | 47 | — | |||||||||||||||||||||||||||
Consumer and other | 3,985 | 703 | 232 | — | — | |||||||||||||||||||||||||||
Total | $ | 161,584 | $ | 114,212 | $ | 7,995 | $ | 13,098 | $ | 23 | ||||||||||||||||||||||
Purchased Loans | ||||||||||||||||||||||||||||||||
The Company purchased loans during 2007, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding balance and carrying amount of those loans was as follows: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 27 | $ | 27 | ||||||||||||||||||||||||||||
Real estate | 664 | 670 | ||||||||||||||||||||||||||||||
Mortgage | 122 | 123 | ||||||||||||||||||||||||||||||
Outstanding balance | $ | 813 | $ | 820 | ||||||||||||||||||||||||||||
Carrying amount, net of allowance of $0 | $ | 784 | $ | 791 | ||||||||||||||||||||||||||||
Accretable yield, or income expected to be collected, was as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 73 | $ | 128 | ||||||||||||||||||||||||||||
Reclassification from non-accretable yield | — | 1 | ||||||||||||||||||||||||||||||
Accretion of income | (14 | ) | (15 | ) | ||||||||||||||||||||||||||||
Disposals | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 59 | $ | 114 | ||||||||||||||||||||||||||||
For the purchased loans disclosed above, the Company did not increase the allowance for loan losses during 2014 or 2013. No allowance for loan losses was reversed during 2014 or 2013. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE | ' | |||||||||||||||
FAIR VALUE | ||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: | ||||||||||||||||
Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||||||||||||||
Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||
The Company used the following methods and significant assumptions to estimate the fair value of each type of financial asset: | ||||||||||||||||
Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). | ||||||||||||||||
Loans Held for Sale and Loan Commitment Derivatives: The fair value of loans held for sale and residential mortgage loan commitments are determined by obtaining quoted prices for similar loans and commitments with similar interest rates and maturities from major secondary markets (Level 2). | ||||||||||||||||
Derivatives-Interest Rate Swaps: The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). | ||||||||||||||||
Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value, less estimated costs to sell. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals performed by qualified independent third-party appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including cost, comparable sales, and the income approach. The cost approach is based on the cost to replace the existing property. The comparable sales approach evaluates the sales prices of comparable properties within the same market area. The income approach considers net operating income generated by the property and the rate of return required by an investor. Adjustments are routinely made in the appraisal process by the independent third-party appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. | ||||||||||||||||
Other Real Estate Owned: Assets acquired through or instead of loan foreclosures are initially recorded at fair value less cost to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals performed by qualified independent third-party appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including cost, comparable sales, and, the income approach. The cost approach is based on the cost to replace the existing property. The comparable sales approach evaluates the sales prices of comparable properties within the same market area. The income approach considers net operating income generated by the property and the rate of return required by an investor. Adjustments are routinely made in the appraisal process by the independent third-party appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. | ||||||||||||||||
The President and Chief Financial Officer (“President/CFO”) and Executive Vice President – Credit (“EVP – Credit”) are responsible for determining the valuation processes and procedures for the fair value measurement of impaired loans and other real estate owned properties. The President/CFO and EVP – Credit review impaired loans and other real estate owned properties on a quarterly basis to determine the accuracy of third-party appraisals, auction values, values derived from trade publications and any additional data received from the borrower, and the appropriateness of unobservable inputs, generally discounts due to collection issues and current market conditions which are utilized in determining the fair value. The EVP – Credit determines discounts based on the valuation source and asset type for impaired loans. These discounts are reviewed periodically, annually at a minimum, for appropriateness. Current trends in market values and gains and losses on sales of similar assets are also considered when determining discounts of asset categories. | ||||||||||||||||
The table below presents the valuation methodology and unobservable inputs for impaired loans and other real estate owned at March 31, 2014. | ||||||||||||||||
Valuation | Unobservable Inputs | Range of | Average of | |||||||||||||
Methodology | Inputs | Inputs | ||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | Appraisals | Discounts for changes | 10-65% | 21% | ||||||||||||
in market conditions | ||||||||||||||||
Land | Appraisals | Discounts for changes | 0-10% | 8% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage | Appraisals | Discounts for changes | 0-40% | 19% | ||||||||||||
in market conditions | ||||||||||||||||
Other real estate owned, net: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | Appraisals | Discounts for changes | 16-100% | 48% | ||||||||||||
in market conditions | ||||||||||||||||
Land | Appraisals | Discounts for changes | 26-32% | 29% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage | Appraisals | Discounts for changes | 19-26% | 22% | ||||||||||||
in market conditions | ||||||||||||||||
The table below presents the valuation methodology and unobservable inputs for impaired loans and other real estate owned at December 31, 2013. | ||||||||||||||||
Valuation | Unobservable Inputs | Range of | Average of | |||||||||||||
Methodology | Inputs | Inputs | ||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | Appraisals | Discounts for changes | 10-65% | 21% | ||||||||||||
in market conditions | ||||||||||||||||
Land | Appraisals | Discounts for changes | 0-10% | 8% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage | Appraisals | Discounts for changes | 0-20% | 10% | ||||||||||||
in market conditions | ||||||||||||||||
Other real estate owned, net: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | Appraisals | Discounts for changes | 6-100% | 39% | ||||||||||||
in market conditions | ||||||||||||||||
Land | Appraisals | Discounts for changes | 25-26% | 26% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage | Appraisals | Discounts for changes | 19-45% | 26% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage Servicing Rights: On a quarterly basis, loan servicing rights are evaluated for impairment based on the fair value of the rights as compared to the carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Fair value is determined at a tranche level, based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data (Level 2). | ||||||||||||||||
Fair value at March 31, 2014 was determined using a discount rate of 10.0%; prepayment speeds ranging from 6.8% to 24.2%, depending on the stratification of the specific right; and a weighted average default rate of approximately 0.5%. Fair value at December 31, 2013 was determined using a discount rate of 10.0%; prepayment speeds ranging from 6.5% to 23.0%, depending on the stratification of the specific right; and a weighted average default rate of approximately 0.5%. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized in the following tables: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Carrying | Quoted Prices in | Significant | Significant | |||||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||||
for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||
U.S. federal agency obligations | $ | 7,625 | $ | — | $ | 7,625 | $ | — | ||||||||
State and municipal | 58,250 | — | 58,250 | — | ||||||||||||
Mortgage-backed securities-residential | 34,226 | — | 34,226 | — | ||||||||||||
Government agency sponsored collateralized mortgage obligations | 70,686 | — | 70,686 | — | ||||||||||||
Corporate debt securities | 3,131 | — | 3,131 | — | ||||||||||||
Total investment securities | $ | 173,918 | $ | — | $ | 173,918 | $ | — | ||||||||
available-for-sale | ||||||||||||||||
Loans held for sale | $ | 974 | $ | — | $ | 974 | $ | — | ||||||||
Derivatives – residential mortgage loan commitments | $ | 61 | $ | — | $ | 61 | $ | — | ||||||||
Financial Liabilities: | ||||||||||||||||
Derivatives – interest rate swaps | $ | (998 | ) | $ | — | $ | (998 | ) | $ | — | ||||||
Fair Value Measurements at | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Carrying | Quoted Prices in | Significant | Significant | |||||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||||
for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||
U.S. federal agency obligations | $ | 6,150 | $ | — | $ | 6,150 | $ | — | ||||||||
State and municipal | 55,723 | — | 55,723 | — | ||||||||||||
Mortgage-backed securities-residential | 27,938 | — | 27,938 | — | ||||||||||||
Government agency sponsored collateralized mortgage obligations | 72,311 | — | 72,311 | — | ||||||||||||
Corporate debt securities | 2,150 | — | 2,150 | — | ||||||||||||
Total investment securities | $ | 164,272 | $ | — | $ | 164,272 | $ | — | ||||||||
available-for-sale | ||||||||||||||||
Loans held for sale | $ | 1,118 | $ | — | $ | 1,118 | $ | — | ||||||||
Derivatives – residential mortgage loan commitments | $ | 45 | $ | — | $ | 45 | $ | — | ||||||||
Financial Liabilities: | ||||||||||||||||
Derivatives – interest rate swaps | $ | (1,181 | ) | $ | — | $ | (1,181 | ) | $ | — | ||||||
There were no transfers between Level 1, Level 2, and Level 3 during the periods indicated above. | ||||||||||||||||
Loans held for sale were carried at the fair value of $974,000 which was made up of the outstanding balance of $947,000 and an unrealized gain of $27,000 at March 31, 2014, resulting in a decrease in unrealized gains of $3,000 for the three months ended March 31, 2014. At December 31, 2013, loans held for sale were carried at the fair value of $1.1 million, which was made up of the outstanding balance of $1.1 million and an unrealized gain of $30,000. | ||||||||||||||||
The difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale was: | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Aggregate | Difference | Contractual | ||||||||||||||
Fair Value | Principal | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Loans held for sale | $ | 974 | $ | 27 | $ | 947 | ||||||||||
31-Dec-13 | ||||||||||||||||
Aggregate | Difference | Contractual | ||||||||||||||
Fair Value | Principal | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Loans held for sale | $ | 1,118 | $ | 30 | $ | 1,088 | ||||||||||
For items for which the fair value option has been elected, interest income is recorded within the consolidated statements of income and comprehensive income (loss) based on the contractual amount of interest income earned on financial assets (none were delinquent or in nonaccrual status). | ||||||||||||||||
The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Other | Interest | Interest | Total Changes | |||||||||||||
Gains (Losses) | Income | Expense | in Fair Values | |||||||||||||
Included in | ||||||||||||||||
Current Period | ||||||||||||||||
Earnings | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | $ | (3 | ) | $ | 4 | $ | — | $ | 1 | |||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | $ | 31 | $ | 6 | $ | — | $ | 37 | ||||||||
Assets measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Carrying | Quoted Prices in Active | Significant | Significant | |||||||||||||
Value | Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | $ | 567 | $ | — | $ | — | $ | 567 | ||||||||
Land | 2,030 | — | — | 2,030 | ||||||||||||
Mortgage | 338 | — | — | 338 | ||||||||||||
Other real estate owned, net: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | 522 | — | — | 522 | ||||||||||||
Land | 243 | — | — | 243 | ||||||||||||
Mortgage | 84 | — | — | 84 | ||||||||||||
Mortgage servicing rights | 190 | — | 190 | — | ||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Carrying | Quoted Prices in Active | Significant | Significant | |||||||||||||
Value | Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real Estate | $ | 568 | $ | — | $ | — | $ | 568 | ||||||||
Land | 2,030 | — | — | 2,030 | ||||||||||||
Mortgage | 567 | — | — | 567 | ||||||||||||
Other real estate owned, net: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real Estate | 646 | — | — | 646 | ||||||||||||
Land | 261 | — | — | 261 | ||||||||||||
Mortgage | 91 | — | — | 91 | ||||||||||||
Mortgage servicing rights | 190 | — | 190 | — | ||||||||||||
Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a gross carrying amount of $4.0 million, with a valuation allowance of $1.0 million at March 31, 2014, resulting in an additional provision for loan losses of $95,000 for the three months ended March 31, 2014. At March 31, 2013, impaired loans had a carrying amount of $4.3 million, with a valuation allowance of $1.4 million, resulting in an additional provision for loan losses of $164,000 for the three months ended March 31, 2013. | ||||||||||||||||
Other real estate owned, which is measured at the lower of cost or fair value less costs to sell, had a net carrying amount of $849,000 at March 31, 2014, resulted in a write-down of $73,000 for the three months ended March 31, 2014. At March 31, 2013, other real estate owned had a net carrying amount of $528,000, which resulted in a write-down of $91,000 for the three months ended March 31, 2013. | ||||||||||||||||
Mortgage servicing rights, which are carried at lower of cost or fair value, were carried at their fair value of $190,000 at March 31, 2014, which was made up of the outstanding balance of $290,000, net of a valuation allowance of $100,000, resulting in a charge of $6,000 for the three months ended March 31, 2014. At March 31, 2013, mortgage servicing rights were carried at their fair value of $234,000, which was made up of the outstanding balance of $372,000, net of a valuation allowance of $138,000, resulting in a charge of $20,000 for the three months ended March 31, 2013. | ||||||||||||||||
The carrying amounts and estimated fair values of financial instruments at March 31, 2014 are as follows: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Carrying | Quoted Prices in Active | Significant | Significant | |||||||||||||
Value | Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from financial institutions | $ | 8,500 | $ | 8,500 | $ | — | $ | — | ||||||||
Interest-earning time deposits at other financial institutions | 7,129 | — | 7,149 | — | ||||||||||||
Securities available-for-sale | 173,918 | — | 173,918 | — | ||||||||||||
Federal Home Loan Bank stock | 4,375 | N/A | N/A | N/A | ||||||||||||
Loans held for sale | 974 | — | 974 | — | ||||||||||||
Loans, net | 292,725 | — | — | 296,230 | ||||||||||||
Accrued interest receivable | 1,571 | — | 902 | 669 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | (343,271 | ) | — | (340,516 | ) | — | ||||||||||
Federal Home Loan Bank advances | (82,490 | ) | — | (83,617 | ) | — | ||||||||||
Subordinated debentures | (5,155 | ) | — | — | (5,149 | ) | ||||||||||
Short-term borrowings | (8,995 | ) | — | (8,995 | ) | — | ||||||||||
Accrued interest payable | (165 | ) | — | (165 | ) | — | ||||||||||
Derivatives – interest rate swaps | (998 | ) | — | (998 | ) | — | ||||||||||
The carrying amounts and estimated fair values of financial instruments, at December 31, 2013 are as follows: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Carrying | Quoted Prices in Active | Significant | Significant | |||||||||||||
Value | Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from financial institutions | $ | 18,219 | $ | 18,219 | $ | — | $ | — | ||||||||
Interest-earning time deposits at other financial institutions | 6,642 | — | 6,671 | — | ||||||||||||
Securities available-for-sale | 164,272 | — | 164,272 | — | ||||||||||||
Federal Home Loan Bank stock | 4,375 | N/A | N/A | N/A | ||||||||||||
Loans held for sale | 1,118 | — | 1,118 | — | ||||||||||||
Loans, net | 293,285 | — | — | 296,575 | ||||||||||||
Accrued interest receivable | 1,612 | — | 962 | 650 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | (346,701 | ) | — | (347,625 | ) | — | ||||||||||
Federal Home Loan Bank advances | (86,777 | ) | — | (88,077 | ) | — | ||||||||||
