Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document Document And Entity Information [Abstract] | ||
Entity Registrant Name | LaPorte Bancorp, Inc. | |
Entity Central Index Key | 1,549,276 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 5,580,115 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from financial institutions | $ 11,361 | $ 18,459 |
Interest-earning time deposits in other financial institutions | 14,532 | 13,599 |
Securities available-for-sale | 122,241 | 122,243 |
Federal Home Loan Bank stock, at cost (restricted) | 4,029 | 4,029 |
Loans held for sale, at fair value | 686 | 3,581 |
Loans, net of allowance for loan losses of $3,636 at March 31, 2016 and $3,634 at December 31, 2015 | 337,451 | 341,552 |
Mortgage servicing rights | 321 | 334 |
Other real estate owned | 2,170 | 2,200 |
Premises and equipment, net | 8,477 | 8,608 |
Goodwill | 8,431 | 8,431 |
Other intangible assets | 142 | 153 |
Bank owned life insurance | 15,140 | 15,034 |
Accrued interest receivable and other assets | 3,943 | 4,968 |
Total assets | 528,924 | 543,191 |
Deposits: | ||
Non-interest bearing | 65,906 | 62,020 |
Interest bearing | 295,250 | 328,939 |
Total deposits | 361,156 | 390,959 |
Federal Home Loan Bank advances | 69,132 | 55,000 |
Subordinated debentures | 5,155 | 5,155 |
Accrued interest payable and other liabilities | 6,758 | 6,529 |
Total liabilities | 442,201 | 457,643 |
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, 2016 and December 31, 2015; 5,580,115 and 5,578,223 shares issued and outstanding at March 31, 2016 and December 31, 2015 | 56 | 56 |
Additional paid-in capital | 40,421 | 40,120 |
Retained earnings | 48,312 | 47,940 |
Accumulated other comprehensive income, net of tax expense of $395 at March 31, 2016 and $162 at December 31, 2015 | 767 | 310 |
Unearned Employee Stock Ownership Plan (ESOP) shares | (2,833) | (2,878) |
Total shareholders’ equity | 86,723 | 85,548 |
Total liabilities and shareholders’ equity | $ 528,924 | $ 543,191 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for loan losses | $ 3,636 | $ 3,634 |
Preferred stock, par value (in usd per share) | $ 0 | $ 0 |
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 | 5,580,115 | 5,578,223 |
Common stock, shares outstanding | 5,580,115 | 5,578,223 |
Accumulated other comprehensive income, tax | $ (395) | $ (162) |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and dividend income: | ||
Loans, including fees | $ 4,124 | $ 3,601 |
Taxable securities | 327 | 410 |
Tax exempt securities | 368 | 408 |
Federal Home Loan Bank stock | 43 | 43 |
Other interest income | 73 | 19 |
Total interest and dividend income | 4,935 | 4,481 |
Interest expense: | ||
Deposits | 340 | 294 |
Federal Home Loan Bank advances | 309 | 268 |
Subordinated debentures | 47 | 42 |
Short-term borrowings | 0 | 1 |
Total interest expense | 696 | 605 |
Net interest income | 4,239 | 3,876 |
Provision for loan losses | 0 | 105 |
Net interest income after provision for loan losses | 4,239 | 3,771 |
Noninterest income: | ||
Service charges on deposit accounts | 75 | 76 |
ATM and debit card fees | 105 | 103 |
Wire transfer fees | 118 | 78 |
Earnings on bank owned life insurance, net | 106 | 105 |
Net gains on mortgage banking activities | 156 | 130 |
Loan servicing fees, net | 98 | 13 |
Net gains on sales of securities available-for-sale | 0 | 50 |
Gains (losses) on other assets | (30) | 10 |
Other income | 38 | 37 |
Total noninterest income | 666 | 602 |
Noninterest expense: | ||
Salaries and employee benefits | 2,150 | 1,934 |
Legal and other consulting fees | 659 | 21 |
Occupancy and equipment | 429 | 468 |
Data processing | 178 | 153 |
Advertising | 42 | 82 |
Bank examination fees | 114 | 112 |
Amortization of intangible assets | 11 | 14 |
FDIC insurance | 69 | 70 |
Collection and other real estate owned | 98 | 31 |
Other expenses | 409 | 380 |
Total noninterest expense | 4,159 | 3,265 |
Income before income taxes | 746 | 1,108 |
Income tax expense | 151 | 156 |
Net income | $ 595 | $ 952 |
Earnings per share (Note 3): | ||
Basic (in usd per share) | $ 0.11 | $ 0.18 |
Diluted (in usd per share) | $ 0.11 | $ 0.18 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Interest Expense | $ 696 | $ 605 |
Net income | 595 | 952 |
Unrealized gains on securities: | ||
Unrealized holding gains arising during the period | 1,299 | 1,012 |
Reclassification adjustment for net gains included in net income | 0 | (50) |
Gross unrealized gains | 1,299 | 962 |
Related income tax expense | (442) | (327) |
Net unrealized gains | 857 | 635 |
Unrealized losses on cash flow hedges: | ||
Gross unrealized losses | (607) | (449) |
Related income tax benefit | 207 | 153 |
Net unrealized losses | (400) | (296) |
Total other comprehensive income | 457 | 339 |
Comprehensive income | $ 1,052 | $ 1,291 |
CONSOLIDATED STATEMENTS OF CHAN
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] | Equity Incentive Plan [Member] |
Net Income (Loss) Attributable to Parent, Diluted | $ 952,000 | ||||||
Beginning Balance at Dec. 31, 2014 | 82,388,000 | $ (3,058,000) | $ 57,000 | $ 40,609,000 | $ 44,258,000 | $ 522,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 952,000 | ||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (339,000) | ||||||
Other comprehensive income (loss) | 339,000 | ||||||
Cash dividends on common stock | (225,000) | (225,000) | |||||
Repurchase of common stock | (676,000) | (1,000) | (675,000) | ||||
ESOP shares earned | 73,000 | 45,000 | 28,000 | ||||
Allocated Share-based Compensation Expense | $ 173,000 | ||||||
Exercise of stock options, 1,892 shares | 29,000 | 29,000 | |||||
Stock based compensation expense | 173,000 | ||||||
Ending Balance at Mar. 31, 2015 | 83,053,000 | (3,013,000) | 56,000 | 40,164,000 | 44,985,000 | 861,000 | |
Net Income (Loss) Attributable to Parent, Diluted | 595,000 | ||||||
Beginning Balance at Dec. 31, 2015 | 85,548,000 | (2,878,000) | 56,000 | 40,120,000 | 47,940,000 | 310,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 595,000 | ||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (457,000) | ||||||
Other comprehensive income (loss) | 457,000 | ||||||
Cash dividends on common stock | (223,000) | (223,000) | |||||
ESOP shares earned | 84,000 | 45,000 | 39,000 | ||||
Allocated Share-based Compensation Expense | $ 170,000 | ||||||
Exercise of stock options, 1,892 shares | 16,000 | 16,000 | |||||
Stock based compensation expense | 170,000 | ||||||
Ending Balance at Mar. 31, 2016 | $ 86,723,000 | $ (2,833,000) | $ 56,000 | $ 40,421,000 | $ 48,312,000 | $ 767,000 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Document Period End Date | Mar. 31, 2016 | |
Stock Repurchased During Period, Shares | 0 | 53,874 |
Cash dividends (in usd per share) | $ 0.04 | $ 0.04 |
ESOP shares earned | 5,621 | 5,621 |
Exercise of stock options (in shares) | 1,892 | 4,472 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 595 | $ 952 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 142 | 140 |
Provision for loan losses | 0 | 105 |
Net gains on securities available-for-sale | 0 | (50) |
Net amortization on securities available-for-sale | 120 | 192 |
Net gains on sales of loans | (146) | (124) |
Originations of loans held for sale | (4,166) | (3,354) |
Proceeds from sales of loans held for sale | 7,207 | 3,729 |
Recognition of mortgage servicing rights | (10) | (6) |
Amortization of mortgage servicing rights | 15 | 13 |
Net change in mortgage servicing rights valuation allowance | 8 | 14 |
Net (gains) losses on sales of other real estate owned | 0 | (10) |
Write down of other real estate owned and assets held for sale | 47 | 0 |
Earnings on bank owned life insurance, net | (106) | (105) |
Amortization of intangible assets | 11 | 14 |
ESOP compensation expense | 84 | 73 |
Stock based compensation expense | 170 | 173 |
Change in assets and liabilities: | ||
Accrued interest receivable and other assets | 773 | 192 |
Accrued interest payable and other liabilities | (378) | (58) |
Net cash provided by operating activities | 4,366 | 1,890 |
Cash flows from investing activities: | ||
Net change in interest-earning time deposits at other financial institutions | (933) | 980 |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 0 | 10,262 |
Proceeds from sales of securities available-for-sale | 0 | 10,262 |
Proceeds from maturities, calls, and principal repayments of securities available-for-sale | 2,781 | 5,181 |
Purchases of securities available-for-sale | (1,600) | 0 |
Net change in loans | 4,101 | (22,346) |
Proceeds from sales of other real estate owned | 0 | 35 |
Premises and equipment expenditures, net | (11) | (124) |
Net cash provided by (utilized for) investing activities | 4,338 | (6,012) |
Cash flows from financing activities: | ||
Net change in deposits | (29,803) | 11,936 |
Repayment of FHLB long-term advances | 0 | (5,000) |
Net change in FHLB short-term advances | 14,132 | 81 |
Net change in short-term borrowings | 0 | 500 |
Stock options exercised | 16 | 29 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 76 | 0 |
Dividends paid on common stock | (223) | (225) |
Repurchase of common stock | 0 | (676) |
Net cash (utilized for) provided by financing activities | (15,802) | 6,645 |
Net (decrease) increase in cash and cash equivalents | (7,098) | 2,523 |
Cash and cash equivalents at beginning of period | 18,459 | |
Cash and cash equivalents at end of period | 11,361 | |
Cash paid during the period for: | ||
Interest | 689 | 607 |
Income taxes | 53 | 0 |
Supplemental noncash disclosures: | ||
Transfers from loans receivable to other real estate owned | $ 0 | $ 127 |
BASIS OF PRESENTATION AND CONSO
BASIS OF PRESENTATION AND CONSOLIDATION | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND CONSOLIDATION | BASIS OF PRESENTATION AND CONSOLIDATION The unaudited consolidated financial statements include the accounts of LaPorte Bancorp, Inc., a Maryland corporation (the “Bancorp”), its wholly owned subsidiaries, LSB Risk Management, Inc., 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 and is incorporated in Nevada. LSB Inc. was formed on October 1, 2011 to manage a portion of the Bank’s investment portfolio and is incorporated in Nevada. LSB REIT, a real estate investment trust, was formed on January 1, 2013 to invest in assets secured by residential or commercial real estate properties originated by the Bank and is incorporated in Maryland. Intercompany transactions and balances are eliminated in consolidation. The unaudited consolidated financial statements 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 (“SEC”). In the opinion of management, the unaudited consolidated financial statements contain all material adjustments (consisting of normal recurring accruals) and disclosures which are necessary 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 SEC. Accordingly, the interim consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2015 . The results for the three month periods ended March 31, 2016 may not indicate the results to be expected for any other interim period or for the full year ending December 31, 2016 . Reclassifications : Some items in the prior year financial statements were reclassified to conform to the current presentation. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606).” This ASU clarifies that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. The Company is still evaluating the impact relating to adopting this standard. In June 2014, the FASB issued ASU No. 2014-12 “Compensation - Stock Compensation (Topic 718) - Accounting for Share Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” This ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 became effective for interim and annual periods beginning after December 15, 2015 and did not have a significant impact on the Company’s financial condition or results of operations. In April 2015, the FASB issued ASU No. 2015-05 “Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 became effective for interim and annual periods beginning after December 15, 2015 and did not have a significant impact on the Company’s financial condition or results of operations. In January 2016, the FASB issued ASU No. 2016-01 “Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU is intended to improve the recognition and measurement of financial instruments by requiring equity investments to be measured at fair value with changes in fair value recognized in net income; requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured and amortized at cost on the balance sheet; and requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. The amendments should be applied through a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company will be evaluating the impact of adopting this ASU. In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842).” This ASU requires lessees and lessors to classify leases as either capital leases or operating leases. The ASU also requires lessees to recognized assets and liabilities for all leases with the exception of short term leases. There are new disclosure requirements for these leases which will provide users of financial statements with information to understand the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 will become effective for fiscal years beginning after December 31, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company will be evaluating the impact of adopting this ASU. In March 2016, the FASB issued ASU No. 2016-05 “Derivatives and Hedging (Topic 815).” This ASU applies to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815. The ASU clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria as identified in Topic 815 continue to be met. ASU 2016-05 will become effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company will be evaluating the impact of adopting this ASU. In March 2016, the FASB issued ASU No. 2016-09 “Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting.” This ASU requires all income tax effects of awards to be recognized in teh income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company will be evaluating the impact of adopting this ASU. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 2015 (Dollars in thousands, except per share data) Basic: Net income $ 595 $ 952 Weighted average common shares outstanding 5,579,678 5,627,687 Less: Average unallocated ESOP shares (356,965 ) (379,449 ) Average shares 5,222,713 5,248,238 Basic earnings per common share $ 0.11 $ 0.18 Diluted: Net income $ 595 $ 952 Weighted average common shares outstanding for basic earnings per common share 5,222,713 5,248,238 Add: Dilutive effects of assumed exercises of stock options 162,603 109,750 Average shares and dilutive potential common shares 5,385,316 5,357,988 Diluted earnings per common share $ 0.11 $ 0.18 |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) U.S. federal agency obligations $ 11,052 $ 70 $ (1 ) $ 11,121 State and municipal 49,976 2,621 — 52,597 Mortgage-backed securities – residential 16,585 263 (9 ) 16,839 Government agency sponsored collateralized mortgage obligations 40,595 352 (211 ) 40,736 Corporate debt securities 1,000 — (52 ) 948 Total $ 119,208 $ 3,306 $ (273 ) $ 122,241 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) U.S. federal agency obligations $ 9,442 $ 1 $ (71 ) $ 9,372 State and municipal 50,020 2,397 (17 ) 52,400 Mortgage-backed securities – residential 17,671 98 (73 ) 17,696 Government agency sponsored collateralized mortgage obligations 42,376 139 (679 ) 41,836 Corporate debt securities 1,000 — (61 ) 939 Total $ 120,509 $ 2,635 $ (901 ) $ 122,243 At March 31, 2016 and December 31, 2015 , 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, 2016 and December 31, 2015 , aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2016 Continuing Unrealized Loss For Less Than 12 Months Continuing Unrealized Loss For 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (Dollars in thousands) U.S. federal agency obligations $ 1,099 $ (1 ) $ — $ — $ 1,099 $ (1 ) Mortgage-backed securities – residential 900 (3 ) 813 (6 ) 1,713 (9 ) Government agency sponsored collateralized mortgage obligations 3,087 (32 ) 15,667 (179 ) 18,754 (211 ) Corporate debt securities — — 948 (52 ) 948 (52 ) Total temporarily impaired $ 5,086 $ (36 ) $ 17,428 $ (237 ) $ 22,514 $ (273 ) December 31, 2015 Continuing Unrealized Loss For Less Than 12 Months Continuing Unrealized Loss For 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (Dollars in thousands) U.S. federal agency obligations $ 8,371 $ (71 ) $ — $ — $ 8,371 $ (71 ) State and municipal 4,512 (14 ) 856 (3 ) 5,368 (17 ) Mortgage-backed securities – residential 9,259 (48 ) 809 (25 ) 10,068 (73 ) Government agency sponsored collateralized mortgage obligations 11,200 (136 ) 18,148 (543 ) 29,348 (679 ) Corporate debt securities — — 939 (61 ) 939 (61 ) Total temporarily impaired $ 33,342 $ (269 ) $ 20,752 $ (632 ) $ 54,094 $ (901 ) 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. The unrealized losses on the Company’s investments in U.S. federal agency obligations, mortgage-backed securities, agency collateralized mortgage obligations, and corporate debt securities were a result of changes in interest rates and not a result of a decline in credit quality. 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. The unrealized losses on the Company’s investment in state and municipal securities were also caused by changes in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell the securities and is not more likely than not to be required to sell them before their anticipated recovery. Proceeds from sales of securities available-for-sale were as follows: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Proceeds $ — $ 10,262 Gross gains — 84 Gross losses — (34 ) The amortized cost and fair value of debt securities at March 31, 2016 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. March 31, 2016 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 1,249 $ 1,262 Due from one to five years 23,354 23,816 Due from five to ten years 26,625 27,976 Due after ten years 10,800 11,612 Subtotal 62,028 64,666 Mortgage-backed securities and government agency sponsored collateralized mortgage obligations 57,180 57,575 Total $ 119,208 $ 122,241 Securities pledged at March 31, 2016 and December 31, 2015 had a carrying amount of approximately $42.3 million and $43.1 million , respectively, and were pledged to secure Federal Home Loan Bank (“FHLB”) advances and cash flow hedges. At March 31, 2016 and December 31, 2015 , the Company did not hold any securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity. |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
