Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 13, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | Citizens Independent Bancorp, Inc. | ||
Entity Central Index Key | 1553830 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 623,467 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $8,454,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | ||
Cash and amounts due from depository institutions | $13,290 | $6,758 |
Federal funds sold | 3,343 | 8,246 |
Total cash and cash equivalents | 16,633 | 15,004 |
Securities available for sale | 31,164 | 34,630 |
Other investment securities | 859 | 859 |
Loans | 146,426 | 147,017 |
Allowance for loan losses | -3,869 | -4,384 |
Net loans | 142,557 | 142,633 |
Premises and equipment, net | 3,050 | 3,283 |
Accrued interest receivable | 348 | 446 |
Other real estate owned | 1,068 | 2,532 |
Other assets | 6,144 | 1,465 |
TOTAL ASSETS | 201,823 | 200,852 |
Deposits | ||
Noninterest bearing | 23,153 | 20,539 |
Interest bearing | 154,814 | 165,032 |
Total deposits | 177,967 | 185,571 |
Borrowed funds | 6,147 | 6,363 |
Accrued interest payable | 1,492 | 1,935 |
Other liabilities | 1,380 | 1,357 |
TOTAL LIABILITIES | 186,986 | 195,226 |
SHAREHOLDERS' EQUITY | ||
Cumulative preferred stock of no par value; 100,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Common stock of no par value; 2,000,000 shares authorized and 638,555 shares issued and 584,175 shares outstanding at December 31, 2014 and 900,000 shares authorized and 399,748 shares issued and 345,368 outstanding at December 31, 2013 | 12,297 | 9,307 |
Common stock warrants, 119,003 warrants issued and 118,253 outstanding at December 31, 2014 and 0 warrants issued and outstanding at December 31, 2013 | 187 | 0 |
Retained earnings | 9,458 | 3,380 |
Treasury stock, at cost, 54,380 shares at December 31, 2014 and at December 31, 2013 | -6,590 | -6,590 |
Accumulated other comprehensive income (loss) | -515 | -471 |
TOTAL SHAREHOLDERS' EQUITY | 14,837 | 5,626 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $201,823 | $200,852 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized | 2,000,000 | 900,000 |
Common stock, shares issued | 638,555 | 399,748 |
Common stock, shares outstanding | 548,175 | 345,368 |
Treasury stock, shares | 54,380 | 54,380 |
Warrant [Member] | ||
Stock warrants issued | 119,003 | 0 |
Stock warrants outstanding | 118,253 | 0 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
INTEREST INCOME | ||
Interest and fees on loans | $7,689 | $8,686 |
Interest and dividends on investment securities | 738 | 776 |
Interest on federal funds sold | 26 | 19 |
TOTAL INTEREST INCOME | 8,453 | 9,481 |
INTEREST EXPENSE | ||
Interest on deposits | 1,178 | 1,579 |
Interest on borrowed funds | 456 | 468 |
TOTAL INTEREST EXPENSE | 1,634 | 2,047 |
NET INTEREST INCOME | 6,819 | 7,434 |
Provision for loan losses | -186 | 191 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 7,005 | 7,243 |
NONINTEREST INCOME | ||
Service charges | 451 | 514 |
Net gain (loss) on sale of securities | 202 | 31 |
Net gain (loss) on sale of loans | 0 | 83 |
Net gain (loss) on sale of repossessed assets | 464 | 271 |
Credit card income and fees | 339 | 324 |
Other | 272 | 335 |
TOTAL NONINTEREST INCOME | 1,728 | 1,558 |
NONINTEREST EXPENSES | ||
Salaries and employee benefits | 3,392 | 3,670 |
Net occupancy and equipment expenses | 1,048 | 1,072 |
Other real estate owned expense | 308 | 128 |
FDIC insurance expense | 401 | 480 |
Legal and professional fees | 434 | 363 |
Data processing | 314 | 345 |
Advertising | 205 | 185 |
Examinations and audits | 341 | 165 |
Pension expense | 59 | 220 |
Telephone | 87 | 113 |
Other professional fees | 150 | 111 |
Director fees | 174 | 68 |
Dues and subscriptions | 172 | 77 |
Other insurance | 142 | 102 |
Other operating expenses | 527 | 1,095 |
TOTAL NONINTEREST EXPENSES | 7,754 | 8,194 |
INCOME BEFORE INCOME TAXES | 979 | 607 |
Income tax expense (benefit) | -5,099 | 0 |
NET INCOME | $6,078 | $607 |
Basic earnings per common share (in dollars per share) | $11.21 | $1.84 |
Diluted earnings per common share (in dollars per share) | $11.08 | $1.84 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Net income | $6,078 | $607 |
Other comprehensive income (loss), net of tax: | ||
Change in unrecognized actuarial gain (loss) on pension plan, net of income taxes of ($70) and $125 for the years ended December 31, 2014 and 2013, respectively | -138 | 229 |
Net unrealized holding gain (loss) on securities available for sale, net of income taxes of $118 and $(336) for the years ended December 31, 2014 and 2013, respectively | 227 | -653 |
Reclassification for gains recognized on sale of securities available for sale, net of income taxes of $69 and $11 for the years ended December 31, 2014 and 2013, respectively | -133 | -20 |
Other comprehensive income (loss) | -44 | -444 |
Comprehensive income | $6,034 | $163 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Parenthetical] (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | ($70) | $125 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 118 | -336 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $69 | $11 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Common Stock Subscribed [Member] | Common Stock Warrants [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2012 | $5,524,000 | $8,807,000 | $500,000 | $0 | $2,773,000 | ($6,529,000) | ($27,000) |
Comprehensive Income: | |||||||
Net income | 607,000 | 607,000 | |||||
Other comprehensive income, net of tax: | |||||||
Change in unrealized gain (loss) on securities available for sale | -673,000 | -673,000 | |||||
Change in unrecognized gain (loss) on pension | 229,000 | 229,000 | |||||
Stock Repurchase - 625 shares | -61,000 | -61,000 | |||||
Common stock issued | 0 | 500,000 | -500,000 | ||||
Balance at Dec. 31, 2013 | 5,626,000 | 9,307,000 | 0 | 0 | 3,380,000 | -6,590,000 | -471,000 |
Comprehensive Income: | |||||||
Net income | 6,078,000 | 6,078,000 | |||||
Other comprehensive income, net of tax: | |||||||
Change in unrealized gain (loss) on securities available for sale | 94,000 | 94,000 | |||||
Change in unrecognized gain (loss) on pension | -138,000 | -138,000 | |||||
Common stock warrants issued - 119,003 warrants | 188,000 | 188,000 | |||||
Common stock warrants exercised - 750 warrants | 11,000 | 12,000 | -1,000 | ||||
Common stock issued | 2,978,000 | 2,978,000 | |||||
Balance at Dec. 31, 2014 | $14,837,000 | $12,297,000 | $0 | $187,000 | $9,458,000 | ($6,590,000) | ($515,000) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Parenthetical] | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 238,057 | |
Common Stock [Member] | ||
Debt Instrument [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 238,057 | 28,968 |
Warrant [Member] | ||
Debt Instrument [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 119,003 | |
Class of Warrant or Right, Outstanding | 119,003 | 0 |
Common Stock Warrants Exercised | 750 | |
Treasury Stock [Member] | ||
Debt Instrument [Line Items] | ||
Stock Repurchased During Period, Shares | 625 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $6,078 | $607 |
Adjustment to reconcile net income to net cash provided by operating activities | ||
Provision for loan losses | -186 | 191 |
Depreciation and amortization | 333 | 389 |
Income tax expense (benefit) | -5,099 | 0 |
Investment securities amortization (accretion), net | 173 | 224 |
Provision for other real estate owned losses | 127 | 26 |
Change in value of bank owned life insurance | -8 | 0 |
Net (gain) loss on sale of other real estate owned | -464 | -271 |
Net (gain) loss on sale of investments | -202 | -31 |
Net (gain) loss on disposition of premises and equipment | 20 | 110 |
Net (gain) loss on sale of loans | 0 | -83 |
Proceeds from sale of loans | 0 | 4,149 |
Loans originated for sale | 0 | -3,389 |
Net change in: | ||
Accrued interest receivable | 98 | 89 |
Accrued interest payable | -443 | -97 |
Other assets | 451 | 68 |
Other liabilities | -186 | -931 |
Net cash provided by operating activities | 692 | 1,051 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of available for sale securities | -5,070 | 0 |
Proceeds from maturities of available for sale securities | 3,998 | 8,891 |
Proceeds from sale of available for sale securities | 4,710 | 0 |
Proceeds from sale of other securities | 0 | 80 |
Net changes in loans | -858 | 17,176 |
Proceeds from the sale of other real estate owned | 2,920 | 2,214 |
Purchases of premises and equipment | -120 | -123 |
Net cash provided by investing activities | 5,580 | 28,238 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | -7,604 | -24,236 |
Payments on loans payable | -216 | -203 |
Purchase of treasury stock | 0 | -61 |
Issuance of common stock | 3,177 | 0 |
Net cash provided by (used in) financing activities | -4,643 | -24,500 |
Net increase in cash and cash equivalents | 1,629 | 4,789 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 15,004 | 10,215 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $16,633 | $15,004 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Significant Accounting Policies [Text Block] | NOTE A — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Nature of Operations | |||||||||
Citizens Independent Bancorp, Inc. (the Bancorp) is a bank holding company whose wholly-owned bank subsidiary, The Citizens Bank of Logan (the Bank), together referred to as the Company, is engaged in the business of commercial and retail banking services with operations conducted through offices in Hocking, Athens and Fairfield counties. These communities and surrounding areas are the source of substantially all the Company’s deposit and loan activities. Secured loans are secured by business assets, consumer assets, residential real estate, and non-residential real estate. The majority of Company income is derived from commercial, real estate, and retail lending activities and investments. Other financial instruments which potentially represent concentrations of credit risk include deposit accounts in other financial institutions and federal funds sold. | |||||||||
In October 2012, the Bank entered into a publicly available Consent Order with the Federal Deposit Insurance Corporation (FDIC) and a written agreement with the Ohio Division of Financial Institutions (DFI) (collectively, referred to as the Orders) which require the Bank to take a number of actions. Significant among the required actions is the development of a Capital Plan which will result in the Bank meeting and maintaining its level of Tier 1 capital as a percentage of its total assets at a minimum of 8.50% and its level of qualifying total capital as a percentage of risk-weighted assets at a minimum of 11.50%. The Orders contain a number of listed deliverables and filing deadlines. | |||||||||
Basis of Financial Statement Presentation | |||||||||
The accounting and reporting policies of the Bancorp and its Subsidiary conform with accounting principles generally accepted in the United States of America and to general practices followed within the banking industry. | |||||||||
To conform to the 2013 presentation, certain reclassifications have been made to prior amounts, which had no impact on net income, comprehensive income, or shareholders’ equity. | |||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of Citizens Independent Bancorp, Inc. and its wholly-owned subsidiary, The Citizens Bank of Logan. Citizens Travel Center was closed in 2013. The balance sheet and statement of income for the Citizens Travel Center were immaterial to the consolidated financial statements. All significant intercompany transactions and balances have been eliminated. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Investment Securities | |||||||||
Debt securities are classified as held-to-maturity when management has the positive intent and ability to hold the securities to maturity. Securities held-to-maturity are carried at amortized cost. The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity. | |||||||||
Debt securities not classified as held-to-maturity are classified as available for sale. Securities available for sale are carried at fair value with unrealized gains and losses, net of the deferred income tax effect, reported in accumulated other comprehensive income. Realized gains (losses) on securities available for sale are included in noninterest income and, when applicable, are reported as a reclassification adjustment, net of income tax, in other comprehensive income. Gains and losses on sales of securities are determined on the specific-identification method. | |||||||||
Declines in the fair value of individual held-to-maturity and available for sale securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses of which none have been reported in the periods presented. | |||||||||
Loans | |||||||||
Loans are stated at unpaid principal balances, less the allowance for loan losses and unearned discounts. Interest on loans is accrued based on principal amounts outstanding. | |||||||||
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Personal loans are typically charged off no later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | |||||||||
Interest accrued in the current year but not collected for loans that are placed on nonaccrual or charged off is reversed against current interest income and unpaid interest accrued in prior years is charged to the allowance for loan losses. The interest on nonaccrual loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||
Consistent with the Bank’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. | |||||||||
Loans Held for Sale | |||||||||
Mortgage loans originated and held for sale in the secondary market are carried at the lower of cost or market value determined on an aggregate basis. Net unrealized losses are recognized in a valuation allowance through charges to income. Gains and losses on the sale of loans held for sale are determined using the specific identification method. | |||||||||
Allowance for Loan Losses | |||||||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||
The allowance consists of specific, general and environmental components. The specific component relates to loans that are classified as doubtful, substandard, or troubled debt restructurings (TDRs). For such loans that are also classified as impaired, an allowance is established when the discounted cash flows, collateral value, or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by- case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |||||||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not separately identify individual consumer and residential loans for impairment disclosures, unless such loans are the subject of a restructuring agreement. | |||||||||
Troubled Debt Restructurings (TDRs) | |||||||||
Management classifies loans as TDRs when a borrower is experiencing financial difficulties and the Bank has granted a concession. 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 under the Bank’s internal underwriting policy. | |||||||||
Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate. TDRs are separately identified for impairment disclosures and are measured by the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. | |||||||||
Premises and Equipment | |||||||||
Land is carried at cost. Other premises and equipment are recorded at cost net of accumulated depreciation. Depreciation is computed using the straight-line method based principally on the estimated useful lives of the assets. Useful lives are revised when a change in life expectancy becomes apparent. Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. Gains or losses on dispositions are included in current operations as realized. | |||||||||
Other Real Estate Owned (OREO) | |||||||||
OREO is recorded at fair value less anticipated selling costs (net realizable value) and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. Subsequent declines in the fair value of real estate are classified as OREO devaluations, which are reported as adjustments to the carrying value of OREO and are recorded as a charge to operations included in noninterest expense. In certain circumstances where management believes the devaluation may not be permanent in nature, the Company utilizes a valuation allowance to record OREO devaluations, which is also expensed through noninterest expense. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to expense. | |||||||||
Bank Owned Life Insurance | |||||||||
The Company has purchased a life insurance policy on one retired executive. Company owned life insurance is recorded at its cash surrender value, or the amount that can be realized. Increases in the asset value are recorded as earnings in other income. | |||||||||
Accumulated Other Comprehensive Income | |||||||||
The accumulated other comprehensive income component of equity results from the unrealized gains and losses on available for sale securities and from the unrecognized actuarial loss of the pension plan. | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Securities available for sale | $ | (7 | ) | $ | (101 | ) | |||
Unrecognized actuarial loss of the pension plan | (508 | ) | (370 | ) | |||||
Accumulated other comprehensive income | $ | (515 | ) | $ | (471 | ) | |||
Employee Benefit Plans | |||||||||
Pension expense is the net of service and interest cost, return on plan assets, and amortization of gains and losses not immediately recognized. 401(K) plan expense is based on the Company’s annual contribution. | |||||||||
Earnings Per Common Share | |||||||||
Earnings per common share are net income available to common shareholders divided by the weighted average common shares outstanding during the period. The factors used in the earnings per share computation follow: | |||||||||
(Dollars in thousands, | |||||||||
except per share data) | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 6,078 | $ | 607 | |||||
Weighted average common shares outstanding | 542,398 | 330,779 | |||||||
Basic earnings per common share | $ | 11.21 | $ | 1.84 | |||||
Total shares and warrants | 548,348 | 330,779 | |||||||
Diluted earnings per share | $ | 11.08 | $ | 1.84 | |||||
At December 31, 2014, there are 118,253 warrants outstanding. Each warrant allows the holder to purchase a share of Citizens Independent Bancorp, Inc. common stock at a price equal to 90% of the book price per share at the close of the preceding month. These warrants expire on June 25, 2016. | |||||||||
In 2014, the Company offered a total of 369,754 common shares plus 184,877 warrants, for a total of 554,631 shares, selling a total of 238,057 shares and issuing a total of 119,003 warrants with those shares. Net proceeds after expenses were $3.2 million. Other than an investment in Citizens Bank, the Company currently has no arrangements or understandings regarding any specific use of proceeds. | |||||||||
Income Taxes | |||||||||
Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the basis of securities available for sale, allowance for loan losses, subsequent loss write-downs on other real estate owned, accumulated depreciation, nonaccrual interest on loans, and accrued employee benefits. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets or liabilities are recovered or settled. Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Bancorp files consolidated income tax returns with its Subsidiary. | |||||||||
Advertising | |||||||||
Advertising costs are charged to operations when incurred. | |||||||||
Statements of Cash Flows | |||||||||
The Company considers cash and amounts due from depository institutions, interest-bearing deposits in other banks, and federal funds sold, all of which have an original maturity of 90 days or less, to be cash and cash equivalents for purposes of the statements of cash flows. The following are supplemental disclosures for the years ended December 31, 2014 and 2013, respectively. | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Cash paid during the year for interest | $ | 2,077 | $ | 2,144 | |||||
Cash paid during the year for income taxes | $ | — | $ | — | |||||
Non cash investing and financing activities | |||||||||
Transfer of loans to real estate owned | $ | 803 | $ | 2,128 | |||||
Industry Segments | |||||||||
While the Bancorp’s chief decision makers monitor the revenue streams of various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable segment. | |||||||||
Recent Accounting Pronouncements | |||||||||
Recent Accounting Pronouncements — In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. The amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. Adoption of ASU No. 2014-04 is not expected to have a significant impact on the Company’s consolidated financial statements. | |||||||||
In August 2014, the FASB issued ASU No. 2014-14, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The amendments affect creditors that hold government-guaranteed mortgage loans, including those guaranteed by the Federal Housing Administration and the U.S. Department of Housing and Urban Development. The amendments require that a mortgage loan be derecognized, and that a separate other receivable be recognized upon foreclosure if the conditions are met (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, or (3) at the time of foreclosure, any amount of the claim that is determined on the basis of fair value of the real estate is fixed. The new receivable is to be measured based on the amount of the loan balance (principal and interest) that the creditor expects to recover from the guarantor. ASU No. 2014-14 is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2014. Adoption of ASU No. 2014-14 is not expected to have a significant impact on the Company’s consolidated financial statements. | |||||||||
RESTRICTION_ON_CASH_AND_DUE_FR
RESTRICTION ON CASH AND DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE B — RESTRICTION ON CASH AND DUE FROM BANKS |