Subordinated debentures | (5,155 | ) | — | — | (5,152 | ) | ||||||||||
Accrued interest payable | (177 | ) | — | (174 | ) | (3 | ) | |||||||||
Derivatives – interest rate swaps | (1,181 | ) | — | (1,181 | ) | — | ||||||||||
The methods and assumptions, not previously presented, used to estimate fair value are described as follows: | ||||||||||||||||
Cash and due from financial institutions: The carrying amounts of cash and due from financial institutions approximate fair values and are classified as Level 1. | ||||||||||||||||
Interest-earning time deposits at other financial institutions: The fair values of the Company’s interest-earning time deposits at other financial institutions are estimated using discounted cash flow analyses based on current rates for similar types of interest-earning time deposits and are classified as Level 2. | ||||||||||||||||
Federal Home Loan Bank stock: It is not practical to determine the fair value of Federal Home Loan Bank stock due to restrictions placed on its transferability. | ||||||||||||||||
Loans held for sale: The fair value of loans held for sale is estimated based upon binding contracts and quotes from third party investors resulting in Level 2 classification. | ||||||||||||||||
Loans: The fair values of loans is based on discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. | ||||||||||||||||
Deposits: The fair values disclosed for demand deposits are estimated using a cash flow calculation reduced by decay rate assumptions. These cash flows are discounted to the current market rate and a functional cost to recognize the inherent costs of servicing these accounts. This results in a Level 2 classification. Fair values of fixed rate certificates of deposit are estimated using a cash flow calculation reduced by known maturities, estimated principal payments and estimated early withdrawal amounts. These cash flows are discounted to the current market rate. This results in a Level 2 calculation. | ||||||||||||||||
Federal Home Loan Bank Advances: The fair values of the Company’s Federal Home Loan Bank advances are estimated using discounted cash flow analyses based on current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. | ||||||||||||||||
Subordinated Debentures: The fair value of the Company’s subordinated debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. | ||||||||||||||||
Short-term Borrowings: The carrying amounts of short-term borrowings approximate fair values and are classified Level 2. | ||||||||||||||||
Accrued Interest Receivable/Payable: The carrying amounts of accrued interest approximate fair value resulting in a Level 1, Level 2, or Level 3 classification based on the underlying asset or liability. |
DERIVATIVES
DERIVATIVES | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
DERIVATIVES | ' | |||||||||||||||
DERIVATIVES | ||||||||||||||||
The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swap does not represent an amount exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreement. | ||||||||||||||||
Interest Rate Swaps Designated as Cash Flow Hedges: Interest rate swaps with notional amounts of $25.3 million as of March 31, 2014 and $30.3 million December 31, 2013 were designated as cash flow hedges of subordinated debentures, certain CDARS deposits, and FHLB advances and were determined to be fully effective during all periods presented. As such, no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swaps is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The hedge would no longer be considered effective if a portion of the hedge becomes ineffective, the item hedged is no longer in existence, or the Company discontinues hedge accounting. The Company expects the hedges to remain fully effective during the remaining terms of the swaps. The Company does not expect any amounts to be reclassified from other comprehensive income (loss) over the next 12 months. | ||||||||||||||||
Information related to the interest-rate swaps designated as cash flow hedges as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Subordinated debentures: | ||||||||||||||||
Notional amount | $ | — | $ | 5,000 | ||||||||||||
Fixed interest rate payable | — | % | 5.54 | % | ||||||||||||
Variable interest rate receivable (Three month LIBOR plus 3.10%) | — | % | 3.35 | % | ||||||||||||
Unrealized losses | $ | — | $ | (26 | ) | |||||||||||
Maturity date | March 26, 2014 | |||||||||||||||
CDARS deposits: | ||||||||||||||||
Notional amount | $ | 10,250 | $ | 10,250 | ||||||||||||
Fixed interest rate payable | 3.19 | % | 3.19 | % | ||||||||||||
Variable interest rate receivable (One month LIBOR plus 0.55%) | 0.71 | % | 0.71 | % | ||||||||||||
Unrealized losses | $ | (133 | ) | $ | (192 | ) | ||||||||||
Maturity date | October 9, 2014 | |||||||||||||||
FHLB advance: | ||||||||||||||||
Notional amount | $ | 5,000 | $ | 5,000 | ||||||||||||
Fixed interest rate payable | 3.54 | % | 3.54 | % | ||||||||||||
Variable interest rate receivable (Three month LIBOR plus 0.22%) | 0.45 | % | 0.46 | % | ||||||||||||
Unrealized losses | $ | (221 | ) | $ | (253 | ) | ||||||||||
Maturity date | September 20, 2015 | |||||||||||||||
FHLB advance: | ||||||||||||||||
Notional amount | $ | 10,000 | $ | 10,000 | ||||||||||||
Fixed interest rate payable | 3.69 | % | 3.69 | % | ||||||||||||
Variable interest rate receivable (Three month LIBOR plus 0.25%) | 0.49 | % | 0.49 | % | ||||||||||||
Unrealized losses | $ | (644 | ) | $ | (710 | ) | ||||||||||
Maturity date | July 19, 2016 | |||||||||||||||
Interest expense recorded on these swap transactions totaled $207,000 and $204,000 during the three months ended March 31, 2014 and 2013, respectively, and is reported as a component of interest expense on subordinated debentures, deposits, and FHLB advances. | ||||||||||||||||
The following table presents the net losses recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Income relating to the cash flow derivative instruments for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||
Net amount of | Net amount of | Net amount of | ||||||||||||||
gain (loss) | gain (loss) reclassified | gain (loss) | ||||||||||||||
recognized in OCI | from OCI to | recognized in other | ||||||||||||||
(Effective Portion) | interest income | non interest income | ||||||||||||||
(Ineffective Portion) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest rate contracts | $ | 122 | $ | — | $ | — | ||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||
Net amount of | Net amount of | Net amount of | ||||||||||||||
gain (loss) | gain (loss) reclassified | gain (loss) | ||||||||||||||
recognized in OCI | from OCI to | recognized in other | ||||||||||||||
(Effective Portion) | interest income | non interest income | ||||||||||||||
(Ineffective Portion) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest rate contracts | $ | 131 | $ | — | $ | — | ||||||||||
The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013: | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
Notional | Fair | Notional | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Included in other liabilities: | ||||||||||||||||
Interest rate swaps related to: | ||||||||||||||||
Subordinated debentures | $ | — | $ | — | $ | (5,000 | ) | $ | (26 | ) | ||||||
CDARS deposits | (10,250 | ) | (133 | ) | (10,250 | ) | (192 | ) | ||||||||
FHLB advances | (15,000 | ) | (865 | ) | (15,000 | ) | (963 | ) | ||||||||
Total included in other liabilities | $ | (998 | ) | $ | (1,181 | ) | ||||||||||
The counterparty to the Company’s derivatives is exposed to credit risk whenever the derivative is in a liability position. As a result, the Company has collateralized the liability with cash and security collateral held in safekeeping by Bank of New York. | ||||||||||||||||
At March 31, 2014 and December 31, 2013, the Company had securities with a fair value of $2.2 million and $2.6 million, respectively, posted as collateral for these derivatives. At December 31, 2013, the Company also had $220,000 in cash posted as collateral for these derivatives. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||
During the month of September 2011, the Company implemented the 2011 Equity Incentive Plan (the “Plan”) which was approved by shareholders on May 10, 2011. The Plan provides for issuance of stock options or restricted share awards to employees and directors. Total shares authorized for issuance under the Plan is 417,543 which is further discussed below. Total compensation cost that has been charged against income for the Plan totaled $62,000 and $61,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||
Stock-Based Compensation | |||||||||||||
Compensation cost is recognized for stock options and restricted stock awards issued to employees or directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | |||||||||||||
Stock Options | |||||||||||||
The Plan permits the grant of stock options to its employees or directors for up to 298,246 shares of common stock. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; those option awards have vesting periods of 5 years and have 10-year contractual terms. Options granted generally vest 20% annually. | |||||||||||||
The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of companies within the Company’s peer group. The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. | |||||||||||||
A summary of the activity in the stock option plan for the three months ended March 31, 2014 was as follows: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||
Outstanding at January 1, 2014 | 271,194 | $ | 6.55 | 7.8 years | $ | 1,239 | |||||||
Granted | — | — | |||||||||||
Exercised | (2,236 | ) | 6.44 | ||||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at March 31, 2014 | 268,958 | $ | 6.55 | 7.6 years | 1,132 | ||||||||
Fully vested and expected to vest | 268,958 | $ | 6.55 | 7.6 years | 1,132 | ||||||||
Exercisable at end of period | 96,334 | 6.44 | 7.6 years | 416 | |||||||||
A summary of the activity in the stock option plan for the three months ended March 31, 2013 was as follows: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||
Outstanding at January 1, 2013 | 281,829 | $ | 6.44 | 8.7 years | $ | 2,474 | |||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at March 31, 2013 | 281,829 | $ | 6.44 | 8.5 years | 2,790 | ||||||||
Fully vested and expected to vest | 281,829 | $ | 6.44 | 8.5 years | 2,790 | ||||||||
Exercisable at end of period | 56,366 | 6.44 | 8.5 years | 195 | |||||||||
During the three months ended March 31, 2014, 2,236 options were exercised which had an intrinsic value of $10,000. The Company received $14,000 in cash and realized $5,000 in tax benefits related to the exercise of these options. The weighted average fair value of options granted was $2.16. There were no options exercised during the three months ended March 31, 2013. | |||||||||||||
As of March 31, 2014, there was $236,000 of total unrecognized compensation cost related to nonvested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.6 years. | |||||||||||||
Restricted Share Awards | |||||||||||||
The Plan provides for the issuance of up to 119,298 restricted shares to directors and employees. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at issue date. The fair value of the stock was determined by obtaining the listed price of the Company’s stock on the grant date. Shares vest 20% annually over five years. At March 31, 2014, 2,388 shares were available for future grants. | |||||||||||||
A summary of changes in the Company’s nonvested shares for the three months ended March 31, 2014 was as follows: | |||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at January 1, 2014 | 72,146 | $ | 6.54 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Nonvested at March 31, 2014 | 72,146 | $ | 6.54 | ||||||||||
A summary of changes in the Company’s nonvested shares for the three months ended March 31, 2013 follows: | |||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at January 1, 2013 | 93,528 | $ | 6.44 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Nonvested at March 31, 2013 | 93,528 | $ | 6.44 | ||||||||||
As of March 31, 2014, there was $388,000 of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.6 years. As of March 31, 2014, there were 46,764 shares vested. The total fair value of shares vested at March 31, 2014 was $503,000. For the three months ended March 31, 2013, there were 23,382 shares vested. The total fair value of shares vested at March 31, 2013 was $231,000. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
A summary of the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2014 is as follows: | ||||||||||||
Gains (Losses) | Unrealized | Total | ||||||||||
on Cash Flow | Gains (Losses) | |||||||||||
Hedges | on Available- | |||||||||||
for-Sale | ||||||||||||
Securities | ||||||||||||
(Dollars in thousands) | ||||||||||||
Beginning balance | $ | (779 | ) | $ | (1,059 | ) | $ | (1,838 | ) | |||
Other comprehensive income before reclassification | 122 | 989 | 1,111 | |||||||||
Amounts reclassified from accumulated other | — | (7 | ) | (7 | ) | |||||||
comprehensive income | ||||||||||||
Net current period other comprehensive income | 122 | 982 | 1,104 | |||||||||
Ending balance | $ | (657 | ) | $ | (77 | ) | $ | (734 | ) | |||
A summary of the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2014 is as follows: | ||||||||||||
Details about | Amount | Affected Line Item | ||||||||||
Accumulated Other | Reclassified from | in the Statement | ||||||||||
Comprehensive | Accumulated Other | Where Net | ||||||||||
Income (Loss) Components | Comprehensive | Income is Presented | ||||||||||
Income (Loss) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
$ | 10 | Net gains on securities | ||||||||||
10 | Total before tax | |||||||||||
(3 | ) | Income tax expense | ||||||||||
$ | 7 | Net of tax | ||||||||||
A summary of the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2013 is as follows: | ||||||||||||
Gains (Losses) | Unrealized | Total | ||||||||||
on Cash Flow | Gains (Losses) | |||||||||||
Hedges | on Available- | |||||||||||
for-Sale | ||||||||||||
Securities | ||||||||||||
(Dollars in thousands) | ||||||||||||
Beginning balance | $ | (1,309 | ) | $ | 3,673 | $ | 2,364 | |||||
Other comprehensive income (loss) before reclassification | 131 | (363 | ) | (232 | ) | |||||||
Amounts reclassified from accumulated | — | (167 | ) | (167 | ) | |||||||
other comprehensive income | ||||||||||||
Net current period other comprehensive income (loss) | 131 | (530 | ) | (399 | ) | |||||||
Ending balance | $ | (1,178 | ) | $ | 3,143 | $ | 1,965 | |||||
A summary of the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2013 is as follows: | ||||||||||||
Details about | Amount | Affected Line Item | ||||||||||
Accumulated Other | Reclassified from | in the Statement | ||||||||||
Comprehensive | Accumulated Other | Where Net | ||||||||||
Income (Loss) Components | Comprehensive | Income is Presented | ||||||||||
Income (Loss) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
$ | 253 | Net gains on securities | ||||||||||
253 | Total before tax | |||||||||||
(86 | ) | Income tax expense | ||||||||||
$ | 167 | Net of tax | ||||||||||
OFFSETTING_FINANCIAL_ASSETS_AN
OFFSETTING FINANCIAL ASSETS AND LIABILITIES | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Offsetting Financial Assets And Liabilities [Abstract] | ' | |||||||||||||||||||||||
OFFSETTING FINANCIAL ASSETS AND LIABILITIES | ' | |||||||||||||||||||||||
OFFSETTING FINANCIAL ASSETS AND LIABILITIES | ||||||||||||||||||||||||
The following tables summarize gross and net information about financial instruments and derivative instruments that are offset in the Company’s statement of consolidated balance sheets or that are subject to an enforceable master netting arrangement at March 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the | ||||||||||||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||||||||||
Gross | Gross | Net | Financial | Cash | Net | |||||||||||||||||||
Amounts of | Amounts | Amounts of | Instruments | Collateral | Amount | |||||||||||||||||||
Recognized | Offset | Liabilities | Pledged | |||||||||||||||||||||
Liabilities | in the | Presented | ||||||||||||||||||||||
Consolidated | in the | |||||||||||||||||||||||
Balance Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Description: | ||||||||||||||||||||||||
Derivatives | $ | 998 | $ | — | $ | 998 | $ | (2,080 | ) | $ | — | $ | (1,082 | ) | ||||||||||
Repurchase agreements | 418 | — | 418 | (418 | ) | — | — | |||||||||||||||||
Total | $ | 1,416 | $ | — | $ | 1,416 | $ | (2,498 | ) | $ | — | $ | (1,082 | ) | ||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the | ||||||||||||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||||||||||
Gross | Gross | Net | Financial | Cash | Net | |||||||||||||||||||
Amounts of | Amounts | Amounts of | Instruments | Collateral | Amount | |||||||||||||||||||