LOANS | LOANS Loans were as follows for the dates indicated: March 31, 2016 December 31, 2015 (Dollars in thousands) Commercial $ 158,254 $ 154,830 Residential mortgage 39,919 40,478 Mortgage warehouse 122,328 128,902 Residential construction 2,806 3,301 Home equity 14,311 13,990 Consumer and other 3,171 3,380 Subtotal 340,789 344,881 Net deferred loan costs 298 305 Allowance for loan losses (3,636 ) (3,634 ) Loans, net $ 337,451 $ 341,552 At March 31, 2016 and 2015 , the Bank’s mortgage warehouse division had repurchase agreements with 34 and 29 mortgage companies, respectively. The following table identifies the activity and related interest and fee income attributable to the mortgage warehouse division for the periods presented: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Mortgage Warehouse: Originations $ 1,051,049 $ 765,001 Sold Loans 1,063,755 738,064 Interest income 1,264 1,246 Warehouse fees 340 235 Wire transfer fees 112 73 Loan servicing fees 84 — At March 31, 2016, the total participated balance of mortgage warehouse loans was $91.0 million and the total lines of credit availability was $5.0 million . The Company records a servicing fee on the participated balances. ALLOWANCE FOR LOAN LOSSES The following tables present the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 2,440 $ 591 $ 460 $ 4 $ 93 $ 46 $ 3,634 Charge-offs — — — — — (4 ) (4 ) Recoveries 1 — — — — 5 6 Provision 42 (13 ) (14 ) (1 ) (9 ) (5 ) — Ending balance $ 2,483 $ 578 $ 446 $ 3 $ 84 $ 42 $ 3,636 Three Months Ended March 31, 2015 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 2,116 $ 676 $ 654 $ 4 $ 90 $ 55 $ 3,595 Charge-offs (20 ) (5 ) — — — (5 ) (30 ) Recoveries — — — — — 5 5 Provision 154 (59 ) 19 1 (5 ) (5 ) 105 Ending balance $ 2,250 $ 612 $ 673 $ 5 $ 85 $ 50 $ 3,675 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of the dates indicated: March 31, 2016 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Ending balance attributable to loans: Individually evaluated for impairment $ 898 $ 36 $ — $ — $ 15 $ — $ 949 Collectively evaluated for impairment 1,585 542 446 3 69 42 2,687 Acquired with deteriorated credit quality — — — — — — — Total ending allowance $ 2,483 $ 578 $ 446 $ 3 $ 84 $ 42 $ 3,636 Loans: Individually evaluated for impairment $ 2,850 $ 1,309 $ — $ — $ 94 $ — $ 4,253 Collectively evaluated for impairment 155,404 38,505 122,328 2,806 14,217 3,171 336,431 Acquired with deteriorated credit quality — 105 — — — — 105 Total ending loan balance $ 158,254 $ 39,919 $ 122,328 $ 2,806 $ 14,311 $ 3,171 $ 340,789 December 31, 2015 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Ending balance attributable to loans: Individually evaluated for impairment $ 885 $ 43 $ — $ — $ 17 $ — $ 945 Collectively evaluated for impairment 1,555 548 460 4 76 46 2,689 Acquired with deteriorated credit quality — — — — — — — Total ending allowance $ 2,440 $ 591 $ 460 $ 4 $ 93 $ 46 $ 3,634 Loans: Individually evaluated for impairment $ 2,920 $ 1,283 $ — $ — $ 97 $ — $ 4,300 Collectively evaluated for impairment 151,910 39,089 128,902 3,301 13,893 3,380 340,475 Acquired with deteriorated credit quality — 106 — — — — 106 Total ending loan balance $ 154,830 $ 40,478 $ 128,902 $ 3,301 $ 13,990 $ 3,380 $ 344,881 The following table presents information related to impaired loans by class of loans as of the dates indicated: March 31, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (Dollars in thousands) With no related allowance recorded: Commercial: Real estate $ 1,334 $ 1,312 $ — $ 1,436 $ 1,366 $ — Residential mortgage 1,144 1,074 — 1,054 988 — Home equity 79 79 — 81 80 — Subtotal 2,557 2,465 — 2,571 2,434 — With an allowance recorded: Commercial: Real estate 1,214 1,214 624 1,214 1,214 624 Construction 25 25 25 41 41 41 Land 430 299 249 431 299 220 Residential mortgage 295 235 36 355 295 43 Home equity 16 15 15 17 17 17 Subtotal 1,980 1,788 949 2,058 1,866 945 Total $ 4,537 $ 4,253 $ 949 $ 4,629 $ 4,300 $ 945 The following tables present loans individually evaluated for impairment by class of loans for the periods indicated: Three Months Ended March 31, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial: Real estate $ 1,350 $ 19 $ 2,933 $ 45 Five or more family — — 3,692 60 Land — — 120 — Residential mortgage 1,081 7 1,098 1 Home equity 80 1 — — Subtotal 2,511 27 7,843 106 With an allowance recorded: Commercial: Real estate 1,214 — 933 — Construction 29 — — — Land 299 — 1,440 — Residential mortgage 236 5 916 2 Home equity 16 — 7 — Subtotal 1,794 5 3,296 2 Total $ 4,305 $ 32 $ 11,139 $ 108 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 the dates indicated. Nonaccrual Loans Past Due March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (Dollars in thousands) Commercial: Real estate $ 1,362 $ 1,396 — $ — Construction 25 41 — — Land 299 299 — — Residential mortgage 620 590 94 — Home equity 21 23 — — Total $ 2,327 $ 2,349 $ 94 $ — The following tables present the aging of the recorded investment in past due loans by class of loans as of the dates indicated : March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total (Dollars in thousands) Commercial: Commercial and industrial $ — $ — $ — $ — $ 17,377 $ 17,377 Real estate 401 37 1,311 1,749 94,714 96,463 Five or more family 18 — — 18 22,470 22,488 Construction — — 25 25 12,174 12,199 Land — — — — 9,727 9,727 Residential mortgage — — 624 624 39,295 39,919 Mortgage warehouse — — — — 122,328 122,328 Residential construction: Construction — — — — 1,939 1,939 Land — — — — 867 867 Home equity — — 7 7 14,304 14,311 Consumer and other — — — — 3,171 3,171 Total $ 419 $ 37 $ 1,967 $ 2,423 $ 338,366 $ 340,789 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total (Dollars in thousands) Commercial: Commercial and industrial $ — $ — $ — $ — $ 18,117 $ 18,117 Real estate 1,282 — 102 1,384 90,916 92,300 Five or more family 20 — — 20 22,672 22,692 Construction 41 — — 41 11,041 11,082 Land — — — — 10,639 10,639 Residential mortgage 176 — 495 671 39,807 40,478 Mortgage warehouse — — — — 128,902 128,902 Residential construction: Construction — — — — 2,423 2,423 Land — — — — 878 878 Home equity — — 8 8 13,982 13,990 Consumer and other — — — — 3,380 3,380 Total $ 1,519 $ — $ 605 $ 2,124 $ 342,757 $ 344,881 Troubled Debt Restructurings A loan modification is considered a troubled debt restructuring (“TDR”) 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. The following table presents the Company’s TDRs as of the dates indicated: March 31, 2016 December 31, 2015 (Dollars in thousands) TDRs: Performing in accordance with modified repayment terms $ 1,699 $ 1,720 Nonperforming — — $ 1,699 $ 1,720 Specific reserve $ — $ — TDRs previously disclosed resulted in no charge-offs during the three months ended March 31, 2016 and 2015 . The Company had not committed to lend additional amounts to customers with outstanding TDR loans at March 31, 2016 and December 31, 2015 . The following tables present loans by class modified as TDRs that occurred during the periods indicated: Three Months Ended March 31, 2016 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Commercial: Real Estate — $ — $ — 1 $ 207 $ 207 Total — $ — $ — 1 $ 207 $ 207 During the three months ended March 31, 2015 , the concession granted by the Company consisted of a reduction in monthly payments. There were no TDRs that defaulted within twelve months following the modification during the three months ended March 31, 2016 and 2015 . 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 Officer Loan Committee. Credit Quality Indicators The Company categorizes 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. The following tables present the risk category of loans by class based on the most recent analysis performed as of the dates indicated: March 31, 2016 Pass Special Mention Substandard Doubtful (Dollars in thousands) Commercial: Commercial and industrial $ 16,963 $ 414 $ — $ — Real estate 92,274 1,570 2,619 — Five or more family 22,488 — — — Construction 12,174 — 25 — Land 9,327 101 299 — Residential mortgage 38,904 21 994 — Mortgage warehouse 122,328 — — — Residential construction: Construction 1,939 — — — Land 867 — — — Home equity 14,217 — 94 — Consumer and other 3,171 — — — Total $ 334,652 $ 2,106 $ 4,031 $ — December 31, 2015 Pass Special Mention Substandard Doubtful (Dollars in thousands) Commercial: Commercial and industrial $ 17,807 $ 310 $ — $ — Real estate 86,548 3,075 2,677 — Five or more family 22,692 — — — Construction 11,041 — 41 — Land 10,258 82 299 — Residential mortgage 39,490 21 967 — Mortgage warehouse 128,902 — — — Residential construction: Construction 2,423 — — — Land 878 — — — Home equity 13,893 — 97 — Consumer and other 3,380 — — — Total $ 337,312 $ 3,488 $ 4,081 $ — 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 then probable that all contractually required payments would not be collected. The outstanding balance and carrying amount of those loans was as follows: March 31, 2016 December 31, 2015 (Dollars in thousands) Residential mortgage 105 106 Carrying amount, net of allowance of $0 $ 105 $ 106 Accretable yield, or income expected to be collected, was as follows: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Beginning balance $ — $ 18 Reclassification from non-accretable yield — — Accretion of income — (11 ) Ending balance $ — $ 7 For the purchased loans disclosed above, the Company did not increase the allowance for loan losses during the three months ended March 31, 2016 or 2015 . No allowance for loan losses was reversed during the three months ended March 31, 2016 or 2015 . |
ALLOWANCE FOR LOAN LOSSES (Note
ALLOWANCE FOR LOAN LOSSES (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | LOANS Loans were as follows for the dates indicated: March 31, 2016 December 31, 2015 (Dollars in thousands) Commercial $ 158,254 $ 154,830 Residential mortgage 39,919 40,478 Mortgage warehouse 122,328 128,902 Residential construction 2,806 3,301 Home equity 14,311 13,990 Consumer and other 3,171 3,380 Subtotal 340,789 344,881 Net deferred loan costs 298 305 Allowance for loan losses (3,636 ) (3,634 ) Loans, net $ 337,451 $ 341,552 At March 31, 2016 and 2015 , the Bank’s mortgage warehouse division had repurchase agreements with 34 and 29 mortgage companies, respectively. The following table identifies the activity and related interest and fee income attributable to the mortgage warehouse division for the periods presented: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Mortgage Warehouse: Originations $ 1,051,049 $ 765,001 Sold Loans 1,063,755 738,064 Interest income 1,264 1,246 Warehouse fees 340 235 Wire transfer fees 112 73 Loan servicing fees 84 — At March 31, 2016, the total participated balance of mortgage warehouse loans was $91.0 million and the total lines of credit availability was $5.0 million . The Company records a servicing fee on the participated balances. ALLOWANCE FOR LOAN LOSSES The following tables present the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 2,440 $ 591 $ 460 $ 4 $ 93 $ 46 $ 3,634 Charge-offs — — — — — (4 ) (4 ) Recoveries 1 — — — — 5 6 Provision 42 (13 ) (14 ) (1 ) (9 ) (5 ) — Ending balance $ 2,483 $ 578 $ 446 $ 3 $ 84 $ 42 $ 3,636 Three Months Ended March 31, 2015 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 2,116 $ 676 $ 654 $ 4 $ 90 $ 55 $ 3,595 Charge-offs (20 ) (5 ) — — — (5 ) (30 ) Recoveries — — — — — 5 5 Provision 154 (59 ) 19 1 (5 ) (5 ) 105 Ending balance $ 2,250 $ 612 $ 673 $ 5 $ 85 $ 50 $ 3,675 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of the dates indicated: March 31, 2016 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Ending balance attributable to loans: Individually evaluated for impairment $ 898 $ 36 $ — $ — $ 15 $ — $ 949 Collectively evaluated for impairment 1,585 542 446 3 69 42 2,687 Acquired with deteriorated credit quality — — — — — — — Total ending allowance $ 2,483 $ 578 $ 446 $ 3 $ 84 $ 42 $ 3,636 Loans: Individually evaluated for impairment $ 2,850 $ 1,309 $ — $ — $ 94 $ — $ 4,253 Collectively evaluated for impairment 155,404 38,505 122,328 2,806 14,217 3,171 336,431 Acquired with deteriorated credit quality — 105 — — — — 105 Total ending loan balance $ 158,254 $ 39,919 $ 122,328 $ 2,806 $ 14,311 $ 3,171 $ 340,789 December 31, 2015 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Ending balance attributable to loans: Individually evaluated for impairment $ 885 $ 43 $ — $ — $ 17 $ — $ 945 Collectively evaluated for impairment 1,555 548 460 4 76 46 2,689 Acquired with deteriorated credit quality — — — — — — — Total ending allowance $ 2,440 $ 591 $ 460 $ 4 $ 93 $ 46 $ 3,634 Loans: Individually evaluated for impairment $ 2,920 $ 1,283 $ — $ — $ 97 $ — $ 4,300 Collectively evaluated for impairment 151,910 39,089 128,902 3,301 13,893 3,380 340,475 Acquired with deteriorated credit quality — 106 — — — — 106 Total ending loan balance $ 154,830 $ 40,478 $ 128,902 $ 3,301 $ 13,990 $ 3,380 $ 344,881 The following table presents information related to impaired loans by class of loans as of the dates indicated: March 31, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (Dollars in thousands) With no related allowance recorded: Commercial: Real estate $ 1,334 $ 1,312 $ — $ 1,436 $ 1,366 $ — Residential mortgage 1,144 1,074 — 1,054 988 — Home equity 79 79 — 81 80 — Subtotal 2,557 2,465 — 2,571 2,434 — With an allowance recorded: Commercial: Real estate 1,214 1,214 624 1,214 1,214 624 Construction 25 25 25 41 41 41 Land 430 299 249 431 299 220 Residential mortgage 295 235 36 355 295 43 Home equity 16 15 15 17 17 17 Subtotal 1,980 1,788 949 2,058 1,866 945 Total $ 4,537 $ 4,253 $ 949 $ 4,629 $ 4,300 $ 945 The following tables present loans individually evaluated for impairment by class of loans for the periods indicated: Three Months Ended March 31, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial: Real estate $ 1,350 $ 19 $ 2,933 $ 45 Five or more family — — 3,692 60 Land — — 120 — Residential mortgage 1,081 7 1,098 1 Home equity 80 1 — — Subtotal 2,511 27 7,843 106 With an allowance recorded: Commercial: Real estate 1,214 — 933 — Construction 29 — — — Land 299 — 1,440 — Residential mortgage 236 5 916 2 Home equity 16 — 7 — Subtotal 1,794 5 3,296 2 Total $ 4,305 $ 32 $ 11,139 $ 108 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 the dates indicated. Nonaccrual Loans Past Due March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (Dollars in thousands) Commercial: Real estate $ 1,362 $ 1,396 — $ — Construction 25 41 — — Land 299 299 — — Residential mortgage 620 590 94 — Home equity 21 23 — — Total $ 2,327 $ 2,349 $ 94 $ — The following tables present the aging of the recorded investment in past due loans by class of loans as of the dates indicated : March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total (Dollars in thousands) Commercial: Commercial and industrial $ — $ — $ — $ — $ 17,377 $ 17,377 Real estate 401 37 1,311 1,749 94,714 96,463 Five or more family 18 — — 18 22,470 22,488 Construction — — 25 25 12,174 12,199 Land — — — — 9,727 9,727 Residential mortgage — — 624 624 39,295 39,919 Mortgage warehouse — — — — 122,328 122,328 Residential construction: Construction — — — — 1,939 1,939 Land — — — — 867 867 Home equity — — 7 7 14,304 14,311 Consumer and other — — — — 3,171 3,171 Total $ 419 $ 37 $ 1,967 $ 2,423 $ 338,366 $ 340,789 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total (Dollars in thousands) Commercial: Commercial and industrial $ — $ — $ — $ — $ 18,117 $ 18,117 Real estate 1,282 — 102 1,384 90,916 92,300 Five or more family 20 — — 20 22,672 22,692 Construction 41 — — 41 11,041 11,082 Land — — — — 10,639 10,639 Residential mortgage 176 — 495 671 39,807 40,478 Mortgage warehouse — — — — 128,902 128,902 Residential construction: Construction — — — — 2,423 2,423 Land — — — — 878 878 Home equity — — 8 8 13,982 13,990 Consumer and other — — — — 3,380 3,380 Total $ 1,519 $ — $ 605 $ 2,124 $ 342,757 $ 344,881 Troubled Debt Restructurings A loan modification is considered a troubled debt restructuring (“TDR”) 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. The following table presents the Company’s TDRs as of the dates indicated: March 31, 2016 December 31, 2015 (Dollars in thousands) TDRs: Performing in accordance with modified repayment terms $ 1,699 $ 1,720 Nonperforming — — $ 1,699 $ 1,720 Specific reserve $ — $ — TDRs previously disclosed resulted in no charge-offs during the three months ended March 31, 2016 and 2015 . The Company had not committed to lend additional amounts to customers with outstanding TDR loans at March 31, 2016 and December 31, 2015 . The following tables present loans by class modified as TDRs that occurred during the periods indicated: Three Months Ended March 31, 2016 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Commercial: Real Estate — $ — $ — 1 $ 207 $ 207 Total — $ — $ — 1 $ 207 $ 207 During the three months ended March 31, 2015 , the concession granted by the Company consisted of a reduction in monthly payments. There were no TDRs that defaulted within twelve months following the modification during the three months ended March 31, 2016 and 2015 . 