The Bank is required to maintain certain daily cash and due from bank reserve balances in accordance with regulatory requirements. The balance maintained under such requirements was $889,000 and $778,000 as of December 31, 2014 and 2013, respectively. | |
As of December 31, 2014, the Bank was required to maintain a minimum balance of $879,000 with Great Lakes Bankers Bank. | |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE C — INVESTMENT SECURITIES | |||||||||||||||||||||||||
The amortized cost of securities and their estimated fair values are as follows: | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||
U.S. government securities | $ | 5,049 | $ | 18 | $ | — | $ | 5,067 | $ | — | $ | — | $ | — | $ | — | ||||||||||
U.S. government federal agencies | 13,905 | 31 | -67 | 13,869 | 13,937 | 8 | -233 | 13,712 | ||||||||||||||||||
State and local governments | 1,029 | 7 | -1 | 1,035 | 7,015 | 334 | -10 | 7,339 | ||||||||||||||||||
Mortgage backed securities | 11,191 | 67 | -65 | 11,193 | 13,831 | 36 | -288 | 13,579 | ||||||||||||||||||
Total | $ | 31,174 | $ | 123 | $ | -133 | $ | 31,164 | $ | 34,783 | $ | 378 | $ | -531 | $ | 34,630 | ||||||||||
The following is a summary of maturities of securities available for sale as of December 31, 2014: | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Amortized | Fair Value | |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Amounts maturing in: | ||||||||||||||||||||||||||
One year or less | $ | 450 | $ | 457 | ||||||||||||||||||||||
After one year through five years | 17,035 | 16,999 | ||||||||||||||||||||||||
After five years through ten years | 3,302 | 3,330 | ||||||||||||||||||||||||
After ten years | 10,387 | 10,378 | ||||||||||||||||||||||||
Total | $ | 31,174 | $ | 31,164 | ||||||||||||||||||||||
Mortgage-backed securities represent participating interests in pools of long-term first mortgage loans originated and serviced by issuers of the securities. The amortized cost and fair value of mortgage-backed securities are presented in the available for sale category by contractual maturity in the preceding table. | ||||||||||||||||||||||||||
Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||
During 2014, the Bank sold the tax exempt municipal securities portfolio. Total proceeds were $4.7 million and the realized gross gain was $0.2 million. In 2013, the Bancorp sold a portion of other securities held for investment realizing total proceeds of $80,000 and realized gains of $31,000. | ||||||||||||||||||||||||||
There were no securities transferred between classifications during 2014 and 2013. | ||||||||||||||||||||||||||
Investment securities with a carrying amount of approximately $28,793,000 and $31,835,000 were pledged to secure deposits as required or permitted by law at December 31, 2014, and 2013, respectively. | ||||||||||||||||||||||||||
The caption “Other investment securities” in the consolidated balance sheets consists of Federal Home Loan Bank stock. This equity security is carried at cost since it may only be sold back to the Federal Home Loan Bank or another member at par value. | ||||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at December 31, 2014 and 2013 aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
U.S. government federal agencies | $ | 3,088 | $ | -9 | $ | 4,979 | $ | -58 | $ | 8,067 | $ | -67 | ||||||||||||||
State and local governments | 578 | -1 | — | — | 578 | -1 | ||||||||||||||||||||
Mortgage backed securities | 1,985 | -8 | 3,684 | -57 | 5,669 | -65 | ||||||||||||||||||||
Total | $ | 5,651 | $ | -18 | $ | 8,663 | $ | -115 | $ | 14,314 | $ | -133 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
U.S. government federal agencies | $ | 12,416 | $ | -233 | $ | — | $ | — | $ | 12,416 | $ | -233 | ||||||||||||||
State and local governments | 570 | -10 | — | — | 570 | -10 | ||||||||||||||||||||
Mortgage backed securities | 9,791 | -288 | — | — | 9,791 | -288 | ||||||||||||||||||||
Total | $ | 22,777 | $ | -531 | $ | — | $ | — | $ | 22,777 | $ | -531 | ||||||||||||||
The investment portfolio contains unrealized losses of direct obligations of U.S. securities, including mortgage-related instruments issued or backed by the full faith and credit of the United States government or are generally viewed as having the implied guarantee of the U.S. government, and debt obligations of a U.S. state or political subdivision. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available for sale, no declines are deemed to be other than temporary. | ||||||||||||||||||||||||||
Management evaluates securities for other than temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any recovery in fair value. | ||||||||||||||||||||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L
LOANS AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE D — LOANS AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||
The following tables provide information on the activity in the allowance for loan losses by the respective loan portfolio segment for the periods indicated: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Total | ||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Beginning balance – January 1, 2014 | $ | 3,873 | $ | 267 | $ | 244 | $ | 4,384 | |||||||||||||||||||||||||
Charge-offs | (458 | ) | (45 | ) | (185 | ) | (688 | ) | |||||||||||||||||||||||||
Recoveries | 295 | 21 | 43 | 359 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (163 | ) | (24 | ) | (142 | ) | (329 | ) | |||||||||||||||||||||||||
Provision | (219 | ) | (48 | ) | 81 | (186 | ) | ||||||||||||||||||||||||||
Ending balance – December 31, 2014 | $ | 3,491 | $ | 195 | $ | 183 | $ | 3,869 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Beginning balance – January 1, 2013 | $ | 4,846 | $ | 203 | $ | 155 | $ | 5,204 | |||||||||||||||||||||||||
Charge-offs | (1,171 | ) | (108 | ) | (395 | ) | (1,674 | ) | |||||||||||||||||||||||||
Recoveries | 568 | 55 | 40 | 663 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (603 | ) | (53 | ) | (355 | ) | (1,011 | ) | |||||||||||||||||||||||||
Provision | (370 | ) | 117 | 444 | 191 | ||||||||||||||||||||||||||||
Ending balance – December 31, 2013 | $ | 3,873 | $ | 267 | $ | 244 | $ | 4,384 | |||||||||||||||||||||||||
The following tables present the recorded investment with respect to loans and the related allowance by portfolio segment at the dates indicated: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Collectively Evaluated | Individually Evaluated | Total | |||||||||||||||||||||||||||||||
Allowance | Recorded | Allowance | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
for loan | investment in | for loan | investment in | for loan | investment in | ||||||||||||||||||||||||||||
losses | loans | losses | loans | losses | loans | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,422 | $ | 77,651 | $ | 1,069 | $ | 10,338 | $ | 3,491 | $ | 87,989 | |||||||||||||||||||||
Real estate | 124 | 38,091 | 71 | 665 | 195 | 38,756 | |||||||||||||||||||||||||||
Consumer | 169 | 19,407 | 14 | 274 | 183 | 19,681 | |||||||||||||||||||||||||||
Total | $ | 2,715 | $ | 135,149 | $ | 1,154 | $ | 11,277 | $ | 3,869 | $ | 146,426 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,802 | $ | 81,716 | $ | 1,071 | $ | 9,874 | $ | 3,873 | $ | 91,590 | |||||||||||||||||||||
Real estate | 183 | 33,219 | 84 | 778 | 267 | 33,997 | |||||||||||||||||||||||||||
Consumer | 189 | 21,183 | 55 | 247 | 244 | 21,430 | |||||||||||||||||||||||||||
Total | $ | 3,174 | $ | 136,118 | $ | 1,210 | $ | 10,899 | $ | 4,384 | $ | 147,017 | |||||||||||||||||||||
As part of its monitoring process, the Bank utilizes a risk rating system which quantifies the risk the Bank estimates it has assumed when entering into a loan transaction and during the life of that loan. The system rates the strength of the borrower and the transaction and is designed to provide a program for risk management and early detection of problems. Loans are graded on a scale of 1 through 8, with a grade of 4 or below classified as “Pass” rated credits. Following is a description of the general characteristics of risk grades 5 through 8: | |||||||||||||||||||||||||||||||||
5 — Special Mention | |||||||||||||||||||||||||||||||||
The weighted overall risk associated with this credit is considered higher than normal (but still acceptable) or the loan possesses deficiencies which corrective action by the Bank would remedy, thereby reducing risk. | |||||||||||||||||||||||||||||||||
6 — Substandard | |||||||||||||||||||||||||||||||||
The weighted overall risk associated with this credit (based on each of the Bank’s creditworthiness criteria) is considered undesirable, the credit demonstrates a well-defined weakness or the Bank is inadequately protected and there exists the distinct possibility of sustaining some loss if not corrected. | |||||||||||||||||||||||||||||||||
7 — Doubtful | |||||||||||||||||||||||||||||||||
Weakness makes collection or liquidation in full (based on currently existing facts) improbable. | |||||||||||||||||||||||||||||||||
8 — Loss | |||||||||||||||||||||||||||||||||
This credit is of little value and not warranted as a bankable asset. Accordingly, the Bank does not carry any loans on the books that are graded 8 — loss, instead these loans are charged off. | |||||||||||||||||||||||||||||||||
The Bank’s strategy for credit risk management includes ongoing credit examinations and management reviews of loans exhibiting deterioration of credit quality. Such monitoring is being done on an ongoing basis according to the following timeframe: $250,000 to $1,000,000 exposure, annually; $1,000,000 exposure, semiannually; watch list loans with aggregate exposure >$100,000 are analyzed each quarter. A deteriorating credit indicates an elevated likelihood of delinquency. When a loan becomes delinquent, its credit grade is reviewed and changed accordingly. Each downgrade to a classified credit results in a higher percentage of reserve to reflect the increased likelihood of loss for similarly graded credits. Further deterioration could result in a certain credit being deemed impaired resulting in a collateral valuation for purposes of establishing a specific reserve which reflects the possible extent of such loss for that credit. | |||||||||||||||||||||||||||||||||
The following tables present the risk category of loans by class of loans based on the most recent analysis performed at December 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||
Credit risk profile by credit worthiness category | |||||||||||||||||||||||||||||||||
Commercial Credit Exposure | (Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial Mortgage | Commercial Other | ||||||||||||||||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | ||||||||||||||||||||||||||||||
Category | |||||||||||||||||||||||||||||||||
Pass | $ | 61,047 | $ | 58,765 | $ | 13,014 | $ | 11,424 | |||||||||||||||||||||||||
5 | 4,524 | 11,468 | 344 | 2,480 | |||||||||||||||||||||||||||||
6 | 8,131 | 6,657 | 230 | 722 | |||||||||||||||||||||||||||||
7 | 699 | 74 | — | — | |||||||||||||||||||||||||||||
Total | $ | 74,401 | $ | 76,964 | $ | 13,588 | $ | 14,626 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||
Credit risk profile by credit worthiness category | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Residential Real Estate | Consumer Equity | Consumer Auto | Consumer Other | ||||||||||||||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | ||||||||||||||||||||||||||
Category | |||||||||||||||||||||||||||||||||
Pass | $ | 37,729 | $ | 32,201 | $ | 6,945 | $ | 7,351 | $ | 10,649 | $ | 11,908 | $ | 1,888 | $ | 1,738 | |||||||||||||||||
5 | 430 | 792 | 77 | 210 | 54 | 62 | — | — | |||||||||||||||||||||||||
6 | 597 | 1,004 | 15 | 105 | 53 | 53 | — | — | |||||||||||||||||||||||||
7 | — | — | — | — | — | 3 | — | — | |||||||||||||||||||||||||
Total | $ | 38,756 | $ | 33,997 | $ | 7,037 | $ | 7,666 | $ | 10,756 | $ | 12,026 | $ | 1,888 | $ | 1,738 | |||||||||||||||||
Loans evaluated for impairment include loans classified as troubled debt restructurings and non-performing commercial, mortgage, and consumer loans. Impairment is evaluated in total for smaller balance loans of a similar nature, and on an individual loan basis for other loans. The following tables set forth certain information regarding the Bank’s impaired loans, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of the periods indicated: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial mortgage | $ | 7,027 | $ | 7,368 | $ | — | |||||||||||||||||||||||||||
Commercial other | 67 | 67 | — | ||||||||||||||||||||||||||||||
Residential real estate | 223 | 278 | — | ||||||||||||||||||||||||||||||
Consumer equity | 15 | 16 | — | ||||||||||||||||||||||||||||||
Consumer auto | 106 | 109 | — | ||||||||||||||||||||||||||||||
Subtotal | 7,438 | 7,838 | — | ||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial mortgage | 3,100 | 3,191 | 925 | ||||||||||||||||||||||||||||||
Commercial other | 144 | 168 | 144 | ||||||||||||||||||||||||||||||
Residential real estate | 442 | 449 | 71 | ||||||||||||||||||||||||||||||
Consumer equity | 153 | 153 | 14 | ||||||||||||||||||||||||||||||
Consumer auto | — | — | — | ||||||||||||||||||||||||||||||
Subtotal | 3,839 | 3,961 | 1,154 | ||||||||||||||||||||||||||||||
Total | $ | 11,277 | $ | 11,799 | $ | 1,154 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial mortgage | $ | 6,824 | $ | 7,048 | $ | — | |||||||||||||||||||||||||||
Commercial other | 113 | 115 | — | ||||||||||||||||||||||||||||||
Residential real estate | 558 | 615 | — | ||||||||||||||||||||||||||||||
Consumer equity | 96 | 97 | — | ||||||||||||||||||||||||||||||
Consumer auto | 132 | 135 | — | ||||||||||||||||||||||||||||||
Subtotal | 7,723 | 8,010 | — | ||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial mortgage | 2,352 | 3,629 | 624 | ||||||||||||||||||||||||||||||
Commercial other | 656 | 792 | 447 | ||||||||||||||||||||||||||||||
Residential real estate | 452 | 455 | 84 | ||||||||||||||||||||||||||||||
Consumer equity | 165 | 166 | 53 | ||||||||||||||||||||||||||||||
Consumer auto | 9 | 9 | 2 | ||||||||||||||||||||||||||||||
Subtotal | 3,634 | 5,051 | 1,210 | ||||||||||||||||||||||||||||||
Total | $ | 11,357 | $ | 13,061 | $ | 1,210 | |||||||||||||||||||||||||||
The following tables present the average recorded investments in impaired loans and the amount of interest income recognized on impaired loans after impairment by portfolio segment and class for the periods indicated. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
No Related | With Related | Total | |||||||||||||||||||||||||||||||
Allowance Recorded | Allowance Recorded | ||||||||||||||||||||||||||||||||
Average Recorded Investment | Total Interest Income Recognized | Average Recorded Investment | Total Interest Income Recognized | Average Recorded Investment | Total Interest Income Recognized | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 7,529 | $ | 115 | $ | 2,512 | $ | 25 | $ | 10,041 | $ | 140 | |||||||||||||||||||||
Other | 148 | 3 | 230 | — | 378 | 3 | |||||||||||||||||||||||||||
Residential real | 238 | 5 | 515 | 18 | 753 | 23 | |||||||||||||||||||||||||||
estate | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | 63 | — | 156 | 10 | 219 | 10 | |||||||||||||||||||||||||||
Auto | 107 | 2 | 2 | — | 109 | 2 | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||||||||||
TOTAL | $ | 8,085 | $ | 125 | $ | 3,415 | $ | 53 | $ | 11,500 | $ | 178 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 4,014 | $ | 148 | $ | 3,118 | $ | — | $ | 7,132 | $ | 148 | |||||||||||||||||||||
Other | 2,454 | 4 | 951 | — | 3,405 | 4 | |||||||||||||||||||||||||||
Residential real | 699 | 3 | 286 | 18 | 985 | 21 | |||||||||||||||||||||||||||
estate | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | 51 | — | 167 | 11 | 218 | 11 | |||||||||||||||||||||||||||
Auto | 175 | 11 | 5 | — | 180 | 11 | |||||||||||||||||||||||||||
Other | 15 | — | — | — | 15 | — | |||||||||||||||||||||||||||
TOTAL | $ | 7,408 | $ | 166 | $ | 4,527 | $ | 29 | $ | 11,935 | $ | 195 | |||||||||||||||||||||
The following table summarizes information relative to troubled debt restructured (TDR) loans which were modified during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
TDRs | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial mortgage | 5 | $ | 1,260 | $ | 1,260 | ||||||||||||||||||||||||||||
Real estate residential | 4 | $ | 251 | $ | 251 | ||||||||||||||||||||||||||||
Consumer | 6 | 30 | 30 | ||||||||||||||||||||||||||||||
Total | 15 | $ | 1,541 | $ | 1,541 | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial mortgage | 1 | $ | 287 | $ | 283 | ||||||||||||||||||||||||||||
Real estate residential | 1 | 212 | 202 | ||||||||||||||||||||||||||||||
Consumer | 4 | 50 | 53 | ||||||||||||||||||||||||||||||
Total | 6 | $ | 549 | $ | 538 | ||||||||||||||||||||||||||||
A modification of a loan constitutes a TDR when a borrower is experiencing financial difficulty and the modification constitutes a concession. The Bank offers various types of concessions when modifying a loan. Loan terms that may be modified due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, a reduction in the face amount of the debt, a reduction of the accrued interest, temporary interest-only payments, or re-aging, extensions, deferrals, renewals and rewrites. In mitigation, additional collateral, a co-borrower or a guarantor may be requested. | |||||||||||||||||||||||||||||||||
During 2014, loans were modified by a either reduction in interest rates, a change in the contractual maturity date of the note, or a final payment modification. Five loans were modified with reduced interest rates, the contractual maturity date of eight loans was extended, and two loans had a final balloon payment added at maturity. | |||||||||||||||||||||||||||||||||
During 2013, two loans were modified with reduced interest rates, the contractual maturity date of three loans was extended, and one loan had both the interest rate reduced and the contractual maturity date extended. | |||||||||||||||||||||||||||||||||
Loans modified in a TDR may already be on nonaccrual status and partial charge-offs may have in some cases been taken against the outstanding loan balance. The allowance for impaired loans that has been modified in a TDR is measured based on the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent or on the present value of expected future cash flows, discounted at the loan’s original effective interest rate. Management exercises significant judgment in developing these determinations. | |||||||||||||||||||||||||||||||||
There have been two commercial real estate loans to a single borrower totaling $946,000 which were modified as a TDR within the previous twelve months that have subsequently defaulted as of December 31, 2014. At December 31, 2014, $200,000 of the ALLL has been specifically allocated to these loans as a result of the ASC 310 analysis. | |||||||||||||||||||||||||||||||||
As of December 31, 2014, there are no commitments to lend additional funds to any borrower whose loan terms have been modified in a troubled debt restructuring. | |||||||||||||||||||||||||||||||||
The following table presents the loan portfolio summarized by aging categories, at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
30 – 59 Days | 60 – 89 Days | >90 Days | Total | Current | Total | Recorded | |||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Investment >90 Days and | ||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 1,345 | $ | 238 | $ | 4,924 | $ | 6,507 | $ | 67,894 | $ | 74,401 | $ | — | |||||||||||||||||||
Other | 17 | 144 | 20 | 181 | 13,407 | 13,588 | — | ||||||||||||||||||||||||||
Residential real estate | 470 | 186 | 27 | 683 | 38,073 | 38,756 | — | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | — | — | — | — | 7,037 | 7,037 | — | ||||||||||||||||||||||||||
Auto | 20 | 6 | 19 | 45 | 10,711 | 10,756 | — | ||||||||||||||||||||||||||
Other | 8 | 6 | 10 | 24 | 1,864 | 1,888 | — | ||||||||||||||||||||||||||
Total | $ | 1,860 | $ | 580 | $ | 5,000 | $ | 7,440 | $ | 138,986 | $ | 146,426 | $ | — | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 1,923 | $ | 203 | $ | 3,153 | $ | 5,279 | $ | 71,685 | $ | 76,964 | $ | — | |||||||||||||||||||
Other | 140 | 74 | 174 | 388 | 14,238 | 14,626 | — | ||||||||||||||||||||||||||
Residential real estate | 639 | 156 | 259 | 1,054 | 32,943 | 33,997 | — | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | 81 | 16 | — | 97 | 7,569 | 7,666 | — | ||||||||||||||||||||||||||
Auto | 46 | 11 | — | 57 | 11,969 | 12,026 | — | ||||||||||||||||||||||||||
Other | 71 | 60 | — | 131 | 1,607 | 1,738 | — | ||||||||||||||||||||||||||
Total | $ | 2,900 | $ | 520 | $ | 3,586 | $ | 7,006 | $ | 140,011 | $ | 147,017 | $ | — | |||||||||||||||||||
The following summarizes loans on nonaccrual status at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 7,200 | $ | 6,443 | |||||||||||||||||||||||||||||
Other | 169 | 529 | |||||||||||||||||||||||||||||||
Residential real estate | 307 | 680 | |||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | 15 | 105 | |||||||||||||||||||||||||||||||
Auto | 38 | 31 | |||||||||||||||||||||||||||||||
Other | — | — | |||||||||||||||||||||||||||||||
Total | $ | 7,729 | $ | 7,788 | |||||||||||||||||||||||||||||
Management has identified lending for non-owner occupied residential real estate as a lending concentration. Total loans for these properties totaled $28.6 million at December 31, 2014 versus $26.5 million at December 31, 2013. At December 31, 2014, non-owner occupied residential real estate represented 19.5% of the loan portfolio, up from 18% of the Bank’s loan portfolio at December 31, 2013. Management believes it has the skill and experience to manage any risks associated with this type of lending. Loans in this category are generally paying as agreed without any unusual or unexpected levels of delinquency. The delinquency rate in this category, which is any loan 30 days or more past due, was 4.8% at December 31, 2014. | |||||||||||||||||||||||||||||||||