Recognized | Offset | Liabilities | Pledged | |||||||||||||||||||||
Liabilities | in the | Presented | ||||||||||||||||||||||
Consolidated | in the | |||||||||||||||||||||||
Balance Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Description: | ||||||||||||||||||||||||
Derivatives | $ | 1,181 | $ | — | $ | 1,181 | $ | (2,150 | ) | $ | (220 | ) | $ | (1,189 | ) | |||||||||
Repurchase agreements | 710 | — | 710 | (710 | ) | — | — | |||||||||||||||||
Total | $ | 1,891 | $ | — | $ | 1,891 | $ | (2,860 | ) | $ | (220 | ) | $ | (1,189 | ) | |||||||||
If an event of default occurs causing an early termination of an interest rate swap derivative, an early termination amount payable to one party by the other party may be reduced by set-off against any other amount payable by the one party to the other party. If a default in performance of any obligation of a repurchase agreement occurs, each party will set-off property held in respect of transactions against obligations owing in respect of any other transactions. |
BASIS_OF_PRESENTATION_AND_CONS1
BASIS OF PRESENTATION AND CONSOLIDATION (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Reclassifications | ' |
Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Factors Used in Earnings Per Common Share Computation | ' | |||||||
The factors used in the earnings per common share computation follow: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(Dollars in thousands, | ||||||||
except per share data) | ||||||||
Basic: | ||||||||
Net income | $ | 850 | $ | 1,088 | ||||
Weighted average common shares outstanding | 5,886,073 | 6,205,250 | ||||||
Less: Average unallocated ESOP shares | (401,935 | ) | (424,421 | ) | ||||
Average shares | 5,484,138 | 5,780,829 | ||||||
Basic earnings per common share | $ | 0.15 | $ | 0.19 | ||||
Diluted: | ||||||||
Net income | $ | 850 | $ | 1,088 | ||||
Weighted average common shares outstanding for basic earnings per common share | 5,484,138 | 5,780,829 | ||||||
Add: Diluted effects of assumed exercises of stock options | 79,155 | 50,522 | ||||||
Average shares and dilutive potential common shares | 5,563,293 | 5,831,351 | ||||||
Diluted earnings per common share | $ | 0.15 | $ | 0.19 | ||||
SECURITIES_AVAILABLE_FOR_SALE_
SECURITIES AVAILABLE FOR SALE (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Amortized Cost and Fair Value of Available-for-Sale Securities and Related Gross Unrealized Gains and Losses | ' | |||||||||||||||||||||||
The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
At March 31, 2014: | (Dollars in thousands) | |||||||||||||||||||||||
U.S. federal agency obligations | $ | 7,706 | $ | 32 | $ | (113 | ) | $ | 7,625 | |||||||||||||||
State and municipal | 56,538 | 2,083 | (371 | ) | 58,250 | |||||||||||||||||||
Mortgage-backed securities – residential | 34,280 | 169 | (223 | ) | 34,226 | |||||||||||||||||||
Government agency sponsored collateralized | 72,388 | 321 | (2,023 | ) | 70,686 | |||||||||||||||||||
mortgage obligations | ||||||||||||||||||||||||
Corporate debt securities | 3,121 | 25 | (15 | ) | 3,131 | |||||||||||||||||||
Total | $ | 174,033 | $ | 2,630 | $ | (2,745 | ) | $ | 173,918 | |||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
At December 31, 2013: | (Dollars in thousands) | |||||||||||||||||||||||
U.S. federal agency obligations | $ | 6,249 | $ | 43 | $ | (142 | ) | $ | 6,150 | |||||||||||||||
State and municipal | 54,892 | 1,505 | (674 | ) | 55,723 | |||||||||||||||||||
Mortgage-backed securities – residential | 28,197 | 107 | (366 | ) | 27,938 | |||||||||||||||||||
Government agency sponsored collateralized | 74,417 | 274 | (2,380 | ) | 72,311 | |||||||||||||||||||
mortgage obligations | ||||||||||||||||||||||||
Corporate debt securities | 2,121 | 29 | — | 2,150 | ||||||||||||||||||||
Total | $ | 165,876 | $ | 1,958 | $ | (3,562 | ) | $ | 164,272 | |||||||||||||||
Fair Value of Securities with Unrealized Losses, Aggregated by Investment Category and Length of Time | ' | |||||||||||||||||||||||
Securities with unrealized losses at March 31, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Continuing Unrealized Loss For Less Than 12 Months | Continuing Unrealized Loss For 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
U.S. federal agency obligations | $ | 5,468 | $ | (113 | ) | $ | — | $ | — | $ | 5,468 | $ | (113 | ) | ||||||||||
State and municipal | 12,958 | (275 | ) | 1,852 | (96 | ) | 14,810 | (371 | ) | |||||||||||||||
Mortgage-backed securities – residential | 18,088 | (189 | ) | 2,640 | (34 | ) | 20,728 | (223 | ) | |||||||||||||||
Government agency sponsored | 35,962 | (1,460 | ) | 11,709 | (563 | ) | 47,671 | (2,023 | ) | |||||||||||||||
collateralized mortgage obligations | ||||||||||||||||||||||||
Corporate debt securities | 985 | (15 | ) | — | — | 985 | (15 | ) | ||||||||||||||||
Total temporarily impaired | $ | 73,461 | $ | (2,052 | ) | $ | 16,201 | $ | (693 | ) | $ | 89,662 | $ | (2,745 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
Continuing Unrealized Loss For Less Than 12 Months | Continuing Unrealized Loss For 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
U.S. federal agency obligations | $ | 2,858 | $ | (142 | ) | $ | — | $ | — | $ | 2,858 | $ | (142 | ) | ||||||||||
State and municipal | 17,352 | (558 | ) | 1,524 | (116 | ) | 18,876 | (674 | ) | |||||||||||||||
Mortgage-backed securities – residential | 22,432 | (366 | ) | — | — | 22,432 | (366 | ) | ||||||||||||||||
Government agency sponsored | 46,555 | (2,023 | ) | 6,708 | (357 | ) | 53,263 | (2,380 | ) | |||||||||||||||
collateralized mortgage obligations | ||||||||||||||||||||||||
Total temporarily impaired | $ | 89,197 | $ | (3,089 | ) | $ | 8,232 | $ | (473 | ) | $ | 97,429 | $ | (3,562 | ) | |||||||||
Sales of Securities Available for Sale | ' | |||||||||||||||||||||||
Sales of securities available-for-sale for the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Proceeds | $ | 680 | $ | 5,260 | ||||||||||||||||||||
Gross gains | 10 | 253 | ||||||||||||||||||||||
Gross losses | — | — | ||||||||||||||||||||||
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | ' | |||||||||||||||||||||||
The amortized cost and fair value of debt securities at March 31, 2014 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities and collateralized mortgage obligations (“CMO”), are shown separately. | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 3,009 | $ | 3,031 | ||||||||||||||||||||
Due from more than one to five years | 13,658 | 13,893 | ||||||||||||||||||||||
Due from more than five to ten years | 35,761 | 36,342 | ||||||||||||||||||||||
Due after ten years | 14,937 | 15,740 | ||||||||||||||||||||||
Subtotal | 67,365 | 69,006 | ||||||||||||||||||||||
Mortgage-backed securities and government agency sponsored collateralized mortgage obligations | 106,668 | 104,912 | ||||||||||||||||||||||
Total | $ | 174,033 | $ | 173,918 | ||||||||||||||||||||
LOANS_Tables
LOANS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||
Loans at March 31, 2014 and December 31, 2013 were as follows: | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(Dollars in thousands) | ||||||||
Commercial | $ | 125,973 | $ | 128,922 | ||||
Mortgage | 35,488 | 35,438 | ||||||
Mortgage warehouse | 118,213 | 115,443 | ||||||
Residential construction | 651 | 792 | ||||||
Home equity | 11,211 | 11,397 | ||||||
Consumer and other | 4,788 | 4,920 | ||||||
Subtotal | 296,324 | 296,912 | ||||||
Less: Net deferred loan costs | 269 | 278 | ||||||
Allowance for loan losses | (3,868 | ) | (3,905 | ) | ||||
Loans, net | $ | 292,725 | $ | 293,285 | ||||
ALLOWANCE_FOR_LOAN_LOSSES_Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | ' | |||||||||||||||||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,725 | $ | 458 | $ | 508 | $ | — | $ | 111 | $ | 83 | $ | 20 | $ | 3,905 | ||||||||||||||||
Charge-offs | — | (37 | ) | — | — | — | (7 | ) | — | (44 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||||||
Provision | (92 | ) | 114 | 12 | 1 | (5 | ) | (10 | ) | (20 | ) | — | ||||||||||||||||||||
Ending balance | $ | 2,633 | $ | 535 | $ | 520 | $ | 1 | $ | 106 | $ | 73 | $ | — | $ | 3,868 | ||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,131 | $ | 401 | $ | 601 | $ | 2 | $ | 130 | $ | 43 | $ | — | $ | 4,308 | ||||||||||||||||
Charge-offs | (66 | ) | (19 | ) | — | — | (22 | ) | (7 | ) | — | (114 | ) | |||||||||||||||||||
Recoveries | — | 19 | — | — | — | 4 | — | 23 | ||||||||||||||||||||||||
Provisions | 57 | (42 | ) | (71 | ) | — | 14 | 45 | — | 3 | ||||||||||||||||||||||
Ending balance | $ | 3,122 | $ | 359 | $ | 530 | $ | 2 | $ | 122 | $ | 85 | $ | — | $ | 4,220 | ||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Impairment Method | ' | |||||||||||||||||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 787 | $ | 202 | $ | — | $ | — | $ | 28 | $ | — | $ | — | $ | 1,017 | ||||||||||||||||
Collectively evaluated for impairment | 1,846 | 333 | 520 | 1 | 78 | 73 | — | 2,851 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total ending allowance | $ | 2,633 | $ | 535 | $ | 520 | $ | 1 | $ | 106 | $ | 73 | $ | — | $ | 3,868 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,132 | $ | 1,763 | $ | — | $ | — | $ | 39 | $ | — | $ | — | $ | 11,934 | ||||||||||||||||
Collectively evaluated for impairment | 115,179 | 33,603 | 118,213 | 651 | 11,172 | 4,788 | — | 283,606 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 662 | 122 | — | — | — | — | — | 784 | ||||||||||||||||||||||||
Total ending loan balance | $ | 125,973 | $ | 35,488 | $ | 118,213 | $ | 651 | $ | 11,211 | $ | 4,788 | $ | — | $ | 296,324 | ||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Mortgage | Residential | Home | Consumer | Unallocated | Total | |||||||||||||||||||||||||
Warehouse | Construction | Equity | and Other | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 792 | $ | 135 | $ | — | $ | — | $ | 32 | $ | — | $ | — | $ | 959 | ||||||||||||||||
Collectively evaluated for impairment | 1,933 | 323 | 508 | — | 79 | 83 | 20 | 2,946 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total ending allowance | $ | 2,725 | $ | 458 | $ | 508 | $ | — | $ | 111 | $ | 83 | $ | 20 | $ | 3,905 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,930 | $ | 1,472 | $ | — | $ | — | $ | 43 | $ | — | $ | — | $ | 11,445 | ||||||||||||||||
Collectively evaluated for impairment | 118,324 | 33,842 | 115,443 | 792 | 11,354 | 4,920 | — | 284,675 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 668 | 124 | — | — | — | — | — | 792 | ||||||||||||||||||||||||
Total ending loan balance | $ | 128,922 | $ | 35,438 | $ | 115,443 | $ | 792 | $ | 11,397 | $ | 4,920 | $ | — | $ | 296,912 | ||||||||||||||||
Information Related to Impaired Loans by Class of Loans | ' | |||||||||||||||||||||||||||||||
The following table presents information related to impaired loans by class of loans as of March 31, 2014: | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||||||
Principal | Investment | Loan Losses | ||||||||||||||||||||||||||||||
Balance | Allocated | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,798 | $ | 2,798 | $ | — | ||||||||||||||||||||||||||
Five or more family | 3,750 | 3,750 | — | |||||||||||||||||||||||||||||
Land | 213 | 201 | — | |||||||||||||||||||||||||||||
Mortgage | 1,290 | 1,223 | — | |||||||||||||||||||||||||||||
Home equity | 11 | 11 | — | |||||||||||||||||||||||||||||
Subtotal | 8,062 | 7,983 | — | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 842 | 814 | 247 | |||||||||||||||||||||||||||||
Land | 2,751 | 2,569 | 540 | |||||||||||||||||||||||||||||
Mortgage | 556 | 540 | 202 | |||||||||||||||||||||||||||||
Home equity | 28 | 28 | 28 | |||||||||||||||||||||||||||||
Subtotal | 4,177 | 3,951 | 1,017 | |||||||||||||||||||||||||||||
Total | $ | 12,239 | $ | 11,934 | $ | 1,017 | ||||||||||||||||||||||||||
The following table presents information related to impaired loans by class of loans as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||||||
Principal | Investment | Loan Losses | ||||||||||||||||||||||||||||||
Balance | Allocated | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,832 | $ | 2,832 | $ | — | ||||||||||||||||||||||||||
Five or more family | 3,508 | 3,508 | — | |||||||||||||||||||||||||||||
Land | 201 | 201 | — | |||||||||||||||||||||||||||||
Mortgage | 769 | 769 | — | |||||||||||||||||||||||||||||
Home equity | 11 | 11 | — | |||||||||||||||||||||||||||||
Subtotal | 7,321 | 7,321 | — | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 843 | 843 | 275 | |||||||||||||||||||||||||||||
Land | 2,547 | 2,547 | 517 | |||||||||||||||||||||||||||||
Mortgage | 702 | 702 | 135 | |||||||||||||||||||||||||||||
Home equity | 32 | 32 | 32 | |||||||||||||||||||||||||||||
Subtotal | 4,124 | 4,124 | 959 | |||||||||||||||||||||||||||||
Total | $ | 11,445 | $ | 11,445 | $ | 959 | ||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | ' | |||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | $ | 2,815 | $ | 39 | $ | 2,003 | $ | 2 | ||||||||||||||||||||||||
Five or more family | 3,510 | 49 | — | — | ||||||||||||||||||||||||||||
Land | 201 | — | 213 | — | ||||||||||||||||||||||||||||
Mortgage | 1,228 | 6 | 1,175 | — | ||||||||||||||||||||||||||||
Home equity | 11 | — | 46 | — | ||||||||||||||||||||||||||||
Subtotal | 7,765 | 94 | 3,437 | 2 | ||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real estate | 815 | — | 820 | — | ||||||||||||||||||||||||||||
Land | 2,574 | — | 2,756 | — | ||||||||||||||||||||||||||||
Mortgage | 176 | — | 749 | — | ||||||||||||||||||||||||||||
Home equity | 28 | — | — | — | ||||||||||||||||||||||||||||
Subtotal | 3,593 | — | 4,325 | — | ||||||||||||||||||||||||||||
Total | $ | 11,358 | $ | 94 | $ | 7,762 | $ | 2 | ||||||||||||||||||||||||
Investment in Nonaccrual Loans | ' | |||||||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
Nonaccrual | Loans Past Due | |||||||||||||||||||||||||||||||
Over 90 Days | ||||||||||||||||||||||||||||||||
Still Accruing | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 27 | $ | 27 | $ | — | $ | — | ||||||||||||||||||||||||
Real estate | 868 | 897 | — | — | ||||||||||||||||||||||||||||
Land | 2,770 | 2,748 | — | — | ||||||||||||||||||||||||||||
Mortgage | 1,483 | 1,190 | — | — | ||||||||||||||||||||||||||||
Home equity | 39 | 43 | — | — | ||||||||||||||||||||||||||||
Consumer and other | 2 | 3 | — | — | ||||||||||||||||||||||||||||
Total | $ | 5,189 | $ | 4,908 | $ | — | $ | — | ||||||||||||||||||||||||
Aging of Recorded Investment in Past Due Loans | ' | |||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of March 31, 2014 by class of loans: | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | Total | Loans Not | Total | |||||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Past Due | ||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | — | $ | — | $ | 27 | $ | 27 | $ | 17,827 | $ | 17,854 | ||||||||||||||||||||
Real estate | 984 | — | 868 | 1,852 | 79,138 | 80,990 | ||||||||||||||||||||||||||
Five or more family | — | — | — | — | 14,960 | 14,960 | ||||||||||||||||||||||||||
Construction | — | 875 | — | 875 | 3,353 | 4,228 | ||||||||||||||||||||||||||
Land | — | — | 2,348 | 2,348 | 5,593 | 7,941 | ||||||||||||||||||||||||||
Mortgage | 1,055 | 136 | 939 | 2,130 | 33,358 | 35,488 | ||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 118,213 | 118,213 | ||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 43 | — | — | 43 | 322 | 365 | ||||||||||||||||||||||||||
Land | — | — | — | — | 286 | 286 | ||||||||||||||||||||||||||
Home equity | 6 | — | 39 | 45 | 11,166 | 11,211 | ||||||||||||||||||||||||||
Consumer and other | — | 161 | 2 | 163 | 4,625 | 4,788 | ||||||||||||||||||||||||||
Total | $ | 2,088 | $ | 1,172 | $ | 4,223 | $ | 7,483 | $ | 288,841 | $ | 296,324 | ||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | Total | Loans Not | Total | |||||||||||||||||||||||||||
Days | Days | 90 Days | Past Due | Past Due | ||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 2 | $ | — | $ | — | $ | 2 | $ | 17,638 | $ | 17,640 | ||||||||||||||||||||
Real estate | 2,377 | — | 874 | 3,251 | 80,531 | 83,782 | ||||||||||||||||||||||||||
Five or more family | 76 | — | — | 76 | 15,326 | 15,402 | ||||||||||||||||||||||||||
Construction | — | — | — | — | 3,949 | 3,949 | ||||||||||||||||||||||||||
Land | — | — | 2,317 | 2,317 | 5,832 | 8,149 | ||||||||||||||||||||||||||
Mortgage | 640 | 7 | 1,161 | 1,808 | 33,630 | 35,438 | ||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 115,443 | 115,443 | ||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 503 | 503 | ||||||||||||||||||||||||||
Land | — | — | — | — | 289 | 289 | ||||||||||||||||||||||||||
Home equity | 4 | — | 12 | 16 | 11,381 | 11,397 | ||||||||||||||||||||||||||
Consumer and other | 176 | — | 3 | 179 | 4,741 | 4,920 | ||||||||||||||||||||||||||
Total | $ | 3,275 | $ | 7 | $ | 4,367 | $ | 7,649 | $ | 289,263 | $ | 296,912 | ||||||||||||||||||||
Loans by Class Modified as Troubled Debt Restructurings | ' | |||||||||||||||||||||||||||||||