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 Officer Loan Committee. Credit Quality Indicators The Company categorizes 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. The following tables present the risk category of loans by class based on the most recent analysis performed as of the dates indicated: March 31, 2016 Pass Special Mention Substandard Doubtful (Dollars in thousands) Commercial: Commercial and industrial $ 16,963 $ 414 $ — $ — Real estate 92,274 1,570 2,619 — Five or more family 22,488 — — — Construction 12,174 — 25 — Land 9,327 101 299 — Residential mortgage 38,904 21 994 — Mortgage warehouse 122,328 — — — Residential construction: Construction 1,939 — — — Land 867 — — — Home equity 14,217 — 94 — Consumer and other 3,171 — — — Total $ 334,652 $ 2,106 $ 4,031 $ — December 31, 2015 Pass Special Mention Substandard Doubtful (Dollars in thousands) Commercial: Commercial and industrial $ 17,807 $ 310 $ — $ — Real estate 86,548 3,075 2,677 — Five or more family 22,692 — — — Construction 11,041 — 41 — Land 10,258 82 299 — Residential mortgage 39,490 21 967 — Mortgage warehouse 128,902 — — — Residential construction: Construction 2,423 — — — Land 878 — — — Home equity 13,893 — 97 — Consumer and other 3,380 — — — Total $ 337,312 $ 3,488 $ 4,081 $ — 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 then probable that all contractually required payments would not be collected. The outstanding balance and carrying amount of those loans was as follows: March 31, 2016 December 31, 2015 (Dollars in thousands) Residential mortgage 105 106 Carrying amount, net of allowance of $0 $ 105 $ 106 Accretable yield, or income expected to be collected, was as follows: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Beginning balance $ — $ 18 Reclassification from non-accretable yield — — Accretion of income — (11 ) Ending balance $ — $ 7 For the purchased loans disclosed above, the Company did not increase the allowance for loan losses during the three months ended March 31, 2016 or 2015 . No allowance for loan losses was reversed during the three months ended March 31, 2016 or 2015 . |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2016 | |
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 the 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”), Senior Vice President – Chief Accounting Officer (“SVP – CAO”), 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, SVP – CAO, 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, 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 tables below present the valuation methodology and unobservable inputs for impaired loans and other real estate owned at March 31, 2016 and December 31, 2015 . March 31, 2016 Valuation Methodology Unobservable Inputs Range of Inputs Average of Inputs Impaired loans: Commercial land Appraisals Discounts for changes 74% 74% Other real estate owned, net: Commercial real estate Appraisals Discounts for changes 54% 54% December 31, 2015 Valuation Methodology Unobservable Inputs Range of Inputs Average of Inputs Impaired loans: Commercial: Real estate Appraisals Discounts for changes 8% 8% Land Appraisals Discounts for changes 10% 10% Residential mortgage Appraisals Discounts for changes 0-20% 10% Other real estate owned, net: Residential mortgage Appraisals Discounts for changes 30% 30% 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, 2016 was determined using a discount rate of 10.0% ; prepayment speeds ranging from 8.0% to 20.9% , depending on the stratification of the specific right; and a weighted average default rate of approximately 0.5% . Fair value at December 31, 2015 was determined using a discount rate of 10.0% ; prepayment speeds ranging from 6.9% to 22.1% , 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: March 31, 2016 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial Assets: Investment securities available-for-sale: U.S. federal agency obligations $ 11,121 $ — $ 11,121 $ — State and municipal 52,597 — 52,597 — Mortgage-backed securities – residential 16,839 — 16,839 — Government agency sponsored collateralized mortgage obligations 40,736 — 40,736 — Corporate debt securities 948 — 948 — Total investment securities available-for-sale $ 122,241 $ — $ 122,241 $ — Loans held for sale $ 686 $ — $ 686 $ — Derivatives – residential mortgage loan commitments $ 54 $ — $ 54 $ — Financial Liabilities: Derivatives – interest rate swaps $ (1,872 ) $ — $ (1,872 ) $ — December 31, 2015 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial Assets: Investment securities available-for-sale: U.S. federal agency obligations $ 9,372 $ — $ 9,372 $ — State and municipal 52,400 — 52,400 — Mortgage-backed securities – residential 17,696 — 17,696 — Government agency sponsored collateralized mortgage obligations 41,836 — 41,836 — Corporate debt securities 939 — 939 — Total investment securities available-for-sale $ 122,243 $ — $ 122,243 $ — Loans held for sale $ 3,581 $ — $ 3,581 $ — Derivatives – residential mortgage loan commitments $ 39 $ — $ 39 $ — Financial Liabilities: Derivatives – interest rate swaps $ (1,265 ) $ — $ (1,265 ) $ — There were no transfers between Level 1, Level 2, and Level 3 during the periods indicated above. The difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale was: March 31, 2016 December 31, 2015 Aggregate Fair Value Difference Contractual Principal Aggregate Fair Value Difference Contractual Principal (Dollars in thousands) Loans held for sale $ 686 $ 22 $ 664 $ 3,581 $ 110 $ 3,471 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, 2016 and 2015 : Three Months Ended March 31, 2016 2015 (Dollars in thousands) Loans held for sale: Other gains (losses) $ (88 ) $ (11 ) Interest income 15 5 Interest expense — — Total changes in fair values included in current period earnings $ (73 ) $ (6 ) 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). Assets measured at fair value on a non-recurring basis are summarized below: March 31, 2016 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Impaired loans: Commercial land $ 50 $ — $ — $ 50 Other real estate owned, net: Commercial real estate 41 — — 41 Mortgage servicing rights 180 — 180 — December 31, 2015 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Impaired loans: Commercial: Real estate $ 590 $ — $ — $ 590 Land 79 — — 79 Residential mortgage 252 — — 252 Other real estate owned, net: Residential mortgage 36 — — 36 Mortgage servicing rights 145 — 145 — Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a gross carrying amount of $299,000 , with a valuation allowance of $249,000 at March 31, 2016 , resulting in an additional provision of $29,000 for the three months ended March 31, 2016 . At March 31, 2015 , impaired loans had a carrying amount of $1.8 million , with a valuation allowance of $767,000 , resulting in an additional provision for loan losses of $261,000 for the three months ended March 31, 2015 . At March 31, 2016 , other real estate owned had a carrying amount of $41,000 , which resulted in write-downs of $30,000 for the three months ended March 31, 2016 . During the three months ended March 31, 2015 , no write-downs were recorded on the carrying amount of other real estate owned, which is measured at the lower of cost or fair value less costs to sell. Mortgage servicing rights, which are carried at lower of cost or fair value, were carried at their fair value of $180,000 at March 31, 2016 , which was made up of the outstanding balance of $274,000 , net of a valuation allowance of $94,000 , resulting in a charge of $8,000 for the three months ended March 31, 2016. At March 31, 2015 , mortgage servicing rights were carried at their fair value of $196,000 , which was made up of the outstanding balance of $301,000 , net of a valuation allowance of $105,000 , resulting in a charge of $14,000 for the three months ended March 31, 2015 . The carrying amounts and estimated fair values of financial instruments for the periods presented are as follows: March 31, 2016 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial assets: Cash and due from financial institutions $ 11,361 $ 11,361 $ — $ — Interest-earning time deposits at other financial institutions 14,532 — 14,596 — Securities available-for-sale 122,241 — 122,241 — Loans held for sale 686 — 686 — Loans, net 337,451 — — 340,354 Federal Home Loan Bank stock 4,029 — 4,029 — Accrued interest receivable 1,404 — 689 716 Financial liabilities: Deposits $ (361,156 ) $ — $ (361,719 ) $ — Federal Home Loan Bank advances (69,132 ) — (69,786 ) — Subordinated debentures (5,155 ) — — (5,146 ) Accrued interest payable (182 ) — (179 ) (3 ) Derivatives – interest rate swaps (1,872 ) — (1,872 ) — December 31, 2015 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial assets: Cash and due from financial institutions $ 18,459 $ 18,459 $ — $ — Interest-earning time deposits at other financial institutions 13,599 — 13,641 — Securities available-for-sale 122,243 — 122,243 — Loans held for sale 3,581 — 3,581 — Loans, net 341,552 — — 344,488 Federal Home Loan Bank stock 4,029 — 4,029 — Accrued interest receivable 1,519 — 760 759 Financial liabilities: Deposits $ (390,959 ) $ — $ (390,914 ) $ — Federal Home Loan Bank advances (55,000 ) — (55,197 ) — Subordinated debentures (5,155 ) — — (5,139 ) Accrued interest payable (175 ) — (172 ) (3 ) Derivatives – interest rate swaps (1,265 ) — (1,265 ) — 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. 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 are 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. Federal Home Loan Bank stock : The fair value of Federal Home Loan Bank stock is based on the price at which it may be resold to the Federal Home Loan Bank. Deposits : The carrying amounts of demand deposits approximate their fair values and are classified as Level 2. 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 method 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 as 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, 2016 | |
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. The counterparties to the Company’s derivatives are exposed to credit risk whenever the derivative is in a liability position. As a result, the Company has collateralized these liabilities with securities held in safekeeping by The Bank of New York and PNC Bank. At March 31, 2016 and December 31, 2015 , the Company had securities with a fair value of $4.0 million and $3.7 million , respectively, posted as collateral for these derivatives. Interest Rate Swaps Designated as Cash Flow Hedges : Interest rate swaps with notional amounts of $40.0 million as of March 31, 2016 and December 31, 2015 , respectively, were designated as cash flow hedges of FHLB advances. All interest rate swaps were determined to be fully effective during the 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, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 (Dollars in thousands) FHLB advance: Notional amount $ 10,000 $ 10,000 Unrealized losses (86 ) (154 ) Fixed interest rate payable 3.69 % 3.69 % Variable interest rate receivable (Three month LIBOR plus 0.25%) 0.87 0.57 Maturity date July 19, 2016 FHLB advance: Notional amount $ 10,000 $ 10,000 Unrealized losses (466 ) (276 ) Fixed interest rate payable 2.09 % 2.09 % Variable interest rate receivable (One month LIBOR) 0.44 0.35 Maturity date March 15, 2020 FHLB advance: Notional amount $ 10,000 $ 10,000 Unrealized losses (541 ) (339 ) Fixed interest rate payable 2.23 % 2.23 % Variable interest rate receivable (One month LIBOR) 0.44 0.35 Maturity date June 15, 2020 FHLB advance: Notional amount $ 10,000 $ 10,000 Unrealized losses (779 ) (496 ) Fixed interest rate payable 2.62 % 2.62 % Variable interest rate payable (One month LIBOR) 0.44 — Maturity date March 15, 2021 Interest expense recorded on these swap transactions is reported as a component of interest expense on FHLB advances. Interest expense recorded on these swap transactions totaled $171,000 and $127,000 during the three months ended March 31, 2016 and 2015 , respectively. The following table presents the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Income relating to the Company’s cash flow derivative instruments for the periods indicated: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Interest rate contracts: Net amount of gain (loss): Recognized in OCI (Effective Portion) $ 400 $ 296 Reclassified from OCI to interest income — — Recognized in other non-interest income (Ineffective Portion) — — The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of the dates indicated: March 31, 2016 December 31, 2015 Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Included in other liabilities: Interest rate swaps related to FHLB advances $ (40,000 ) $ (1,872 ) $ (40,000 ) $ (1,265 ) |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2016 | |
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 “2011 Plan”) which was approved by shareholders on May 10, 2011. The 2011 Plan provided for the issuance of stock options or restricted share awards to directors and employees. Total shares authorized for issuance under the 2011 Plan were 417,543 . On May 13, 2014, the Company’s shareholders approved the 2014 Equity Incentive Plan (the “2014 Plan”) which provides for the issuance of stock options or restricted share awards to directors and employees and effectively terminated the 2011 Plan. The total shares authorized for issuance under the 2014 Plan are 473,845 shares of the Company’s common stock plus, at the date the 2014 Plan was approved, there were 14,471 shares of stock that were rolled over from the terminated 2011 Plan and added to the shares available for awards under the 2014 Plan. In addition, any stock awards that had been granted under the 2011 Plan and subsequently forfeited were also included for issuance under the 2014 Plan. On October, 14, 2014, the Company implemented the 2014 Plan and granted 332,250 shares of stock as stock options and 126,800 shares of stock as restricted share awards to directors and employees. Compensation costs related to these grants will be amortized over a five year period on a straight-line basis. The options and restricted share awards vest 20% annually. Compensation expense related to the Plans totaled $170,000 and $173,000 for the three months ended March 31, 2016 and 2015 , respectively. Stock-Based Compensation Compensation expense is recognized for stock options and restricted stock awards issued to employees or directors based on their grant date fair value. A Black-Scholes model is utilized to estimate the fair value of stock options. The market price of the Company’s common stock at the grant date is used for restricted stock awards. Compensation expense is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation expense is recognized on a straight-line basis over the requisite service period for the entire award. Stock Options The 2011 Plan permitted the stock option grants to employees or directors for up to 298,245 shares of common stock. The 2014 Plan permits stock option grants to directors and employees for up to 352,544 shares of common stock. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock on the grant date. Option awards have vesting periods of five years and ten -year contractual terms. Options granted generally vest 20% annually. The fair value of each option award is estimated on the grant date using a closed form option valuation (Black-Scholes) model. 