In the ordinary course of business, the Bancorp and the Bank have and expect to continue to have transactions, including borrowings, with its officers, directors, and their affiliates. In the opinion of management, such transactions were on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the time of comparable transactions with other customers and did not involve more than a normal credit risk of collectability or present any other unfavorable features to the Bancorp and the Bank. Loans to such borrowers are summarized as follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Balance, January 1, | $ | 16 | $ | 1,196 | |||||||||||||||||||||||||||||
New loans granted | 131 | 342 | |||||||||||||||||||||||||||||||
Principal payments | (136 | ) | (886 | ) | |||||||||||||||||||||||||||||
Change in director status | — | (636 | ) | ||||||||||||||||||||||||||||||
Balance, December 31, | $ | 11 | $ | 16 | |||||||||||||||||||||||||||||
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE E — PREMISES AND EQUIPMENT | ||||||||
A summary of premises and equipment at December 31, 2014 and 2013 follows: | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Land | $ | 1,273 | $ | 1,273 | |||||
Buildings and improvements | 3,450 | 3,458 | |||||||
Furniture, fixtures, and equipment | 2,339 | 2,317 | |||||||
$ | 7,062 | $ | 7,048 | ||||||
Accumulated depreciation and amortization | (4,012 | ) | (3,765 | ) | |||||
Total | $ | 3,050 | $ | 3,283 | |||||
The Company has entered into various operating lease arrangements. The leases expire at various dates throughout 2015 to 2018 and provide options for renewal. The total rental expense charged to operations for the years ended December 31, 2014 and 2013 amounted to $160,000 and $192,000, respectively. At December 31, 2014, the total future minimum lease commitments under the leases were: | |||||||||
(Dollars | |||||||||
in thousands) | |||||||||
2015 | $ | 135 | |||||||
2016 | 123 | ||||||||
2017 | 63 | ||||||||
2018 | 33 | ||||||||
Total | $ | 354 | |||||||
DEPOSITS
DEPOSITS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposit Liabilities Disclosures [Text Block] | NOTE F — DEPOSITS | ||||||||
Deposit account balances at December 31, 2014 and 2013, are summarized as follows: | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Noninterest bearing checking accounts | $ | 23,153 | $ | 20,539 | |||||
Interest bearing checking accounts | 22,351 | 20,561 | |||||||
Savings accounts | 58,951 | 58,330 | |||||||
Certificates of deposit | 73,512 | 86,141 | |||||||
Total | $ | 177,967 | $ | 185,571 | |||||
The aggregate amount of jumbo certificates of deposit with a minimum denomination of $100,000 was $36,275,000 and $42,971,000 at December 31, 2014 and 2013, respectively. | |||||||||
At December 31, 2014, scheduled maturities of certificates of deposit are as follows: | |||||||||
(Dollars | |||||||||
in thousands) | |||||||||
2015 | $ | 39,355 | |||||||
2016 | 15,985 | ||||||||
2017 | 8,931 | ||||||||
2018 | 3,028 | ||||||||
2019 | 6,110 | ||||||||
2020 and after | 103 | ||||||||
$ | 73,512 | ||||||||
The Bank held deposits of approximately $528,000 and $751,000 for executive officers and directors at December 31, 2014 and 2013, respectively. | |||||||||
BORROWED_FUNDS
BORROWED FUNDS | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | NOTE G — BORROWED FUNDS | |||||||
Borrowed funds are comprised of the following at December 31: | ||||||||
(Dollars in thousands) | ||||||||
2014 | 2013 | |||||||
8.00% note payable to company, of which a significant owner is a shareholder of Bancorp, in monthly installments of interest only through 12/29/2015, secured by real estate | $ | 5,000 | $ | 5,000 | ||||
4.25% note payable to bank in monthly installments of $9,925 through 06/25/2019, unsecured | 485 | 583 | ||||||
4.75% note payable to bank in monthly installments of $12,615 through 11/21/2019, unsecured | 662 | 780 | ||||||
Total borrowed funds | $ | 6,147 | $ | 6,363 | ||||
As of February 9, 2015, the Company had renegotiated a portion of the $5.0 million note payable due December 29, 2015. An interest only note for $1,644,546.60, due August 4, 2021, with a fixed interest rate of 6.00%, and 28,675 shares of the Company’s common stock have been exchanged for $2.3 million of the original $5.0 million note. The remaining $2.7 million of the original $5.0 million note will continue unaltered, earning a fixed rate of 8.00% with the remaining principal of $2.7 million due December 29, 2015. | ||||||||
Federal Home Loan Bank (FHLB) advances are collateralized by all shares of FHLB stock owned by the Bank (totaling $859,000) and by 100% of the Bank’s qualifying 1 – 4 family mortgage loans in the amount of $34.6 million. Based on the collateral capacity as of December 31, 2014, total FHLB advances are limited to approximately $16,033,000. There were no FHLB borrowings outstanding at December 31, 2014 or 2013. | ||||||||
In addition, the Company has collateralized federal fund lines of $5.0 million with the FRB and $1.0 million with Great Lakes Bankers Bank. Neither line was drawn upon as of December 31, 2014. The Federal Reserve federal funds line is secured via the pledge of $7.8 million of automobile loans and the Great Lakes Bankers Bank line is secured via the pledge of cash. | ||||||||
At December 31, 2014, scheduled maturities of notes payable were as follows: | ||||||||
(Dollars | ||||||||
in | ||||||||
thousands) | ||||||||
2015 | $ | 5,222 | ||||||
2016 | 233 | |||||||
2017 | 243 | |||||||
2018 | 255 | |||||||
2019 | 194 | |||||||
$ | 6,147 | |||||||
FEDERAL_INCOME_TAXES
FEDERAL INCOME TAXES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | NOTE H — FEDERAL INCOME TAXES | ||||||||
The consolidated provision for income taxes consists of the following for the years ended December 31: | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Income tax expense | |||||||||
Current tax expense (benefit) | $ | — | $ | — | |||||
Deferred tax expense (benefit) | 49 | 303 | |||||||
Change in valuation allowance | (5,148 | ) | (303 | ) | |||||
Total | $ | (5,099 | ) | $ | — | ||||
The consolidated provision for federal income taxes differs from that computed by applying federal statutory rates to income before federal income tax expense as indicated in the following analysis: | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Federal statutory income tax at 34% | $ | 333 | $ | 206 | |||||
Tax exempt income | (100 | ) | (129 | ) | |||||
Other | (184 | ) | 226 | ||||||
Change in valuation allowance | (5,148 | ) | (303 | ) | |||||
Total | $ | (5,099 | ) | $ | — | ||||
The deferred tax assets and deferred tax liabilities are comprised of the following at December 31: | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Deferred Tax Assets | |||||||||
Pension accounting | $ | 261 | $ | 191 | |||||
Allowance for loan losses | 682 | 613 | |||||||
Deferred compensation | 16 | 19 | |||||||
OREO accounting | 1,106 | 1,315 | |||||||
Nonaccrual loan interest | 157 | 187 | |||||||
NOL carryforward | 3,429 | 3,339 | |||||||
Securities available for sale | 4 | 52 | |||||||
Other | 4 | 5 | |||||||
Total deferred tax assets | 5,659 | 5,721 | |||||||
Deferred Tax Liabilities | |||||||||
Depreciation | 130 | 164 | |||||||
FHLB stock | 166 | 166 | |||||||
Total deferred tax liabilities | 296 | 330 | |||||||
Net deferred tax asset before valuation allowance | 5,363 | 5,391 | |||||||
Valuation allowance | — | (5,148 | ) | ||||||
Net deferred tax asset | $ | 5,363 | $ | 243 | |||||
At year-end 2014, the Company had federal net operating loss carryforwards of approximately $10,086,000 which will begin to expire in the year 2031. | |||||||||
The Bancorp and Bank are subject to U.S. federal income tax. The Bancorp is no longer subject to examination by taxing authorities for years before 2011. | |||||||||
Realization of deferred tax assets is dependent on generating sufficient taxable income prior to their expiration. | |||||||||
In the fourth quarter of 2014, the Company again evaluated the need for a deferred tax asset valuation allowance, concluded that it is more likely than not that the deferred tax asset will be realized based upon future taxable income, and reversed the entire valuation allowance on deferred tax assets of $5.1 million. | |||||||||
The net deferred tax asset of $5.4 million is recorded in other assets on the consolidated balance sheet. | |||||||||
The Company expects to realize $3.4 million of deferred tax assets related to net operating loss carryforwards well in advance of the statutory carryforward period. At December 31, 2014, $2.3 million of existing deferred tax assets were not related to net operating losses and therefore have no expiration date. | |||||||||
FINANCIAL_INSTRUMENTS_WITH_OFF
FINANCIAL INSTRUMENTS WITH OFF BALANCE SHEET RISK | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value, Off-balance Sheet Risks [Text Block] | NOTE I — FINANCIAL INSTRUMENTS WITH OFF BALANCE SHEET RISK | ||||||||
In the normal course of business, the Bank has outstanding commitments, contingent liabilities, and other financial instruments, such as commitments to extend credit and standby letters of credit, which are not included in the accompanying consolidated financial statements. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual or notional amount of those instruments. The Bank uses the same credit policies in making such commitments as it does for instruments that are included in the consolidated balance sheets. | |||||||||
Financial instruments whose contract amount represents credit risk at December 31, 2014 and 2013 were as follows: | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Home equity lines | $ | 6,840 | $ | 6,469 | |||||
Credit card lines | 6,065 | 5,747 | |||||||
Secured by real estate | 1,654 | 594 | |||||||
Other unused commitments | 5,704 | 7,742 | |||||||
Standby letters of credit | 41 | 141 | |||||||
Total | $ | 20,304 | $ | 20,693 | |||||
These commitments may have either fixed or variable interest rates. | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount and type of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include accounts receivable, inventory, property and equipment, real estate, or income-producing commercial properties. | |||||||||
Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Standby letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. | |||||||||
The Bank has not incurred any losses on its commitments in either 2014 or 2013. | |||||||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE J — COMMITMENTS AND CONTINGENT LIABILITIES |
The Bancorp and Bank periodically are subject to claims and lawsuits which arise in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial statements of the Company. | |
RISKS_AND_UNCERTAINTIES
RISKS AND UNCERTAINTIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Risks and Uncertainties [Abstract] | |||||
Risks and Uncertainties Disclosure [Text Block] | NOTE K — RISKS AND UNCERTAINTIES | ||||
The Bank had due from bank balances in excess of $250,000 with the following banks as of December 31, 2014: | |||||
(Dollars | |||||
in thousands) | |||||
Great Lakes Bankers Bank | $ | 2,915 | |||
Federal Reserve Bank | 2,900 | ||||
Total | $ | 5,815 | |||
RESTRICTION_ON_DIVIDENDS
RESTRICTION ON DIVIDENDS | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividend Payment Restrictions [Text Block] | NOTE L — RESTRICTION ON DIVIDENDS |
The Bank is subject to certain restrictions on the amount of dividends that it may pay without prior regulatory approval. The Bank normally restricts dividends to a lesser amount. At December 31, 2014, no retained earnings were available for the payment of dividends without prior regulatory approval. | |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE M — EMPLOYEE BENEFIT PLANS | |||||||||||||
The Bank has a qualified noncontributory, defined benefit pension plan which covers certain employees. The benefits are primarily based on years of service and earnings. | ||||||||||||||
The following is a summary of the plans funded status as of December 31, 2014 and 2013: | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
2014 | 2013 | |||||||||||||
Change in benefit obligation: | ||||||||||||||
Projected benefit obligation at beginning of year | $ | 1,158 | $ | 1,497 | ||||||||||
Interest cost | 51 | 52 | ||||||||||||
Actuarial loss (gain) | 274 | -201 | ||||||||||||
Settlement | — | -170 | ||||||||||||
Benefits paid | -24 | -20 | ||||||||||||
Projected benefit obligation at end of year | $ | 1,459 | $ | 1,158 | ||||||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets at beginning of year | $ | 630 | $ | 576 | ||||||||||
Actual return on plan assets | 56 | -6 | ||||||||||||
Employer contributions | 64 | 259 | ||||||||||||
Settlement | — | -179 | ||||||||||||
Benefits paid | -24 | -20 | ||||||||||||
Fair value of plan assets at end of year | $ | 726 | $ | 630 | ||||||||||
Funded status (included in accrued liabilities) | $ | -733 | $ | -528 | ||||||||||
Unrecognized net actuarial gain (loss) in accumulated other comprehensive income (before taxes) | $ | -770 | $ | -562 | ||||||||||
Amounts recognized in the consolidated statements of income consist of: | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Net periodic pension cost: | ||||||||||||||
Interest cost on projected benefit obligation | $ | 51 | $ | 52 | ||||||||||
Expected return on plan assets | -39 | -8 | ||||||||||||
Settlement loss | — | 87 | ||||||||||||
Net amortization of deferral of (gains) losses | 47 | 89 | ||||||||||||
Net periodic pension cost | $ | 59 | $ | 220 | ||||||||||
Other changes recognized in other comprehensive income include: | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Change in unrecognized net actuarial loss | $ | -208 | $ | 354 | ||||||||||
Tax effect | 70 | -125 | ||||||||||||
Total recognized in other comprehensive income | $ | -138 | $ | 229 | ||||||||||
Weighted-average assumptions used to determine benefit obligation at December 31, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 4.5 | % | 4.5 | % | ||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 4.5 | % | 3.5 | % | ||||||||||
Expected return on plan assets | 6 | % | 1.5 | % | ||||||||||
The actuarial assumptions used in the pension plan valuations are reviewed annually. The Bank’s expected return on plan assets is determined by the plan assets’ historical long-term investment performance, current asset allocation, and estimates of future long-term returns by asset class. | ||||||||||||||
The Bank has retained the Park National Bank as third party trustee to manage the assets of The Citizens Bank of Logan pension plan. The Bank’s investment policy for Plan assets is to manage the portfolio to preserve principal and liquidity while maximizing the return on the investment portfolio through the full investment of available funds. | ||||||||||||||
The portfolio is to be diversified by investing in multiple types of investment-grade securities. Target allocation percentages for each major class of Plan assets are as follows: | ||||||||||||||
Equity Securities — 85% | ||||||||||||||
Fixed Income Securities — 15% | ||||||||||||||
The Bank’s pension plan weighted-average asset allocations at December 31, 2014 and 2013 by asset category are as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Asset category: | ||||||||||||||
Equity securities | 74 | % | 52 | % | ||||||||||
Debt securities | 0 | % | 4 | % | ||||||||||
Cash and cash equivalents | 5 | % | 41 | % | ||||||||||
Other | 21 | % | 3 | % | ||||||||||
Total | 100 | % | 100 | % | ||||||||||
Citizens Independent Bancorp, Inc. common stock to total plan assets | 5 | % | 5 | % | ||||||||||
The fair values of the Bank’s pension plan assets presented by asset class within the fair value hierarchy, as defined in Note P — Fair Value of Financial Instruments, at December 31, 2014 and 2013 are as follows: | ||||||||||||||
Plan Assets | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
Fair Value Measurements at reporting date using: | ||||||||||||||
Asset Class | Fair | Quoted Prices in | Significant | Significant | ||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | ||||||||||||
Assets/Liabilities | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
31-Dec-14 | ||||||||||||||
Cash equivalents | $ | 32 | $ | — | $ | 32 | $ | — | ||||||
Fixed income | 169 | 169 | — | — | ||||||||||
Equity securities | 446 | 446 | — | — | ||||||||||
Other | 47 | 47 | — | — | ||||||||||
$ | 694 | $ | 662 | $ | 32 | $ | — | |||||||
CIB common stock | 32 | — | 32 | — | ||||||||||
Total Plan Assets | $ | 726 | $ | 662 | $ | 64 | $ | — | ||||||
31-Dec-13 | ||||||||||||||
Cash equivalents | $ | 242 | $ | — | $ | 242 | $ | — | ||||||
Fixed income | 62 | 62 | — | — | ||||||||||
Equity securities | 275 | 275 | — | — | ||||||||||
Other | 19 | 19 | — | — | ||||||||||
$ | 598 | $ | 356 | $ | 242 | $ | — | |||||||
CIB common stock | 32 | — | 32 | — | ||||||||||
Total Plan Assets | $ | 630 | $ | 356 | $ | 274 | $ | — | ||||||
Fair value measurements are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions, and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange or traded by dealers or brokers in active over-the-counter markets. Level 2 securities include securities issued by government sponsored entities, mortgage-backed securities, and municipal bonds. Level 3 securities include those with unobservable inputs. Transfers between levels can occur due to changes in the observability of significant inputs. | ||||||||||||||
The Company anticipates making contributions to the pension plan totaling $155,000 during the fiscal year ending December 31, 2015. These contributions will be required to meet ERISA’s minimum funding standards and the estimated quarterly contribution requirements during this period. The amount of the unrecognized net actuarial loss included in accumulated other comprehensive income expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2015 is $68,475. Participants are 100% vested. | ||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||
(Dollars | ||||||||||||||
in | ||||||||||||||
thousands) | ||||||||||||||
2015 | $ | 87 | ||||||||||||
2016 | 70 | |||||||||||||
2017 | 113 | |||||||||||||
2018 | 129 | |||||||||||||
2019 | 51 | |||||||||||||
2020 – 2024 | 371 | |||||||||||||
Total | $ | 821 | ||||||||||||
The Company offers a 401(k) profit sharing plan covering substantially all employees. The Company partially matches voluntary employee contributions of up to 4% of individual compensation. The matching percentage was 50% in 2014 and 2013. Employee contributions are vested at all times. The Company’s matching contributions become fully vested after an individual has completed seven years of service. Expense associated with the plan included in salaries and employee benefits was approximately $27,000 in 2014 and $32,000 in 2013. | ||||||||||||||
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE N — REGULATORY MATTERS | ||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by its primary federal regulator, the Federal Deposit Insurance Corporation (FDIC). Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank and the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total risk-based capital and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and Tier I capital (as defined) to average assets (as defined). | |||||||||||||||||||||||||
As of December 31, 2014 and 2013, the FDIC found that the Bank was categorized as undercapitalized per the Consent Orders. Under the regulatory framework for prompt corrective action, the Bank’s capital status may preclude the Bank from access to borrowings from the Federal Reserve System through the discount window. The Bank is also restricted from the use of brokered deposits. Also, as required by the framework, the Bank has a capital plan filed with the FDIC. The plan outlines the Bank’s steps for attaining the required levels of regulatory capital. There are no conditions or events since that notification which management believes have changed the Bank’s category. | |||||||||||||||||||||||||
In 2013, the federal banking agencies issued revisions to the existing capital rules to incorporate certain changes to the Basel capital framework, including Basel III and other elements. The intent is to strengthen the definition of regulatory capital, increase risk-based capital requirements, and make selected changes to the calculation of risk-weighted assets. As part of the new rules, which begin to be effective in 2015, there are several provisions affecting the Bank, such as the implementation of a new common tier ratio, the start of a capital conservation buffer, and increased prompt corrective action capital adequacy thresholds. | |||||||||||||||||||||||||
The FRB has established minimum leverage ratio guidelines for bank holding companies. The FRB guidelines provide for a minimum ratio of Tier 1 capital to average assets (excluding the allowance for loan losses, goodwill and certain other intangibles), or “leverage ratio,” of 3% for bank holding companies that meet certain criteria, including having the highest regulatory rating, and 4% for all other bank holding companies. The guidelines further provide that bank holding companies making acquisitions will be expected to maintain strong capital positions substantially above the minimum levels. The OCC and the FDIC have each also adopted minimum leverage ratio guidelines for national banks and for state non-member banks, respectively. | |||||||||||||||||||||||||
Both the Company’s and the Bank’s actual and required capital amounts and ratios are as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Actual | For Capital | Minimum To Be Well | |||||||||||||||||||||||
Adequacy Purposes | Capitalized Under | ||||||||||||||||||||||||
Current Regulatory | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Total capital to risk weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 11,779 | 8.8 | % | 10,663 | 8 | % | N/A | N/A | ||||||||||||||||