The following tables present loans by class modified as troubled debt restructurings that occurred during the three months ended March 31, 2014. | ||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Real Estate | 1 | $ | 919 | $ | 919 | |||||||||||||||||||||||||||
Five or more family | 1 | 3,507 | 3,750 | |||||||||||||||||||||||||||||
Total | 2 | $ | 4,426 | $ | 4,669 | |||||||||||||||||||||||||||
Risk Category of Loans by Class of Loans | ' | |||||||||||||||||||||||||||||||
As of March 31, 2014, the most recent analysis performed, the risk category of loans by class of loans was as follows: | ||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||
Not | Pass | Special | Substandard | Doubtful | ||||||||||||||||||||||||||||
Rated | Mention | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 252 | $ | 17,072 | $ | 465 | $ | 42 | $ | 23 | ||||||||||||||||||||||
Real estate | — | 69,582 | 6,263 | 5,145 | — | |||||||||||||||||||||||||||
Five or more family | 185 | 11,025 | — | 3,750 | — | |||||||||||||||||||||||||||
Construction | — | 4,228 | — | — | — | |||||||||||||||||||||||||||
Land | 12 | 5,054 | 105 | 2,770 | — | |||||||||||||||||||||||||||
Mortgage | 29,973 | 3,109 | 460 | 1,946 | — | |||||||||||||||||||||||||||
Mortgage warehouse | 118,213 | — | — | — | — | |||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 365 | — | — | — | — | |||||||||||||||||||||||||||
Land | 286 | — | — | — | — | |||||||||||||||||||||||||||
Home equity | 10,943 | 128 | 98 | 42 | — | |||||||||||||||||||||||||||
Consumer and other | 4,105 | 683 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 164,334 | $ | 110,881 | $ | 7,391 | $ | 13,695 | $ | 23 | ||||||||||||||||||||||
As of December 31, 2013 the risk category of loans by class of loans was as follows: | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Not | Pass | Special | Substandard | Doubtful | ||||||||||||||||||||||||||||
Rated | Mention | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 83 | $ | 17,159 | $ | 380 | $ | 18 | $ | — | ||||||||||||||||||||||
Real estate | — | 71,943 | 6,705 | 5,111 | 23 | |||||||||||||||||||||||||||
Five or more family | 188 | 11,706 | — | 3,508 | — | |||||||||||||||||||||||||||
Construction | — | 3,949 | — | — | — | |||||||||||||||||||||||||||
Land | — | 5,296 | 106 | 2,747 | — | |||||||||||||||||||||||||||
Mortgage | 29,977 | 3,323 | 471 | 1,667 | — | |||||||||||||||||||||||||||
Mortgage warehouse | 115,443 | — | — | — | — | |||||||||||||||||||||||||||
Residential construction: | ||||||||||||||||||||||||||||||||
Construction | 503 | — | — | — | — | |||||||||||||||||||||||||||
Land | 289 | — | — | — | — | |||||||||||||||||||||||||||
Home equity | 11,116 | 133 | 101 | 47 | — | |||||||||||||||||||||||||||
Consumer and other | 3,985 | 703 | 232 | — | — | |||||||||||||||||||||||||||
Total | $ | 161,584 | $ | 114,212 | $ | 7,995 | $ | 13,098 | $ | 23 | ||||||||||||||||||||||
Outstanding Balance and Carrying Amount of Purchased Loan | ' | |||||||||||||||||||||||||||||||
The outstanding balance and carrying amount of those loans was as follows: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and other | $ | 27 | $ | 27 | ||||||||||||||||||||||||||||
Real estate | 664 | 670 | ||||||||||||||||||||||||||||||
Mortgage | 122 | 123 | ||||||||||||||||||||||||||||||
Outstanding balance | $ | 813 | $ | 820 | ||||||||||||||||||||||||||||
Carrying amount, net of allowance of $0 | $ | 784 | $ | 791 | ||||||||||||||||||||||||||||
Accretable Yield, or Income Expected to be Collected on Purchased Loans | ' | |||||||||||||||||||||||||||||||
Accretable yield, or income expected to be collected, was as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 73 | $ | 128 | ||||||||||||||||||||||||||||
Reclassification from non-accretable yield | — | 1 | ||||||||||||||||||||||||||||||
Accretion of income | (14 | ) | (15 | ) | ||||||||||||||||||||||||||||
Disposals | — | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 59 | $ | 114 | ||||||||||||||||||||||||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Valuation Methodology and Unobservable Inputs for Impaired Loans and Other Real Estate Owned | ' | |||||||||||||||
The table below presents the valuation methodology and unobservable inputs for impaired loans and other real estate owned at March 31, 2014. | ||||||||||||||||
Valuation | Unobservable Inputs | Range of | Average of | |||||||||||||
Methodology | Inputs | Inputs | ||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | Appraisals | Discounts for changes | 10-65% | 21% | ||||||||||||
in market conditions | ||||||||||||||||
Land | Appraisals | Discounts for changes | 0-10% | 8% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage | Appraisals | Discounts for changes | 0-40% | 19% | ||||||||||||
in market conditions | ||||||||||||||||
Other real estate owned, net: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | Appraisals | Discounts for changes | 16-100% | 48% | ||||||||||||
in market conditions | ||||||||||||||||
Land | Appraisals | Discounts for changes | 26-32% | 29% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage | Appraisals | Discounts for changes | 19-26% | 22% | ||||||||||||
in market conditions | ||||||||||||||||
The table below presents the valuation methodology and unobservable inputs for impaired loans and other real estate owned at December 31, 2013. | ||||||||||||||||
Valuation | Unobservable Inputs | Range of | Average of | |||||||||||||
Methodology | Inputs | Inputs | ||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | Appraisals | Discounts for changes | 10-65% | 21% | ||||||||||||
in market conditions | ||||||||||||||||
Land | Appraisals | Discounts for changes | 0-10% | 8% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage | Appraisals | Discounts for changes | 0-20% | 10% | ||||||||||||
in market conditions | ||||||||||||||||
Other real estate owned, net: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | Appraisals | Discounts for changes | 6-100% | 39% | ||||||||||||
in market conditions | ||||||||||||||||
Land | Appraisals | Discounts for changes | 25-26% | 26% | ||||||||||||
in market conditions | ||||||||||||||||
Mortgage | Appraisals | Discounts for changes | 19-45% | 26% | ||||||||||||
in market conditions | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring basis | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized in the following tables: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Carrying | Quoted Prices in | Significant | Significant | |||||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||||
for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||
U.S. federal agency obligations | $ | 7,625 | $ | — | $ | 7,625 | $ | — | ||||||||
State and municipal | 58,250 | — | 58,250 | — | ||||||||||||
Mortgage-backed securities-residential | 34,226 | — | 34,226 | — | ||||||||||||
Government agency sponsored collateralized mortgage obligations | 70,686 | — | 70,686 | — | ||||||||||||
Corporate debt securities | 3,131 | — | 3,131 | — | ||||||||||||
Total investment securities | $ | 173,918 | $ | — | $ | 173,918 | $ | — | ||||||||
available-for-sale | ||||||||||||||||
Loans held for sale | $ | 974 | $ | — | $ | 974 | $ | — | ||||||||
Derivatives – residential mortgage loan commitments | $ | 61 | $ | — | $ | 61 | $ | — | ||||||||
Financial Liabilities: | ||||||||||||||||
Derivatives – interest rate swaps | $ | (998 | ) | $ | — | $ | (998 | ) | $ | — | ||||||
Fair Value Measurements at | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Carrying | Quoted Prices in | Significant | Significant | |||||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||||
for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||
U.S. federal agency obligations | $ | 6,150 | $ | — | $ | 6,150 | $ | — | ||||||||
State and municipal | 55,723 | — | 55,723 | — | ||||||||||||
Mortgage-backed securities-residential | 27,938 | — | 27,938 | — | ||||||||||||
Government agency sponsored collateralized mortgage obligations | 72,311 | — | 72,311 | — | ||||||||||||
Corporate debt securities | 2,150 | — | 2,150 | — | ||||||||||||
Total investment securities | $ | 164,272 | $ | — | $ | 164,272 | $ | — | ||||||||
available-for-sale | ||||||||||||||||
Loans held for sale | $ | 1,118 | $ | — | $ | 1,118 | $ | — | ||||||||
Derivatives – residential mortgage loan commitments | $ | 45 | $ | — | $ | 45 | $ | — | ||||||||
Financial Liabilities: | ||||||||||||||||
Derivatives – interest rate swaps | $ | (1,181 | ) | $ | — | $ | (1,181 | ) | $ | — | ||||||
Difference Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding for Loans Held for Sale | ' | |||||||||||||||
The difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale was: | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Aggregate | Difference | Contractual | ||||||||||||||
Fair Value | Principal | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Loans held for sale | $ | 974 | $ | 27 | $ | 947 | ||||||||||
31-Dec-13 | ||||||||||||||||
Aggregate | Difference | Contractual | ||||||||||||||
Fair Value | Principal | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Loans held for sale | $ | 1,118 | $ | 30 | $ | 1,088 | ||||||||||
Amount of Gains and Losses from Fair Value Changes | ' | |||||||||||||||
The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Other | Interest | Interest | Total Changes | |||||||||||||
Gains (Losses) | Income | Expense | in Fair Values | |||||||||||||
Included in | ||||||||||||||||
Current Period | ||||||||||||||||
Earnings | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | $ | (3 | ) | $ | 4 | $ | — | $ | 1 | |||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Loans held for sale | $ | 31 | $ | 6 | $ | — | $ | 37 | ||||||||
Assets Measured at Fair Value on Non-recurring Basis | ' | |||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Carrying | Quoted Prices in Active | Significant | Significant | |||||||||||||
Value | Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | $ | 567 | $ | — | $ | — | $ | 567 | ||||||||
Land | 2,030 | — | — | 2,030 | ||||||||||||
Mortgage | 338 | — | — | 338 | ||||||||||||
Other real estate owned, net: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real estate | 522 | — | — | 522 | ||||||||||||
Land | 243 | — | — | 243 | ||||||||||||
Mortgage | 84 | — | — | 84 | ||||||||||||
Mortgage servicing rights | 190 | — | 190 | — | ||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Carrying | Quoted Prices in Active | Significant | Significant | |||||||||||||
Value | Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real Estate | $ | 568 | $ | — | $ | — | $ | 568 | ||||||||
Land | 2,030 | — | — | 2,030 | ||||||||||||
Mortgage | 567 | — | — | 567 | ||||||||||||
Other real estate owned, net: | ||||||||||||||||
Commercial: | ||||||||||||||||
Real Estate | 646 | — | — | 646 | ||||||||||||
Land | 261 | — | — | 261 | ||||||||||||
Mortgage | 91 | — | — | 91 | ||||||||||||
Mortgage servicing rights | 190 | — | 190 | — | ||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | |||||||||||||||
The carrying amounts and estimated fair values of financial instruments at March 31, 2014 are as follows: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Carrying | Quoted Prices in Active | Significant | Significant | |||||||||||||
Value | Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from financial institutions | $ | 8,500 | $ | 8,500 | $ | — | $ | — | ||||||||
Interest-earning time deposits at other financial institutions | 7,129 | — | 7,149 | — | ||||||||||||
Securities available-for-sale | 173,918 | — | 173,918 | — | ||||||||||||
Federal Home Loan Bank stock | 4,375 | N/A | N/A | N/A | ||||||||||||
Loans held for sale | 974 | — | 974 | — | ||||||||||||
Loans, net | 292,725 | — | — | 296,230 | ||||||||||||
Accrued interest receivable | 1,571 | — | 902 | 669 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | (343,271 | ) | — | (340,516 | ) | — | ||||||||||
Federal Home Loan Bank advances | (82,490 | ) | — | (83,617 | ) | — | ||||||||||
Subordinated debentures | (5,155 | ) | — | — | (5,149 | ) | ||||||||||
Short-term borrowings | (8,995 | ) | — | (8,995 | ) | — | ||||||||||
Accrued interest payable | (165 | ) | — | (165 | ) | — | ||||||||||
Derivatives – interest rate swaps | (998 | ) | — | (998 | ) | — | ||||||||||
The carrying amounts and estimated fair values of financial instruments, at December 31, 2013 are as follows: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Carrying | Quoted Prices in Active | Significant | Significant | |||||||||||||
Value | Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from financial institutions | $ | 18,219 | $ | 18,219 | $ | — | $ | — | ||||||||
Interest-earning time deposits at other financial institutions | 6,642 | — | 6,671 | — | ||||||||||||
Securities available-for-sale | 164,272 | — | 164,272 | — | ||||||||||||
Federal Home Loan Bank stock | 4,375 | N/A | N/A | N/A | ||||||||||||
Loans held for sale | 1,118 | — | 1,118 | — | ||||||||||||
Loans, net | 293,285 | — | — | 296,575 | ||||||||||||
Accrued interest receivable | 1,612 | — | 962 | 650 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | (346,701 | ) | — | (347,625 | ) | — | ||||||||||
Federal Home Loan Bank advances | (86,777 | ) | — | (88,077 | ) | — | ||||||||||
Subordinated debentures | (5,155 | ) | — | — | (5,152 | ) | ||||||||||
Accrued interest payable | (177 | ) | — | (174 | ) | (3 | ) | |||||||||
Derivatives – interest rate swaps | (1,181 | ) | — | (1,181 | ) | — | ||||||||||
DERIVATIVES_Tables
DERIVATIVES (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Interest-Rate Swaps Designated as Cash Flow Hedges | ' | |||||||||||||||
Information related to the interest-rate swaps designated as cash flow hedges as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Subordinated debentures: | ||||||||||||||||
Notional amount | $ | — | $ | 5,000 | ||||||||||||
Fixed interest rate payable | — | % | 5.54 | % | ||||||||||||
Variable interest rate receivable (Three month LIBOR plus 3.10%) | — | % | 3.35 | % | ||||||||||||
Unrealized losses | $ | — | $ | (26 | ) | |||||||||||
Maturity date | March 26, 2014 | |||||||||||||||
CDARS deposits: | ||||||||||||||||
Notional amount | $ | 10,250 | $ | 10,250 | ||||||||||||
Fixed interest rate payable | 3.19 | % | 3.19 | % | ||||||||||||
Variable interest rate receivable (One month LIBOR plus 0.55%) | 0.71 | % | 0.71 | % | ||||||||||||
Unrealized losses | $ | (133 | ) | $ | (192 | ) | ||||||||||
Maturity date | October 9, 2014 | |||||||||||||||
FHLB advance: | ||||||||||||||||
Notional amount | $ | 5,000 | $ | 5,000 | ||||||||||||
Fixed interest rate payable | 3.54 | % | 3.54 | % | ||||||||||||
Variable interest rate receivable (Three month LIBOR plus 0.22%) | 0.45 | % | 0.46 | % | ||||||||||||
Unrealized losses | $ | (221 | ) | $ | (253 | ) | ||||||||||
Maturity date | September 20, 2015 | |||||||||||||||
FHLB advance: | ||||||||||||||||
Notional amount | $ | 10,000 | $ | 10,000 | ||||||||||||
Fixed interest rate payable | 3.69 | % | 3.69 | % | ||||||||||||
Variable interest rate receivable (Three month LIBOR plus 0.25%) | 0.49 | % | 0.49 | % | ||||||||||||
Unrealized losses | $ | (644 | ) | $ | (710 | ) | ||||||||||
Maturity date | July 19, 2016 | |||||||||||||||
Net Losses Recorded in Accumulated Other Comprehensive Income (Loss) and Income Relating to the Cash Flow Derivative | ' | |||||||||||||||
The following table presents the net losses recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Income relating to the cash flow derivative instruments for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||
Net amount of | Net amount of | Net amount of | ||||||||||||||
gain (loss) | gain (loss) reclassified | gain (loss) | ||||||||||||||
recognized in OCI | from OCI to | recognized in other | ||||||||||||||
(Effective Portion) | interest income | non interest income | ||||||||||||||
(Ineffective Portion) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest rate contracts | $ | 122 | $ | — | $ | — | ||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||
Net amount of | Net amount of | Net amount of | ||||||||||||||
gain (loss) | gain (loss) reclassified | gain (loss) | ||||||||||||||
recognized in OCI | from OCI to | recognized in other | ||||||||||||||
(Effective Portion) | interest income | non interest income | ||||||||||||||
(Ineffective Portion) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest rate contracts | $ | 131 | $ | — | $ | — | ||||||||||
Cash Flow Hedges Included in Consolidated Balance Sheets | ' | |||||||||||||||
The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013: | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
Notional | Fair | Notional | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Included in other liabilities: | ||||||||||||||||
Interest rate swaps related to: | ||||||||||||||||
Subordinated debentures | $ | — | $ | — | $ | (5,000 | ) | $ | (26 | ) | ||||||