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. Below is the summary of the activity in the stock option plan for the period presented: Three Months Ended March 31, 2016 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Dollars in thousands, except per share data) Outstanding at January 1, 2016 581,826 $ 9.40 7.5 years $ 3,377 Granted — — Exercised (1,892 ) 8.31 Forfeited or expired — — Outstanding at March 31, 2016 579,934 $ 9.40 7.3 years $ 3,689 Exercisable at end of period 256,962 $ 7.79 6.3 years $ 2,048 During the three months ended March 31, 2016 , 1,892 options were exercised which had an intrinsic value of $13,000 . The Company received $16,000 in cash and realized $6,000 in tax benefits related to the exercise of these options. At March 31, 2016 , there was $587,000 of total unrecognized compensation cost related to nonvested stock options granted, which is expected to be expensed over a weighted-average period of 3.3 years . The 2014 Plan had 22,132 shares available for future grant at March 31, 2016 . Restricted Share Awards The 2011 Plan provided for the issuance of up to 119,298 restricted shares to directors and employees. The 2014 Plan provides for the issuance of up to 135,772 of restricted shares to directors and employees. Compensation expense is recognized over the vesting period of the awards based on the grant date fair value of the Company’s common stock at issue date as determined by the listing price on the respective date. Shares vest 20% annually over five years. The 2014 Plan had 9,870 shares available for future grant at March 31, 2016 . A summary of changes in the Company’s nonvested restricted shares the was as follows for the period presented: Three Months Ended March 31, 2016 Shares Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2016 125,152 $ 10.58 Granted — — Vested — — Forfeited — — Nonvested at March 31, 2016 125,152 $ 10.58 At March 31, 2016 , there was $1.1 million of total unrecognized compensation expense related to nonvested shares granted, which is expected to be recognized over a weighted-average period of 3.3 years . At March 31, 2016 , the nonvested shares had an intrinsic value of $649,000 . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | A summary of the reclassifications out of accumulated other comprehensive income (loss) for the periods indicated is as follows: Three Months Ended March 31, 2016 2015 Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Unrealized gains and losses on available-for-sale securities: Net gains on securities $ — $ 50 Income tax expense — (17 ) Net of tax $ — $ 33 A summary of the changes in accumulated other comprehensive income (loss) by component for the periods indicated is as follows: Three Months Ended March 31, 2016 2015 Gains (Losses) Unrealized Total Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available- for-Sale Securities Total (Dollars in thousands) Beginning balance $ (836 ) $ 1,146 $ 310 $ (763 ) $ 1,285 $ 522 Other comprehensive income (loss) before reclassification (400 ) 857 457 (296 ) 668 372 Amounts reclassified from accumulated other comprehensive income (loss) — — — — (33 ) (33 ) Net current period other comprehensive income (loss) (400 ) 857 457 (296 ) 635 339 Ending balance $ (1,236 ) $ 2,003 $ 767 $ (1,059 ) $ 1,920 $ 861 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) A summary of the changes in accumulated other comprehensive income (loss) by component for the periods indicated is as follows: Three Months Ended March 31, 2016 2015 Gains (Losses) Unrealized Total Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available- for-Sale Securities Total (Dollars in thousands) Beginning balance $ (836 ) $ 1,146 $ 310 $ (763 ) $ 1,285 $ 522 Other comprehensive income (loss) before reclassification (400 ) 857 457 (296 ) 668 372 Amounts reclassified from accumulated other comprehensive income (loss) — — — — (33 ) (33 ) Net current period other comprehensive income (loss) (400 ) 857 457 (296 ) 635 339 Ending balance $ (1,236 ) $ 2,003 $ 767 $ (1,059 ) $ 1,920 $ 861 A summary of the reclassifications out of accumulated other comprehensive income (loss) for the periods indicated is as follows: Three Months Ended March 31, 2016 2015 Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Unrealized gains and losses on available-for-sale securities: Net gains on securities $ — $ 50 Income tax expense — (17 ) Net of tax $ — $ 33 |
OFFSETTING FINANCIAL ASSETS AND
OFFSETTING FINANCIAL ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015 . March 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount (Dollars in thousands) Derivatives $ 1,872 $ — $ 1,872 $ (3,977 ) $ — $ (2,105 ) December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount (Dollars in thousands) Derivatives $ 1,265 $ — $ 1,265 $ (3,696 ) $ — $ (2,431 ) 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. |
PENDING MERGER
PENDING MERGER | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
PENDING MERGER | PENDING MERGER On March 10, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Horizon Bancorp (“Horizon”), an Indiana corporation. Pursuant to the Merger Agreement, the Company will merge with and into Horizon, with Horizon as the surviving corporation (the “Merger”). Immediately following the Merger, The La Porte Savings Bank, an Indiana chartered savings bank and wholly-owned subsidiary of the Company (“LPS Bank”), will merge with and into Horizon Bank, National Association, the wholly-owned national bank subsidiary of Horizon (“Horizon Bank”), with Horizon Bank as the surviving bank. Subject to the terms and conditions of the Merger Agreement, upon the completion of the Merger, each share of outstanding Company common stock, $0.01 par value per share, will be converted into 0.629 shares (the “Exchange Ratio”) of Horizon common stock, no par value, or $17.50 per share in cash. The Merger Agreement provides that, in the aggregate, 65% of the outstanding shares of the Company will be converted into the right to receive shares of Horizon common stock and the remaining 35% of the outstanding shares of the Company will be converted into the right to receive cash. The Exchange Ratio is subject to adjustments for stock splits, stock dividends, recapitalization, or similar transactions, or as otherwise described in the Merger Agreement. No fractional shares of Horizon common stock will be issued arising from the Exchange Ratio, instead, Horizon will pay each holder of Company stock an amount in cash determined by multiplying the fractional shares by an average of the daily closing sales price of a share of Horizon’s common stock during the 15 consecutive trading days immediately preceding the second business day prior to the closing date of the Merger. Immediately prior to the Merger, each outstanding stock option to purchase Company common stock will be converted into the right to receive cash equal to $17.50 minus the per share exercise price for each stock option, minus any applicable taxes required to be withheld by law. The Merger remains subject to regulatory approval, Company shareholder approval and other customary closing conditions. Based on Horizon’s March 9, 2016 closing price of $24.21 per share as reported on the NASDAQ Global Select Market, the transaction value is estimated at $94.1 million . |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On April 26, 2016, a shareholder class and derivative action lawsuit was filed against the Company, each of LaPorte Bancorp’s directors, and Horizon in connection with the Company entering into the Merger Agreement with Horizon. The lawsuit, which was filed in the Superior Court of LaPorte County, Indiana, alleges that the members of LaPorte Bancorp’s Board of Directors breached their fiduciary duties to the Company’s shareholders by approving the proposed Merger for inadequate consideration; entering into the Merger Agreement containing unreasonable deal protection devices; and approving the transaction in order to receive benefits not equally shared by all other LaPorte Bancorp shareholders. The lawsuit also alleges claims against Horizon for aiding and abetting these alleged breaches of fiduciary duties. The plaintiff seeks, among other things, class certification, declaratory relief, to enjoin the consummation of the proposed transaction, rescission or recissory damages if the Merger is consummated, costs and reasonable attorneys’ and experts’ fees. The Company believes the claims asserted in this action to be without merit and intends to vigorously defend against this lawsuit. However, at this time, it is not possible to predict the outcome of the proceeding or its impact on LaPorte Bancorp, Horizon, or the proposed Merger. |
BASIS OF PRESENTATION AND CON22
BASIS OF PRESENTATION AND CONSOLIDATION (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 | |
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, 2016 2015 (Dollars in thousands, except per share data) Basic: Net income $ 595 $ 952 Weighted average common shares outstanding 5,579,678 5,627,687 Less: Average unallocated ESOP shares (356,965 ) (379,449 ) Average shares 5,222,713 5,248,238 Basic earnings per common share $ 0.11 $ 0.18 Diluted: Net income $ 595 $ 952 Weighted average common shares outstanding for basic earnings per common share 5,222,713 5,248,238 Add: Dilutive effects of assumed exercises of stock options 162,603 109,750 Average shares and dilutive potential common shares 5,385,316 5,357,988 Diluted earnings per common share $ 0.11 $ 0.18 |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) U.S. federal agency obligations $ 11,052 $ 70 $ (1 ) $ 11,121 State and municipal 49,976 2,621 — 52,597 Mortgage-backed securities – residential 16,585 263 (9 ) 16,839 Government agency sponsored collateralized mortgage obligations 40,595 352 (211 ) 40,736 Corporate debt securities 1,000 — (52 ) 948 Total $ 119,208 $ 3,306 $ (273 ) $ 122,241 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) U.S. federal agency obligations $ 9,442 $ 1 $ (71 ) $ 9,372 State and municipal 50,020 2,397 (17 ) 52,400 Mortgage-backed securities – residential 17,671 98 (73 ) 17,696 Government agency sponsored collateralized mortgage obligations 42,376 139 (679 ) 41,836 Corporate debt securities 1,000 — (61 ) 939 Total $ 120,509 $ 2,635 $ (901 ) $ 122,243 |
Fair Value of Securities with Unrealized Losses, Aggregated by Investment Category and Length of Time | Securities with unrealized losses at March 31, 2016 and December 31, 2015 , aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2016 Continuing Unrealized Loss For Less Than 12 Months Continuing Unrealized Loss For 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (Dollars in thousands) U.S. federal agency obligations $ 1,099 $ (1 ) $ — $ — $ 1,099 $ (1 ) Mortgage-backed securities – residential 900 (3 ) 813 (6 ) 1,713 (9 ) Government agency sponsored collateralized mortgage obligations 3,087 (32 ) 15,667 (179 ) 18,754 (211 ) Corporate debt securities — — 948 (52 ) 948 (52 ) Total temporarily impaired $ 5,086 $ (36 ) $ 17,428 $ (237 ) $ 22,514 $ (273 ) December 31, 2015 Continuing Unrealized Loss For Less Than 12 Months Continuing Unrealized Loss For 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (Dollars in thousands) U.S. federal agency obligations $ 8,371 $ (71 ) $ — $ — $ 8,371 $ (71 ) State and municipal 4,512 (14 ) 856 (3 ) 5,368 (17 ) Mortgage-backed securities – residential 9,259 (48 ) 809 (25 ) 10,068 (73 ) Government agency sponsored collateralized mortgage obligations 11,200 (136 ) 18,148 (543 ) 29,348 (679 ) Corporate debt securities — — 939 (61 ) 939 (61 ) Total temporarily impaired $ 33,342 $ (269 ) $ 20,752 $ (632 ) $ 54,094 $ (901 ) |
Sales of Securities Available for Sale | ales of securities available-for-sale were as follows: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Proceeds $ — $ 10,262 Gross gains — 84 Gross losses — (34 ) |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at March 31, 2016 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. March 31, 2016 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 1,249 $ 1,262 Due from one to five years 23,354 23,816 Due from five to ten years 26,625 27,976 Due after ten years 10,800 11,612 Subtotal 62,028 64,666 Mortgage-backed securities and government agency sponsored collateralized mortgage obligations 57,180 57,575 Total $ 119,208 $ 122,241 |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans were as follows for the dates indicated: March 31, 2016 December 31, 2015 (Dollars in thousands) Commercial $ 158,254 $ 154,830 Residential mortgage 39,919 40,478 Mortgage warehouse 122,328 128,902 Residential construction 2,806 3,301 Home equity 14,311 13,990 Consumer and other 3,171 3,380 Subtotal 340,789 344,881 Net deferred loan costs 298 305 Allowance for loan losses (3,636 ) (3,634 ) Loans, net $ 337,451 $ 341,552 March 31, 2016 and 2015 , the Bank’s mortgage warehouse division had repurchase agreements with 34 and 29 mortgage companies, respectively. The following table identifies the activity and related interest and fee income attributable to the mortgage warehouse division for the periods presented: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Mortgage Warehouse: Originations $ 1,051,049 $ 765,001 Sold Loans 1,063,755 738,064 Interest income 1,264 1,246 Warehouse fees 340 235 Wire transfer fees 112 73 Loan servicing fees 84 — At March 31, 2016, the total participated balance of mortgage warehouse loans was $91.0 million and the total lines of credit availability was $5.0 million . The Company records a servicing fee on the participated balances. |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses by Portfolio Segment | The following tables present the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 2,440 $ 591 $ 460 $ 4 $ 93 $ 46 $ 3,634 Charge-offs — — — — — (4 ) (4 ) Recoveries 1 — — — — 5 6 Provision 42 (13 ) (14 ) (1 ) (9 ) (5 ) — Ending balance $ 2,483 $ 578 $ 446 $ 3 $ 84 $ 42 $ 3,636 Three Months Ended March 31, 2015 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 2,116 $ 676 $ 654 $ 4 $ 90 $ 55 $ 3,595 Charge-offs (20 ) (5 ) — — — (5 ) (30 ) Recoveries — — — — — 5 5 Provision 154 (59 ) 19 1 (5 ) (5 ) 105 Ending balance $ 2,250 $ 612 $ 673 $ 5 $ 85 $ 50 $ 3,675 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of the dates indicated: March 31, 2016 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Ending balance attributable to loans: Individually evaluated for impairment $ 898 $ 36 $ — $ — $ 15 $ — $ 949 Collectively evaluated for impairment 1,585 542 446 3 69 42 2,687 Acquired with deteriorated credit quality — — — — — — — Total ending allowance $ 2,483 $ 578 $ 446 $ 3 $ 84 $ 42 $ 3,636 Loans: Individually evaluated for impairment $ 2,850 $ 1,309 $ — $ — $ 94 $ — $ 4,253 Collectively evaluated for impairment 155,404 38,505 122,328 2,806 14,217 3,171 336,431 Acquired with deteriorated credit quality — 105 — — — — 105 Total ending loan balance $ 158,254 $ 39,919 $ 122,328 $ 2,806 $ 14,311 $ 3,171 $ 340,789 December 31, 2015 Commercial Residential Mortgage Mortgage Warehouse Residential Construction Home Equity Consumer and Other Total (Dollars in thousands) Allowance for loan losses: Ending balance attributable to loans: Individually evaluated for impairment $ 885 $ 43 $ — $ — $ 17 $ — $ 945 Collectively evaluated for impairment 1,555 548 460 4 76 46 2,689 Acquired with deteriorated credit quality — — — — — — — Total ending allowance $ 2,440 $ 591 $ 460 $ 4 $ 93 $ 46 $ 3,634 Loans: Individually evaluated for impairment $ 2,920 $ 1,283 $ — $ — $ 97 $ — $ 4,300 Collectively evaluated for impairment 151,910 39,089 128,902 3,301 13,893 3,380 340,475 Acquired with deteriorated credit quality — 106 — — — — 106 Total ending loan balance $ 154,830 $ 40,478 $ 128,902 $ 3,301 $ 13,990 $ 3,380 $ 344,881 |
Information Related to Impaired Loans by Class of Loans | The following table presents information related to impaired loans by class of loans as of the dates indicated: March 31, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (Dollars in thousands) With no related allowance recorded: Commercial: Real estate $ 1,334 $ 1,312 $ — $ 1,436 $ 1,366 $ — Residential mortgage 1,144 1,074 — 1,054 988 — Home equity 79 79 — 81 80 — Subtotal 2,557 2,465 — 2,571 2,434 — With an allowance recorded: Commercial: Real estate 1,214 1,214 624 1,214 1,214 624 Construction 25 25 25 41 41 41 Land 430 299 249 431 299 220 Residential mortgage 295 235 36 355 295 43 Home equity 16 15 15 17 17 17 Subtotal 1,980 1,788 949 2,058 1,866 945 Total $ 4,537 $ 4,253 $ 949 $ 4,629 $ 4,300 $ 945 |
Loans Individually Evaluated for Impairment | The following tables present loans individually evaluated for impairment by class of loans for the periods indicated: Three Months Ended March 31, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial: Real estate $ 1,350 $ 19 $ 2,933 $ 45 Five or more family — — 3,692 60 Land — — 120 — Residential mortgage 1,081 7 1,098 1 Home equity 80 1 — — Subtotal 2,511 27 7,843 106 With an allowance recorded: Commercial: Real estate 1,214 — 933 — Construction 29 — — — Land 299 — 1,440 — Residential mortgage 236 5 916 2 Home equity 16 — 7 — Subtotal 1,794 5 3,296 2 Total $ 4,305 $ 32 $ 11,139 $ 108 |
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 the dates indicated. Nonaccrual Loans Past Due March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (Dollars in thousands) Commercial: Real estate $ 1,362 $ 1,396 — $ — Construction 25 41 — — Land 299 299 — — Residential mortgage 620 590 94 — Home equity 21 23 — — Total $ 2,327 $ 2,349 $ 94 $ — |