Bank | 17,560 | 13.4 | % | 10,491 | 8 | % | 13,114 | 10 | % | ||||||||||||||||
Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||
Consolidated | 10,113 | 7.6 | 5,332 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 15,893 | 12.1 | 5,245 | 4 | 7,868 | 6 | |||||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | 10,113 | 5 | 8,111 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 15,893 | 8.1 | 7,839 | 4 | 9,798 | 5 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Total capital to risk weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 7,761 | 5.8 | % | 10,644 | 8 | % | N/A | N/A | ||||||||||||||||
Bank | 13,679 | 10.3 | % | 10,620 | 8 | % | 13,275 | 10 | % | ||||||||||||||||
Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||
Consolidated | 6,097 | 4.6 | 5,322 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 12,019 | 9.1 | 5,310 | 4 | 7,965 | 6 | |||||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | 6,097 | 2.8 | 8,593 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 12,019 | 5.7 | 8,421 | 4 | 10,564 | 5 | |||||||||||||||||||
FAIR_VALUES_OF_FINANCIAL_INSTR
FAIR VALUES OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE O — FAIR VALUES OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an 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. Accounting guidance also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under this guidance are described below. | |||||||||||||||||||||
Level 1 — Valuation is based on quoted prices in active markets for identical assets or liabilities that the Bank has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets and liabilities. | |||||||||||||||||||||
Level 2 — Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on 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 for substantially the full term of the asset or liability. | |||||||||||||||||||||
Level 3 — Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. | |||||||||||||||||||||
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
Accordingly, investment securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Bank may be required to record other assets at fair value on a nonrecurring basis, such as impaired loans and other real estate owned. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or writedowns of individual assets. | |||||||||||||||||||||
The following describes the valuation techniques used to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. | |||||||||||||||||||||
Investment securities available for sale — Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions, and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange or traded by dealers or brokers in active over-the-counter markets. Level 2 securities include securities issued by government sponsored entities, mortgage-backed securities, and municipal bonds. Level 3 securities include those with unobservable inputs. Transfers between levels can occur due to changes in the observability of significant inputs. | |||||||||||||||||||||
The following are assets and liabilities that were accounted for or disclosed at fair value on a recurring basis: | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Fair | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Value | Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets/Liabilities | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. government securities | $ | 5,067 | $ | 5,067 | $ | — | $ | — | |||||||||||||
U.S. government federal agencies | 13,869 | — | 13,869 | — | |||||||||||||||||
State and local governments | 1,035 | — | 1,035 | — | |||||||||||||||||
Mortgage backed securities | 11,193 | — | 11,193 | — | |||||||||||||||||
Total securities available for sale | $ | 31,164 | $ | 5,067 | $ | 26,097 | $ | — | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. government securities | $ | — | $ | — | $ | — | $ | — | |||||||||||||
U.S. government federal agencies | 13,712 | — | 13,712 | — | |||||||||||||||||
State and local governments | 7,339 | — | 7,339 | — | |||||||||||||||||
Mortgage backed securities | 13,579 | — | 13,579 | — | |||||||||||||||||
Total securities available for sale | $ | 34,630 | $ | — | $ | 34,630 | $ | — | |||||||||||||
The following describes the valuation techniques used to measure certain financial assets and liabilities recorded at fair value on a nonrecurring basis in the financial statements. | |||||||||||||||||||||
Impaired loans — The Bank does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses may need to be established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment. As of December 31, 2014, the fair value of substantially all of the impaired loans was estimated based on the fair value of the collateral. The calculated difference between the fair value of collateral and the outstanding loan balance on average approximately 9% for commercial mortgage, 68% for commercial other, 11% for residential real estate, and 8% for consumer equity. When the fair value of the collateral is based on an observable market price or a current appraised value, the Bank records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Bank records the impaired loan as nonrecurring Level 3. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. | |||||||||||||||||||||
Other real estate owned (OREO) — OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the consolidated balance sheet at the lower of the investment in the real estate or its fair value less estimated selling costs. The fair value of OREO is determined on a nonrecurring basis generally utilizing current appraisals performed by an independent, licensed appraiser applying an income or market value approach using observable market data (level 2). However, if a current appraisal is not available, the original appraised value is discounted, as appropriate, to compensate for the estimated depreciation in the value of the real estate since the date of its original appraisal. Such discounts are generally estimated based upon management’s knowledge of sales of similar property within the applicable market area and its knowledge of other real estate market-related data as well as general economic trends (Level 3). Upon foreclosure, any fair value adjustment is charged against the allowance for loan losses. Subsequent fair value adjustments are recorded in the period incurred and included in other noninterest expense in the consolidated statements of income. | |||||||||||||||||||||
The following are assets and liabilities that were accounted for or disclosed at fair value on a nonrecurring basis: | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets/Liabilities | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial mortgage | $ | 9,202 | $ | — | $ | — | $ | 9,202 | |||||||||||||
Commercial other | 67 | — | — | 67 | |||||||||||||||||
Residential real estate | 594 | — | — | 594 | |||||||||||||||||
Consumer equity | 154 | — | — | 154 | |||||||||||||||||
Consumer auto | 106 | — | — | 106 | |||||||||||||||||
Total impaired loans | $ | 10,123 | $ | — | $ | — | $ | 10,123 | |||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential | 200 | — | — | 200 | |||||||||||||||||
Commercial | 868 | — | — | 868 | |||||||||||||||||
Total other real estate owned | $ | 1,068 | $ | — | $ | — | $ | 1,068 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial mortgage | $ | 8,552 | $ | — | $ | — | $ | 8,552 | |||||||||||||
Commercial other | 322 | — | — | 322 | |||||||||||||||||
Residential real estate | 926 | — | — | 926 | |||||||||||||||||
Consumer equity | 208 | — | — | 208 | |||||||||||||||||
Consumer auto | 139 | — | — | 139 | |||||||||||||||||
Total impaired loans | $ | 10,147 | $ | — | $ | — | $ | 10,147 | |||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential | 670 | — | — | 670 | |||||||||||||||||
Commercial | 1,862 | — | — | 1,862 | |||||||||||||||||
Total other real estate owned | $ | 2,532 | $ | — | $ | — | $ | 2,532 | |||||||||||||
The following methods and assumptions were used to estimate the fair value disclosures for other financial instruments as of December 31, 2014 and 2013: | |||||||||||||||||||||
Cash and cash equivalents — The fair value of cash and cash equivalents is estimated to approximate the carrying amounts. | |||||||||||||||||||||
Other investment securities — Other investment securities consist of restricted equity securities in the Federal Home Loan Bank (FHLB) and are carried at cost. Because there is no market, the carrying values of restricted equity securities approximate fair values based on the redemption provisions of the FHLB. | |||||||||||||||||||||
Loans — The fair value of loans is calculated by discounting estimated cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The estimated cash flows do not anticipate prepayments. | |||||||||||||||||||||
Management has made estimates of fair value discount rates that it believes to be reasonable. However, because there is no market for many of these financial instruments, management has no basis to determine whether the fair value presented for loans would be indicative of the value negotiated in an actual sale. Impaired loans are estimated to average 10% less than recorded investment. | |||||||||||||||||||||
Accrued interest receivable and payable — The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||||||
Deposits — The fair value of deposits with no stated maturity, such as noninterest bearing and interest bearing demand deposits, regular savings, and certain types of money market accounts, is equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||||||
Borrowed funds — the carrying amounts of borrowed funds which mature within 90 days approximate their fair values. The fair values of other borrowed funds are estimated using discounted cash flow analysis that applies interest rates currently offered on similar instruments. | |||||||||||||||||||||
Off-balance-sheet instruments — The fair values of commitments to extend credit and standby letters of credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of agreements and the present credit standing of the counterparties. The amounts of fees currently charged on commitments to extend credit and standby letters of credit are deemed insignificant, and therefore, the estimated fair values and carrying values are not shown. | |||||||||||||||||||||
The estimated fair value of the financial instruments is as follows: | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Carrying | Fair | Quoted Prices in | Significant | Significant | |||||||||||||||||
Amount | Value | Active Markets | Other | Unobservable | |||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets/Liabilities | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 16,633 | $ | 16,633 | $ | — | $ | 16,633 | $ | — | |||||||||||
Securities available-for-sale | 31,164 | 31,164 | 5,067 | 26,097 | — | ||||||||||||||||
Other investment securities | 859 | 859 | — | — | 859 | ||||||||||||||||
Net loans | 142,557 | 145,895 | — | — | 145,895 | ||||||||||||||||
Accrued interest receivable | 348 | 348 | — | — | 348 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Noninterest bearing deposits | $ | 23,153 | $ | 23,153 | $ | — | $ | 23,153 | $ | — | |||||||||||
Interest-bearing deposits | 154,814 | 155,735 | — | 155,735 | — | ||||||||||||||||
Borrowed funds | 6,147 | 6,147 | — | 6,147 | — | ||||||||||||||||
Accrued interest payable | 1,492 | 1,492 | — | — | 1,492 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 15,004 | $ | 15,004 | $ | — | $ | 15,004 | $ | — | |||||||||||
Securities available-for-sale | 34,630 | 34,630 | — | 34,630 | — | ||||||||||||||||
Other investment securities | 859 | 859 | — | — | 859 | ||||||||||||||||
Net loans | 142,633 | 147,703 | — | — | 147,703 | ||||||||||||||||
Accrued interest receivable | 446 | 446 | — | — | 446 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 20,539 | $ | 20,539 | $ | — | $ | 20,539 | $ | — | ||||||||||||
Interest-bearing deposits | 165,032 | 165,502 | — | 165,502 | — | ||||||||||||||||
Borrowed funds | 6,363 | 6,363 | — | 6,363 | — | ||||||||||||||||
Accrued interest payable | 1,935 | 1,935 | — | — | 1,935 | ||||||||||||||||
PARENT_COMPANY_FINANCIAL_STATE
PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE P — PARENT COMPANY FINANCIAL STATEMENTS | ||||||||
The following are condensed parent company only financial statements for Citizens Independent Bancorp, Inc. | |||||||||
CONDENSED BALANCE SHEETS | |||||||||
December 31, 2014 and 2013 | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 921 | $ | 51 | |||||
Investment in subsidiary | 17,967 | 11,548 | |||||||
Other assets | 2,098 | 448 | |||||||
Total assets | $ | 20,986 | $ | 12,047 | |||||
Total liabilities | $ | 6,149 | $ | 6,421 | |||||
Total shareholders’ equity | 14,837 | 5,626 | |||||||
Total liabilities and shareholders’ equity | $ | 20,986 | $ | 12,047 | |||||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||
Years ended December 31, 2014 and 2013 | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Income | |||||||||
Dividends from subsidiary | $ | — | $ | — | |||||
Other | (333 | ) | 3 | ||||||
(333 | ) | 3 | |||||||
Expenses | |||||||||
Other | (683 | ) | (650 | ) | |||||
Income (loss) before income taxes and equity in undistributed earnings of subsidiary | (1,016 | ) | (647 | ) | |||||
Income tax expense (benefit) | (2,098 | ) | — | ||||||
Equity in undistributed earnings of subsidiary | 4,996 | 1,254 | |||||||
Net income | 6,078 | 607 | |||||||
Other comprehensive income (loss) | (44 | ) | (444 | ) | |||||
Comprehensive income | $ | 6,034 | $ | 163 | |||||
CONDENSED STATEMENT OF CASH FLOWS | |||||||||
Years ended December 31, 2014 and 2013 | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Cash flows from operating activities | |||||||||
Net income | $ | 6,078 | $ | 607 | |||||
Adjustments to reconcile net income to net cash from operations | |||||||||
Equity in undistributed earnings of subsidiary | (4,996 | ) | (1,254 | ) | |||||
Deferred income tax | (2,098 | ) | — | ||||||
Change in other assets and other liabilities | 29 | (318 | ) | ||||||
Net cash provided by (used in) operating activities | (987 | ) | (965 | ) | |||||
Cash flows from investing activities | |||||||||
Proceeds from sale of other real estate owned | 362 | 998 | |||||||
Capital contribution to subsidiary | (1,467 | ) | — | ||||||
Net cash provided by (used in) investing activities | (1,105 | ) | 998 | ||||||
Cash flows from financing activities | |||||||||
Payments on loan payable | (215 | ) | (203 | ) | |||||
Purchase of treasury stock | — | (61 | ) | ||||||
Issuance of common stock | 3,177 | — | |||||||
Net cash provided by (used in) financing activities | 2,962 | (264 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 870 | (231 | ) | ||||||
Cash and cash equivalents at beginning of year | 51 | 282 | |||||||
Cash and cash equivalents at end of year | $ | 921 | $ | 51 | |||||
STOCK_SUBSCRIPTION
STOCK SUBSCRIPTION | 12 Months Ended |
Dec. 31, 2014 | |
Stock Subscriptions Disclosures [Abstract] | |
Stock Subscriptions Disclosures [Text Block] | NOTE Q — STOCK SUBSCRIPTION |
During 2012, the Bancorp accepted a stock subscription for shares of common stock outstanding as of December 31, 2012. The amount received in cash was $500,000. In July, 2013, 28,968 shares of Citizens Independent Bancorp, Inc. common stock were issued in satisfaction of this subscription. | |
As of March 25, 2014, the Company had received subscriptions for the purchase of 211,365 common shares for an aggregate subscription price of $3,252,907 (inclusive of common shares sold in the rights offering and the public offering). As a result, the Minimum Subscription Condition was satisfied at that time, and the Company accepted such subscriptions and issued the common shares to the subscribers. | |
As of March 13, 2015 the Company has sold and issued a total of 238,057 shares of common stock with 119,003 accompanying warrants. To date, 11,367 warrants have been exercised and an additional 11,367 shares of common stock have been issued. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Nature of Operations [Text Block] | Nature of Operations | ||||||||
Citizens Independent Bancorp, Inc. (the Bancorp) is a bank holding company whose wholly-owned bank subsidiary, The Citizens Bank of Logan (the Bank), together referred to as the Company, is engaged in the business of commercial and retail banking services with operations conducted through offices in Hocking, Athens and Fairfield counties. These communities and surrounding areas are the source of substantially all the Company’s deposit and loan activities. Secured loans are secured by business assets, consumer assets, residential real estate, and non-residential real estate. The majority of Company income is derived from commercial, real estate, and retail lending activities and investments. Other financial instruments which potentially represent concentrations of credit risk include deposit accounts in other financial institutions and federal funds sold. | |||||||||
In October 2012, the Bank entered into a publicly available Consent Order with the Federal Deposit Insurance Corporation (FDIC) and a written agreement with the Ohio Division of Financial Institutions (DFI) (collectively, referred to as the Orders) which require the Bank to take a number of actions. Significant among the required actions is the development of a Capital Plan which will result in the Bank meeting and maintaining its level of Tier 1 capital as a percentage of its total assets at a minimum of 8.50% and its level of qualifying total capital as a percentage of risk-weighted assets at a minimum of 11.50%. The Orders contain a number of listed deliverables and filing deadlines. | |||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Statement Presentation | ||||||||
The accounting and reporting policies of the Bancorp and its Subsidiary conform with accounting principles generally accepted in the United States of America and to general practices followed within the banking industry. | |||||||||
To conform to the 2013 presentation, certain reclassifications have been made to prior amounts, which had no impact on net income, comprehensive income, or shareholders’ equity. | |||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of Citizens Independent Bancorp, Inc. and its wholly-owned subsidiary, The Citizens Bank of Logan. Citizens Travel Center was closed in 2013. The balance sheet and statement of income for the Citizens Travel Center were immaterial to the consolidated financial statements. All significant intercompany transactions and balances have been eliminated. | |||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Investment, Policy [Policy Text Block] | Investment Securities | ||||||||
Debt securities are classified as held-to-maturity when management has the positive intent and ability to hold the securities to maturity. Securities held-to-maturity are carried at amortized cost. The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity. | |||||||||
Debt securities not classified as held-to-maturity are classified as available for sale. Securities available for sale are carried at fair value with unrealized gains and losses, net of the deferred income tax effect, reported in accumulated other comprehensive income. Realized gains (losses) on securities available for sale are included in noninterest income and, when applicable, are reported as a reclassification adjustment, net of income tax, in other comprehensive income. Gains and losses on sales of securities are determined on the specific-identification method. | |||||||||
Declines in the fair value of individual held-to-maturity and available for sale securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses of which none have been reported in the periods presented. | |||||||||
Policy Loans Receivable, Policy [Policy Text Block] | Loans | ||||||||
Loans are stated at unpaid principal balances, less the allowance for loan losses and unearned discounts. Interest on loans is accrued based on principal amounts outstanding. | |||||||||
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Personal loans are typically charged off no later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | |||||||||
Interest accrued in the current year but not collected for loans that are placed on nonaccrual or charged off is reversed against current interest income and unpaid interest accrued in prior years is charged to the allowance for loan losses. The interest on nonaccrual loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||
Consistent with the Bank’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. | |||||||||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale | ||||||||
Mortgage loans originated and held for sale in the secondary market are carried at the lower of cost or market value determined on an aggregate basis. Net unrealized losses are recognized in a valuation allowance through charges to income. Gains and losses on the sale of loans held for sale are determined using the specific identification method. | |||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses | ||||||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||
The allowance consists of specific, general and environmental components. The specific component relates to loans that are classified as doubtful, substandard, or troubled debt restructurings (TDRs). For such loans that are also classified as impaired, an allowance is established when the discounted cash flows, collateral value, or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by- case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |||||||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not separately identify individual consumer and residential loans for impairment disclosures, unless such loans are the subject of a restructuring agreement. | |||||||||
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Troubled Debt Restructurings (TDRs) | ||||||||