CDARS deposits | (10,250 | ) | (133 | ) | (10,250 | ) | (192 | ) | ||||||||
FHLB advances | (15,000 | ) | (865 | ) | (15,000 | ) | (963 | ) | ||||||||
Total included in other liabilities | $ | (998 | ) | $ | (1,181 | ) |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of Activity in Stock Option Plan | ' | ||||||||||||
A summary of the activity in the stock option plan for the three months ended March 31, 2014 was as follows: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||
Outstanding at January 1, 2014 | 271,194 | $ | 6.55 | 7.8 years | $ | 1,239 | |||||||
Granted | — | — | |||||||||||
Exercised | (2,236 | ) | 6.44 | ||||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at March 31, 2014 | 268,958 | $ | 6.55 | 7.6 years | 1,132 | ||||||||
Fully vested and expected to vest | 268,958 | $ | 6.55 | 7.6 years | 1,132 | ||||||||
Exercisable at end of period | 96,334 | 6.44 | 7.6 years | 416 | |||||||||
A summary of the activity in the stock option plan for the three months ended March 31, 2013 was as follows: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||
Outstanding at January 1, 2013 | 281,829 | $ | 6.44 | 8.7 years | $ | 2,474 | |||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at March 31, 2013 | 281,829 | $ | 6.44 | 8.5 years | 2,790 | ||||||||
Fully vested and expected to vest | 281,829 | $ | 6.44 | 8.5 years | 2,790 | ||||||||
Exercisable at end of period | 56,366 | 6.44 | 8.5 years | 195 | |||||||||
Summary of Changes in Company's Nonvested Shares | ' | ||||||||||||
A summary of changes in the Company’s nonvested shares for the three months ended March 31, 2014 was as follows: | |||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at January 1, 2014 | 72,146 | $ | 6.54 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Nonvested at March 31, 2014 | 72,146 | $ | 6.54 | ||||||||||
A summary of changes in the Company’s nonvested shares for the three months ended March 31, 2013 follows: | |||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at January 1, 2013 | 93,528 | $ | 6.44 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Nonvested at March 31, 2013 | 93,528 | $ | 6.44 | ||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
A summary of the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2014 is as follows: | ||||||||||||
Gains (Losses) | Unrealized | Total | ||||||||||
on Cash Flow | Gains (Losses) | |||||||||||
Hedges | on Available- | |||||||||||
for-Sale | ||||||||||||
Securities | ||||||||||||
(Dollars in thousands) | ||||||||||||
Beginning balance | $ | (779 | ) | $ | (1,059 | ) | $ | (1,838 | ) | |||
Other comprehensive income before reclassification | 122 | 989 | 1,111 | |||||||||
Amounts reclassified from accumulated other | — | (7 | ) | (7 | ) | |||||||
comprehensive income | ||||||||||||
Net current period other comprehensive income | 122 | 982 | 1,104 | |||||||||
Ending balance | $ | (657 | ) | $ | (77 | ) | $ | (734 | ) | |||
A summary of the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2013 is as follows: | ||||||||||||
Gains (Losses) | Unrealized | Total | ||||||||||
on Cash Flow | Gains (Losses) | |||||||||||
Hedges | on Available- | |||||||||||
for-Sale | ||||||||||||
Securities | ||||||||||||
(Dollars in thousands) | ||||||||||||
Beginning balance | $ | (1,309 | ) | $ | 3,673 | $ | 2,364 | |||||
Other comprehensive income (loss) before reclassification | 131 | (363 | ) | (232 | ) | |||||||
Amounts reclassified from accumulated | — | (167 | ) | (167 | ) | |||||||
other comprehensive income | ||||||||||||
Net current period other comprehensive income (loss) | 131 | (530 | ) | (399 | ) | |||||||
Ending balance | $ | (1,178 | ) | $ | 3,143 | $ | 1,965 | |||||
Summary of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
A summary of the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2014 is as follows: | ||||||||||||
Details about | Amount | Affected Line Item | ||||||||||
Accumulated Other | Reclassified from | in the Statement | ||||||||||
Comprehensive | Accumulated Other | Where Net | ||||||||||
Income (Loss) Components | Comprehensive | Income is Presented | ||||||||||
Income (Loss) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
$ | 10 | Net gains on securities | ||||||||||
10 | Total before tax | |||||||||||
(3 | ) | Income tax expense | ||||||||||
$ | 7 | Net of tax | ||||||||||
A summary of the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2013 is as follows: | ||||||||||||
Details about | Amount | Affected Line Item | ||||||||||
Accumulated Other | Reclassified from | in the Statement | ||||||||||
Comprehensive | Accumulated Other | Where Net | ||||||||||
Income (Loss) Components | Comprehensive | Income is Presented | ||||||||||
Income (Loss) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
$ | 253 | Net gains on securities | ||||||||||
253 | Total before tax | |||||||||||
(86 | ) | Income tax expense | ||||||||||
$ | 167 | Net of tax | ||||||||||
OFFSETTING_FINANCIAL_ASSETS_AN1
OFFSETTING FINANCIAL ASSETS AND LIABILITIES (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Offsetting Financial Assets And Liabilities [Abstract] | ' | |||||||||||||||||||||||
Summary of Offsetting Financial Assets and Liabilities | ' | |||||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the | ||||||||||||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||||||||||
Gross | Gross | Net | Financial | Cash | Net | |||||||||||||||||||
Amounts of | Amounts | Amounts of | Instruments | Collateral | Amount | |||||||||||||||||||
Recognized | Offset | Liabilities | Pledged | |||||||||||||||||||||
Liabilities | in the | Presented | ||||||||||||||||||||||
Consolidated | in the | |||||||||||||||||||||||
Balance Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Description: | ||||||||||||||||||||||||
Derivatives | $ | 998 | $ | — | $ | 998 | $ | (2,080 | ) | $ | — | $ | (1,082 | ) | ||||||||||
Repurchase agreements | 418 | — | 418 | (418 | ) | — | — | |||||||||||||||||
Total | $ | 1,416 | $ | — | $ | 1,416 | $ | (2,498 | ) | $ | — | $ | (1,082 | ) | ||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the | ||||||||||||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||||||||||
Gross | Gross | Net | Financial | Cash | Net | |||||||||||||||||||
Amounts of | Amounts | Amounts of | Instruments | Collateral | Amount | |||||||||||||||||||
Recognized | Offset | Liabilities | Pledged | |||||||||||||||||||||
Liabilities | in the | Presented | ||||||||||||||||||||||
Consolidated | in the | |||||||||||||||||||||||
Balance Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Description: | ||||||||||||||||||||||||
Derivatives | $ | 1,181 | $ | — | $ | 1,181 | $ | (2,150 | ) | $ | (220 | ) | $ | (1,189 | ) | |||||||||
Repurchase agreements | 710 | — | 710 | (710 | ) | — | — | |||||||||||||||||
Total | $ | 1,891 | $ | — | $ | 1,891 | $ | (2,860 | ) | $ | (220 | ) | $ | (1,189 | ) | |||||||||
Earnings_Per_Share_Factors_Use
Earnings Per Share - Factors Used in Earnings Per Common Share Computation (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic: | ' | ' |
Net income | $850 | $1,088 |
Weighted average common shares outstanding | 5,886,073 | 6,205,250 |
Less: Average unallocated ESOP shares | -401,935 | -424,421 |
Average shares | 5,484,138 | 5,780,829 |
Basic earnings per common share (in usd per share) | $0.15 | $0.19 |
Diluted: | ' | ' |
Net income | $850 | $1,088 |
Average shares | 5,484,138 | 5,780,829 |
Add: Diluted effects of assumed exercises of stock options | 79,155 | 50,522 |
Average shares and dilutive potential common shares | 5,563,293 | 5,831,351 |
Diluted earnings per common share (in usd per share) | $0.15 | $0.19 |
Recovered_Sheet1
Securities Available For Sale - Amortized Cost and Fair Value of Available-for-Sale Securities and the Related Gross Unrealized Gains and Losses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ' | ' |
Amortized Cost | $174,033 | $165,876 |
Unrealized Gains | 2,630 | 1,958 |
Unrealized Losses | -2,745 | -3,562 |
Fair Value | 173,918 | 164,272 |
U.S. federal agency obligations [Member] | ' | ' |
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ' | ' |
Amortized Cost | 7,706 | 6,249 |
Unrealized Gains | 32 | 43 |
Unrealized Losses | -113 | -142 |
Fair Value | 7,625 | 6,150 |
State and municipal [Member] | ' | ' |
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ' | ' |
Amortized Cost | 56,538 | 54,892 |
Unrealized Gains | 2,083 | 1,505 |
Unrealized Losses | -371 | -674 |
Fair Value | 58,250 | 55,723 |
Mortgage-backed securities - residential [Member] | ' | ' |
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ' | ' |
Amortized Cost | 34,280 | 28,197 |
Unrealized Gains | 169 | 107 |
Unrealized Losses | -223 | -366 |
Fair Value | 34,226 | 27,938 |
Government agency sponsored collateralized mortgage obligations [Member] | ' | ' |
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ' | ' |
Amortized Cost | 72,388 | 74,417 |
Unrealized Gains | 321 | 274 |
Unrealized Losses | -2,023 | -2,380 |
Fair Value | 70,686 | 72,311 |
Corporate debt securities [Member] | ' | ' |
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ' | ' |
Amortized Cost | 3,121 | 2,121 |
Unrealized Gains | 25 | 29 |
Unrealized Losses | -15 | 0 |
Fair Value | $3,131 | $2,150 |
Securities_Available_For_Sale_1
Securities Available For Sale - Fair Value of Securities with Unrealized Losses, Aggregated by Investment Category and Length of Time (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of securities with unrealized losses, aggregated by investment category and length of time | ' | ' |
Continuing Unrealized Loss For Less Than 12 Months Fair Value | $73,461 | $89,197 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | -2,052 | -3,089 |
Continuing Unrealized Loss For 12 Months or More Fair Value | 16,201 | 8,232 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | -693 | -473 |
Total Fair Value | 89,662 | 97,429 |
Total Unrealized Loss | -2,745 | -3,562 |
U.S. federal agency obligations [Member] | ' | ' |
Fair value of securities with unrealized losses, aggregated by investment category and length of time | ' | ' |
Continuing Unrealized Loss For Less Than 12 Months Fair Value | 5,468 | 2,858 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | -113 | -142 |
Continuing Unrealized Loss For 12 Months or More Fair Value | 0 | 0 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | 0 | 0 |
Total Fair Value | 5,468 | 2,858 |
Total Unrealized Loss | -113 | -142 |
State and municipal [Member] | ' | ' |
Fair value of securities with unrealized losses, aggregated by investment category and length of time | ' | ' |
Continuing Unrealized Loss For Less Than 12 Months Fair Value | 12,958 | 17,352 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | -275 | -558 |
Continuing Unrealized Loss For 12 Months or More Fair Value | 1,852 | 1,524 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | -96 | -116 |
Total Fair Value | 14,810 | 18,876 |
Total Unrealized Loss | -371 | -674 |
Mortgage-backed securities - residential [Member] | ' | ' |
Fair value of securities with unrealized losses, aggregated by investment category and length of time | ' | ' |
Continuing Unrealized Loss For Less Than 12 Months Fair Value | 18,088 | 22,432 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | -189 | -366 |
Continuing Unrealized Loss For 12 Months or More Fair Value | 2,640 | 0 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | -34 | 0 |
Total Fair Value | 20,728 | 22,432 |
Total Unrealized Loss | -223 | -366 |
Government agency sponsored collateralized mortgage obligations [Member] | ' | ' |
Fair value of securities with unrealized losses, aggregated by investment category and length of time | ' | ' |
Continuing Unrealized Loss For Less Than 12 Months Fair Value | 35,962 | 46,555 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | -1,460 | -2,023 |
Continuing Unrealized Loss For 12 Months or More Fair Value | 11,709 | 6,708 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | -563 | -357 |
Total Fair Value | 47,671 | 53,263 |
Total Unrealized Loss | -2,023 | -2,380 |
Corporate debt securities [Member] | ' | ' |
Fair value of securities with unrealized losses, aggregated by investment category and length of time | ' | ' |
Continuing Unrealized Loss For Less Than 12 Months Fair Value | 985 | ' |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | -15 | ' |
Continuing Unrealized Loss For 12 Months or More Fair Value | 0 | ' |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | 0 | ' |
Total Fair Value | 985 | ' |
Total Unrealized Loss | ($15) | ' |
Securities_Available_For_Sale_2
Securities Available For Sale - Sales of Securities Available for Sale (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Proceeds | $680 | $5,260 |
Gross gains | 10 | 253 |
Gross losses | $0 | $0 |
Securities_Available_For_Sale_3
Securities Available For Sale - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | ' |
Due in one year or less, Amortized Cost | $3,009 |
Due from more than one to five years, Amortized Cost | 13,658 |
Due from more than five to ten years, Amortized Cost | 35,761 |
Due after ten years, Amortized Cost | 14,937 |
Subtotal, Amortized Cost | 67,365 |
Mortgage-backed securities and CMOs, Amortized Cost | 106,668 |
Total, Amortized Cost Basis | 174,033 |
Due in one year or less, Fair Value | 3,031 |
Due from more than one to five years, Fair Value | 13,893 |
Due from more than five to ten years, Fair Value | 36,342 |
Due after ten years, Fair Value | 15,740 |
Subtotal, Fair Value | 69,006 |
Mortgage-backed securities and CMOs, Fair Value | 104,912 |
Total, Fair Value | $173,918 |
Securities_Available_For_Sale_4
Securities Available For Sale - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Investment | Investment | |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Investment in debt securities which were in an unrealized loss position | 115 | 122 |
Number of investments in debt securities in unrealized loss position for less than a year | 94 | 110 |
Number of investments in debt securities in unrealized loss position for more than a year | 21 | 12 |
Unrealized loss position | 'less than twelve months | 'less than twelve months |
Securities pledged, carrying amount | $56.70 | $57.70 |
Loans_Loans_and_Allowances_for
Loans - Loans and Allowances for Loans Losses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Loans and allowances for loan losses | ' | ' | ' | ' |
Subtotal | $296,324 | $296,912 | ' | ' |
Less: Net deferred loan (fees) costs | 269 | 278 | ' | ' |
Allowance for loan losses | -3,868 | -3,905 | -4,220 | -4,308 |
Loans, net | 292,725 | 293,285 | ' | ' |
Commercial [Member] | ' | ' | ' | ' |
Loans and allowances for loan losses | ' | ' | ' | ' |
Subtotal | 125,973 | 128,922 | ' | ' |
Allowance for loan losses | -2,633 | -2,725 | -3,122 | -3,131 |
Mortgage [Member] | ' | ' | ' | ' |
Loans and allowances for loan losses | ' | ' | ' | ' |
Subtotal | 35,488 | 35,438 | ' | ' |
Allowance for loan losses | -535 | -458 | -359 | -401 |
Mortgage warehouse [Member] | ' | ' | ' | ' |
Loans and allowances for loan losses | ' | ' | ' | ' |
Subtotal | 118,213 | 115,443 | ' | ' |
Allowance for loan losses | -520 | -508 | -530 | -601 |
Residential construction [Member] | ' | ' | ' | ' |
Loans and allowances for loan losses | ' | ' | ' | ' |
Subtotal | 651 | 792 | ' | ' |
Allowance for loan losses | -1 | 0 | -2 | -2 |
Home equity [Member] | ' | ' | ' | ' |
Loans and allowances for loan losses | ' | ' | ' | ' |
Subtotal | 11,211 | 11,397 | ' | ' |
Allowance for loan losses | -106 | -111 | -122 | -130 |
Consumer and other [Member] | ' | ' | ' | ' |
Loans and allowances for loan losses | ' | ' | ' | ' |
Subtotal | 4,788 | 4,920 | ' | ' |
Allowance for loan losses | ($73) | ($83) | ($85) | ($43) |
Loans_Additional_Information_D
Loans - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans, including fees | $3,250,000 | $3,577,000 |
Mortgage Warehouse [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of mortgage companies | 20 | 11 |
Mortgage warehouse loans, originated | 414,600,000 | 604,700,000 |
Mortgage warehouse loans, sold | 412,000,000 | 622,300,000 |
Loans, including fees | 894,000 | 1,163,000 |
Mortgage warehouse loan fees | 125,000 | 193,000 |
Wire transfer fees | $41,000 | $67,000 |
Allowance_for_Loan_Losses_by_P
Allowance for Loan Losses - by Portfolio Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for loan losses: | ' | ' |
Beginning balance | $3,905 | $4,308 |
Charge-offs | -44 | -114 |
Recoveries | 7 | 23 |
Provisions | 0 | 3 |
Ending balance | 3,868 | 4,220 |
Commercial [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 2,725 | 3,131 |
Charge-offs | 0 | -66 |
Recoveries | 0 | 0 |
Provisions | -92 | 57 |
Ending balance | 2,633 | 3,122 |
Mortgage [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 458 | 401 |
Charge-offs | -37 | -19 |
Recoveries | 0 | 19 |
Provisions | 114 | -42 |
Ending balance | 535 | 359 |