Aging of Recorded Investment in Past Due Loans | The following tables present the aging of the recorded investment in past due loans by class of loans as of the dates indicated : March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total (Dollars in thousands) Commercial: Commercial and industrial $ — $ — $ — $ — $ 17,377 $ 17,377 Real estate 401 37 1,311 1,749 94,714 96,463 Five or more family 18 — — 18 22,470 22,488 Construction — — 25 25 12,174 12,199 Land — — — — 9,727 9,727 Residential mortgage — — 624 624 39,295 39,919 Mortgage warehouse — — — — 122,328 122,328 Residential construction: Construction — — — — 1,939 1,939 Land — — — — 867 867 Home equity — — 7 7 14,304 14,311 Consumer and other — — — — 3,171 3,171 Total $ 419 $ 37 $ 1,967 $ 2,423 $ 338,366 $ 340,789 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total (Dollars in thousands) Commercial: Commercial and industrial $ — $ — $ — $ — $ 18,117 $ 18,117 Real estate 1,282 — 102 1,384 90,916 92,300 Five or more family 20 — — 20 22,672 22,692 Construction 41 — — 41 11,041 11,082 Land — — — — 10,639 10,639 Residential mortgage 176 — 495 671 39,807 40,478 Mortgage warehouse — — — — 128,902 128,902 Residential construction: Construction — — — — 2,423 2,423 Land — — — — 878 878 Home equity — — 8 8 13,982 13,990 Consumer and other — — — — 3,380 3,380 Total $ 1,519 $ — $ 605 $ 2,124 $ 342,757 $ 344,881 |
Loans by Class Modified as Troubled Debt Restructurings | The following tables present loans by class modified as TDRs that occurred during the periods indicated: Three Months Ended March 31, 2016 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Commercial: Real Estate — $ — $ — 1 $ 207 $ 207 Total — $ — $ — 1 $ 207 $ 207 A loan modification is considered a troubled debt restructuring (“TDR”) 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. The following table presents the Company’s TDRs as of the dates indicated: March 31, 2016 December 31, 2015 (Dollars in thousands) TDRs: Performing in accordance with modified repayment terms $ 1,699 $ 1,720 Nonperforming — — $ 1,699 $ 1,720 Specific reserve $ — $ — |
Risk Category of Loans by Class of Loans | The following tables present the risk category of loans by class based on the most recent analysis performed as of the dates indicated: March 31, 2016 Pass Special Mention Substandard Doubtful (Dollars in thousands) Commercial: Commercial and industrial $ 16,963 $ 414 $ — $ — Real estate 92,274 1,570 2,619 — Five or more family 22,488 — — — Construction 12,174 — 25 — Land 9,327 101 299 — Residential mortgage 38,904 21 994 — Mortgage warehouse 122,328 — — — Residential construction: Construction 1,939 — — — Land 867 — — — Home equity 14,217 — 94 — Consumer and other 3,171 — — — Total $ 334,652 $ 2,106 $ 4,031 $ — December 31, 2015 Pass Special Mention Substandard Doubtful (Dollars in thousands) Commercial: Commercial and industrial $ 17,807 $ 310 $ — $ — Real estate 86,548 3,075 2,677 — Five or more family 22,692 — — — Construction 11,041 — 41 — Land 10,258 82 299 — Residential mortgage 39,490 21 967 — Mortgage warehouse 128,902 — — — Residential construction: Construction 2,423 — — — Land 878 — — — Home equity 13,893 — 97 — Consumer and other 3,380 — — — Total $ 337,312 $ 3,488 $ 4,081 $ — |
Outstanding Balance and Carrying Amount of Purchased Loan | The outstanding balance and carrying amount of those loans was as follows: March 31, 2016 December 31, 2015 (Dollars in thousands) Residential mortgage 105 106 Carrying amount, net of allowance of $0 $ 105 $ 106 |
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, 2016 2015 (Dollars in thousands) Beginning balance $ — $ 18 Reclassification from non-accretable yield — — Accretion of income — (11 ) Ending balance $ — $ 7 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Valuation Methodology and Unobservable Inputs for Impaired Loans and Other Real Estate Owned | The tables below present the valuation methodology and unobservable inputs for impaired loans and other real estate owned at March 31, 2016 and December 31, 2015 . March 31, 2016 Valuation Methodology Unobservable Inputs Range of Inputs Average of Inputs Impaired loans: Commercial land Appraisals Discounts for changes 74% 74% Other real estate owned, net: Commercial real estate Appraisals Discounts for changes 54% 54% December 31, 2015 Valuation Methodology Unobservable Inputs Range of Inputs Average of Inputs Impaired loans: Commercial: Real estate Appraisals Discounts for changes 8% 8% Land Appraisals Discounts for changes 10% 10% Residential mortgage Appraisals Discounts for changes 0-20% 10% Other real estate owned, net: Residential mortgage Appraisals Discounts for changes 30% 30% |
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: March 31, 2016 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial Assets: Investment securities available-for-sale: U.S. federal agency obligations $ 11,121 $ — $ 11,121 $ — State and municipal 52,597 — 52,597 — Mortgage-backed securities – residential 16,839 — 16,839 — Government agency sponsored collateralized mortgage obligations 40,736 — 40,736 — Corporate debt securities 948 — 948 — Total investment securities available-for-sale $ 122,241 $ — $ 122,241 $ — Loans held for sale $ 686 $ — $ 686 $ — Derivatives – residential mortgage loan commitments $ 54 $ — $ 54 $ — Financial Liabilities: Derivatives – interest rate swaps $ (1,872 ) $ — $ (1,872 ) $ — December 31, 2015 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial Assets: Investment securities available-for-sale: U.S. federal agency obligations $ 9,372 $ — $ 9,372 $ — State and municipal 52,400 — 52,400 — Mortgage-backed securities – residential 17,696 — 17,696 — Government agency sponsored collateralized mortgage obligations 41,836 — 41,836 — Corporate debt securities 939 — 939 — Total investment securities available-for-sale $ 122,243 $ — $ 122,243 $ — Loans held for sale $ 3,581 $ — $ 3,581 $ — Derivatives – residential mortgage loan commitments $ 39 $ — $ 39 $ — Financial Liabilities: Derivatives – interest rate swaps $ (1,265 ) $ — $ (1,265 ) $ — |
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: March 31, 2016 December 31, 2015 Aggregate Fair Value Difference Contractual Principal Aggregate Fair Value Difference Contractual Principal (Dollars in thousands) Loans held for sale $ 686 $ 22 $ 664 $ 3,581 $ 110 $ 3,471 |
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, 2016 and 2015 : Three Months Ended March 31, 2016 2015 (Dollars in thousands) Loans held for sale: Other gains (losses) $ (88 ) $ (11 ) Interest income 15 5 Interest expense — — Total changes in fair values included in current period earnings $ (73 ) $ (6 ) |
Assets Measured at Fair Value on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below: March 31, 2016 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Impaired loans: Commercial land $ 50 $ — $ — $ 50 Other real estate owned, net: Commercial real estate 41 — — 41 Mortgage servicing rights 180 — 180 — December 31, 2015 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Impaired loans: Commercial: Real estate $ 590 $ — $ — $ 590 Land 79 — — 79 Residential mortgage 252 — — 252 Other real estate owned, net: Residential mortgage 36 — — 36 Mortgage servicing rights 145 — 145 — |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments for the periods presented are as follows: March 31, 2016 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial assets: Cash and due from financial institutions $ 11,361 $ 11,361 $ — $ — Interest-earning time deposits at other financial institutions 14,532 — 14,596 — Securities available-for-sale 122,241 — 122,241 — Loans held for sale 686 — 686 — Loans, net 337,451 — — 340,354 Federal Home Loan Bank stock 4,029 — 4,029 — Accrued interest receivable 1,404 — 689 716 Financial liabilities: Deposits $ (361,156 ) $ — $ (361,719 ) $ — Federal Home Loan Bank advances (69,132 ) — (69,786 ) — Subordinated debentures (5,155 ) — — (5,146 ) Accrued interest payable (182 ) — (179 ) (3 ) Derivatives – interest rate swaps (1,872 ) — (1,872 ) — December 31, 2015 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial assets: Cash and due from financial institutions $ 18,459 $ 18,459 $ — $ — Interest-earning time deposits at other financial institutions 13,599 — 13,641 — Securities available-for-sale 122,243 — 122,243 — Loans held for sale 3,581 — 3,581 — Loans, net 341,552 — — 344,488 Federal Home Loan Bank stock 4,029 — 4,029 — Accrued interest receivable 1,519 — 760 759 Financial liabilities: Deposits $ (390,959 ) $ — $ (390,914 ) $ — Federal Home Loan Bank advances (55,000 ) — (55,197 ) — Subordinated debentures (5,155 ) — — (5,139 ) Accrued interest payable (175 ) — (172 ) (3 ) Derivatives – interest rate swaps (1,265 ) — (1,265 ) — |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 (Dollars in thousands) FHLB advance: Notional amount $ 10,000 $ 10,000 Unrealized losses (86 ) (154 ) Fixed interest rate payable 3.69 % 3.69 % Variable interest rate receivable (Three month LIBOR plus 0.25%) 0.87 0.57 Maturity date July 19, 2016 FHLB advance: Notional amount $ 10,000 $ 10,000 Unrealized losses (466 ) (276 ) Fixed interest rate payable 2.09 % 2.09 % Variable interest rate receivable (One month LIBOR) 0.44 0.35 Maturity date March 15, 2020 FHLB advance: Notional amount $ 10,000 $ 10,000 Unrealized losses (541 ) (339 ) Fixed interest rate payable 2.23 % 2.23 % Variable interest rate receivable (One month LIBOR) 0.44 0.35 Maturity date June 15, 2020 FHLB advance: Notional amount $ 10,000 $ 10,000 Unrealized losses (779 ) (496 ) Fixed interest rate payable 2.62 % 2.62 % Variable interest rate payable (One month LIBOR) 0.44 — Maturity date March 15, 2021 |
Net Losses Recorded in Accumulated Other Comprehensive Income (Loss) and Income Relating to the Cash Flow Derivative | The following table presents the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Income relating to the Company’s cash flow derivative instruments for the periods indicated: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Interest rate contracts: Net amount of gain (loss): Recognized in OCI (Effective Portion) $ 400 $ 296 Reclassified from OCI to interest income — — Recognized in other non-interest income (Ineffective Portion) — — |
Cash Flow Hedges Included in Consolidated Balance Sheets | The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of the dates indicated: March 31, 2016 December 31, 2015 Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Included in other liabilities: Interest rate swaps related to FHLB advances $ (40,000 ) $ (1,872 ) $ (40,000 ) $ (1,265 ) |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | |
Summary of Activity in Stock Option Plan | summary of the activity in the stock option plan for the period presented: Three Months Ended March 31, 2016 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Dollars in thousands, except per share data) Outstanding at January 1, 2016 581,826 $ 9.40 7.5 years $ 3,377 Granted — — Exercised (1,892 ) 8.31 Forfeited or expired — — Outstanding at March 31, 2016 579,934 $ 9.40 7.3 years $ 3,689 Exercisable at end of period 256,962 $ 7.79 6.3 years $ 2,048 |
Summary of Changes in Company's Nonvested Shares | A summary of changes in the Company’s nonvested restricted shares the was as follows for the period presented: Three Months Ended March 31, 2016 Shares Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2016 125,152 $ 10.58 Granted — — Vested — — Forfeited — — Nonvested at March 31, 2016 125,152 $ 10.58 |
ACCUMULATED OTHER COMPREHENSI30
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | A summary of the reclassifications out of accumulated other comprehensive income (loss) for the periods indicated is as follows: Three Months Ended March 31, 2016 2015 Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Unrealized gains and losses on available-for-sale securities: Net gains on securities $ — $ 50 Income tax expense — (17 ) Net of tax $ — $ 33 A summary of the changes in accumulated other comprehensive income (loss) by component for the periods indicated is as follows: Three Months Ended March 31, 2016 2015 Gains (Losses) Unrealized Total Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available- for-Sale Securities Total (Dollars in thousands) Beginning balance $ (836 ) $ 1,146 $ 310 $ (763 ) $ 1,285 $ 522 Other comprehensive income (loss) before reclassification (400 ) 857 457 (296 ) 668 372 Amounts reclassified from accumulated other comprehensive income (loss) — — — — (33 ) (33 ) Net current period other comprehensive income (loss) (400 ) 857 457 (296 ) 635 339 Ending balance $ (1,236 ) $ 2,003 $ 767 $ (1,059 ) $ 1,920 $ 861 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) A summary of the changes in accumulated other comprehensive income (loss) by component for the periods indicated is as follows: Three Months Ended March 31, 2016 2015 Gains (Losses) Unrealized Total Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available- for-Sale Securities Total (Dollars in thousands) Beginning balance $ (836 ) $ 1,146 $ 310 $ (763 ) $ 1,285 $ 522 Other comprehensive income (loss) before reclassification (400 ) 857 457 (296 ) 668 372 Amounts reclassified from accumulated other comprehensive income (loss) — — — — (33 ) (33 ) Net current period other comprehensive income (loss) (400 ) 857 457 (296 ) 635 339 Ending balance $ (1,236 ) $ 2,003 $ 767 $ (1,059 ) $ 1,920 $ 861 A summary of the reclassifications out of accumulated other comprehensive income (loss) for the periods indicated is as follows: Three Months Ended March 31, 2016 2015 Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Unrealized gains and losses on available-for-sale securities: Net gains on securities $ — $ 50 Income tax expense — (17 ) Net of tax $ — $ 33 |
OFFSETTING FINANCIAL ASSETS A31
OFFSETTING FINANCIAL ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Offsetting Financial Assets And Liabilities [Abstract] | |
Summary of Offsetting Financial Assets and Liabilities | March 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount (Dollars in thousands) Derivatives $ 1,872 $ — $ 1,872 $ (3,977 ) $ — $ (2,105 ) December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount (Dollars in thousands) Derivatives $ 1,265 $ — $ 1,265 $ (3,696 ) $ — $ (2,431 ) |
Earnings Per Share - Factors Us
Earnings Per Share - Factors Used in Earnings Per Common Share Computation (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 595 | $ 952 |
Basic: | ||
Net income | $ 595 | $ 952 |
Weighted average common shares outstanding | 5,579,678 | 5,627,687 |
Less: Average unallocated ESOP shares | (356,965) | (379,449) |
Average shares | 5,222,713 | 5,248,238 |
Basic earnings per common share (in usd per share) | $ 0.11 | $ 0.18 |
Diluted: | ||
Net income | $ 595 | $ 952 |
Average shares | 5,222,713 | 5,248,238 |
Add: Dilutive effects of assumed exercises of stock options | 162,603 | 109,750 |
Average shares and dilutive potential common shares | 5,385,316 | 5,357,988 |
Diluted earnings per common share (in usd per share) | $ 0.11 | $ 0.18 |
Securities Available For Sale -
Securities Available For Sale - Amortized Cost and Fair Value of Available-for-Sale Securities and the Related Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ||
Amortized Cost | $ 119,208 | $ 120,509 |
Unrealized Gains | 3,306 | 2,635 |
Unrealized Losses | (273) | (901) |
Fair Value | 122,241 | 122,243 |
U.S. federal agency obligations [Member] | ||
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ||
Amortized Cost | 11,052 | 9,442 |
Unrealized Gains | 70 | 1 |
Unrealized Losses | (1) | (71) |
Fair Value | 11,121 | 9,372 |
State and municipal [Member] | ||
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ||
Amortized Cost | 49,976 | 50,020 |
Unrealized Gains | 2,621 | 2,397 |
Unrealized Losses | 0 | (17) |
Fair Value | 52,597 | 52,400 |
Mortgage-backed securities - residential [Member] | ||
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ||
Amortized Cost | 16,585 | 17,671 |
Unrealized Gains | 263 | 98 |
Unrealized Losses | (9) | (73) |
Fair Value | 16,839 | 17,696 |
Government agency sponsored collateralized mortgage obligations [Member] | ||
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ||
Amortized Cost | 40,595 | 42,376 |
Unrealized Gains | 352 | 139 |
Unrealized Losses | (211) | (679) |
Fair Value | 40,736 | 41,836 |
Corporate debt securities [Member] | ||
Summarizes the amortized cost and fair value of the available-for-sale securities portfolio | ||
Amortized Cost | 1,000 | 1,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (52) | (61) |
Fair Value | $ 948 | $ 939 |
Securities Available For Sale34
Securities Available For Sale - Fair Value of Securities with Unrealized Losses, Aggregated by Investment Category and Length of Time (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
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 | $ 5,086 | $ 33,342 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | (36) | (269) |
Continuing Unrealized Loss For 12 Months or More Fair Value | 17,428 | 20,752 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | (237) | (632) |
Total Fair Value | 22,514 | 54,094 |
Total Unrealized Loss | (273) | (901) |
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 | 1,099 | 8,371 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | (1) | (71) |
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 | 1,099 | 8,371 |
Total Unrealized Loss | (1) | (71) |
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 | 4,512 | |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | (14) | |
Continuing Unrealized Loss For 12 Months or More Fair Value | 856 | |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | (3) | |
Total Fair Value | 5,368 | |
Total Unrealized Loss | (17) | |
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 | 900 | 9,259 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | (3) | (48) |