Management classifies loans as TDRs when a borrower is experiencing financial difficulties and the Bank has granted a concession. 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 under the Bank’s internal underwriting policy. | |||||||||
Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate. TDRs are separately identified for impairment disclosures and are measured by the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment | ||||||||
Land is carried at cost. Other premises and equipment are recorded at cost net of accumulated depreciation. Depreciation is computed using the straight-line method based principally on the estimated useful lives of the assets. Useful lives are revised when a change in life expectancy becomes apparent. Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. Gains or losses on dispositions are included in current operations as realized. | |||||||||
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned (OREO) | ||||||||
OREO is recorded at fair value less anticipated selling costs (net realizable value) and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. Subsequent declines in the fair value of real estate are classified as OREO devaluations, which are reported as adjustments to the carrying value of OREO and are recorded as a charge to operations included in noninterest expense. In certain circumstances where management believes the devaluation may not be permanent in nature, the Company utilizes a valuation allowance to record OREO devaluations, which is also expensed through noninterest expense. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to expense. | |||||||||
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance | ||||||||
The Company has purchased a life insurance policy on one retired executive. Company owned life insurance is recorded at its cash surrender value, or the amount that can be realized. Increases in the asset value are recorded as earnings in other income. | |||||||||
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Income | ||||||||
The accumulated other comprehensive income component of equity results from the unrealized gains and losses on available for sale securities and from the unrecognized actuarial loss of the pension plan. | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Securities available for sale | $ | (7 | ) | $ | (101 | ) | |||
Unrecognized actuarial loss of the pension plan | (508 | ) | (370 | ) | |||||
Accumulated other comprehensive income | $ | (515 | ) | $ | (471 | ) | |||
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plans | ||||||||
Pension expense is the net of service and interest cost, return on plan assets, and amortization of gains and losses not immediately recognized. 401(K) plan expense is based on the Company’s annual contribution. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share | ||||||||
Earnings per common share are net income available to common shareholders divided by the weighted average common shares outstanding during the period. The factors used in the earnings per share computation follow: | |||||||||
(Dollars in thousands, | |||||||||
except per share data) | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 6,078 | $ | 607 | |||||
Weighted average common shares outstanding | 542,398 | 330,779 | |||||||
Basic earnings per common share | $ | 11.21 | $ | 1.84 | |||||
Total shares and warrants | 548,348 | 330,779 | |||||||
Diluted earnings per share | $ | 11.08 | $ | 1.84 | |||||
At December 31, 2014, there are 118,253 warrants outstanding. Each warrant allows the holder to purchase a share of Citizens Independent Bancorp, Inc. common stock at a price equal to 90% of the book price per share at the close of the preceding month. These warrants expire on June 25, 2016. | |||||||||
In 2014, the Company offered a total of 369,754 common shares plus 184,877 warrants, for a total of 554,631 shares, selling a total of 238,057 shares and issuing a total of 119,003 warrants with those shares. Net proceeds after expenses were $3.2 million. Other than an investment in Citizens Bank, the Company currently has no arrangements or understandings regarding any specific use of proceeds. | |||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||||||||
Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the basis of securities available for sale, allowance for loan losses, subsequent loss write-downs on other real estate owned, accumulated depreciation, nonaccrual interest on loans, and accrued employee benefits. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets or liabilities are recovered or settled. Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Bancorp files consolidated income tax returns with its Subsidiary. | |||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising | ||||||||
Advertising costs are charged to operations when incurred. | |||||||||
Statements Of Cash Flows [Policy Text Block] | Statements of Cash Flows | ||||||||
The Company considers cash and amounts due from depository institutions, interest-bearing deposits in other banks, and federal funds sold, all of which have an original maturity of 90 days or less, to be cash and cash equivalents for purposes of the statements of cash flows. The following are supplemental disclosures for the years ended December 31, 2014 and 2013, respectively. | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Cash paid during the year for interest | $ | 2,077 | $ | 2,144 | |||||
Cash paid during the year for income taxes | $ | — | $ | — | |||||
Non cash investing and financing activities | |||||||||
Transfer of loans to real estate owned | $ | 803 | $ | 2,128 | |||||
Industry Segments [Policy Text Block] | Industry Segments | ||||||||
While the Bancorp’s chief decision makers monitor the revenue streams of various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable segment. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | ||||||||
Recent Accounting Pronouncements — In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. The amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. Adoption of ASU No. 2014-04 is not expected to have a significant impact on the Company’s consolidated financial statements. | |||||||||
In August 2014, the FASB issued ASU No. 2014-14, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The amendments affect creditors that hold government-guaranteed mortgage loans, including those guaranteed by the Federal Housing Administration and the U.S. Department of Housing and Urban Development. The amendments require that a mortgage loan be derecognized, and that a separate other receivable be recognized upon foreclosure if the conditions are met (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, or (3) at the time of foreclosure, any amount of the claim that is determined on the basis of fair value of the real estate is fixed. The new receivable is to be measured based on the amount of the loan balance (principal and interest) that the creditor expects to recover from the guarantor. ASU No. 2014-14 is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2014. Adoption of ASU No. 2014-14 is not expected to have a significant impact on the Company’s consolidated financial statements. | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The accumulated other comprehensive income component of equity results from the unrealized gains and losses on available for sale securities and from the unrecognized actuarial loss of the pension plan. | ||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Securities available for sale | $ | (7 | ) | $ | (101 | ) | |||
Unrecognized actuarial loss of the pension plan | (508 | ) | (370 | ) | |||||
Accumulated other comprehensive income | $ | (515 | ) | $ | (471 | ) | |||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per common share are net income available to common shareholders divided by the weighted average common shares outstanding during the period. The factors used in the earnings per share computation follow: | ||||||||
(Dollars in thousands, | |||||||||
except per share data) | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 6,078 | $ | 607 | |||||
Weighted average common shares outstanding | 542,398 | 330,779 | |||||||
Basic earnings per common share | $ | 11.21 | $ | 1.84 | |||||
Total shares and warrants | 548,348 | 330,779 | |||||||
Diluted earnings per share | $ | 11.08 | $ | 1.84 | |||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following are supplemental disclosures for the years ended December 31, 2014 and 2013, respectively. | ||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Cash paid during the year for interest | $ | 2,077 | $ | 2,144 | |||||
Cash paid during the year for income taxes | $ | — | $ | — | |||||
Non cash investing and financing activities | |||||||||
Transfer of loans to real estate owned | $ | 803 | $ | 2,128 | |||||
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | The amortized cost of securities and their estimated fair values are as follows: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||
U.S. government securities | $ | 5,049 | $ | 18 | $ | — | $ | 5,067 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
U.S. government federal agencies | 13,905 | 31 | (67 | ) | 13,869 | 13,937 | 8 | (233 | ) | 13,712 | |||||||||||||||||||||||
State and local governments | 1,029 | 7 | (1 | ) | 1,035 | 7,015 | 334 | (10 | ) | 7,339 | |||||||||||||||||||||||
Mortgage backed securities | 11,191 | 67 | (65 | ) | 11,193 | 13,831 | 36 | (288 | ) | 13,579 | |||||||||||||||||||||||
Total | $ | 31,174 | $ | 123 | $ | (133 | ) | $ | 31,164 | $ | 34,783 | $ | 378 | $ | (531 | ) | $ | 34,630 | |||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The following is a summary of maturities of securities available for sale as of December 31, 2014: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Amounts maturing in: | |||||||||||||||||||||||||||||||||
One year or less | $ | 450 | $ | 457 | |||||||||||||||||||||||||||||
After one year through five years | 17,035 | 16,999 | |||||||||||||||||||||||||||||||
After five years through ten years | 3,302 | 3,330 | |||||||||||||||||||||||||||||||
After ten years | 10,387 | 10,378 | |||||||||||||||||||||||||||||||
Total | $ | 31,174 | $ | 31,164 | |||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | Information pertaining to securities with gross unrealized losses at December 31, 2014 and 2013 aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
U.S. government federal | $ | 3,088 | $ | (9 | ) | $ | 4,979 | $ | (58 | ) | $ | 8,067 | $ | (67 | ) | ||||||||||||||||||
agencies | |||||||||||||||||||||||||||||||||
State and local governments | 578 | (1 | ) | — | — | 578 | (1 | ) | |||||||||||||||||||||||||
Mortgage backed securities | 1,985 | (8 | ) | 3,684 | (57 | ) | 5,669 | (65 | ) | ||||||||||||||||||||||||
Total | $ | 5,651 | $ | (18 | ) | $ | 8,663 | $ | (115 | ) | $ | 14,314 | $ | (133 | ) | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
U.S. government federal | $ | 12,416 | $ | (233 | ) | $ | — | $ | — | $ | 12,416 | $ | (233 | ) | |||||||||||||||||||
agencies | |||||||||||||||||||||||||||||||||
State and local governments | 570 | (10 | ) | — | — | 570 | (10 | ) | |||||||||||||||||||||||||
Mortgage backed securities | 9,791 | (288 | ) | — | — | 9,791 | (288 | ) | |||||||||||||||||||||||||
Total | $ | 22,777 | $ | (531 | ) | $ | — | $ | — | $ | 22,777 | $ | (531 | ) | |||||||||||||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables provide information on the activity in the allowance for loan losses by the respective loan portfolio segment for the periods indicated: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Total | ||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Beginning balance – January 1, 2014 | $ | 3,873 | $ | 267 | $ | 244 | $ | 4,384 | |||||||||||||||||||||||||
Charge-offs | (458 | ) | (45 | ) | (185 | ) | (688 | ) | |||||||||||||||||||||||||
Recoveries | 295 | 21 | 43 | 359 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (163 | ) | (24 | ) | (142 | ) | (329 | ) | |||||||||||||||||||||||||
Provision | (219 | ) | (48 | ) | 81 | (186 | ) | ||||||||||||||||||||||||||
Ending balance – December 31, 2014 | $ | 3,491 | $ | 195 | $ | 183 | $ | 3,869 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Beginning balance – January 1, 2013 | $ | 4,846 | $ | 203 | $ | 155 | $ | 5,204 | |||||||||||||||||||||||||
Charge-offs | (1,171 | ) | (108 | ) | (395 | ) | (1,674 | ) | |||||||||||||||||||||||||
Recoveries | 568 | 55 | 40 | 663 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (603 | ) | (53 | ) | (355 | ) | (1,011 | ) | |||||||||||||||||||||||||
Provision | (370 | ) | 117 | 444 | 191 | ||||||||||||||||||||||||||||
Ending balance – December 31, 2013 | $ | 3,873 | $ | 267 | $ | 244 | $ | 4,384 | |||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | The following tables present the recorded investment with respect to loans and the related allowance by portfolio segment at the dates indicated: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Collectively Evaluated | Individually Evaluated | Total | |||||||||||||||||||||||||||||||
Allowance | Recorded | Allowance | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||
for loan | investment in | for loan | investment in | for loan | investment in | ||||||||||||||||||||||||||||
losses | loans | losses | loans | losses | loans | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,422 | $ | 77,651 | $ | 1,069 | $ | 10,338 | $ | 3,491 | $ | 87,989 | |||||||||||||||||||||
Real estate | 124 | 38,091 | 71 | 665 | 195 | 38,756 | |||||||||||||||||||||||||||
Consumer | 169 | 19,407 | 14 | 274 | 183 | 19,681 | |||||||||||||||||||||||||||
Total | $ | 2,715 | $ | 135,149 | $ | 1,154 | $ | 11,277 | $ | 3,869 | $ | 146,426 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | $ | 2,802 | $ | 81,716 | $ | 1,071 | $ | 9,874 | $ | 3,873 | $ | 91,590 | |||||||||||||||||||||
Real estate | 183 | 33,219 | 84 | 778 | 267 | 33,997 | |||||||||||||||||||||||||||
Consumer | 189 | 21,183 | 55 | 247 | 244 | 21,430 | |||||||||||||||||||||||||||
Total | $ | 3,174 | $ | 136,118 | $ | 1,210 | $ | 10,899 | $ | 4,384 | $ | 147,017 | |||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit risk profile by credit worthiness category | ||||||||||||||||||||||||||||||||
Commercial Credit Exposure | (Dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial Mortgage | Commercial Other | ||||||||||||||||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | ||||||||||||||||||||||||||||||
Category | |||||||||||||||||||||||||||||||||
Pass | $ | 61,047 | $ | 58,765 | $ | 13,014 | $ | 11,424 | |||||||||||||||||||||||||
5 | 4,524 | 11,468 | 344 | 2,480 | |||||||||||||||||||||||||||||
6 | 8,131 | 6,657 | 230 | 722 | |||||||||||||||||||||||||||||
7 | 699 | 74 | — | — | |||||||||||||||||||||||||||||
Total | $ | 74,401 | $ | 76,964 | $ | 13,588 | $ | 14,626 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||||||
Credit risk profile by credit worthiness category | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Residential Real Estate | Consumer Equity | Consumer Auto | Consumer Other | ||||||||||||||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | ||||||||||||||||||||||||||
Category | |||||||||||||||||||||||||||||||||
Pass | $ | 37,729 | $ | 32,201 | $ | 6,945 | $ | 7,351 | $ | 10,649 | $ | 11,908 | $ | 1,888 | $ | 1,738 | |||||||||||||||||
5 | 430 | 792 | 77 | 210 | 54 | 62 | — | — | |||||||||||||||||||||||||
6 | 597 | 1,004 | 15 | 105 | 53 | 53 | — | — | |||||||||||||||||||||||||
7 | — | — | — | — | — | 3 | — | — | |||||||||||||||||||||||||
Total | $ | 38,756 | $ | 33,997 | $ | 7,037 | $ | 7,666 | $ | 10,756 | $ | 12,026 | $ | 1,888 | $ | 1,738 | |||||||||||||||||
Impaired Financing Receivables Segregated By With And Without Allowance Recorded [Table Text Block] | The following tables set forth certain information regarding the Bank’s impaired loans, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of the periods indicated: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial mortgage | $ | 7,027 | $ | 7,368 | $ | — | |||||||||||||||||||||||||||
Commercial other | 67 | 67 | — | ||||||||||||||||||||||||||||||
Residential real estate | 223 | 278 | — | ||||||||||||||||||||||||||||||
Consumer equity | 15 | 16 | — | ||||||||||||||||||||||||||||||
Consumer auto | 106 | 109 | — | ||||||||||||||||||||||||||||||
Subtotal | 7,438 | 7,838 | — | ||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial mortgage | 3,100 | 3,191 | 925 | ||||||||||||||||||||||||||||||
Commercial other | 144 | 168 | 144 | ||||||||||||||||||||||||||||||
Residential real estate | 442 | 449 | 71 | ||||||||||||||||||||||||||||||
Consumer equity | 153 | 153 | 14 | ||||||||||||||||||||||||||||||
Consumer auto | — | — | — | ||||||||||||||||||||||||||||||
Subtotal | 3,839 | 3,961 | 1,154 | ||||||||||||||||||||||||||||||
Total | $ | 11,277 | $ | 11,799 | $ | 1,154 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial mortgage | $ | 6,824 | $ | 7,048 | $ | — | |||||||||||||||||||||||||||
Commercial other | 113 | 115 | — | ||||||||||||||||||||||||||||||
Residential real estate | 558 | 615 | — | ||||||||||||||||||||||||||||||
Consumer equity | 96 | 97 | — | ||||||||||||||||||||||||||||||
Consumer auto | 132 | 135 | — | ||||||||||||||||||||||||||||||
Subtotal | 7,723 | 8,010 | — | ||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial mortgage | 2,352 | 3,629 | 624 | ||||||||||||||||||||||||||||||
Commercial other | 656 | 792 | 447 | ||||||||||||||||||||||||||||||
Residential real estate | 452 | 455 | 84 | ||||||||||||||||||||||||||||||
Consumer equity | 165 | 166 | 53 | ||||||||||||||||||||||||||||||
Consumer auto | 9 | 9 | 2 | ||||||||||||||||||||||||||||||
Subtotal | 3,634 | 5,051 | 1,210 | ||||||||||||||||||||||||||||||
Total | $ | 11,357 | $ | 13,061 | $ | 1,210 | |||||||||||||||||||||||||||
Impaired Financing Receivables Segregated By Portfolio Segment And Class [Table Text Block] | The following tables present the average recorded investments in impaired loans and the amount of interest income recognized on impaired loans after impairment by portfolio segment and class for the periods indicated. | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
No Related | With Related | Total | |||||||||||||||||||||||||||||||
Allowance Recorded | Allowance Recorded | ||||||||||||||||||||||||||||||||
Average Recorded Investment | Total Interest Income Recognized | Average Recorded Investment | Total Interest Income Recognized | Average Recorded Investment | Total Interest Income Recognized | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 7,529 | $ | 115 | $ | 2,512 | $ | 25 | $ | 10,041 | $ | 140 | |||||||||||||||||||||
Other | 148 | 3 | 230 | — | 378 | 3 | |||||||||||||||||||||||||||
Residential real | 238 | 5 | 515 | 18 | 753 | 23 | |||||||||||||||||||||||||||
estate | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | 63 | — | 156 | 10 | 219 | 10 | |||||||||||||||||||||||||||
Auto | 107 | 2 | 2 | — | 109 | 2 | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||||||||||
TOTAL | $ | 8,085 | $ | 125 | $ | 3,415 | $ | 53 | $ | 11,500 | $ | 178 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 4,014 | $ | 148 | $ | 3,118 | $ | — | $ | 7,132 | $ | 148 | |||||||||||||||||||||
Other | 2,454 | 4 | 951 | — | 3,405 | 4 | |||||||||||||||||||||||||||
Residential real | 699 | 3 | 286 | 18 | 985 | 21 | |||||||||||||||||||||||||||
estate | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | 51 | — | 167 | 11 | 218 | 11 | |||||||||||||||||||||||||||
Auto | 175 | 11 | 5 | — | 180 | 11 | |||||||||||||||||||||||||||
Other | 15 | — | — | — | 15 | — | |||||||||||||||||||||||||||
TOTAL | $ | 7,408 | $ | 166 | $ | 4,527 | $ | 29 | $ | 11,935 | $ | 195 | |||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table summarizes information relative to troubled debt restructured (TDR) loans which were modified during the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
TDRs | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial mortgage | 5 | $ | 1,260 | $ | 1,260 | ||||||||||||||||||||||||||||
Real estate residential | 4 | $ | 251 | $ | 251 | ||||||||||||||||||||||||||||
Consumer | 6 | 30 | 30 | ||||||||||||||||||||||||||||||
Total | 15 | $ | 1,541 | $ | 1,541 | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial mortgage | 1 | $ | 287 | $ | 283 | ||||||||||||||||||||||||||||
Real estate residential | 1 | 212 | 202 | ||||||||||||||||||||||||||||||
Consumer | 4 | 50 | 53 | ||||||||||||||||||||||||||||||
Total | 6 | $ | 549 | $ | 538 | ||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | The following table presents the loan portfolio summarized by aging categories, at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
30 – 59 Days | 60 – 89 Days | >90 Days | Total | Current | Total | Recorded | |||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Investment >90 Days and | ||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 1,345 | $ | 238 | $ | 4,924 | $ | 6,507 | $ | 67,894 | $ | 74,401 | $ | — | |||||||||||||||||||
Other | 17 | 144 | 20 | 181 | 13,407 | 13,588 | — | ||||||||||||||||||||||||||
Residential real estate | 470 | 186 | 27 | 683 | 38,073 | 38,756 | — | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | — | — | — | — | 7,037 | 7,037 | — | ||||||||||||||||||||||||||
Auto | 20 | 6 | 19 | 45 | 10,711 | 10,756 | — | ||||||||||||||||||||||||||
Other | 8 | 6 | 10 | 24 | 1,864 | 1,888 | — | ||||||||||||||||||||||||||
Total | $ | 1,860 | $ | 580 | $ | 5,000 | $ | 7,440 | $ | 138,986 | $ | 146,426 | $ | — | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 1,923 | $ | 203 | $ | 3,153 | $ | 5,279 | $ | 71,685 | $ | 76,964 | $ | — | |||||||||||||||||||
Other | 140 | 74 | 174 | 388 | 14,238 | 14,626 | — | ||||||||||||||||||||||||||
Residential real estate | 639 | 156 | 259 | 1,054 | 32,943 | 33,997 | — | ||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | 81 | 16 | — | 97 | 7,569 | 7,666 | — | ||||||||||||||||||||||||||