Mortgage Warehouse [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 508 | 601 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 12 | -71 |
Ending balance | 520 | 530 |
Residential Construction [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 0 | 2 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 1 | 0 |
Ending balance | 1 | 2 |
Home Equity [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 111 | 130 |
Charge-offs | 0 | -22 |
Recoveries | 0 | 0 |
Provisions | -5 | 14 |
Ending balance | 106 | 122 |
Consumer and Other [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 83 | 43 |
Charge-offs | -7 | -7 |
Recoveries | 7 | 4 |
Provisions | -10 | 45 |
Ending balance | 73 | 85 |
Unallocated [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Beginning balance | 20 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | -20 | 0 |
Ending balance | $0 | $0 |
Allowance_for_Loan_Losses_Reco
Allowance for Loan Losses - Recorded Investment in Loans by Portfolio Segment and Impairment Method (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Ending allowance balance attributable to loans: | ' | ' |
Individually evaluated for impairment | $1,017 | $959 |
Collectively evaluated for impairment | 2,851 | 2,946 |
Acquired with deteriorated credit quality | 0 | 0 |
Total ending allowance | 3,868 | 3,905 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 11,934 | 11,445 |
Loans collectively evaluated for impairment | 283,606 | 284,675 |
Loans acquired with deteriorated credit quality | 784 | 792 |
Total ending loan balance | 296,324 | 296,912 |
Commercial [Member] | ' | ' |
Ending allowance balance attributable to loans: | ' | ' |
Individually evaluated for impairment | 787 | 792 |
Collectively evaluated for impairment | 1,846 | 1,933 |
Acquired with deteriorated credit quality | 0 | 0 |
Total ending allowance | 2,633 | 2,725 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 10,132 | 9,930 |
Loans collectively evaluated for impairment | 115,179 | 118,324 |
Loans acquired with deteriorated credit quality | 662 | 668 |
Total ending loan balance | 125,973 | 128,922 |
Mortgage [Member] | ' | ' |
Ending allowance balance attributable to loans: | ' | ' |
Individually evaluated for impairment | 202 | 135 |
Collectively evaluated for impairment | 333 | 323 |
Acquired with deteriorated credit quality | 0 | 0 |
Total ending allowance | 535 | 458 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 1,763 | 1,472 |
Loans collectively evaluated for impairment | 33,603 | 33,842 |
Loans acquired with deteriorated credit quality | 122 | 124 |
Total ending loan balance | 35,488 | 35,438 |
Mortgage Warehouse [Member] | ' | ' |
Ending allowance balance attributable to loans: | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 520 | 508 |
Acquired with deteriorated credit quality | 0 | 0 |
Total ending allowance | 520 | 508 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 118,213 | 115,443 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total ending loan balance | 118,213 | 115,443 |
Residential Construction [Member] | ' | ' |
Ending allowance balance attributable to loans: | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1 | 0 |
Acquired with deteriorated credit quality | 0 | 0 |
Total ending allowance | 1 | 0 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 651 | 792 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total ending loan balance | 651 | 792 |
Home Equity [Member] | ' | ' |
Ending allowance balance attributable to loans: | ' | ' |
Individually evaluated for impairment | 28 | 32 |
Collectively evaluated for impairment | 78 | 79 |
Acquired with deteriorated credit quality | 0 | 0 |
Total ending allowance | 106 | 111 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 39 | 43 |
Loans collectively evaluated for impairment | 11,172 | 11,354 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total ending loan balance | 11,211 | 11,397 |
Consumer and Other [Member] | ' | ' |
Ending allowance balance attributable to loans: | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 73 | 83 |
Acquired with deteriorated credit quality | 0 | 0 |
Total ending allowance | 73 | 83 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 4,788 | 4,920 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total ending loan balance | 4,788 | 4,920 |
Unallocated [Member] | ' | ' |
Ending allowance balance attributable to loans: | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 0 | 20 |
Acquired with deteriorated credit quality | 0 | 0 |
Total ending allowance | 0 | 20 |
Loans: | ' | ' |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 0 | 0 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total ending loan balance | $0 | $0 |
Allowance_for_Loan_Losses_Info
Allowance for Loan Losses - Information Related to Impaired Loans by Class of Loans (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Unpaid Principal Balance | $8,062 | $7,321 |
With an allowance recorded, Unpaid Principal Balance | 4,177 | 4,124 |
Total, Unpaid Principal Balance | 12,239 | 11,445 |
With no related allowance recorded, Recorded Investment | 7,983 | 7,321 |
With an allowance recorded, Recorded Investment | 3,951 | 4,124 |
Total, Recorded Investment | 11,934 | 11,445 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | 1,017 | 959 |
Total, Allowance For Loan Losses Allocated | 1,017 | 959 |
Commercial: Real estate [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Unpaid Principal Balance | 2,798 | 2,832 |
With an allowance recorded, Unpaid Principal Balance | 842 | 843 |
With no related allowance recorded, Recorded Investment | 2,798 | 2,832 |
With an allowance recorded, Recorded Investment | 814 | 843 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | 247 | 275 |
Commercial Real Estate And Multi Family Portfolio Segment [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Unpaid Principal Balance | 3,750 | 3,508 |
With no related allowance recorded, Recorded Investment | 3,750 | 3,508 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
Commercial: Land [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Unpaid Principal Balance | 213 | 201 |
With an allowance recorded, Unpaid Principal Balance | 2,751 | 2,547 |
With no related allowance recorded, Recorded Investment | 201 | 201 |
With an allowance recorded, Recorded Investment | 2,569 | 2,547 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | 540 | 517 |
Mortgage [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Unpaid Principal Balance | 1,290 | 769 |
With an allowance recorded, Unpaid Principal Balance | 556 | 702 |
With no related allowance recorded, Recorded Investment | 1,223 | 769 |
With an allowance recorded, Recorded Investment | 540 | 702 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | 202 | 135 |
Home equity [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Unpaid Principal Balance | 11 | 11 |
With an allowance recorded, Unpaid Principal Balance | 28 | 32 |
With no related allowance recorded, Recorded Investment | 11 | 11 |
With an allowance recorded, Recorded Investment | 28 | 32 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | $28 | $32 |
Allowance_for_Loan_Losses_Loan
Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Average Recorded Investment | $7,765 | $3,437 |
With an allowance recorded, Average Recorded Investment | 3,593 | 4,325 |
Total, Average Recorded Investment | 11,358 | 7,762 |
With no related allowance recorded, Interest Income Recognized | 94 | 2 |
With an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Interest Income Recognized | 94 | 2 |
Commercial: Real estate [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Average Recorded Investment | 2,815 | 2,003 |
With an allowance recorded, Average Recorded Investment | 815 | 820 |
With no related allowance recorded, Interest Income Recognized | 39 | 2 |
With an allowance recorded, Interest Income Recognized | 0 | 0 |
Commercial Real Estate And Multi Family Portfolio Segment [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Average Recorded Investment | 3,510 | 0 |
With no related allowance recorded, Interest Income Recognized | 49 | 0 |
Commercial: Land [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Average Recorded Investment | 201 | 213 |
With an allowance recorded, Average Recorded Investment | 2,574 | 2,756 |
With no related allowance recorded, Interest Income Recognized | 0 | 0 |
With an allowance recorded, Interest Income Recognized | 0 | 0 |
Mortgage [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Average Recorded Investment | 1,228 | 1,175 |
With an allowance recorded, Average Recorded Investment | 176 | 749 |
With no related allowance recorded, Interest Income Recognized | 6 | 0 |
With an allowance recorded, Interest Income Recognized | 0 | 0 |
Home equity [Member] | ' | ' |
Information related to impaired loans by class of loans | ' | ' |
With no related allowance recorded, Average Recorded Investment | 11 | 46 |
With an allowance recorded, Average Recorded Investment | 28 | 0 |
With no related allowance recorded, Interest Income Recognized | 0 | 0 |
With an allowance recorded, Interest Income Recognized | $0 | $0 |
Allowance_for_Loan_Losses_Inve
Allowance for Loan Losses - Investment in Nonaccrual Loans (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in nonaccrual loans and loans past due | ' | ' |
Nonaccrual | $5,189 | $4,908 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial : Commercial and other [Member] | ' | ' |
Investment in nonaccrual loans and loans past due | ' | ' |
Nonaccrual | 27 | 27 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial: Real estate [Member] | ' | ' |
Investment in nonaccrual loans and loans past due | ' | ' |
Nonaccrual | 868 | 897 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial: Land [Member] | ' | ' |
Investment in nonaccrual loans and loans past due | ' | ' |
Nonaccrual | 2,770 | 2,748 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Mortgage [Member] | ' | ' |
Investment in nonaccrual loans and loans past due | ' | ' |
Nonaccrual | 1,483 | 1,190 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Home equity [Member] | ' | ' |
Investment in nonaccrual loans and loans past due | ' | ' |
Nonaccrual | 39 | 43 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Consumer and other [Member] | ' | ' |
Investment in nonaccrual loans and loans past due | ' | ' |
Nonaccrual | 2 | 3 |
Loans Past Due Over 90 Days Still Accruing | $0 | $0 |
Allowance_for_Loan_Losses_Agin
Allowance for Loan Losses - Aging of Recorded Investment in Past Due Loans (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | $2,088 | $3,275 |
60-89 Days Past Due | 1,172 | 7 |
Greater than 90 Days Past Due | 4,223 | 4,367 |
Total Past Due | 7,483 | 7,649 |
Loans Not Past Due | 288,841 | 289,263 |
Total ending loan balance | 296,324 | 296,912 |
Commercial : Commercial and other [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 0 | 2 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 27 | 0 |
Total Past Due | 27 | 2 |
Loans Not Past Due | 17,827 | 17,638 |
Total ending loan balance | 17,854 | 17,640 |
Commercial: Real estate [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 984 | 2,377 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 868 | 874 |
Total Past Due | 1,852 | 3,251 |
Loans Not Past Due | 79,138 | 80,531 |
Total ending loan balance | 80,990 | 83,782 |
Commercial: Five or more family [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 0 | 76 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 76 |
Loans Not Past Due | 14,960 | 15,326 |
Total ending loan balance | 14,960 | 15,402 |
Commercial: Construction [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 875 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 875 | 0 |
Loans Not Past Due | 3,353 | 3,949 |
Total ending loan balance | 4,228 | 3,949 |
Commercial: Land [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 2,348 | 2,317 |
Total Past Due | 2,348 | 2,317 |
Loans Not Past Due | 5,593 | 5,832 |
Total ending loan balance | 7,941 | 8,149 |
Mortgage [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 1,055 | 640 |
60-89 Days Past Due | 136 | 7 |
Greater than 90 Days Past Due | 939 | 1,161 |
Total Past Due | 2,130 | 1,808 |
Loans Not Past Due | 33,358 | 33,630 |
Total ending loan balance | 35,488 | 35,438 |
Mortgage warehouse [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Loans Not Past Due | 118,213 | 115,443 |
Total ending loan balance | 118,213 | 115,443 |
Residential Construction: Construction [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 43 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 43 | 0 |
Loans Not Past Due | 322 | 503 |
Total ending loan balance | 365 | 503 |
Residential Construction: Land [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Loans Not Past Due | 286 | 289 |
Total ending loan balance | 286 | 289 |
Home equity [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 6 | 4 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 39 | 12 |
Total Past Due | 45 | 16 |
Loans Not Past Due | 11,166 | 11,381 |
Total ending loan balance | 11,211 | 11,397 |
Consumer and other [Member] | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 0 | 176 |
60-89 Days Past Due | 161 | 0 |
Greater than 90 Days Past Due | 2 | 3 |
Total Past Due | 163 | 179 |
Loans Not Past Due | 4,625 | 4,741 |
Total ending loan balance | $4,788 | $4,920 |
Allowance_for_Loan_Losses_Loan1
Allowance for Loan Losses - Loans by Class Modified as TDRs (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
loan | |
Financing Receivable, Modifications [Line Items] | ' |
Number of Loans | 2 |
Pre-Modification Outstanding Recorded Investment | $4,426 |
Post-Modification Outstanding Recorded Investment | 4,669 |
Commercial Real Estate [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Loans | 1 |
Pre-Modification Outstanding Recorded Investment | 919 |
Post-Modification Outstanding Recorded Investment | 919 |
Commercial Real Estate And Multi Family Portfolio Segment [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Loans | 1 |
Pre-Modification Outstanding Recorded Investment | 3,507 |
Post-Modification Outstanding Recorded Investment | $3,750 |
Allowance_for_Loan_Losses_Risk
Allowance for Loan Losses - Risk Category of Loans by Class of Loans (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Not Rated [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | $164,334 | $161,584 |
Not Rated [Member] | Commercial : Commercial and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 252 | 83 |
Not Rated [Member] | Commercial: Real estate [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Not Rated [Member] | Commercial: Five or more family [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 185 | 188 |
Not Rated [Member] | Commercial: Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Not Rated [Member] | Commercial: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 12 | 0 |
Not Rated [Member] | Mortgage [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 29,973 | 29,977 |
Not Rated [Member] | Mortgage warehouse [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 118,213 | 115,443 |
Not Rated [Member] | Residential Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 365 | 503 |
Not Rated [Member] | Residential Construction: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 286 | 289 |
Not Rated [Member] | Home equity [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 10,943 | 11,116 |
Not Rated [Member] | Consumer and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 4,105 | 3,985 |
Pass [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 110,881 | 114,212 |
Pass [Member] | Commercial : Commercial and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 17,072 | 17,159 |
Pass [Member] | Commercial: Real estate [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 69,582 | 71,943 |
Pass [Member] | Commercial: Five or more family [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 11,025 | 11,706 |
Pass [Member] | Commercial: Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 4,228 | 3,949 |
Pass [Member] | Commercial: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 5,054 | 5,296 |
Pass [Member] | Mortgage [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 3,109 | 3,323 |
Pass [Member] | Mortgage warehouse [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Pass [Member] | Residential Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Pass [Member] | Residential Construction: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Pass [Member] | Home equity [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 128 | 133 |
Pass [Member] | Consumer and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 683 | 703 |
Special Mention [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 7,391 | 7,995 |
Special Mention [Member] | Commercial : Commercial and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 465 | 380 |