Continuing Unrealized Loss For 12 Months or More Fair Value | 813 | 809 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | (6) | (25) |
Total Fair Value | 1,713 | 10,068 |
Total Unrealized Loss | (9) | (73) |
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 | 3,087 | 11,200 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | (32) | (136) |
Continuing Unrealized Loss For 12 Months or More Fair Value | 15,667 | 18,148 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | (179) | (543) |
Total Fair Value | 18,754 | 29,348 |
Total Unrealized Loss | (211) | (679) |
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 | 0 | 0 |
Continuing Unrealized Loss For Less Than 12 Months, Unrealized Loss | 0 | 0 |
Continuing Unrealized Loss For 12 Months or More Fair Value | 948 | 939 |
Continuing Unrealized Loss For 12 Months or More, Unrealized Loss | (52) | (61) |
Total Fair Value | 948 | 939 |
Total Unrealized Loss | $ (52) | $ (61) |
Securities Available For Sale35
Securities Available For Sale - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 0 | $ 10,262 |
Proceeds from Sale of Available-for-sale Securities | 0 | 10,262 |
Gross gains | 0 | 84 |
Gross losses | $ 0 | $ (34) |
Securities Available For Sale36
Securities Available For Sale - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Due in one year or less, Amortized Cost | $ 1,249 |
Due from more than one to five years, Amortized Cost | 23,354 |
Due from more than five to ten years, Amortized Cost | 26,625 |
Due after ten years, Amortized Cost | 10,800 |
Subtotal, Amortized Cost | 62,028 |
Mortgage-backed securities and CMOs, Amortized Cost | 57,180 |
Total, Amortized Cost Basis | 119,208 |
Due in one year or less, Fair Value | 1,262 |
Due from more than one to five years, Fair Value | 23,816 |
Due from more than five to ten years, Fair Value | 27,976 |
Due after ten years, Fair Value | 11,612 |
Subtotal, Fair Value | 64,666 |
Mortgage-backed securities and CMOs, Fair Value | 57,575 |
Total, Fair Value | $ 122,241 |
Securities Available For Sale37
Securities Available For Sale - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged, carrying amount | $ 42.3 | $ 43.1 |
Loans - Loans and Allowances fo
Loans - Loans and Allowances for Loans Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | $ 340,789 | $ 344,881 | |||
Less: Net deferred loan (fees) costs | 298 | 305 | |||
Allowance for loan losses | (3,636) | (3,634) | $ (3,634) | $ (3,675) | $ (3,595) |
Loans, net | 337,451 | 341,552 | |||
Commercial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | 158,254 | 154,830 | |||
Allowance for loan losses | (2,483) | (2,440) | (2,250) | (2,116) | |
Mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | 39,919 | 40,478 | |||
Allowance for loan losses | (578) | (591) | (612) | (676) | |
Mortgage warehouse [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | 122,328 | 128,902 | |||
Allowance for loan losses | (446) | (460) | (673) | (654) | |
Residential Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | 2,806 | 3,301 | |||
Allowance for loan losses | (3) | (4) | (5) | (4) | |
Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | 14,311 | 13,990 | |||
Allowance for loan losses | (84) | (93) | (85) | (90) | |
Consumer and Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | 3,171 | $ 3,380 | |||
Allowance for loan losses | $ (42) | $ (46) | $ (50) | $ (55) |
Loans - Additional Information
Loans - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Companies | Mar. 31, 2015USD ($) | Sep. 30, 2014Companies | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, including fees | $ 4,124 | $ 3,601 | |
Wire transfer fees | 118 | 78 | |
Loan servicing fees, net | 98 | 13 | |
Participated Loans, Outstanding Balance | 91,000 | ||
Participated Loans, Lines of Credit Available | $ 5,000 | ||
Mortgage Warehouse [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of mortgage companies | Companies | 34 | 29 | |
Mortgage warehouse loans, originated | $ 1,051,049 | 765,001 | |
Mortgage warehouse loans, sold | 1,063,755 | 738,064 | |
Loans, including fees | 1,264 | 1,246 | |
Mortgage warehouse loan fees | 340 | 235 | |
Wire transfer fees | 112 | 73 | |
Loan servicing fees, net | $ 84 | $ 0 |
Allowance for Loan Losses - by
Allowance for Loan Losses - by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for loan losses: | ||
Beginning balance | $ 3,634 | |
Charge-offs | (4) | $ (30) |
Recoveries | 6 | 5 |
Provisions | 0 | (105) |
Ending balance | 3,636 | |
Commercial [Member] | ||
Allowance for loan losses: | ||
Charge-offs | 0 | 20 |
Recoveries | 1 | 0 |
Provisions | (42) | (154) |
Ending balance | 2,483 | |
Mortgage [Member] | ||
Allowance for loan losses: | ||
Charge-offs | 0 | 5 |
Recoveries | 0 | 0 |
Provisions | 13 | 59 |
Ending balance | 578 | |
Mortgage Warehouse [Member] | ||
Allowance for loan losses: | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 14 | (19) |
Ending balance | 446 | |
Residential Construction [Member] | ||
Allowance for loan losses: | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 1 | (1) |
Ending balance | 3 | |
Home Equity [Member] | ||
Allowance for loan losses: | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 9 | (5) |
Ending balance | 84 | |
Consumer and Other [Member] | ||
Allowance for loan losses: | ||
Charge-offs | (4) | (5) |
Recoveries | 5 | 5 |
Provisions | 5 | $ (5) |
Ending balance | $ 42 |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Recorded Investment in Loans by Portfolio Segment and Impairment Method (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Document Period End Date | Mar. 31, 2016 | |
Ending allowance balance attributable to loans: | ||
Individually evaluated for impairment | $ 949 | $ 945 |
Collectively evaluated for impairment | 2,687 | 2,689 |
Total ending allowance | 3,636 | 3,634 |
Loans: | ||
Loans individually evaluated for impairment | 4,253 | 4,300 |
Loans collectively evaluated for impairment | 336,431 | 340,475 |
Financing Receivable, Net | 105 | 106 |
Total ending loan balance | 340,789 | 344,881 |
Commercial Portfolio Segment [Member] | ||
Ending allowance balance attributable to loans: | ||
Individually evaluated for impairment | 898 | 885 |
Collectively evaluated for impairment | 1,585 | 1,555 |
Total ending allowance | 2,483 | 2,440 |
Loans: | ||
Loans individually evaluated for impairment | 2,850 | 2,920 |
Loans collectively evaluated for impairment | 155,404 | 151,910 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 0 | |
Total ending loan balance | 158,254 | 154,830 |
Mortgage [Member] | ||
Ending allowance balance attributable to loans: | ||
Individually evaluated for impairment | 36 | 43 |
Collectively evaluated for impairment | 542 | 548 |
Total ending allowance | 578 | 591 |
Loans: | ||
Loans individually evaluated for impairment | 1,309 | 1,283 |
Loans collectively evaluated for impairment | 38,505 | 39,089 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 105 | 106 |
Total ending loan balance | 39,919 | 40,478 |
Mortgage Warehouse [Member] | ||
Ending allowance balance attributable to loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 446 | 460 |
Total ending allowance | 446 | 460 |
Loans: | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 122,328 | 128,902 |
Total ending loan balance | 122,328 | 128,902 |
Residential Construction [Member] | ||
Ending allowance balance attributable to loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 3 | 4 |
Total ending allowance | 3 | 4 |
Loans: | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 2,806 | 3,301 |
Total ending loan balance | 2,806 | 3,301 |
Home Equity [Member] | ||
Ending allowance balance attributable to loans: | ||
Individually evaluated for impairment | 15 | 17 |
Collectively evaluated for impairment | 69 | 76 |
Total ending allowance | 84 | 93 |
Loans: | ||
Loans individually evaluated for impairment | 94 | 97 |
Loans collectively evaluated for impairment | 14,217 | 13,893 |
Total ending loan balance | 14,311 | 13,990 |
Consumer and Other [Member] | ||
Ending allowance balance attributable to loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 42 | 46 |
Total ending allowance | 42 | 46 |
Loans: | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 3,171 | 3,380 |
Total ending loan balance | 3,171 | 3,380 |
Mortgage Warehouse [Member] | ||
Ending allowance balance attributable to loans: | ||
Total ending allowance | 0 | 0 |
Loans: | ||
Financing Receivable, Net | 0 | 0 |
totalloansacquiredwithdeterioratedcreditquality [Member] | ||
Ending allowance balance attributable to loans: | ||
Total ending allowance | 0 | 0 |
Consumer and Other [Member] | ||
Ending allowance balance attributable to loans: | ||
Total ending allowance | 0 | 0 |
Loans: | ||
Financing Receivable, Net | 0 | 0 |
Home Equity [Member] | ||
Ending allowance balance attributable to loans: | ||
Total ending allowance | 0 | 0 |
Loans: | ||
Financing Receivable, Net | 0 | 0 |
Residential Construction [Member] | ||
Ending allowance balance attributable to loans: | ||
Total ending allowance | 0 | 0 |
Loans: | ||
Financing Receivable, Net | 0 | 0 |
Mortgage [Member] | ||
Ending allowance balance attributable to loans: | ||
Total ending allowance | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Ending allowance balance attributable to loans: | ||
Total ending allowance | 0 | $ 0 |
Loans: | ||
Financing Receivable, Net | $ 0 |
Allowance for Loan Losses - Inf
Allowance for Loan Losses - Information Related to Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Document Period End Date | Mar. 31, 2016 | |
Information related to impaired loans by class of loans | ||
With no related allowance recorded, Unpaid Principal Balance | $ 2,557 | $ 2,571 |
With an allowance recorded, Unpaid Principal Balance | 1,980 | 2,058 |
Total, Unpaid Principal Balance | 4,537 | 4,629 |
With no related allowance recorded, Recorded Investment | 2,465 | 2,434 |
With an allowance recorded, Recorded Investment | 1,788 | 1,866 |
Total, Recorded Investment | 4,253 | 4,300 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | 949 | 945 |
Total, Allowance For Loan Losses Allocated | 949 | 945 |
Commercial: Real estate [Member] | ||
Information related to impaired loans by class of loans | ||
With no related allowance recorded, Unpaid Principal Balance | 1,334 | 1,436 |
With an allowance recorded, Unpaid Principal Balance | 1,214 | 1,214 |
With no related allowance recorded, Recorded Investment | 1,312 | 1,366 |
With an allowance recorded, Recorded Investment | 1,214 | 1,214 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | 624 | 624 |
Commercial: Land [Member] | ||
Information related to impaired loans by class of loans | ||
With an allowance recorded, Unpaid Principal Balance | 430 | 431 |
With an allowance recorded, Recorded Investment | 299 | 299 |
With an allowance recorded, Allowance For Loan Losses Allocated | 249 | 220 |
Mortgage [Member] | ||
Information related to impaired loans by class of loans | ||
With no related allowance recorded, Unpaid Principal Balance | 1,144 | 1,054 |
With an allowance recorded, Unpaid Principal Balance | 295 | 355 |
With no related allowance recorded, Recorded Investment | 1,074 | 988 |
With an allowance recorded, Recorded Investment | 235 | 295 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | 36 | 43 |
Home equity [Member] | ||
Information related to impaired loans by class of loans | ||
With no related allowance recorded, Unpaid Principal Balance | 79 | 81 |
With an allowance recorded, Unpaid Principal Balance | 16 | 17 |
With no related allowance recorded, Recorded Investment | 79 | 80 |
With an allowance recorded, Recorded Investment | 15 | 17 |
With no related allowance recorded, Allowance For Loan Losses Allocated | 0 | 0 |
With an allowance recorded, Allowance For Loan Losses Allocated | $ 15 | $ 17 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Document Fiscal Year Focus | 2,016 | |
Information related to impaired loans by class of loans | ||
With no related allowance recorded, Average Recorded Investment | $ 2,511 | $ 7,843 |
With an allowance recorded, Average Recorded Investment | 1,794 | 3,296 |
Total, Average Recorded Investment | 4,305 | 11,139 |
With no related allowance recorded, Interest Income Recognized | 27 | 106 |
With an allowance recorded, Interest Income Recognized | 5 | 2 |
Total, Interest Income Recognized | 32 | 108 |
Commercial: Real estate [Member] | ||
Information related to impaired loans by class of loans | ||
With no related allowance recorded, Average Recorded Investment | 1,350 | 2,933 |
With an allowance recorded, Average Recorded Investment | 1,214 | 933 |
With no related allowance recorded, Interest Income Recognized | 19 | 45 |
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 | 0 | 3,692 |
With no related allowance recorded, Interest Income Recognized | 0 | 60 |
Commercial: Land [Member] | ||
Information related to impaired loans by class of loans | ||
With no related allowance recorded, Average Recorded Investment | 0 | 120 |
With an allowance recorded, Average Recorded Investment | 299 | 1,440 |
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 | 1,081 | 1,098 |
With an allowance recorded, Average Recorded Investment | 236 | 916 |
With no related allowance recorded, Interest Income Recognized | 7 | 1 |
With an allowance recorded, Interest Income Recognized | 5 | 2 |
Home equity [Member] | ||
Information related to impaired loans by class of loans | ||
With no related allowance recorded, Average Recorded Investment | 80 | 0 |
With an allowance recorded, Average Recorded Investment | 16 | 7 |
With no related allowance recorded, Interest Income Recognized | 1 | 0 |
With an allowance recorded, Interest Income Recognized | $ 0 | $ 0 |
Allowance for Loan Losses - Inv
Allowance for Loan Losses - Investment in Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment in nonaccrual loans and loans past due | ||
Nonaccrual | $ 2,327 | $ 2,349 |
Loans Past Due Over 90 Days Still Accruing | 94 | 0 |
Commercial: Real estate [Member] | ||
Investment in nonaccrual loans and loans past due | ||
Nonaccrual | 1,362 | 1,396 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial Construction [Member] | ||
Investment in nonaccrual loans and loans past due | ||
Nonaccrual | 25 | 41 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial: Land [Member] | ||
Investment in nonaccrual loans and loans past due | ||
Nonaccrual | 299 | 299 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Mortgage [Member] | ||
Investment in nonaccrual loans and loans past due | ||
Nonaccrual | 620 | 590 |
Loans Past Due Over 90 Days Still Accruing | 94 | 0 |
Home equity [Member] | ||
Investment in nonaccrual loans and loans past due | ||
Nonaccrual | 21 | 23 |
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 0 |
Allowance for Loan Losses - Agi
Allowance for Loan Losses - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Document Period End Date | Mar. 31, 2016 | |
Aging of the recorded investment in past due loans | ||
Total Past Due | $ 2,423 | $ 2,124 |
Current | 338,366 | 342,757 |
Total ending loan balance | 340,789 | 344,881 |
Commercial : Commercial and other [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Current | 17,377 | 18,117 |
Total ending loan balance | 17,377 | 18,117 |
Commercial: Real estate [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 1,749 | 1,384 |
Current | 94,714 | 90,916 |
Total ending loan balance | 96,463 | 92,300 |
Commercial: Five or more family [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 18 | 20 |
Current | 22,470 | 22,672 |
Total ending loan balance | 22,488 | 22,692 |
Commercial: Construction [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 25 | 41 |
Current | 12,174 | 11,041 |
Total ending loan balance | 12,199 | 11,082 |
Commercial: Land [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Current | 9,727 | 10,639 |
Total ending loan balance | 9,727 | 10,639 |
Mortgage [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 624 | 671 |
Current | 39,295 | 39,807 |
Total ending loan balance | 39,919 | 40,478 |
Mortgage warehouse [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Current | 122,328 | 128,902 |
Total ending loan balance | 122,328 | 128,902 |
Residential Construction: Construction [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Current | 1,939 | 2,423 |
Total ending loan balance | 1,939 | 2,423 |
Residential Construction: Land [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Current | 867 | 878 |
Total ending loan balance | 867 | 878 |
Home equity [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 7 | 8 |
Current | 14,304 | 13,982 |
Total ending loan balance | 14,311 | 13,990 |
Consumer and Other [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Current | 3,171 | 3,380 |