Auto | 46 | 11 | — | 57 | 11,969 | 12,026 | — | ||||||||||||||||||||||||||
Other | 71 | 60 | — | 131 | 1,607 | 1,738 | — | ||||||||||||||||||||||||||
Total | $ | 2,900 | $ | 520 | $ | 3,586 | $ | 7,006 | $ | 140,011 | $ | 147,017 | $ | — | |||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following summarizes loans on nonaccrual status at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Mortgage | $ | 7,200 | $ | 6,443 | |||||||||||||||||||||||||||||
Other | 169 | 529 | |||||||||||||||||||||||||||||||
Residential real estate | 307 | 680 | |||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity | 15 | 105 | |||||||||||||||||||||||||||||||
Auto | 38 | 31 | |||||||||||||||||||||||||||||||
Other | — | — | |||||||||||||||||||||||||||||||
Total | $ | 7,729 | $ | 7,788 | |||||||||||||||||||||||||||||
Loans And Leases Receivable Related Parties [Table Text Block] | Loans to such borrowers are summarized as follows: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Balance, January 1, | $ | 16 | $ | 1,196 | |||||||||||||||||||||||||||||
New loans granted | 131 | 342 | |||||||||||||||||||||||||||||||
Principal payments | (136 | ) | (886 | ) | |||||||||||||||||||||||||||||
Change in director status | — | (636 | ) | ||||||||||||||||||||||||||||||
Balance, December 31, | $ | 11 | $ | 16 | |||||||||||||||||||||||||||||
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | A summary of premises and equipment at December 31, 2014 and 2013 follows: | ||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Land | $ | 1,273 | $ | 1,273 | |||||
Buildings and improvements | 3,450 | 3,458 | |||||||
Furniture, fixtures, and equipment | 2,339 | 2,317 | |||||||
$ | 7,062 | $ | 7,048 | ||||||
Accumulated depreciation and amortization | (4,012 | ) | (3,765 | ) | |||||
Total | $ | 3,050 | $ | 3,283 | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2014, the total future minimum lease commitments under the leases were: | ||||||||
(Dollars | |||||||||
in thousands) | |||||||||
2015 | $ | 135 | |||||||
2016 | 123 | ||||||||
2017 | 63 | ||||||||
2018 | 33 | ||||||||
Total | $ | 354 | |||||||
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Schedule Of Deposit Liabilities [Table Text Block] | Deposit account balances at December 31, 2014 and 2013, are summarized as follows: | |||||||
(Dollars in thousands) | ||||||||
2014 | 2013 | |||||||
Noninterest bearing checking accounts | $ | 23,153 | $ | 20,539 | ||||
Interest bearing checking accounts | 22,351 | 20,561 | ||||||
Savings accounts | 58,951 | 58,330 | ||||||
Certificates of deposit | 73,512 | 86,141 | ||||||
Total | $ | 177,967 | $ | 185,571 | ||||
Schedule Of Certificates Of Deposit Fiscal Year Maturity [Table Text Block] | At December 31, 2014, scheduled maturities of certificates of deposit are as follows: | |||||||
(Dollars | ||||||||
in | ||||||||
thousands) | ||||||||
2015 | $ | 39,355 | ||||||
2016 | 15,985 | |||||||
2017 | 8,931 | |||||||
2018 | 3,028 | |||||||
2019 | 6,110 | |||||||
2020 and after | 103 | |||||||
$ | 73,512 | |||||||
BORROWED_FUNDS_Tables
BORROWED FUNDS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | Borrowed funds are comprised of the following at December 31: | |||||||
(Dollars in thousands) | ||||||||
2014 | 2013 | |||||||
8.00% note payable to company, of which a significant owner is a shareholder of Bancorp, in monthly installments of interest only through 12/29/2015, secured by real estate | $ | 5,000 | $ | 5,000 | ||||
4.25% note payable to bank in monthly installments of $9,925 through 06/25/2019, unsecured | 485 | 583 | ||||||
4.75% note payable to bank in monthly installments of $12,615 through 11/21/2019, unsecured | 662 | 780 | ||||||
Total borrowed funds | $ | 6,147 | $ | 6,363 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | At December 31, 2014, scheduled maturities of notes payable were as follows: | |||||||
(Dollars | ||||||||
in | ||||||||
thousands) | ||||||||
2015 | $ | 5,222 | ||||||
2016 | 233 | |||||||
2017 | 243 | |||||||
2018 | 255 | |||||||
2019 | 194 | |||||||
$ | 6,147 | |||||||
FEDERAL_INCOME_TAXES_Tables
FEDERAL INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The consolidated provision for income taxes consists of the following for the years ended December 31: | ||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Income tax expense | |||||||||
Current tax expense (benefit) | $ | — | $ | — | |||||
Deferred tax expense (benefit) | 49 | 303 | |||||||
Change in valuation allowance | (5,148 | ) | (303 | ) | |||||
Total | $ | (5,099 | ) | $ | — | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The consolidated provision for federal income taxes differs from that computed by applying federal statutory rates to income before federal income tax expense as indicated in the following analysis: | ||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Federal statutory income tax at 34% | $ | 333 | $ | 206 | |||||
Tax exempt income | (100 | ) | (129 | ) | |||||
Other | (184 | ) | 226 | ||||||
Change in valuation allowance | (5,148 | ) | (303 | ) | |||||
Total | $ | (5,099 | ) | $ | — | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The deferred tax assets and deferred tax liabilities are comprised of the following at December 31: | ||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Deferred Tax Assets | |||||||||
Pension accounting | $ | 261 | $ | 191 | |||||
Allowance for loan losses | 682 | 613 | |||||||
Deferred compensation | 16 | 19 | |||||||
OREO accounting | 1,106 | 1,315 | |||||||
Nonaccrual loan interest | 157 | 187 | |||||||
NOL carryforward | 3,429 | 3,339 | |||||||
Securities available for sale | 4 | 52 | |||||||
Other | 4 | 5 | |||||||
Total deferred tax assets | 5,659 | 5,721 | |||||||
Deferred Tax Liabilities | |||||||||
Depreciation | 130 | 164 | |||||||
FHLB stock | 166 | 166 | |||||||
Total deferred tax liabilities | 296 | 330 | |||||||
Net deferred tax asset before valuation allowance | 5,363 | 5,391 | |||||||
Valuation allowance | — | (5,148 | ) | ||||||
Net deferred tax asset | $ | 5,363 | $ | 243 | |||||
FINANCIAL_INSTRUMENTS_WITH_OFF1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Financial instruments whose contract amount represents credit risk at December 31, 2014 and 2013 were as follows: | ||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Home equity lines | $ | 6,840 | $ | 6,469 | |||||
Credit card lines | 6,065 | 5,747 | |||||||
Secured by real estate | 1,654 | 594 | |||||||
Other unused commitments | 5,704 | 7,742 | |||||||
Standby letters of credit | 41 | 141 | |||||||
Total | $ | 20,304 | $ | 20,693 | |||||
RISKS_AND_UNCERTAINTIES_Tables
RISKS AND UNCERTAINTIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Risks and Uncertainties [Abstract] | |||||
Unusual Risks and Uncertainties [Table Text Block] | The Bank had due from bank balances in excess of $250,000 with the following banks as of December 31, 2014: | ||||
(Dollars | |||||
in thousands) | |||||
Great Lakes Bankers Bank | $ | 2,915 | |||
Federal Reserve Bank | 2,900 | ||||
Total | $ | 5,815 | |||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | (Dollars in thousands) | |||||||||||||
2014 | 2013 | |||||||||||||
Change in benefit obligation: | ||||||||||||||
Projected benefit obligation at beginning of year | $ | 1,158 | $ | 1,497 | ||||||||||
Interest cost | 51 | 52 | ||||||||||||
Actuarial loss (gain) | 274 | -201 | ||||||||||||
Settlement | — | -170 | ||||||||||||
Benefits paid | -24 | -20 | ||||||||||||
Projected benefit obligation at end of year | $ | 1,459 | $ | 1,158 | ||||||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets at beginning of year | $ | 630 | $ | 576 | ||||||||||
Actual return on plan assets | 56 | -6 | ||||||||||||
Employer contributions | 64 | 259 | ||||||||||||
Settlement | — | -179 | ||||||||||||
Benefits paid | -24 | -20 | ||||||||||||
Fair value of plan assets at end of year | $ | 726 | $ | 630 | ||||||||||
Funded status (included in accrued liabilities) | $ | -733 | $ | -528 | ||||||||||
Unrecognized net actuarial gain (loss) in accumulated other comprehensive income (before taxes) | $ | -770 | $ | -562 | ||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Amounts recognized in the consolidated statements of income consist of: | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Net periodic pension cost: | ||||||||||||||
Interest cost on projected benefit obligation | $ | 51 | $ | 52 | ||||||||||
Expected return on plan assets | -39 | -8 | ||||||||||||
Settlement loss | — | 87 | ||||||||||||
Net amortization of deferral of (gains) losses | 47 | 89 | ||||||||||||
Net periodic pension cost | $ | 59 | $ | 220 | ||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Other changes recognized in other comprehensive income include: | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Change in unrecognized net actuarial loss | $ | -208 | $ | 354 | ||||||||||
Tax effect | 70 | -125 | ||||||||||||
Total recognized in other comprehensive income | $ | -138 | $ | 229 | ||||||||||
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine benefit obligation at December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 4.5 | % | 4.5 | % | ||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 4.5 | % | 3.5 | % | ||||||||||
Expected return on plan assets | 6 | % | 1.5 | % | ||||||||||
Schedule Of Target Allocation Percentages For Each Major Class Of Plan Assets [Table Text Block] | The portfolio is to be diversified by investing in multiple types of investment-grade securities. Target allocation percentages for each major class of Plan assets are as follows: | |||||||||||||
Equity Securities — 85% | ||||||||||||||
Fixed Income Securities — 15% | ||||||||||||||
Schedule Of Pension Plans Weighted average Asset Allocations [Table Text Block] | The Bank’s pension plan weighted-average asset allocations at December 31, 2014 and 2013 by asset category are as follows: | |||||||||||||
2014 | 2013 | |||||||||||||
Asset category: | ||||||||||||||
Equity securities | 74 | % | 52 | % | ||||||||||
Debt securities | 0 | % | 4 | % | ||||||||||
Cash and cash equivalents | 5 | % | 41 | % | ||||||||||
Other | 21 | % | 3 | % | ||||||||||
Total | 100 | % | 100 | % | ||||||||||
Citizens Independent Bancorp, Inc. common stock to total plan assets | 5 | % | 5 | % | ||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the Bank’s pension plan assets presented by asset class within the fair value hierarchy, as defined in Note P — Fair Value of Financial Instruments, at December 31, 2014 and 2013 are as follows: | |||||||||||||
Plan Assets | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
Fair Value Measurements at reporting date using: | ||||||||||||||
Asset Class | Fair | Quoted Prices in | Significant | Significant | ||||||||||
Value | Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | ||||||||||||
Assets/Liabilities | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
31-Dec-14 | ||||||||||||||
Cash equivalents | $ | 32 | $ | — | $ | 32 | $ | — | ||||||
Fixed income | 169 | 169 | — | — | ||||||||||
Equity securities | 446 | 446 | — | — | ||||||||||
Other | 47 | 47 | — | — | ||||||||||
$ | 694 | $ | 662 | $ | 32 | $ | — | |||||||
CIB common stock | 32 | — | 32 | — | ||||||||||
Total Plan Assets | $ | 726 | $ | 662 | $ | 64 | $ | — | ||||||
31-Dec-13 | ||||||||||||||
Cash equivalents | $ | 242 | $ | — | $ | 242 | $ | — | ||||||
Fixed income | 62 | 62 | — | — | ||||||||||
Equity securities | 275 | 275 | — | — | ||||||||||
Other | 19 | 19 | — | — | ||||||||||
$ | 598 | $ | 356 | $ | 242 | $ | — | |||||||
CIB common stock | 32 | — | 32 | — | ||||||||||
Total Plan Assets | $ | 630 | $ | 356 | $ | 274 | $ | — | ||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||
(Dollars | ||||||||||||||
in | ||||||||||||||
thousands) | ||||||||||||||
2015 | $ | 87 | ||||||||||||
2016 | 70 | |||||||||||||
2017 | 113 | |||||||||||||
2018 | 129 | |||||||||||||
2019 | 51 | |||||||||||||
2020 – 2024 | 371 | |||||||||||||
Total | $ | 821 | ||||||||||||
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Both the Company’s and the Bank’s actual and required capital amounts and ratios are as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Actual | For Capital | Minimum To Be Well | |||||||||||||||||||||||
Adequacy Purposes | Capitalized Under | ||||||||||||||||||||||||
Current Regulatory | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Total capital to risk weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 11,779 | 8.8 | % | 10,663 | 8 | % | N/A | N/A | ||||||||||||||||
Bank | 17,560 | 13.4 | % | 10,491 | 8 | % | 13,114 | 10 | % | ||||||||||||||||
Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||
Consolidated | 10,113 | 7.6 | 5,332 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 15,893 | 12.1 | 5,245 | 4 | 7,868 | 6 | |||||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | 10,113 | 5 | 8,111 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 15,893 | 8.1 | 7,839 | 4 | 9,798 | 5 | |||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Total capital to risk weighted assets | |||||||||||||||||||||||||
Consolidated | $ | 7,761 | 5.8 | % | 10,644 | 8 | % | N/A | N/A | ||||||||||||||||
Bank | 13,679 | 10.3 | % | 10,620 | 8 | % | 13,275 | 10 | % | ||||||||||||||||
Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||
Consolidated | 6,097 | 4.6 | 5,322 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 12,019 | 9.1 | 5,310 | 4 | 7,965 | 6 | |||||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||
Consolidated | 6,097 | 2.8 | 8,593 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 12,019 | 5.7 | 8,421 | 4 | 10,564 | 5 | |||||||||||||||||||
FAIR_VALUES_OF_FINANCIAL_INSTR1
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following are assets and liabilities that were accounted for or disclosed at fair value on a recurring basis: | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Fair | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Value | Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets/Liabilities | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. government securities | $ | 5,067 | $ | 5,067 | $ | — | $ | — | |||||||||||||
U.S. government federal agencies | 13,869 | — | 13,869 | — | |||||||||||||||||
State and local governments | 1,035 | — | 1,035 | — | |||||||||||||||||
Mortgage backed securities | 11,193 | — | 11,193 | — | |||||||||||||||||
Total securities available for sale | $ | 31,164 | $ | 5,067 | $ | 26,097 | $ | — | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. government securities | $ | — | $ | — | $ | — | $ | — | |||||||||||||
U.S. government federal agencies | 13,712 | — | 13,712 | — | |||||||||||||||||
State and local governments | 7,339 | — | 7,339 | — | |||||||||||||||||
Mortgage backed securities | 13,579 | — | 13,579 | — | |||||||||||||||||
Total securities available for sale | $ | 34,630 | $ | — | $ | 34,630 | $ | — | |||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following are assets and liabilities that were accounted for or disclosed at fair value on a nonrecurring basis: | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets/Liabilities | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial mortgage | $ | 9,202 | $ | — | $ | — | $ | 9,202 | |||||||||||||
Commercial other | 67 | — | — | 67 | |||||||||||||||||
Residential real estate | 594 | — | — | 594 | |||||||||||||||||
Consumer equity | 154 | — | — | 154 | |||||||||||||||||
Consumer auto | 106 | — | — | 106 | |||||||||||||||||
Total impaired loans | $ | 10,123 | $ | — | $ | — | $ | 10,123 | |||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential | 200 | — | — | 200 | |||||||||||||||||
Commercial | 868 | — | — | 868 | |||||||||||||||||
Total other real estate owned | $ | 1,068 | $ | — | $ | — | $ | 1,068 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial mortgage | $ | 8,552 | $ | — | $ | — | $ | 8,552 | |||||||||||||
Commercial other | 322 | — | — | 322 | |||||||||||||||||
Residential real estate | 926 | — | — | 926 | |||||||||||||||||
Consumer equity | 208 | — | — | 208 | |||||||||||||||||
Consumer auto | 139 | — | — | 139 | |||||||||||||||||
Total impaired loans | $ | 10,147 | $ | — | $ | — | $ | 10,147 | |||||||||||||
Other real estate owned | |||||||||||||||||||||
Residential | 670 | — | — | 670 | |||||||||||||||||
Commercial | 1,862 | — | — | 1,862 | |||||||||||||||||
Total other real estate owned | $ | 2,532 | $ | — | $ | — | $ | 2,532 | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair value of the financial instruments is as follows: | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||
Carrying | Fair | Quoted Prices in | Significant | Significant | |||||||||||||||||
Amount | Value | Active Markets | Other | Unobservable | |||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets/Liabilities | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 16,633 | $ | 16,633 | $ | — | $ | 16,633 | $ | — | |||||||||||
Securities available-for-sale | 31,164 | 31,164 | 5,067 | 26,097 | — | ||||||||||||||||
Other investment securities | 859 | 859 | — | — | 859 | ||||||||||||||||
Net loans | 142,557 | 145,895 | — | — | 145,895 | ||||||||||||||||
Accrued interest receivable | 348 | 348 | — | — | 348 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Noninterest bearing deposits | $ | 23,153 | $ | 23,153 | $ | — | $ | 23,153 | $ | — | |||||||||||
Interest-bearing deposits | 154,814 | 155,735 | — | 155,735 | — | ||||||||||||||||
Borrowed funds | 6,147 | 6,147 | — | 6,147 | — | ||||||||||||||||
Accrued interest payable | 1,492 | 1,492 | — | — | 1,492 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 15,004 | $ | 15,004 | $ | — | $ | 15,004 | $ | — | |||||||||||
Securities available-for-sale | 34,630 | 34,630 | — | 34,630 | — | ||||||||||||||||
Other investment securities | 859 | 859 | — | — | 859 | ||||||||||||||||
Net loans | 142,633 | 147,703 | — | — | 147,703 | ||||||||||||||||
Accrued interest receivable | 446 | 446 | — | — | 446 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 20,539 | $ | 20,539 | $ | — | $ | 20,539 | $ | — | ||||||||||||
Interest-bearing deposits | 165,032 | 165,502 | — | 165,502 | — | ||||||||||||||||
Borrowed funds | 6,363 | 6,363 | — | 6,363 | — | ||||||||||||||||
Accrued interest payable | 1,935 | 1,935 | — | — | 1,935 | ||||||||||||||||
PARENT_COMPANY_FINANCIAL_STATE1
PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||
Condensed Balance Sheet [Table Text Block] | CONDENSED BALANCE SHEETS | ||||||||
December 31, 2014 and 2013 | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 921 | $ | 51 | |||||
Investment in subsidiary | 17,967 | 11,548 | |||||||
Other assets | 2,098 | 448 | |||||||
Total assets | $ | 20,986 | $ | 12,047 | |||||
Total liabilities | $ | 6,149 | $ | 6,421 | |||||
Total shareholders’ equity | 14,837 | 5,626 | |||||||
Total liabilities and shareholders’ equity | $ | 20,986 | $ | 12,047 | |||||
Condensed Income Statement [Table Text Block] | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||
Years ended December 31, 2014 and 2013 | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Income | |||||||||
Dividends from subsidiary | $ | — | $ | — | |||||
Other | (333 | ) | 3 | ||||||
(333 | ) | 3 | |||||||
Expenses | |||||||||
Other | (683 | ) | (650 | ) | |||||
Income (loss) before income taxes and equity in undistributed earnings of subsidiary | (1,016 | ) | (647 | ) | |||||
Income tax expense (benefit) | (2,098 | ) | — | ||||||
Equity in undistributed earnings of subsidiary | 4,996 | 1,254 | |||||||
Net income | 6,078 | 607 | |||||||
Other comprehensive income (loss) | (44 | ) | (444 | ) | |||||
Comprehensive income | $ | 6,034 | $ | 163 | |||||
Condensed Cash Flow Statement [Table Text Block] | CONDENSED STATEMENT OF CASH FLOWS | ||||||||
Years ended December 31, 2014 and 2013 | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Cash flows from operating activities | |||||||||
Net income | $ | 6,078 | $ | 607 | |||||
Adjustments to reconcile net income to net cash from operations | |||||||||
Equity in undistributed earnings of subsidiary | (4,996 | ) | (1,254 | ) | |||||
Deferred income tax | (2,098 | ) | — | ||||||
Change in other assets and other liabilities | 29 | (318 | ) | ||||||
Net cash provided by (used in) operating activities | (987 | ) | (965 | ) | |||||
Cash flows from investing activities | |||||||||
Proceeds from sale of other real estate owned | 362 | 998 | |||||||
Capital contribution to subsidiary | (1,467 | ) | — | ||||||
Net cash provided by (used in) investing activities | (1,105 | ) | 998 | ||||||
Cash flows from financing activities | |||||||||
Payments on loan payable | (215 | ) | (203 | ) | |||||
Purchase of treasury stock | — | (61 | ) | ||||||
Issuance of common stock | 3,177 | — | |||||||
Net cash provided by (used in) financing activities | 2,962 | (264 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 870 | (231 | ) | ||||||
Cash and cash equivalents at beginning of year | 51 | 282 | |||||||
Cash and cash equivalents at end of year | $ | 921 | $ | 51 | |||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Securities available for sale | ($7) | ($101) |
Unrecognized actuarial loss of the pension plan | -508 | -370 |
Accumulated other comprehensive income | ($515) | ($471) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Net income | $6,078 | $607 |
Weighted average common shares outstanding | 542,398 | 330,779 |
Basic earnings per common share | $11.21 | $1.84 |
Total shares and warrants | 548,348 | 330,779 |
Diluted earnings per share | $11.08 | $1.84 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Cash Flow Supplemental Disclosures [Line Items] | ||
Cash paid during the year for interest | $2,077 | $2,144 |
Cash paid during the year for income taxes | 0 | 0 |
Non cash investing and financing activities | ||
Transfer of loans to real estate owned | $803 | $2,128 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Policies [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 238,057 | |
Tier One Leverage Capital To Total Assets | 8.50% | |