Special Mention [Member] | Commercial: Real estate [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 6,263 | 6,705 |
Special Mention [Member] | Commercial: Five or more family [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Special Mention [Member] | Commercial: Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Special Mention [Member] | Commercial: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 105 | 106 |
Special Mention [Member] | Mortgage [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 460 | 471 |
Special Mention [Member] | Mortgage warehouse [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Special Mention [Member] | Residential Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Special Mention [Member] | Residential Construction: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Special Mention [Member] | Home equity [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 98 | 101 |
Special Mention [Member] | Consumer and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 232 |
Substandard [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 13,695 | 13,098 |
Substandard [Member] | Commercial : Commercial and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 42 | 18 |
Substandard [Member] | Commercial: Real estate [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 5,145 | 5,111 |
Substandard [Member] | Commercial: Five or more family [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 3,750 | 3,508 |
Substandard [Member] | Commercial: Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Substandard [Member] | Commercial: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 2,770 | 2,747 |
Substandard [Member] | Mortgage [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 1,946 | 1,667 |
Substandard [Member] | Mortgage warehouse [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Substandard [Member] | Residential Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Substandard [Member] | Residential Construction: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Substandard [Member] | Home equity [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 42 | 47 |
Substandard [Member] | Consumer and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 23 | 23 |
Doubtful [Member] | Commercial : Commercial and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 23 | 0 |
Doubtful [Member] | Commercial: Real estate [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 23 |
Doubtful [Member] | Commercial: Five or more family [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Commercial: Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Commercial: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Mortgage [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Mortgage warehouse [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Residential Construction [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Residential Construction: Land [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Home equity [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Consumer and other [Member] | ' | ' |
Recent analysis performed for risk category of loans | ' | ' |
Recorded investment in loans | $0 | $0 |
Allowance_for_Loan_Losses_Outs
Allowance for Loan Losses - Outstanding Balance and Carrying Amount of Purchased Loans (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Outstanding balance and carrying amount of purchased loans | ' | ' |
Outstanding balance | $813 | $820 |
Carrying amount, net of allowance of $0 | 784 | 791 |
Commercial : Commercial and other [Member] | ' | ' |
Outstanding balance and carrying amount of purchased loans | ' | ' |
Outstanding balance | 27 | 27 |
Commercial: Real estate [Member] | ' | ' |
Outstanding balance and carrying amount of purchased loans | ' | ' |
Outstanding balance | 664 | 670 |
Mortgage [Member] | ' | ' |
Outstanding balance and carrying amount of purchased loans | ' | ' |
Outstanding balance | $122 | $123 |
Allowance_for_Loan_Losses_Accr
Allowance for Loan Losses - Accretable Yield, or Income Expected to be Collected on Purchased Loans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Beginning balance | $73 | $128 |
Reclassification from non-accretable yield | 0 | 1 |
Accretion of income | -14 | -15 |
Disposals | 0 | 0 |
Ending balance | $59 | $114 |
Allowance_for_Loan_Losses_Addi
Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Contract | Contract | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance of loans modified as TDRs | $4,426,000 | ' | $5,986,000 | $2,176,000 | $5,700,000 | $1,900,000 | $256,000 | $227,000 |
Specific reserves with loan term modified | ' | ' | 61,000 | 61,000 | ' | ' | ' | ' |
Troubled debt restructurings previously disclosed resulted in charge offs | 0 | 0 | ' | ' | ' | ' | ' | ' |
Number of troubled debt restructurings defaulted | 0 | 0 | ' | ' | ' | ' | ' | ' |
Loan payment default term | ' | ' | ' | ' | '90 days | ' | ' | ' |
Allowance for loan losses reversed | $0 | $0 | ' | ' | ' | ' | ' | ' |
Fair_Value_Valuation_Methodolo
Fair Value - Valuation Methodology and Unobservable Inputs for Impaired Loans and Other Real Estate Owned (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
Impaired loans [Member] | Commercial: Real estate [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Valuation Methodology | 'Appraisals | 'Appraisals | ' |
Fair Value, Average of Inputs | 21.00% | ' | 21.00% |
Impaired loans [Member] | Commercial: Land [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Valuation Methodology | 'Appraisals | 'Appraisals | ' |
Fair Value, Average of Inputs | 8.00% | ' | 8.00% |
Impaired loans [Member] | Mortgage [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Valuation Methodology | 'Appraisals | 'Appraisals | ' |
Fair Value, Average of Inputs | 19.00% | ' | 10.00% |
Other real estate owned, net [Member] | Commercial: Real estate [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Valuation Methodology | 'Appraisals | 'Appraisals | ' |
Fair Value, Average of Inputs | 48.00% | ' | 39.00% |
Other real estate owned, net [Member] | Commercial: Land [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Valuation Methodology | 'Appraisals | 'Appraisals | ' |
Fair Value, Average of Inputs | 29.00% | ' | 26.00% |
Other real estate owned, net [Member] | Mortgage [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Valuation Methodology | 'Appraisals | 'Appraisals | ' |
Fair Value, Average of Inputs | 22.00% | ' | 26.00% |
Minimum [Member] | Impaired loans [Member] | Commercial: Real estate [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 10.00% | ' | 10.00% |
Minimum [Member] | Impaired loans [Member] | Commercial: Land [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 0.00% | ' | 0.00% |
Minimum [Member] | Impaired loans [Member] | Mortgage [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 0.00% | ' | 0.00% |
Minimum [Member] | Other real estate owned, net [Member] | Commercial: Real estate [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 16.00% | ' | 6.00% |
Minimum [Member] | Other real estate owned, net [Member] | Commercial: Land [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 26.00% | ' | 25.00% |
Minimum [Member] | Other real estate owned, net [Member] | Mortgage [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 19.00% | ' | 19.00% |
Maximum [Member] | Impaired loans [Member] | Commercial: Real estate [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 65.00% | ' | 65.00% |
Maximum [Member] | Impaired loans [Member] | Commercial: Land [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 10.00% | ' | 10.00% |
Maximum [Member] | Impaired loans [Member] | Mortgage [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 40.00% | ' | 20.00% |
Maximum [Member] | Other real estate owned, net [Member] | Commercial: Real estate [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 100.00% | ' | 100.00% |
Maximum [Member] | Other real estate owned, net [Member] | Commercial: Land [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 32.00% | ' | 26.00% |
Maximum [Member] | Other real estate owned, net [Member] | Mortgage [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Fair Value, Range of Inputs | 26.00% | ' | 45.00% |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets | ' | ' |
Investment securities available for sale | $173,918 | $164,272 |
Loans held for sale | 974 | 1,118 |
Derivatives - residential mortgage loan commitments | 61 | 45 |
Financial Liabilities | ' | ' |
Derivatives - interest rate swaps | -998 | -1,181 |
U.S. federal agency obligations [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 7,625 | 6,150 |
State and municipal [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 58,250 | 55,723 |
Mortgage-backed securities - residential [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 34,226 | 27,938 |
Government agency sponsored collateralized mortgage obligations [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 70,686 | 72,311 |
Corporate debt securities [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 3,131 | 2,150 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivatives - residential mortgage loan commitments | 0 | 0 |
Financial Liabilities | ' | ' |
Derivatives - interest rate swaps | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. federal agency obligations [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and municipal [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities - residential [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government agency sponsored collateralized mortgage obligations [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate debt securities [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 173,918 | 164,272 |
Loans held for sale | 974 | 1,118 |
Derivatives - residential mortgage loan commitments | 61 | 45 |
Financial Liabilities | ' | ' |
Derivatives - interest rate swaps | -998 | -1,181 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. federal agency obligations [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 7,625 | 6,150 |
Significant Other Observable Inputs (Level 2) [Member] | State and municipal [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 58,250 | 55,723 |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities - residential [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 34,226 | 27,938 |
Significant Other Observable Inputs (Level 2) [Member] | Government agency sponsored collateralized mortgage obligations [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 70,686 | 72,311 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate debt securities [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 3,131 | 2,150 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivatives - residential mortgage loan commitments | 0 | 0 |
Financial Liabilities | ' | ' |
Derivatives - interest rate swaps | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | U.S. federal agency obligations [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | State and municipal [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities - residential [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Government agency sponsored collateralized mortgage obligations [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate debt securities [Member] | ' | ' |
Financial Assets | ' | ' |
Investment securities available for sale | $0 | $0 |
Fair_Value_Difference_Between_
Fair Value - Difference Between the Aggregate Fair Value and the Aggregate Remaining Contractual Principal Balance Outstanding for Loans Held for Sale (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | $974 | $1,118 |
Contractual Principal | 947 | 1,088 |
Aggregate Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 974 | 1,118 |
Difference [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | $27 | $30 |
Fair_Value_Amount_of_Gains_and
Fair Value - Amount of Gains and Losses from Fair Value Changes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Amount of gains and losses from fair value changes | ' | ' |
Interest Expense | ($795) | ($874) |
Loans held for sale [Member] | ' | ' |
Amount of gains and losses from fair value changes | ' | ' |
Other Gains (Losses) | -3 | 31 |
Interest Income | 4 | 6 |
Interest Expense | 0 | 0 |
Total Changes in Fair Values Included in Current Period Earnings | $1 | $37 |
Fair_Value_Assets_Measured_at_
Fair Value - Assets Measured at Fair Value on a Non-Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Impaired loans [Member] | Commercial: Real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | $567 | $568 |
Impaired loans [Member] | Commercial: Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 2,030 | 2,030 |
Impaired loans [Member] | Mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 338 | 567 |
Impaired loans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial: Real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Impaired loans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial: Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Impaired loans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Impaired loans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial: Real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Impaired loans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial: Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Impaired loans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Impaired loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial: Real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 567 | 568 |
Impaired loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial: Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 2,030 | 2,030 |
Impaired loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 338 | 567 |
Other real estate owned, net [Member] | Commercial: Real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 522 | 646 |
Other real estate owned, net [Member] | Commercial: Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 243 | 261 |
Other real estate owned, net [Member] | Mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 84 | 91 |
Other real estate owned, net [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial: Real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Other real estate owned, net [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial: Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Other real estate owned, net [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Other real estate owned, net [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial: Real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Other real estate owned, net [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial: Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Other real estate owned, net [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Other real estate owned, net [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial: Real estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 522 | 646 |
Other real estate owned, net [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial: Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 243 | 261 |
Other real estate owned, net [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 84 | 91 |
Mortgage servicing rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 190 | 190 |
Mortgage servicing rights [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 0 | 0 |
Mortgage servicing rights [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 190 | 190 |
Mortgage servicing rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | $0 | $0 |
Fair_Value_Carrying_Amounts_an
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ' | ' |
Securities available-for-sale | $173,918 | $164,272 |
Loans held for sale | 974 | 1,118 |
Financial liabilities | ' | ' |
Subordinated debentures | -5,155 | -5,155 |
Derivatives - interest rate swaps | -998 | -1,181 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Financial assets | ' | ' |
Securities available-for-sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Financial liabilities | ' | ' |
Derivatives - interest rate swaps | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial assets | ' | ' |
Securities available-for-sale | 173,918 | 164,272 |
Loans held for sale | 974 | 1,118 |
Financial liabilities | ' | ' |
Derivatives - interest rate swaps | -998 | -1,181 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial assets | ' | ' |
Securities available-for-sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Financial liabilities | ' | ' |
Derivatives - interest rate swaps | 0 | 0 |
Carrying Value [Member] | ' | ' |
Financial assets | ' | ' |
Cash and due from financial institutions | 8,500 | 18,219 |
Interest-earning time deposits at other financial institutions | 7,129 | 6,642 |
Securities available-for-sale | 173,918 | 164,272 |