Total ending loan balance | 3,171 | 3,380 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 419 | 1,519 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial : Commercial and other [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial: Real estate [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 401 | 1,282 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial: Five or more family [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 18 | 20 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial: Construction [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 41 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial: Land [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 176 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage warehouse [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Construction: Construction [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Construction: Land [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home equity [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer and Other [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 37 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial : Commercial and other [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial: Real estate [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 37 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial: Five or more family [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial: Construction [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial: Land [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage warehouse [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Construction: Construction [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Construction: Land [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home equity [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer and Other [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 1,967 | 605 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial : Commercial and other [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial: Real estate [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 1,311 | 102 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial: Five or more family [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial: Construction [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 25 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial: Land [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Mortgage [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 624 | 495 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Mortgage warehouse [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Construction: Construction [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Construction: Land [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home equity [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | 7 | 8 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer and Other [Member] | ||
Aging of the recorded investment in past due loans | ||
Total Past Due | $ 0 | $ 0 |
Allowance for Loan Losses - L46
Allowance for Loan Losses - Loans by Class Modified as TDRs (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016USD ($)Contractloan | Mar. 31, 2015USD ($)Contractloan | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | 0 | ||
Allowance For Loan Losses Reversed | $ 0 | $ 0 | ||
Document Fiscal Year Focus | 2,016 | |||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 207 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 207 | ||
Commercial: Real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 207 | ||
Post-Modification Outstanding Recorded Investment | 0 | $ 207 | ||
Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Outstanding Recorded Investment | 0 | $ 0 | ||
Performing Financing Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Outstanding Recorded Investment | 1,699 | 1,720 | ||
Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-Modification Outstanding Recorded Investment | 1,699 | $ 1,720 | ||
Specific Reserves Loan Term Modified | $ 0 | $ 0 |
Allowance for Loan Losses - Ris
Allowance for Loan Losses - Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | $ 105 | $ 106 |
Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 105 | 106 |
Pass [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 334,652 | 337,312 |
Pass [Member] | Residential Construction: Construction [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 1,939 | 2,423 |
Pass [Member] | Commercial : Commercial and other [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 16,963 | 17,807 |
Pass [Member] | Commercial: Five or more family [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 92,274 | 86,548 |
Pass [Member] | Commercial Real Estate And Multi Family Portfolio Segment [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 22,488 | 22,692 |
Pass [Member] | Commercial: Land [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 9,327 | 10,258 |
Pass [Member] | Commercial: Construction [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 12,174 | 11,041 |
Pass [Member] | Mortgage [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 38,904 | 39,490 |
Pass [Member] | Mortgage Warehouse [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 122,328 | 128,902 |
Pass [Member] | Residential Construction: Land [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 867 | 878 |
Pass [Member] | Home Equity [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 14,217 | 13,893 |
Pass [Member] | Consumer and other [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 3,171 | 3,380 |
Special Mention [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 2,106 | 3,488 |
Special Mention [Member] | Residential Construction: Construction [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 0 | 0 |
Special Mention [Member] | Commercial : Commercial and other [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 414 | 310 |
Special Mention [Member] | Commercial: Five or more family [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 1,570 | 3,075 |
Special Mention [Member] | Commercial Real Estate And Multi Family Portfolio Segment [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 | 101 | 82 |
Special Mention [Member] | Commercial: Construction [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 0 | 0 |
Special Mention [Member] | Mortgage [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 21 | 21 |
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: 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 | 0 | 0 |
Special Mention [Member] | Consumer and other [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 0 | 0 |
Substandard [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 4,031 | 4,081 |
Substandard [Member] | Residential Construction: Construction [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 0 | 0 |
Substandard [Member] | Commercial : Commercial and other [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 0 | 0 |
Substandard [Member] | Commercial: Five or more family [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 2,619 | 2,677 |
Substandard [Member] | Commercial Real Estate And Multi Family Portfolio Segment [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 | 299 | 299 |
Substandard [Member] | Commercial: Construction [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 25 | 41 |
Substandard [Member] | Mortgage [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 994 | 967 |
Substandard [Member] | Mortgage Warehouse [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 | 94 | 97 |
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 | 0 | 0 |
Doubtful [Member] | Residential Construction: Construction [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 0 | 0 |
Doubtful [Member] | Commercial : Commercial and other [Member] | ||
Recent analysis performed for risk category of loans | ||
Recorded investment in loans | 0 | 0 |
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 Real Estate And Multi Family Portfolio Segment [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] | Commercial: Construction [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: 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 - Out
Allowance for Loan Losses - Outstanding Balance and Carrying Amount of Purchased Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Outstanding balance and carrying amount of purchased loans | ||
Carrying amount, net of allowance of $0 | $ 105 | $ 106 |
Mortgage [Member] | ||
Outstanding balance and carrying amount of purchased loans | ||
Outstanding balance | $ 105 | $ 106 |
Allowance for Loan Losses - Acc
Allowance for Loan Losses - Accretable Yield, or Income Expected to be Collected on Purchased Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 0 | $ 18 |
Reclassification from non-accretable yield | 0 | 0 |
Accretion of income | 0 | (11) |
Ending balance | $ 0 | $ 7 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance of loans modified as TDRs | $ 0 | $ 207,000 | |
Troubled debt restructurings previously disclosed resulted in charge offs | $ 0 | $ 0 | |
Number of troubled debt restructurings defaulted | Contract | 0 | 0 | |
Allowance for loan losses reversed | $ 0 | $ 0 | |
Performing Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance of loans modified as TDRs | $ 1,699,000 | $ 1,720,000 | |
Loan payment default term | 90 days |
Fair Value - Valuation Methodol
Fair Value - Valuation Methodology and Unobservable Inputs for Impaired Loans and Other Real Estate Owned (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Impaired loans [Member] | Commercial: Real estate [Member] | ||||
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||
Valuation Methodology | Appraisals | |||
Fair Value, Average of Inputs | 8.00% | |||
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 | 74.00% | 10.00% | ||
Impaired loans [Member] | Mortgage [Member] | ||||
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||
Valuation Methodology | Appraisals | |||
Fair Value, Average of Inputs | 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 | |||
Fair Value, Average of Inputs | 54.00% | |||
Other real estate owned, net [Member] | Mortgage [Member] | ||||
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||
Valuation Methodology | Appraisals | |||
Fair Value, Average of Inputs | 30.00% | |||
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 | 0.00% | 8.00% | ||
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 | 74.00% | 10.00% | ||
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] | Impaired loans [Member] | Home equity [Member] | ||||
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||
Fair Value, Range of Inputs | 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 | 54.00% | 0.00% | ||
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 | 0.00% | 0.00% | ||
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 | 0.00% | 30.00% | ||
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 | 0.00% | 8.00% | ||
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 | 74.00% | 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 | 0.00% | 20.00% | ||
Maximum [Member] | Impaired loans [Member] | Home equity [Member] | ||||
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||
Fair Value, Range of Inputs | 0.00% | |||
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 | 54.00% | 0.00% | ||
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 | 0.00% | 0.00% | ||
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 | 0.00% | 30.00% |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | |
Financial Assets | |||
Securities available-for-sale | $ 122,241 | $ 122,243 | |
Loans held for sale | 686 | 3,581 | |
Loans Receivable Held-for-sale, Net | 686 | 3,581 | |
Derivatives - residential mortgage loan commitments | 54 | 39 | |
Financial Liabilities | |||
Derivatives - interest rate swaps | (1,872) | (1,265) | |
U.S. federal agency obligations [Member] | |||
Financial Assets | |||
Securities available-for-sale | 11,121 | 9,372 | |
State and municipal [Member] | |||
Financial Assets | |||
Securities available-for-sale | 52,597 | 52,400 | |
Mortgage-backed securities - residential [Member] | |||
Financial Assets | |||
Securities available-for-sale | 16,839 | 17,696 | |
Government agency sponsored collateralized mortgage obligations [Member] | |||
Financial Assets | |||
Securities available-for-sale | 40,736 | 41,836 | |
Corporate debt securities [Member] | |||
Financial Assets | |||
Securities available-for-sale | 948 | 939 | |
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 | |
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 | |||
Securities available-for-sale | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and municipal [Member] | |||
Financial Assets | |||
Securities available-for-sale | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities - residential [Member] | |||
Financial Assets | |||
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 | |||
Securities available-for-sale | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate debt securities [Member] | |||
Financial Assets | |||
Securities available-for-sale | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Financial Assets | |||
Securities available-for-sale | 122,241 | 122,243 | |
Loans held for sale | 3,581 | ||
Derivatives - residential mortgage loan commitments | 54 | 39 | |
Financial Liabilities | |||
Derivatives - interest rate swaps | (1,872) | (1,265) | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. federal agency obligations [Member] | |||
Financial Assets | |||
Securities available-for-sale | 11,121 | 9,372 | |
Significant Other Observable Inputs (Level 2) [Member] | State and municipal [Member] | |||
Financial Assets | |||
Securities available-for-sale | 52,597 | 52,400 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities - residential [Member] | |||
Financial Assets | |||
Securities available-for-sale | 16,839 | 17,696 | |
Significant Other Observable Inputs (Level 2) [Member] | Government agency sponsored collateralized mortgage obligations [Member] | |||
Financial Assets | |||
Securities available-for-sale | 40,736 | 41,836 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate debt securities [Member] | |||
Financial Assets | |||
Securities available-for-sale | 948 | 939 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Financial Assets | |||
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 | |||
Securities available-for-sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | State and municipal [Member] | |||
Financial Assets | |||
Securities available-for-sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities - residential [Member] | |||
Financial Assets | |||
Securities available-for-sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Government agency sponsored collateralized mortgage obligations [Member] | |||
Financial Assets | |||
Securities available-for-sale | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate debt securities [Member] | |||
Financial Assets | |||
Securities available-for-sale | $ 0 | $ 0 | |
Mortgage Servicing Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 10.00% | 10.00% | |
Financial Liabilities | |||
Fair Value Inputs, Probability of Default | 0.50% | 0.50% | |
Minimum [Member] | Mortgage Servicing Rights [Member] | |||
Financial Liabilities | |||
Fair Value Inputs, Prepayment Rate | 8.00% | 6.90% | |
Maximum [Member] | Mortgage Servicing Rights [Member] | |||
Financial Liabilities | |||
Fair Value Inputs, Prepayment Rate | 20.90% | 22.10% |
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 ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | $ 686 | $ 3,581 | |
Contractual Principal | 664 | 3,471 | |
Aggregate Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 686 | 3,581 | |
Difference [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 22 | $ 110 | |
Loans Held For Sale Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Changes In Fair Values Included In Current Period | $ (73) | $ (6) |
Fair Value - Amount of Gains an
Fair Value - Amount of Gains and Losses from Fair Value Changes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Amount of gains and losses from fair value changes | ||
Interest Expense | $ (696) | $ (605) |
Loans Held For Sale Fair Value [Member] | ||
Amount of gains and losses from fair value changes | ||
Other Gains (Losses) | (88) | (11) |
Interest Income | 15 | 5 |
Interest Expense | 0 | 0 |
Total Changes in Fair Values Included in Current Period Earnings | $ (73) | $ (6) |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on a Non-Recurring Basis (Detail) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired Loans Fair Value Measured Using Fair Value Of Collateral Dependent Loans | $ 299,000 | $ 1,800,000 | |||
Impaired Financing Receivable, Related Allowance | 249,000 | $ 767,000 | |||
Additional Provision For Loan Losses Impaired Loan | 29,000 | $ 261,000 | |||
Real Estate Acquired Through Foreclosure | 41,000 | ||||
Real Estate Owned, Valuation Allowance, Amounts Applied | 30,000 | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 180,000 | 196,000 | |||
Mortgage Servicing Rights [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Outstanding Balance Of Other Real Estate Owned | 274,000 | 301,000 | |||
Real Estate Owned, Valuation Allowance, Component | 94,000 | $ 105,000 | |||
Fees and Commissions, Mortgage Banking and Servicing | 8,000 | $ 14,000 | |||
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 | $ 590,000 | ||||
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 | 50,000 | 79,000 | |||
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 | 252,000 | ||||
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 | ||||
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] | 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 | ||||
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 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 | 590,000 | ||||