Tier One Total Capital To Risk Weighted Assets | 11.50% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 554,631 | |
Proceeds from Issuance of Common Stock | $3,177 | $0 |
Warrant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 119,003 | |
Class Of Warrant Or Right issued | 118,253 | 0 |
Warrants Expiry Date | 25-Jun-16 | |
Warrant Exercise Price, Description | 90% of the book price per share at the close of the preceding month | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 184,877 | |
Common Stock [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 238,057 | 28,968 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 369,754 |
RESTRICTION_ON_CASH_AND_DUE_FR1
RESTRICTION ON CASH AND DUE FROM BANKS (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $889,000 | $778,000 |
Great Lakes Bankers Bank [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $879,000 |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $31,174 | $34,783 |
Available-for-sale, Gross Unrealized Gains | 123 | 378 |
Available-for-sale, Gross Unrealized Losses | -133 | -531 |
Available-for-sale, Fair Value | 31,164 | 34,630 |
U.S. Treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 5,049 | 0 |
Available-for-sale, Gross Unrealized Gains | 18 | 0 |
Available-for-sale, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, Fair Value | 5,067 | 0 |
U.S. government federal agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 13,905 | 13,937 |
Available-for-sale, Gross Unrealized Gains | 31 | 8 |
Available-for-sale, Gross Unrealized Losses | -67 | -233 |
Available-for-sale, Fair Value | 13,869 | 13,712 |
State and local governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 1,029 | 7,015 |
Available-for-sale, Gross Unrealized Gains | 7 | 334 |
Available-for-sale, Gross Unrealized Losses | -1 | -10 |
Available-for-sale, Fair Value | 1,035 | 7,339 |
Mortgage backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 11,191 | 13,831 |
Available-for-sale, Gross Unrealized Gains | 67 | 36 |
Available-for-sale, Gross Unrealized Losses | -65 | -288 |
Available-for-sale, Fair Value | $11,193 | $13,579 |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Securities available-for-sale, Amortized Cost, Amounts maturing in: | |
One year or less | $450 |
After one year through five years | 17,035 |
After five years through ten years | 3,302 |
After ten years | 10,387 |
Total | 31,174 |
Securities available-for-sale, Fair Value, Amounts maturing in: | |
One year or less | 457 |
After one year through five years | 16,999 |
After five years through ten years | 3,330 |
After ten years | 10,378 |
Total | $31,164 |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Fair value | $5,651 | $22,777 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Gross unrealized losses | -18 | -531 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Fair value | 8,663 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Gross unrealized Losses | -115 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 14,314 | 22,777 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross unrealized losses | -133 | -531 |
U.S. government federal agencies[Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Fair value | 3,088 | 12,416 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Gross unrealized losses | -9 | -233 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Fair value | 4,979 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Gross unrealized Losses | -58 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 8,067 | 12,416 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross unrealized losses | -67 | -233 |
State and local governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Fair value | 578 | 570 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Gross unrealized losses | -1 | -10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Fair value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Gross unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 578 | 570 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross unrealized losses | -1 | -10 |
Mortgage backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Fair value | 1,985 | 9,791 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Gross unrealized losses | -8 | -288 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Fair value | 3,684 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Gross unrealized Losses | -57 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 5,669 | 9,791 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross unrealized losses | ($65) | ($288) |
INVESTMENT_SECURITIES_Details_2
INVESTMENT SECURITIES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | $28,793,000 | $31,835,000 |
Proceeds from Sale of Available-for-sale Securities | 4,710,000 | 0 |
Available-for-sale Securities, Gross Realized Gains | $200,000 | $31,000 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning of period | $4,384 | $5,204 |
Charge-offs | -688 | -1,674 |
Recoveries | 359 | 663 |
Net (charge-offs) recoveries | -329 | -1,011 |
Provision | -186 | 191 |
Ending of period | 3,869 | 4,384 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning of period | 3,873 | 4,846 |
Charge-offs | -458 | -1,171 |
Recoveries | 295 | 568 |
Net (charge-offs) recoveries | -163 | -603 |
Provision | -219 | -370 |
Ending of period | 3,491 | 3,873 |
Real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning of period | 267 | 203 |
Charge-offs | -45 | -108 |
Recoveries | 21 | 55 |
Net (charge-offs) recoveries | -24 | -53 |
Provision | -48 | 117 |
Ending of period | 195 | 267 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning of period | 244 | 155 |
Charge-offs | -185 | -395 |
Recoveries | 43 | 40 |
Net (charge-offs) recoveries | -142 | -355 |
Provision | 81 | 444 |
Ending of period | $183 | $244 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Collectively Evaluated, Allowance for loan losses | $2,715 | $3,174 | |
Collectively Evaluated, Recorded investment in loans | 135,149 | 136,118 | |
Individually Evaluated, Allowance for loan losses | 1,154 | 1,210 | |
Individually Evaluated, Recorded investment in loans | 11,277 | 10,899 | |
Total, Allowance for loan losses | 3,869 | 4,384 | 5,204 |
Total, Recorded investment in loans | 146,426 | 147,017 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Collectively Evaluated, Allowance for loan losses | 2,422 | 2,802 | |
Collectively Evaluated, Recorded investment in loans | 77,651 | 81,716 | |
Individually Evaluated, Allowance for loan losses | 1,069 | 1,071 | |
Individually Evaluated, Recorded investment in loans | 10,338 | 9,874 | |
Total, Allowance for loan losses | 3,491 | 3,873 | 4,846 |
Total, Recorded investment in loans | 87,989 | 91,590 | |
Real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Collectively Evaluated, Allowance for loan losses | 124 | 183 | |
Collectively Evaluated, Recorded investment in loans | 38,091 | 33,219 | |
Individually Evaluated, Allowance for loan losses | 71 | 84 | |
Individually Evaluated, Recorded investment in loans | 665 | 778 | |
Total, Allowance for loan losses | 195 | 267 | 203 |
Total, Recorded investment in loans | 38,756 | 33,997 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Collectively Evaluated, Allowance for loan losses | 169 | 189 | |
Collectively Evaluated, Recorded investment in loans | 19,407 | 21,183 | |
Individually Evaluated, Allowance for loan losses | 14 | 55 | |
Individually Evaluated, Recorded investment in loans | 274 | 247 | |
Total, Allowance for loan losses | 183 | 244 | 155 |
Total, Recorded investment in loans | $19,681 | $21,430 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $146,426 | $147,017 |
Commercial mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 74,401 | 76,964 |
Commercial mortgage [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 61,047 | 58,765 |
Commercial mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,524 | 11,468 |
Commercial mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,131 | 6,657 |
Commercial mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 699 | 74 |
Commercial other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,588 | 14,626 |
Commercial other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,014 | 11,424 |
Commercial other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 344 | 2,480 |
Commercial other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 230 | 722 |
Commercial other [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 38,756 | 33,997 |
Residential real estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 37,729 | 32,201 |
Residential real estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 430 | 792 |
Residential real estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 597 | 1,004 |
Residential real estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Consumer equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,037 | 7,666 |
Consumer equity [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,945 | 7,351 |
Consumer equity [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 77 | 210 |
Consumer equity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 15 | 105 |
Consumer equity [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Consumer auto [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,756 | 12,026 |
Consumer auto [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,649 | 11,908 |
Consumer auto [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 54 | 62 |
Consumer auto [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 53 | 53 |
Consumer auto [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 3 |
Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,888 | 1,738 |
Consumer Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,888 | 1,738 |
Consumer Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Consumer Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Consumer Other [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $0 | $0 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L5
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | $7,438 | $7,723 |
Unpaid Principal Balance, With no related allowance recorded | 7,838 | 8,010 |
Recorded Investment, With an allowance recorded | 3,839 | 3,634 |
Unpaid Principal Balance, With an allowance recorded | 3,961 | 5,051 |
Related Allowance, With an allowance recorded | 1,154 | 1,210 |
Recorded Investment, Total | 11,277 | 11,357 |
Unpaid Principal Balance, Total | 11,799 | 13,061 |
Commercial mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 7,027 | 6,824 |
Unpaid Principal Balance, With no related allowance recorded | 7,368 | 7,048 |
Recorded Investment, With an allowance recorded | 3,100 | 2,352 |
Unpaid Principal Balance, With an allowance recorded | 3,191 | 3,629 |
Related Allowance, With an allowance recorded | 925 | 624 |
Commercial other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 67 | 113 |
Unpaid Principal Balance, With no related allowance recorded | 67 | 115 |
Recorded Investment, With an allowance recorded | 144 | 656 |
Unpaid Principal Balance, With an allowance recorded | 168 | 792 |
Related Allowance, With an allowance recorded | 144 | 447 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 223 | 558 |
Unpaid Principal Balance, With no related allowance recorded | 278 | 615 |
Recorded Investment, With an allowance recorded | 442 | 452 |
Unpaid Principal Balance, With an allowance recorded | 449 | 455 |
Related Allowance, With an allowance recorded | 71 | 84 |
Consumer equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 15 | 96 |
Unpaid Principal Balance, With no related allowance recorded | 16 | 97 |
Recorded Investment, With an allowance recorded | 153 | 165 |
Unpaid Principal Balance, With an allowance recorded | 153 | 166 |
Related Allowance, With an allowance recorded | 14 | 53 |
Consumer auto [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 106 | 132 |
Unpaid Principal Balance, With no related allowance recorded | 109 | 135 |
Recorded Investment, With an allowance recorded | 0 | 9 |
Unpaid Principal Balance, With an allowance recorded | 0 | 9 |
Related Allowance, With an allowance recorded | $0 | $2 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L6
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | $8,085 | $7,408 |
Total Interest Income Recognized, With No Related Allowance Recorded | 125 | 166 |
Average Recorded Investment, With Related Allowance Recorded | 3,415 | 4,527 |
Total Interest Income Recognized, With Related Allowance Recorded | 53 | 29 |
Total Average Recorded Investment | 11,500 | 11,935 |
Total Interest Income Recognized | 178 | 195 |
Commercial mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 7,529 | 4,014 |
Total Interest Income Recognized, With No Related Allowance Recorded | 115 | 148 |
Average Recorded Investment, With Related Allowance Recorded | 2,512 | 3,118 |
Total Interest Income Recognized, With Related Allowance Recorded | 25 | 0 |
Total Average Recorded Investment | 10,041 | 7,132 |
Total Interest Income Recognized | 140 | 148 |
Commercial other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 148 | 2,454 |
Total Interest Income Recognized, With No Related Allowance Recorded | 3 | 4 |
Average Recorded Investment, With Related Allowance Recorded | 230 | 951 |
Total Interest Income Recognized, With Related Allowance Recorded | 0 | 0 |
Total Average Recorded Investment | 378 | 3,405 |
Total Interest Income Recognized | 3 | 4 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 238 | 699 |
Total Interest Income Recognized, With No Related Allowance Recorded | 5 | 3 |
Average Recorded Investment, With Related Allowance Recorded | 515 | 286 |
Total Interest Income Recognized, With Related Allowance Recorded | 18 | 18 |
Total Average Recorded Investment | 753 | 985 |
Total Interest Income Recognized | 23 | 21 |
Consumer equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 63 | 51 |
Total Interest Income Recognized, With No Related Allowance Recorded | 0 | 0 |
Average Recorded Investment, With Related Allowance Recorded | 156 | 167 |
Total Interest Income Recognized, With Related Allowance Recorded | 10 | 11 |
Total Average Recorded Investment | 219 | 218 |
Total Interest Income Recognized | 10 | 11 |
Consumer auto [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 107 | 175 |
Total Interest Income Recognized, With No Related Allowance Recorded | 2 | 11 |
Average Recorded Investment, With Related Allowance Recorded | 2 | 5 |
Total Interest Income Recognized, With Related Allowance Recorded | 0 | 0 |
Total Average Recorded Investment | 109 | 180 |
Total Interest Income Recognized | 2 | 11 |
Consumer Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 0 | 15 |
Total Interest Income Recognized, With No Related Allowance Recorded | 0 | 0 |
Average Recorded Investment, With Related Allowance Recorded | 0 | 0 |
Total Interest Income Recognized, With Related Allowance Recorded | 0 | 0 |
Total Average Recorded Investment | 0 | 15 |
Total Interest Income Recognized | $0 | $0 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L7
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 15 | 6 |
Pre-Modification Outstanding Recorded Investment | $1,541 | $549 |
Post-Modification Outstanding Recorded Investment | 1,541 | 538 |
Commercial mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 5 | 1 |
Pre-Modification Outstanding Recorded Investment | 1,260 | 287 |
Post-Modification Outstanding Recorded Investment | 1,260 | 283 |
Real estate residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | 251 | 212 |
Post-Modification Outstanding Recorded Investment | 251 | 202 |
Commercial other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 6 | 4 |
Pre-Modification Outstanding Recorded Investment | 30 | 50 |
Post-Modification Outstanding Recorded Investment | $30 | $53 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L8
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | $1,860 | $2,900 |
60-89 Days Past Due | 580 | 520 |
>90 Days Past Due | 5,000 | 3,586 |
Total Past Due | 7,440 | 7,006 |
Current | 138,986 | 140,011 |
Total Loans | 146,426 | 147,017 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Commercial mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 1,345 | 1,923 |
60-89 Days Past Due | 238 | 203 |
>90 Days Past Due | 4,924 | 3,153 |
Total Past Due | 6,507 | 5,279 |
Current | 67,894 | 71,685 |
Total Loans | 74,401 | 76,964 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Commercial other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 17 | 140 |
60-89 Days Past Due | 144 | 74 |
>90 Days Past Due | 20 | 174 |
Total Past Due | 181 | 388 |
Current | 13,407 | 14,238 |
Total Loans | 13,588 | 14,626 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 470 | 639 |
60-89 Days Past Due | 186 | 156 |
>90 Days Past Due | 27 | 259 |
Total Past Due | 683 | 1,054 |
Current | 38,073 | 32,943 |
Total Loans | 38,756 | 33,997 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Consumer equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 81 |
60-89 Days Past Due | 0 | 16 |
>90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 97 |
Current | 7,037 | 7,569 |
Total Loans | 7,037 | 7,666 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Consumer auto [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 20 | 46 |
60-89 Days Past Due | 6 | 11 |
>90 Days Past Due | 19 | 0 |
Total Past Due | 45 | 57 |
Current | 10,711 | 11,969 |
Total Loans | 10,756 | 12,026 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Consumer Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 8 | 71 |
60-89 Days Past Due | 6 | 60 |
>90 Days Past Due | 10 | 0 |
Total Past Due | 24 | 131 |
Current | 1,864 | 1,607 |
Total Loans | 1,888 | 1,738 |
Recorded Investment >90 Days and Accruing | $0 | $0 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L9
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 7) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $7,729 | $7,788 |
Commercial mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 7,200 | 6,443 |
Commercial other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 169 | 529 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 307 | 680 |
Consumer equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 15 | 105 |
Consumer auto [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 38 | 31 |
Consumer Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $0 | $0 |
Recovered_Sheet1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 8) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Balance at beginning period | $16 | $1,196 |
New loans granted | 131 | 342 |
Principal payments | -136 | -886 |
Change in director status | 0 | -636 |
Balance at ending period | $11 | $16 |
Recovered_Sheet2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $946,000 | |
Description of Credit Risk Exposure | Such monitoring is being done on an ongoing basis according to the following timeframe: $250,000 to $1,000,000 exposure, annually; $1,000,000 exposure, semiannually; watch list loans with aggregate exposure >$100,000 are analyzed each quarter | |
Loans and Leases Receivable, Gross, Total | 146,426,000 | 147,017,000 |
Percentage Of Non Owner Occupied Residential Real Estate To Total Loan | 19.50% | 18.00% |
Loans Payable Percentage Of Past Due Total | 4.80% | |
Allowance for Loan and Lease Losses [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 200,000 | |
Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | $28,600,000 | $26,500,000 |
PREMISES_AND_EQUIPMENT_Details
PREMISES AND EQUIPMENT (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Land | $1,273 | $1,273 |
Buildings and improvements | 3,450 | 3,458 |
Furniture, fixtures, and equipment | 2,339 | 2,317 |
Property, Plant and Equipment, Gross, Total | 7,062 | 7,048 |
Accumulated depreciation and amortization | -4,012 | -3,765 |
Total | $3,050 | $3,283 |
PREMISES_AND_EQUIPMENT_Details1
PREMISES AND EQUIPMENT (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $135 |
2016 | 123 |
2017 | 63 |
2018 | 33 |
Total | $354 |
PREMISES_AND_EQUIPMENT_Details2
PREMISES AND EQUIPMENT (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Operating Leases, Rent Expense, Net | $160,000 | $192,000 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Deposit Liabilities [Line Items] | ||
Noninterest bearing checking accounts | $23,153 | $20,539 |
Interest bearing checking accounts | 22,351 | 20,561 |
Savings accounts | 58,951 | 58,330 |
Certificates of deposit | 73,512 | 86,141 |
Total | $177,967 | $185,571 |
DEPOSITS_Details_1
DEPOSITS (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Deposit Liabilities [Line Items] | ||
2015 | $39,355 | |
2016 | 15,985 | |
2017 | 8,931 | |
2018 | 3,028 | |
2019 | 6,110 | |
2020 and after | 103 | |
Time Deposits | $73,512 | $86,141 |
DEPOSITS_Details_Textual
DEPOSITS (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Deposit Liabilities [Line Items] | ||
Time Deposits, $100,000 or More | $36,275,000 | $42,971,000 |
Bank Held Deposits | $528,000 | $751,000 |
BORROWED_FUNDS_Details
BORROWED FUNDS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $6,147 | $6,363 |
8.00% Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 5,000 | 5,000 |
4.25% Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 485 | 583 |
4.75% Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $662 | $780 |
BORROWED_FUNDS_Details_1
BORROWED FUNDS (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
2015 | $5,222 | |
2016 | 233 | |
2017 | 243 | |
2018 | 255 | |
2019 | 194 | |
Borrowed Funds | $6,147 | $6,363 |
BORROWED_FUNDS_Details_Textual
BORROWED FUNDS (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Feb. 09, 2015 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Federal Home Loan Bank Stock | $859,000 | ||
Federal Home Loan Bank Advances Percentage Of Qualifying | 100.00% | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 16,033,000 | ||
Advances from Federal Home Loan Banks, Total | 0 | 0 | |
Debt and Capital Lease Obligations | 6,147,000 | 6,363,000 | |