Federal Home Loan Bank stock | 4,375 | 4,375 |
Loans held for sale | 974 | 1,118 |
Loans, net | 292,725 | 293,285 |
Accrued interest receivable | 1,571 | 1,612 |
Financial liabilities | ' | ' |
Deposits | -343,271 | -346,701 |
Federal Home Loan Bank advances | -82,490 | -86,777 |
Subordinated debentures | -5,155 | -5,155 |
Short-term borrowings | -8,995 | ' |
Accrued interest payable | -165 | -177 |
Derivatives - interest rate swaps | -998 | -1,181 |
Aggregate Fair Value [Member] | ' | ' |
Financial assets | ' | ' |
Loans held for sale | 974 | 1,118 |
Aggregate Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Financial assets | ' | ' |
Cash and due from financial institutions | 8,500 | 18,219 |
Interest-earning time deposits at other financial institutions | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ' | ' |
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Subordinated debentures | 0 | 0 |
Short-term borrowings | 0 | ' |
Accrued interest payable | 0 | 0 |
Derivatives - interest rate swaps | 0 | 0 |
Aggregate Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial assets | ' | ' |
Cash and due from financial institutions | 0 | 0 |
Interest-earning time deposits at other financial institutions | 7,149 | 6,671 |
Securities available-for-sale | 173,918 | 164,272 |
Loans held for sale | 974 | 1,118 |
Loans, net | 0 | 0 |
Accrued interest receivable | 902 | 962 |
Financial liabilities | ' | ' |
Deposits | -340,516 | -347,625 |
Federal Home Loan Bank advances | -83,617 | -88,077 |
Subordinated debentures | 0 | 0 |
Short-term borrowings | -8,995 | ' |
Accrued interest payable | -165 | -174 |
Derivatives - interest rate swaps | -998 | -1,181 |
Aggregate Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial assets | ' | ' |
Cash and due from financial institutions | 0 | 0 |
Interest-earning time deposits at other financial institutions | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 296,230 | 296,575 |
Accrued interest receivable | 669 | 650 |
Financial liabilities | ' | ' |
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Subordinated debentures | -5,149 | -5,152 |
Short-term borrowings | 0 | ' |
Accrued interest payable | 0 | -3 |
Derivatives - interest rate swaps | $0 | $0 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Loans held for sale, fair value | $974,000 | ' | 1,118,000 |
Loans held for sale, outstanding balance | 947,000 | ' | 1,088,000 |
Change of unrealized gains on loans held for sale | -3,000 | ' | ' |
Impaired loans, collateral dependent | 4,000,000 | 4,300,000 | ' |
Valuation allowance, impaired loans | 1,000,000 | 1,400,000 | ' |
Additional provision for loan losses impaired loan | 95,000 | 164,000 | ' |
Other real estate owned, carrying value | 849,000 | 528,000 | ' |
Write-down amount, other real estate owned | 73,000 | 91,000 | ' |
Carrying amount, mortgage servicing rights | 190,000 | 234,000 | ' |
Difference [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Loans held for sale, fair value | 27,000 | ' | 30,000 |
Mortgage servicing rights [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Discount rate | 10.00% | ' | 10.00% |
Default rate approximately | 0.50% | ' | 0.50% |
Outstanding balance | 290,000 | 372,000 | ' |
Valuation allowance | 100,000 | 138,000 | ' |
Charge on mortgage servicing rights | $6,000 | $20,000 | ' |
Mortgage servicing rights [Member] | Minimum [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Prepayment rate | 6.80% | ' | 6.50% |
Mortgage servicing rights [Member] | Maximum [Member] | ' | ' | ' |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ' | ' | ' |
Prepayment rate | 24.20% | ' | 23.00% |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Security Collateral Held in Safekeeping by Bank of New York [Member] | Security Collateral Held in Safekeeping by Bank of New York [Member] | Interest Rate Swaps Designated as Cash Flow Hedges [Member] | Interest Rate Swaps Designated as Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | $25,300 | $30,300 |
Interest expense | 207 | 204 | ' | ' | ' | ' |
Cash and securities fair value | ' | ' | 2,241 | 2,586 | ' | ' |
Collateralized the liability with cash and security | ' | ' | ' | $220 | ' | ' |
Derivatives_InterestRate_Swaps
Derivatives - Interest-Rate Swaps Designated as Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Subordinated debentures [Member] | ' | ' |
Interest-rate swaps designated as cash flow hedges | ' | ' |
Notional amount | $0 | $5,000 |
Fixed interest rate payable | 0.00% | 5.54% |
Unrealized losses | 0 | -26 |
Maturity date | 26-Mar-14 | ' |
Subordinated debentures [Member] | Three month LIBOR plus 3.10% [Member] | ' | ' |
Interest-rate swaps designated as cash flow hedges | ' | ' |
Variable interest rate receivable | 0.00% | 3.35% |
Subordinated debentures [Member] | Three month LIBOR plus 3.10% [Member] | LIBOR [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Basis spread on variable rate | 3.10% | ' |
CDARS deposits [Member] | ' | ' |
Interest-rate swaps designated as cash flow hedges | ' | ' |
Notional amount | 10,250 | 10,250 |
Fixed interest rate payable | 3.19% | 3.19% |
Unrealized losses | -133 | -192 |
Maturity date | 9-Oct-14 | ' |
CDARS deposits [Member] | One month LIBOR plus 0.55% [Member] | ' | ' |
Interest-rate swaps designated as cash flow hedges | ' | ' |
Variable interest rate receivable | 0.71% | 0.71% |
CDARS deposits [Member] | One month LIBOR plus 0.55% [Member] | LIBOR [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Basis spread on variable rate | 0.55% | ' |
FHLB advance (Sep 20, 2015) [Member] | ' | ' |
Interest-rate swaps designated as cash flow hedges | ' | ' |
Notional amount | 5,000 | 5,000 |
Fixed interest rate payable | 3.54% | 3.54% |
Unrealized losses | -221 | -253 |
Maturity date | 20-Sep-15 | ' |
FHLB advance (Sep 20, 2015) [Member] | Three month LIBOR plus 0.22% [Member] | ' | ' |
Interest-rate swaps designated as cash flow hedges | ' | ' |
Variable interest rate receivable | 0.45% | 0.46% |
FHLB advance (Sep 20, 2015) [Member] | Three month LIBOR plus 0.22% [Member] | LIBOR [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Basis spread on variable rate | 0.22% | ' |
FHLB advance (Jul 19, 2016) [Member] | ' | ' |
Interest-rate swaps designated as cash flow hedges | ' | ' |
Notional amount | 10,000 | 10,000 |
Fixed interest rate payable | 3.69% | 3.69% |
Unrealized losses | ($644) | ($710) |
Maturity date | 19-Jul-16 | ' |
FHLB advance (Jul 19, 2016) [Member] | Three month LIBOR plus 0.25% [Member] | ' | ' |
Interest-rate swaps designated as cash flow hedges | ' | ' |
Variable interest rate receivable | 0.49% | 0.49% |
FHLB advance (Jul 19, 2016) [Member] | Three month LIBOR plus 0.25% [Member] | LIBOR [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Basis spread on variable rate | 0.25% | ' |
Derivatives_Net_Losses_Recorde
Derivatives - Net Losses Recorded in Accumulated Other Comprehensive Income (Loss) and Income Relating to the Cash Flow Derivative (Detail) (Interest rate contracts [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest rate contracts [Member] | ' | ' |
Net losses recorded in accumulated other comprehensive income (loss) and income relating to the cash flow derivative | ' | ' |
Net amount of gain (loss) recognized in OCI (Effective Portion) | $122 | $131 |
Net amount of gain (loss) reclassified from OCI to interest income | 0 | 0 |
Net amount of gain (loss) recognized in other non interest income (Ineffective Portion) | $0 | $0 |
Derivatives_Cash_Flow_Hedges_I
Derivatives - Cash Flow Hedges Included in Consolidated Balance Sheets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Included in other liabilities: | ' | ' |
Fair Value | ($998) | ($1,181) |
Interest Rate Swaps Designated as Cash Flow Hedges [Member] | ' | ' |
Included in other liabilities: | ' | ' |
Notional Amount | -25,300 | -30,300 |
Fair Value | -998 | -1,181 |
Subordinated debentures [Member] | ' | ' |
Included in other liabilities: | ' | ' |
Notional Amount | 0 | -5,000 |
Subordinated debentures [Member] | Interest Rate Swaps Designated as Cash Flow Hedges [Member] | ' | ' |
Included in other liabilities: | ' | ' |
Notional Amount | 0 | -5,000 |
Fair Value | 0 | -26 |
CDARS deposits [Member] | ' | ' |
Included in other liabilities: | ' | ' |
Notional Amount | -10,250 | -10,250 |
CDARS deposits [Member] | Interest Rate Swaps Designated as Cash Flow Hedges [Member] | ' | ' |
Included in other liabilities: | ' | ' |
Notional Amount | -10,250 | -10,250 |
Fair Value | -133 | -192 |
FHLB advances [Member] | Interest Rate Swaps Designated as Cash Flow Hedges [Member] | ' | ' |
Included in other liabilities: | ' | ' |
Notional Amount | -15,000 | -15,000 |
Fair Value | ($865) | ($963) |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise of stock options (in shares) | 2,236 | 0 | ' |
Shares vested during the period | 0 | 0 | ' |
Equity Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares issued to employees and directors | ' | ' | 417,543 |
Total compensation cost charged against income | $62 | $61 | ' |
Intrinsic value of options exercised | 10 | ' | ' |
Equity Incentive Plan [Member] | Unearned ESOP Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares issued to employees and directors | 298,246 | ' | ' |
Option awards, vesting periods | '5 years | ' | ' |
Option awards, contractual terms | '10 years | ' | ' |
Option awards, annual percentage, vesting | 20.00% | ' | ' |
Exercise of stock options (in shares) | 2,236 | 0 | ' |
Cash received from exercise of stock options | 14 | ' | ' |
Tax benefits realized from exercise of stock options | 5 | ' | ' |
Weighted average fair value of options granted (in usd per share) | $2.16 | ' | ' |
Unrecognized compensation cost related to nonvested stock options granted under the Plan | 236 | ' | ' |
Cost recognized over a weighted-average period, expected | '2 years 7 months | ' | ' |
Equity Incentive Plan [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares issued to employees and directors | 119,298 | ' | ' |
Option awards, vesting periods | '5 years | ' | ' |
Option awards, annual percentage, vesting | 20.00% | ' | ' |
Unrecognized compensation cost related to nonvested stock options granted under the Plan | 388 | ' | ' |
Cost recognized over a weighted-average period, expected | '2 years 7 months | ' | ' |
Shares available for future grants | 2,388 | ' | ' |
Shares vested during the period | 46,764 | 23,382 | ' |
Total fair value of shares vested during the year | $503 | $231 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Activity in the Stock Option Plan (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Options, Outstanding Shares [Rollforward] | ' | ' | ' | ' |
Outstanding, Shares, beginning balance | 271,194 | 281,829 | 281,829 | ' |
Granted, Shares | 0 | 0 | ' | ' |
Exercised, Shares | -2,236 | 0 | ' | ' |
Forfeited or expired, Shares | 0 | 0 | ' | ' |
Outstanding, Shares, ending balance | 268,958 | 281,829 | 271,194 | 281,829 |
Fully vested and expected to vest, Shares | 268,958 | 281,829 | ' | ' |
Exercisable at end of period, Shares | 96,334 | 56,366 | ' | ' |
Options, Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' |
Outstanding, Weighted Average Exercise Price, beginning balance (in usd per share) | $6.55 | $6.44 | $6.44 | ' |
Granted, Weighted Average Exercise Price (in usd per share) | $0 | $0 | ' | ' |
Exercised, Weighted Average Exercise Price (in usd per share) | $6.44 | $0 | ' | ' |
Forfeited or expired, Weighted Average Exercise Price (in usd per share) | $0 | $0 | ' | ' |
Outstanding, Weighted Average Exercise Price, ending balance (in usd per share) | $6.55 | $6.44 | $6.55 | $6.44 |
Fully vested and expected to vest, Weighted Average Exercise Price (in usd per share) | $6.55 | $6.44 | ' | ' |
Exercisable at end of period, Weighted Average Exercise Price (in usd per share) | $6.44 | $6.44 | ' | ' |
Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Outstanding, Weighted Average Remaining Contractual Term, beginning balance | '7 years 7 months | '8 years 6 months | '7 years 9 months 12 days | '8 years 8 months 12 days |
Fully vested and expected to vest, Weighted Average Remaining Contractual Term | '7 years 7 months | '8 years 6 months | ' | ' |
Exercisable at end of period, Weighted Average Remaining Contractual Term | '7 years 7 months | '8 years 6 months | ' | ' |
Outstanding, Aggregate Intrinsic Value, beginning balance | $1,239 | $2,474 | $2,474 | ' |
Outstanding, Aggregate Intrinsic Value, ending balance | 1,132 | 2,790 | 1,239 | 2,474 |
Fully vested and expected to vest, Aggregate Intrinsic Value | 1,132 | 2,790 | ' | ' |
Exercisable at end of period, Aggregate Intrinsic Value | $416 | $195 | ' | ' |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Changes in the Company's Nonvested Shares (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Nonvested Shares [Rollforward] | ' | ' |
Nonvested, Shares, beginning balance | 72,146 | 93,528 |
Granted, Shares | 0 | 0 |
Vested, Shares | 0 | 0 |
Forfeited, Shares | 0 | 0 |
Nonvested, Shares, ending balance | 72,146 | 93,528 |
Nonvested Shares, Weighted-Average Grant-Date Fair Value [Abstract] | ' | ' |
Nonvested, Weighted-Average Grant-Date Fair Value, beginning balance (in usd per share) | $6.54 | $6.44 |
Granted, Weighted-Average Grant-Date Fair Value (in usd per share) | $0 | $0 |
Vested, Weighted-Average Grant-Date Fair Value (in usd per share) | $0 | $0 |
Forfeited, Weighted-Average Grant-Date Fair Value (in usd per share) | $0 | $0 |
Nonvested, Weighted-Average Grant-Date Fair Value, ending balance (in usd per share) | $6.54 | $6.44 |
Recovered_Sheet2
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning balance | ($1,838) | $2,364 |
Other comprehensive income (loss) before reclassification | 1,111 | -232 |
Amounts reclassified from accumulated other comprehensive income | -7 | -167 |
Net current period other comprehensive income (loss) | 1,104 | -399 |
Ending balance | -734 | 1,965 |
Gains (Losses) on Cash Flow Hedges [Member] | ' | ' |
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning balance | -779 | -1,309 |
Other comprehensive income (loss) before reclassification | 122 | 131 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current period other comprehensive income (loss) | 122 | 131 |
Ending balance | -657 | -1,178 |
Unrealized Gains (Losses) on Available- for-Sale Securities [Member] | ' | ' |
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning balance | -1,059 | 3,673 |
Other comprehensive income (loss) before reclassification | 989 | -363 |
Amounts reclassified from accumulated other comprehensive income | -7 | -167 |
Net current period other comprehensive income (loss) | 982 | -530 |
Ending balance | ($77) | $3,143 |
Recovered_Sheet3
Accumulated Other Comprehensive Income - Summary of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net gains on securities | $10 | $253 |
Income tax expense | -48 | -334 |
Total before tax | 898 | 1,422 |
Net income | 850 | 1,088 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Available- for-Sale Securities [Member] | ' | ' |
Schedule of Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net gains on securities | 10 | 253 |
Income tax expense | -3 | -86 |
Total before tax | 10 | 253 |
Net income | $7 | $167 |
Recovered_Sheet4
Offsetting Financial Assets and Liabilities - Summary of Offsetting Financial Assets and Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Offsetting Financial Assets And Liabilities [Abstract] | ' | ' |
Gross Amounts of Recognized Liabilities, Derivatives | $998 | $1,181 |
Gross Amounts Offset in the Consolidated Balance Sheet, Derivatives | 0 | 0 |
Net Amounts Liabilities Presented in the Consolidated Balance Sheet, Derivatives | 998 | 1,181 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments, Derivatives | -2,080 | -2,150 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Pledged, Derivatives | 0 | -220 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Net Amount, Derivatives | -1,082 | -1,189 |
Gross Amounts of Recognized Liabilities, Repurchase agreements | 418 | 710 |
Gross Amounts Offset in the Consolidated Balance Sheet, Repurchase Agreement | 0 | 0 |
Net Amounts Liabilities Presented in the Consolidated Balance Sheet, Repurchase Agreement | 418 | 710 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments, Repurchase Agreement | -418 | -710 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Pledged, Repurchase Agreement | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Net Amount, Repurchase Agreement | 0 | 0 |
Gross Amounts of Recognized Liabilities | 1,416 | 1,891 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Liabilities Presented in the Consolidated Balance Sheet | 1,416 | 1,891 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | -2,498 | -2,860 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Pledged | 0 | -220 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Net Amount | ($1,082) | ($1,189) |