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 | 50,000 | 79,000 | |||
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 | 252,000 | ||||
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 | 41,000 | ||||
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 | 36,000 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | 41,000 | ||||
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 | 36,000 | ||||
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 | 180,000 | 145,000 | |||
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 | 180,000 | 145,000 | |||
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 a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2013 |
Financial assets | ||||
Cash and due from financial institutions | $ 11,361 | $ 18,459 | $ 11,221 | $ 8,698 |
Interest-earning time deposits in other financial institutions | 14,532 | 13,599 | ||
Securities available-for-sale | 122,241 | 122,243 | ||
Federal Home Loan Bank stock, at cost (restricted) | 4,029 | 4,029 | ||
Loans Receivable Held-for-sale, Net | 686 | 3,581 | ||
Loans held for sale | 686 | 3,581 | ||
Loans and Leases Receivable, Net Amount | 337,451 | 341,552 | ||
Financial liabilities | ||||
Subordinated debentures | (5,155) | (5,155) | ||
Derivatives - interest rate swaps | (1,872) | (1,265) | ||
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 | 122,241 | 122,243 | ||
Loans held for sale | 3,581 | |||
Financial liabilities | ||||
Derivatives - interest rate swaps | (1,872) | (1,265) | ||
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 | 18,459 | |||
Interest-earning time deposits at other financial institutions | 13,599 | |||
Securities available-for-sale | 122,243 | |||
Loans held for sale | 3,581 | |||
Loans, net | 341,552 | |||
Accrued interest receivable | 1,404 | 1,519 | ||
Financial liabilities | ||||
Deposits | (361,156) | (390,959) | ||
Federal Home Loan Bank advances | (69,132) | (55,000) | ||
Subordinated debentures | (5,155) | (5,155) | ||
Short-term Debt, Fair Value | 0 | |||
Accrued interest payable | (182) | (175) | ||
Derivatives - interest rate swaps | (1,872) | (1,265) | ||
Aggregate Fair Value [Member] | ||||
Financial assets | ||||
Loans held for sale | 686 | 3,581 | ||
Aggregate Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets | ||||
Cash and due from financial institutions | 11,361 | 18,459 | ||
Interest-earning time deposits at other financial institutions | 0 | 0 | ||
Securities available-for-sale | 0 | 0 | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 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 Debt, Fair Value | 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 | 14,596 | 13,641 | ||
Securities available-for-sale | 122,241 | 122,243 | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 4,029 | 4,029 | ||
Loans held for sale | 686 | 3,581 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 689 | 760 | ||
Financial liabilities | ||||
Deposits | (361,719) | (390,914) | ||
Federal Home Loan Bank advances | (69,786) | (55,197) | ||
Subordinated debentures | 0 | 0 | ||
Short-term Debt, Fair Value | 0 | |||
Accrued interest payable | (179) | (172) | ||
Derivatives - interest rate swaps | (1,872) | (1,265) | ||
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 | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Loans, net | 340,354 | 344,488 | ||
Accrued interest receivable | 716 | 759 | ||
Financial liabilities | ||||
Deposits | 0 | 0 | ||
Federal Home Loan Bank advances | 0 | 0 | ||
Subordinated debentures | (5,146) | (5,139) | ||
Short-term Debt, Fair Value | 0 | |||
Accrued interest payable | (3) | (3) | ||
Derivatives - interest rate swaps | $ 0 | $ 0 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||||
Loans held for sale, fair value | $ 686,000 | $ 3,581,000 | ||||
Loans held for sale, outstanding balance | 664,000 | 3,471,000 | ||||
Impaired loans, collateral dependent | 299,000 | $ 1,800,000 | ||||
Impaired Financing Receivable, Related Allowance | 249,000 | $ 767,000 | ||||
Additional provision for loan losses impaired loan | 29,000 | $ 261,000 | ||||
Other real estate owned, carrying value | 41,000 | |||||
Carrying amount, mortgage servicing rights | 180,000 | 196,000 | ||||
Difference [Member] | ||||||
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||||
Loans held for sale, fair value | $ 22,000 | $ 110,000 | ||||
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 Of Other Real Estate Owned | $ 274,000 | 301,000 | ||||
Valuation allowance | 94,000 | $ 105,000 | ||||
Charge on mortgage servicing rights | $ 8,000 | $ 14,000 | ||||
Mortgage servicing rights [Member] | Minimum [Member] | ||||||
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||||
Prepayment rate | 8.00% | 6.90% | ||||
Mortgage servicing rights [Member] | Maximum [Member] | ||||||
Valuation methodology and unobservable inputs for impaired loans and other real estate owned | ||||||
Prepayment rate | 20.90% | 22.10% |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | $ 171,000 | $ 127,000 | |
Security Collateral Held in Safekeeping by Bank of New York [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash and securities fair value | 4,000,000 | $ 3,700,000 | |
Interest Rate Swaps Designated as Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 40,000,000 | ||
Federal Home Loan Banks Advance Three [Member] [Domain] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $ 10,000,000 | $ 10,000,000 | |
Derivative, Fixed Interest Rate | 2.085% | 2.09% |
Derivatives - Interest-Rate Swa
Derivatives - Interest-Rate Swaps Designated as Cash Flow Hedges (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Interest Expense, Trading Liabilities | $ 171,000 | $ 127,000 | |
Federal Home Loan Banks Advance Four [Member] [Domain] | |||
Interest-rate swaps designated as cash flow hedges | |||
Notional amount | $ 10,000,000 | $ 10,000,000 | |
Fixed interest rate payable | 2.23% | 2.23% | |
Unrealized losses | $ (541,000) | $ (339,000) | |
Maturity date | Jun. 15, 2020 | ||
Federal Home Loan Banks Advance Four [Member] [Domain] | One Month London Interbank Offered Rate [Member] [Domain] | |||
Interest-rate swaps designated as cash flow hedges | |||
Variable interest rate receivable | 0.44% | 0.35% | |
FHLB advance (Sep 20, 2015) [Member] | Three month LIBOR plus 0.22% [Member] | LIBOR [Member] | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 0.00% | ||
FHLB advance (Jul 19, 2016) [Member] | |||
Interest-rate swaps designated as cash flow hedges | |||
Notional amount | $ 10,000,000 | $ 10,000,000 | |
Fixed interest rate payable | 3.69% | 3.69% | |
Unrealized losses | $ (86,000) | $ (154,000) | |
Maturity date | Jul. 19, 2016 | ||
FHLB advance (Jul 19, 2016) [Member] | Three Month London Interbank Offered Rate Plus Zero Point Twenty Five Percentage [Member] | |||
Interest-rate swaps designated as cash flow hedges | |||
Variable interest rate receivable | 0.87% | 0.57% | |
FHLB advance (Jul 19, 2016) [Member] | Three Month London Interbank Offered Rate Plus Zero Point Twenty Five Percentage [Member] | LIBOR [Member] | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 0.25% | ||
Federal Home Loan Banks Advance Three [Member] [Domain] | |||
Interest-rate swaps designated as cash flow hedges | |||
Notional amount | $ 10,000,000 | $ 10,000,000 | |
Fixed interest rate payable | 2.085% | 2.09% | |
Unrealized losses | $ (466,000) | $ (276,000) | |
Maturity date | Mar. 15, 2020 | ||
Federal Home Loan Banks Advance Three [Member] [Domain] | Three Month London Interbank Offered Rate Plus Zero Point Twenty Five Percentage [Member] | |||
Interest-rate swaps designated as cash flow hedges | |||
Variable interest rate receivable | 0.44% | 0.35% | |
Federal Home Loan Banks Advance Five [Member] [Domain] | |||
Interest-rate swaps designated as cash flow hedges | |||
Notional amount | $ 10,000,000 | $ 10,000,000 | |
Fixed interest rate payable | 2.62% | 2.62% | |
Unrealized losses | $ (779,000) | $ (496,000) | |
Maturity date | Mar. 15, 2021 | ||
Federal Home Loan Banks Advance Five [Member] [Domain] | One Month London Interbank Offered Rate [Member] [Domain] | |||
Interest-rate swaps designated as cash flow hedges | |||
Variable interest rate receivable | 0.44% | 0.00% |
Derivatives - Net Losses Record
Derivatives - Net Losses Recorded in Accumulated Other Comprehensive Income (Loss) and Income Relating to the Cash Flow Derivative (Detail) - Interest rate contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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) | $ 400 | $ 296 |
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
Derivatives - Cash Flow Hedges Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Included in other liabilities: | ||
Fair Value | $ (1,872) | $ (1,265) |
Interest Rate Swaps Designated as Cash Flow Hedges [Member] | ||
Included in other liabilities: | ||
Notional Amount | (40,000) | |
FHLB advances [Member] | Interest Rate Swaps Designated as Cash Flow Hedges [Member] | ||
Included in other liabilities: | ||
Notional Amount | (40,000) | (40,000) |
Fair Value | (1,872) | (1,265) |
Securities Pledged as Collateral [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Securities Held as Collateral, at Fair Value | $ 4,000 | $ 3,700 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 14, 2014 | Sep. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 332,250 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 126,800 | |||
Shares issued to employees and directors | 135,772 | ||||
Exercise of stock options (in shares) | 1,892 | 4,472 | |||
Shares vested during the period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 649,000 | ||||
Unearned ESOP Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 22,132 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 9,870 | ||||
Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to employees and directors | 14,471 | 417,543 | |||
Total compensation cost charged against income | $ 170,000 | $ 173,000 | |||
Intrinsic value of options exercised | $ 13,000 | ||||
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 | 298,245 | ||||
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) | 1,892 | ||||
Cash received from exercise of stock options | $ 16,000 | ||||
Tax benefits realized from exercise of stock options | 6,000 | ||||
Unrecognized compensation cost related to nonvested stock options granted under the Plan | $ 587,000 | ||||
Cost recognized over a weighted-average period, expected | 3 years 3 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 | $ 1,100,000 | ||||
Cost recognized over a weighted-average period, expected | 3 years 3 months | ||||
Equity Incentive Plan - 2014 [Member] [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to employees and directors | 473,845 | ||||
Equity Incentive Plan - 2014 [Member] [Domain] | Unearned ESOP Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to employees and directors | 352,544 | ||||
Option awards, vesting periods | 5 years | ||||
Option awards, annual percentage, vesting | 20.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity in the Stock Option Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | |
Options, Outstanding Shares [Rollforward] | |||
Outstanding, Shares, beginning balance | 581,826 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 332,250 | |
Exercised, Shares | (1,892) | (4,472) | |
Forfeited or expired, Shares | 0 | ||
Outstanding, Shares, ending balance | 579,934 | ||
Exercisable at end of period, Shares | 256,962,000 | ||
Options, Weighted Average Exercise Price [Abstract] | |||
Outstanding, Weighted Average Exercise Price, beginning balance (in usd per share) | $ 9.40 | ||
Granted, Weighted Average Exercise Price (in usd per share) | 0 | ||
Exercised, Weighted Average Exercise Price (in usd per share) | 8.31 | ||
Forfeited or expired, Weighted Average Exercise Price (in usd per share) | 0 | ||
Outstanding, Weighted Average Exercise Price, ending balance (in usd per share) | 9.40 | ||
Exercisable at end of period, Weighted Average Exercise Price (in usd per share) | $ 7,790 | ||
Options, Additional Disclosures [Abstract] | |||
Outstanding, Weighted Average Remaining Contractual Term, beginning balance | 7 years 3 months | 7 years 6 months | |
Exercisable at end of period, Weighted Average Remaining Contractual Term | 6 years 3 months | ||
Outstanding, Aggregate Intrinsic Value, beginning balance | $ 3,377 | ||
Outstanding, Aggregate Intrinsic Value, ending balance | 3,689 | ||
Exercisable at end of period, Aggregate Intrinsic Value | $ 2,048 |
Stock-Based Compensation - Su64
Stock-Based Compensation - Summary of Changes in the Company's Nonvested Shares (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2014 | |
Nonvested Shares [Rollforward] | ||
Nonvested, Shares, beginning balance | 125,152 | |
Granted, Shares | 0 | 126,800 |
Vested, Shares | 0 | |
Forfeited, Shares | 0 | |
Nonvested, Shares, ending balance | 125,152 | |
Nonvested Shares, Weighted-Average Grant-Date Fair Value [Abstract] | ||
Nonvested, Weighted-Average Grant-Date Fair Value, beginning balance (in usd per share) | $ 10.58 | |
Granted, Weighted-Average Grant-Date Fair Value (in usd per share) | 0 | |
Vested, Weighted-Average Grant-Date Fair Value (in usd per share) | 0 | |
Forfeited, Weighted-Average Grant-Date Fair Value (in usd per share) | 0 | |
Nonvested, Weighted-Average Grant-Date Fair Value, ending balance (in usd per share) | $ 10.58 |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 310 | |
Other comprehensive income (loss) before reclassification | 457 | $ 372 |
Amounts reclassified from accumulated other comprehensive income | 0 | (33) |
Net current period other comprehensive income (loss) | 457 | 339 |
Ending balance | 767 | |
Gains (Losses) on Cash Flow Hedges [Member] | ||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income (loss) before reclassification | (400) | (296) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current period other comprehensive income (loss) | (400) | (296) |
Ending balance | (1,236) | |
Unrealized Gains (Losses) on Available- for-Sale Securities [Member] | ||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income (loss) before reclassification | 857 | 668 |
Amounts reclassified from accumulated other comprehensive income | 0 | (33) |
Net current period other comprehensive income (loss) | 857 | $ 635 |
Ending balance | $ 2,003 |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Income - Summary of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | |
Schedule of Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive income, net of tax expense of $395 at March 31, 2016 and $162 at December 31, 2015 | $ 767 | $ 310 | $ 310 | $ 861 | $ 522 | |
Income tax expense | (151) | $ (156) | ||||
Total before tax | 746 | 1,108 | ||||
Net income | 595 | 952 | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 457 | 372 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 33 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 457 | 339 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Schedule of Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive income, net of tax expense of $395 at March 31, 2016 and $162 at December 31, 2015 | (1,236) | (836) | (1,059) | (763) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (400) | (296) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (400) | (296) | ||||
Unrealized Gains (Losses) on Available- for-Sale Securities [Member] | ||||||
Schedule of Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive income, net of tax expense of $395 at March 31, 2016 and $162 at December 31, 2015 | 2,003 | $ 1,146 | $ 1,920 | $ 1,285 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 857 | 668 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 33 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 857 | 635 | ||||
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 | 0 | 50 | ||||
Income tax expense | 0 | (17) | ||||
Net income | $ 0 | $ 33 |
Offsetting Financial Assets a67
Offsetting Financial Assets and Liabilities - Summary of Offsetting Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting Financial Assets And Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities, Derivatives | $ 1,872 | $ 1,265 |
Gross Amounts Offset in the Consolidated Balance Sheet, Derivatives | 0 | 0 |
Net Amounts Liabilities Presented in the Consolidated Balance Sheet, Derivatives | 1,872 | 1,265 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments, Derivatives | (3,977) | (3,696) |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Pledged, Derivatives | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Net Amount, Derivatives | $ (2,105) | $ (2,431) |
PENDING MERGER (Details)
PENDING MERGER (Details) $ / shares in Units, $ in Millions | Mar. 09, 2016USD ($)$ / shares | Mar. 31, 2016$ / shares | Mar. 10, 2016$ / shares | Dec. 31, 2015$ / shares |
Business Acquisition [Line Items] | ||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Horizon Bancorp [Member] | ||||
Business Acquisition [Line Items] | ||||
Exchange ratio | 0.629 | |||
Acquisition share price (in usd per share) | $ 17.50 | |||
Percent of shares to be converted to Horizon stock | 65.00% | |||
Percent of shares to be converted to cash | 35.00% | |||
Share price | $ 24.21 | |||
Transaction value | $ | $ 94.1 |