Mortgage Loans on Real Estate | 34,600,000 | ||
Federal Reserve Bank of Cleveland [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Collateral Amount | 5,000,000 | ||
Great Lakes Bankers Bank [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Collateral Amount | 1,000,000 | ||
Federal Reserve Federal Funds Line [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Collateral Amount | 7,800,000 | ||
8.00% Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||
Debt Instrument, Frequency of Periodic Payment | monthly | ||
Debt Instrument, Maturity Date | 29-Dec-15 | ||
Debt and Capital Lease Obligations | 5,000,000 | 5,000,000 | |
8.00% Note Payable [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Conversion, Converted Instrument, Amount | 1,644,546.60 | ||
Debt Conversion, Converted Instrument, Rate | 6.00% | ||
Debt Conversion, Converted Instrument, Shares Issued | 28,675 | ||
Debt Conversion, Original Debt, Amount | 2,300,000 | ||
Debt and Capital Lease Obligations | $2,700,000 |
FEDERAL_INCOME_TAXES_Details
FEDERAL INCOME TAXES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Current tax expense (benefit) | $0 | $0 |
Deferred tax expense (benefit) | 49 | 303 |
Change in valuation allowance | -5,148 | -303 |
Total | ($5,099) | $0 |
FEDERAL_INCOME_TAXES_Details_1
FEDERAL INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Line Items] | ||
Federal statutory income tax at 34% | $333 | $206 |
Tax exempt income | -100 | -129 |
Other | -184 | 226 |
Change in valuation allowance | -5,148 | -303 |
Total | ($5,099) | $0 |
FEDERAL_INCOME_TAXES_Details_2
FEDERAL INCOME TAXES (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ||
Pension accounting | $261 | $191 |
Allowance for loan losses | 682 | 613 |
Deferred compensation | 16 | 19 |
OREO accounting | 1,106 | 1,315 |
Nonaccrual loan interest | 157 | 187 |
NOL carryforward | 3,429 | 3,339 |
Securities available for sale | 4 | 52 |
Other | 4 | 5 |
Total deferred tax assets | 5,659 | 5,721 |
Deferred Tax Liabilities | ||
Depreciation | 130 | 164 |
FHLB stock | 166 | 166 |
Total deferred tax liabilities | 296 | 330 |
Net deferred tax asset before valuation allowance | 5,363 | 5,391 |
Valuation allowance | 0 | -5,148 |
Net deferred tax asset | $5,363 | $243 |
FEDERAL_INCOME_TAXES_Details_T
FEDERAL INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |
Operating Loss Carryforwards | $10,086,000 | |
Operating Loss Carryforwards Expiration Dates1 | expire in the year 2031. | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -3,400,000 | |
Deferred Tax Assets, Other | $4,000 | $5,000 |
FINANCIAL_INSTRUMENTS_WITH_OFF2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $20,304 | $20,693 |
Home Equity Lines [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 6,840 | 6,469 |
Credit Card Lines [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 6,065 | 5,747 |
Secured By Real Estate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 1,654 | 594 |
Other Unused Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 5,704 | 7,742 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $41 | $141 |
RISKS_AND_UNCERTAINTIES_Detail
RISKS AND UNCERTAINTIES (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Unusual Risk or Uncertainty [Line Items] | |
Bank Due In Excess Of 250,000 | $5,815 |
Great Lakes Bankers Bank [Member] | |
Unusual Risk or Uncertainty [Line Items] | |
Bank Due In Excess Of 250,000 | 2,915 |
Federal Reserve Bank [Member] | |
Unusual Risk or Uncertainty [Line Items] | |
Bank Due In Excess Of 250,000 | $2,900 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Projected benefit obligation at beginning of year | $1,158 | $1,497 |
Interest cost | 51 | 52 |
Actuarial loss (gain) | 274 | -201 |
Settlement | 0 | -170 |
Benefits paid | -24 | -20 |
Projected benefit obligation at end of year | 1,459 | 1,158 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 630 | 576 |
Actual return on plan assets | 56 | -6 |
Employer contributions | 64 | 259 |
Settlement | 0 | -179 |
Benefits paid | 24 | 20 |
Fair value of plan assets at end of year | 726 | 630 |
Funded status (included in accrued liabilities) | -733 | -528 |
Unrecognized net actuarial gain (loss) in accumulated other comprehensive income (before taxes) | ($770) | ($562) |
EMPLOYEE_BENEFIT_PLANS_Details1
EMPLOYEE BENEFIT PLANS (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net periodic pension cost: | ||
Interest cost on projected benefit obligation | $51 | $52 |
Expected return on plan assets | -39 | -8 |
Settlement loss | 0 | 87 |
Net amortization of deferral of (gains) losses | 47 | 89 |
Net periodic pension cost | $59 | $220 |
EMPLOYEE_BENEFIT_PLANS_Details2
EMPLOYEE BENEFIT PLANS (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Change in unrecognized net actuarial loss | ($208) | $354 |
Tax effect | 70 | -125 |
Total recognized in other comprehensive income | ($138) | $229 |
EMPLOYEE_BENEFIT_PLANS_Details3
EMPLOYEE BENEFIT PLANS (Details 3) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.50% | 4.50% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.50% | 3.50% |
Expected return on plan assets | 6.00% | 1.50% |
EMPLOYEE_BENEFIT_PLANS_Details4
EMPLOYEE BENEFIT PLANS (Details 4) | 12 Months Ended |
Dec. 31, 2014 | |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 85.00% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 15.00% |
EMPLOYEE_BENEFIT_PLANS_Details5
EMPLOYEE BENEFIT PLANS (Details 5) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Funded Percentage | 5.00% | 5.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 74.00% | 52.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 4.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 41.00% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 21.00% | 3.00% |
EMPLOYEE_BENEFIT_PLANS_Details6
EMPLOYEE BENEFIT PLANS (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | $726 | $630 | $576 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 662 | 356 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 64 | 274 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 32 | 242 | |
Cash equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Cash equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 32 | 242 | |
Cash equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 169 | 62 | |
Fixed income [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 169 | 62 | |
Fixed income [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Fixed income [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 446 | 275 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 446 | 275 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 47 | 19 | |
Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 47 | 19 | |
Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 694 | 598 | |
Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 662 | 356 | |
Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 32 | 242 | |
Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
CIB common stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 32 | 32 | |
CIB common stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
CIB common stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 32 | 32 | |
CIB common stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | $0 | $0 |
EMPLOYEE_BENEFIT_PLANS_Details7
EMPLOYEE BENEFIT PLANS (Details 7) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $87 |
2016 | 70 |
2017 | 113 |
2018 | 129 |
2019 | 51 |
2020 - 2024 | 371 |
Total | $821 |
EMPLOYEE_BENEFIT_PLANS_Details8
EMPLOYEE BENEFIT PLANS (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 50.00% | 50.00% |
Defined Contribution Plan, Administrative Expenses | $27,000 | $32,000 |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 155,000 | |
Defined Benefit Plan, Percentage of Vested Participants | 100.00% | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $508,000 | $370,000 |
REGULATORY_MATTERS_Details
REGULATORY MATTERS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets Actual amount | $11,779 | $7,761 |
Tier 1 capital to risk weighted assets Actual amount | 10,113 | 6,097 |
Tier 1 capital to average assets Actual amount | 10,113 | 6,097 |
Total capital to risk weighted assets Actual Ratio | 8.80% | 5.80% |
Tier 1 capital to risk weighted assets Actual Ratio | 7.60% | 4.60% |
Tier 1 capital to average assets Actual Ratio | 5.00% | 2.80% |
Total capital to risk weighted assets For Capital Adequacy Purposes Amount | 10,663 | 10,644 |
Tier 1 capital to risk weighted assets For Capital Adequacy Purposes Amount | 5,332 | 5,322 |
Tier 1 capital to average assets For Capital Adequacy Purposes Amount | 8,111 | 8,593 |
Total capital to risk weighted assets For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 capital to average assets For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total capital to risk weighted assets, To Be Well Capitalized Under Current Regulatory Provisions Amount | 0 | 0 |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Current Regulatory Provisions Amount | 0 | 0 |
Tier 1 capital to average assets To Be Well Capitalized Under Current Regulatory Provisions Amount | 0 | 0 |
Total capital to risk weighted assets To Be Well Capitalized Under Current Regulatory Provisions Ratio | 0.00% | 0.00% |
Tier 1 capital to risk weighted assets To Be Well Capitalized Under Current Regulatory Provisions Ratio | 0.00% | 0.00% |
Tier 1 capital to average assets To Be Well Capitalized Under Current Regulatory Provisions Ratio | 0.00% | 0.00% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets Actual amount | 17,560 | 13,679 |
Tier 1 capital to risk weighted assets Actual amount | 15,893 | 12,019 |
Tier 1 capital to average assets Actual amount | 15,893 | 12,019 |
Total capital to risk weighted assets Actual Ratio | 13.40% | 10.30% |
Tier 1 capital to risk weighted assets Actual Ratio | 12.10% | 9.10% |
Tier 1 capital to average assets Actual Ratio | 8.10% | 5.70% |
Total capital to risk weighted assets For Capital Adequacy Purposes Amount | 10,491 | 10,620 |
Tier 1 capital to risk weighted assets For Capital Adequacy Purposes Amount | 5,245 | 5,310 |
Tier 1 capital to average assets For Capital Adequacy Purposes Amount | 7,839 | 8,421 |
Total capital to risk weighted assets For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 capital to average assets For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total capital to risk weighted assets, To Be Well Capitalized Under Current Regulatory Provisions Amount | 13,114 | 13,275 |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Current Regulatory Provisions Amount | 7,868 | 7,965 |
Tier 1 capital to average assets To Be Well Capitalized Under Current Regulatory Provisions Amount | $9,798 | $10,564 |
Total capital to risk weighted assets To Be Well Capitalized Under Current Regulatory Provisions Ratio | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets To Be Well Capitalized Under Current Regulatory Provisions Ratio | 6.00% | 6.00% |
Tier 1 capital to average assets To Be Well Capitalized Under Current Regulatory Provisions Ratio | 5.00% | 5.00% |
FAIR_VALUES_OF_FINANCIAL_INSTR2
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | $31,164 | $34,630 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 5,067 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 26,097 | 34,630 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
U.S. Treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 5,067 | 0 |
U.S. Treasury securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 5,067 | 0 |
U.S. Treasury securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
U.S. Treasury securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
U.S. government federal agencies[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 13,869 | 13,712 |
U.S. government federal agencies[Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
U.S. government federal agencies[Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 13,869 | 13,712 |
U.S. government federal agencies[Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
State & local governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 1,035 | 7,339 |
State & local governments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
State & local governments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 1,035 | 7,339 |
State & local governments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
Mortgage backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 11,193 | 13,579 |
Mortgage backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
Mortgage backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 11,193 | 13,579 |
Mortgage backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | $0 | $0 |
FAIR_VALUES_OF_FINANCIAL_INSTR3
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $11,277 | $11,357 |
Other real estate owned | 1,068 | 2,532 |
Commercial mortgage [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 9,202 | 8,552 |
Commercial other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 67 | 322 |
Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 594 | 926 |
Consumer equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 154 | 208 |
Consumer auto [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 106 | 139 |
Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 200 | 670 |
Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 868 | 1,862 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial mortgage [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Consumer equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Consumer auto [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial mortgage [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Consumer equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Consumer auto [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 10,123 | 10,147 |
Other real estate owned | 1,068 | 2,532 |
Fair Value, Inputs, Level 3 [Member] | Commercial mortgage [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 9,202 | 8,552 |
Fair Value, Inputs, Level 3 [Member] | Commercial other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 67 | 322 |
Fair Value, Inputs, Level 3 [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 594 | 926 |
Fair Value, Inputs, Level 3 [Member] | Consumer equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 154 | 208 |
Fair Value, Inputs, Level 3 [Member] | Consumer auto [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 106 | 139 |
Fair Value, Inputs, Level 3 [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 200 | 670 |
Fair Value, Inputs, Level 3 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $868 | $1,862 |
FAIR_VALUES_OF_FINANCIAL_INSTR4
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financial assets, Carrying Amount: | |||
Cash and cash equivalents | $16,633 | $15,004 | $10,215 |
Securities available-for-sale | 31,164 | 34,630 | |
Other investment securities | 859 | 859 | |
Net loans | 142,557 | 142,633 | |
Accrued interest receivable | 348 | 446 | |
Financial liabilities, Carrying Amount: | |||
Noninterest-bearing deposits | 23,153 | 20,539 | |
Interest-bearing deposits | 154,814 | 165,032 | |
Borrowed funds | 6,147 | 6,363 | |
Accrued interest payable | 1,492 | 1,935 | |
Financial assets, Fair Value: | |||
Cash and cash equivalents | 16,633 | 15,004 | |
Securities available-for-sale | 31,164 | 34,630 | |
Other investment securities | 859 | 859 | |
Net loans | 145,895 | 147,703 | |
Accrued interest receivable | 348 | 446 | |
Financial liabilities, Fair Value: | |||
Noninterest-bearing deposits | 23,153 | 20,539 | |
Interest-bearing deposits | 155,735 | 165,502 | |
Borrowed funds | 6,147 | 6,363 | |
Accrued interest payable | 1,492 | 1,935 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets, Carrying Amount: | |||
Securities available-for-sale | 5,067 | 0 | |
Financial assets, Fair Value: | |||
Cash and cash equivalents | 0 | 0 | |
Securities available-for-sale | 5,067 | 0 | |
Other investment securities | 0 | 0 | |
Net loans | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Financial liabilities, Fair Value: | |||
Noninterest-bearing deposits | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Borrowed funds | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets, Carrying Amount: | |||
Securities available-for-sale | 26,097 | 34,630 | |
Financial assets, Fair Value: | |||
Cash and cash equivalents | 16,633 | 15,004 | |
Securities available-for-sale | 26,097 | 34,630 | |
Other investment securities | 0 | 0 | |
Net loans | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Financial liabilities, Fair Value: | |||
Noninterest-bearing deposits | 23,153 | 20,539 | |
Interest-bearing deposits | 155,735 | 165,502 | |
Borrowed funds | 6,147 | 6,363 | |
Accrued interest payable | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets, Carrying Amount: | |||
Securities available-for-sale | 0 | 0 | |
Financial assets, Fair Value: | |||
Cash and cash equivalents | 0 | 0 | |
Securities available-for-sale | 0 | 0 | |
Other investment securities | 859 | 859 | |
Net loans | 145,895 | 147,703 | |
Accrued interest receivable | 348 | 446 | |
Financial liabilities, Fair Value: | |||
Noninterest-bearing deposits | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Borrowed funds | 0 | 0 | |
Accrued interest payable | $1,492 | $1,935 |
FAIR_VALUES_OF_FINANCIAL_INSTR5
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details Textual) | Dec. 31, 2014 |
Commercial mortgage [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Percentage of Impaired Loans to Total Loans | 9.00% |
Commercial other [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Percentage of Impaired Loans to Total Loans | 68.00% |
Residential Real Estate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Percentage of Impaired Loans to Total Loans | 11.00% |
Consumer equity [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Percentage of Impaired Loans to Total Loans | 8.00% |
PARENT_COMPANY_FINANCIAL_STATE2
PARENT COMPANY FINANCIAL STATEMENTS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Assets | |||
Other assets | $6,144 | $1,465 | |
Total assets | 201,823 | 200,852 | |
Total liabilities | 186,986 | 195,226 | |
Total shareholdersb equity | 14,837 | 5,626 | 5,524 |
Total liabilities and shareholdersb equity | 201,823 | 200,852 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 921 | 51 | |
Investment in subsidiary | 17,967 | 11,548 | |
Other assets | 2,098 | 448 | |
Total assets | 20,986 | 12,047 | |
Total liabilities | 6,149 | 6,421 | |
Total shareholdersb equity | 14,837 | 5,626 | |
Total liabilities and shareholdersb equity | $20,986 | $12,047 |
PARENT_COMPANY_FINANCIAL_STATE3
PARENT COMPANY FINANCIAL STATEMENTS (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income | ||
Other | $272 | $335 |
Income, Total | 7,689 | 8,686 |
Expenses | ||
Other | -527 | -1,095 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiary | 979 | 607 |
Income tax expense (benefit) | -5,099 | 0 |
NET INCOME | 6,078 | 607 |
Comprehensive income | 6,034 | 163 |
Parent Company [Member] | ||
Income | ||
Dividends from subsidiary | 0 | 0 |
Other | -333 | 3 |
Income, Total | -333 | 3 |
Expenses | ||
Other | -683 | -650 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiary | -1,016 | -647 |
Income tax expense (benefit) | -2,098 | 0 |
Equity in undistributed earnings of subsidiary | 4,996 | 1,254 |
NET INCOME | 6,078 | 607 |
Other comprehensive income (loss) | -44 | -444 |
Comprehensive income | $6,034 | $163 |
PARENT_COMPANY_FINANCIAL_STATE4
PARENT COMPANY FINANCIAL STATEMENTS (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities | ||
Net income | $6,078 | $607 |
Adjustments to reconcile net income to net cash from operations | ||
Deferred income tax | 49 | 303 |
Cash flows from financing activities | ||
Payments on loan payable | -216 | -203 |
Purchase of treasury stock | 0 | -61 |
Issuance of common stock | 3,177 | 0 |
Net increase (decrease) in cash and cash equivalents | 1,629 | 4,789 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 15,004 | 10,215 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 16,633 | 15,004 |
Parent Company [Member] | ||
Cash flows from operating activities | ||
Net income | 6,078 | 607 |
Adjustments to reconcile net income to net cash from operations | ||
Equity in undistributed earnings of subsidiary | -4,996 | -1,254 |
Deferred income tax | -2,098 | 0 |
Change in other assets and other liabilities | 29 | -318 |
Net cash provided by (used in) operating activities | -987 | -965 |
Cash flows from investing activities | ||
Proceeds from sale of other real estate owned | 362 | 998 |
Capital contribution to subsidiary | -1,467 | 0 |
Net cash provided by (used in) investing activities | -1,105 | 998 |
Cash flows from financing activities | ||
Payments on loan payable | -215 | -203 |
Purchase of treasury stock | 0 | -61 |
Issuance of common stock | 3,177 | 0 |
Net cash provided by (used in) financing activities | 2,962 | -264 |
Net increase (decrease) in cash and cash equivalents | 870 | -231 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 51 | 282 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $921 | $51 |
STOCK_SUBSCRIPTION_Details_Tex
STOCK SUBSCRIPTION (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Mar. 25, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 13, 2015 | |
Stock Subscriptions Disclosures [Line Items] | |||||
Proceeds From Subscriptions Receivable | $500,000 | ||||
Stock Issued During Period, Shares, New Issues | 238,057 | ||||
Stock Repurchased During Period, Shares | 211,365 | ||||
Stock Repurchased During Period, Value | $3,252,907 | $61,000 | |||
Subsequent Event [Member] | |||||
Stock Subscriptions Disclosures [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 238,057 | ||||
Number of Warrants Issued During Period | 119,003 | ||||
Number of Warrants Exercised During Period | 11,367 | ||||
Stock Additional Issued During Period Shares New Issues | 11,367 |