Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Citizens Independent Bancorp, Inc. | |
Entity Central Index Key | 1,553,830 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 674,359 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | ||
Cash and amounts due from depository institutions | $ 5,229 | $ 5,307 |
Federal funds sold | 5,921 | 4,064 |
Total cash and cash equivalents | 11,150 | 9,371 |
Securities available for sale | 8,484 | 14,013 |
Other investment securities | 859 | 859 |
Loans held for sale | 104 | 0 |
Loans | 148,720 | 149,231 |
Allowance for loan losses | (2,031) | (2,078) |
Net loans | 146,689 | 147,153 |
Premises and equipment, net | 2,928 | 2,977 |
Accrued interest receivable | 307 | 285 |
Other real estate owned | 0 | 238 |
Other assets | 9,099 | 8,899 |
TOTAL ASSETS | 179,620 | 183,795 |
Deposits | ||
Noninterest bearing | 26,374 | 26,116 |
Interest bearing | 131,758 | 136,209 |
Total deposits | 158,132 | 162,325 |
Borrowed funds | 2,512 | 2,569 |
Accrued interest payable | 579 | 759 |
Other liabilities | 704 | 783 |
TOTAL LIABILITIES | 161,927 | 166,436 |
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, 724,134 shares issued and 669,754 outstanding at March 31, 2016 and 721,998 shares issued and 667,618 shares outstanding at December 31, 2015 | 14,349 | 14,296 |
Common stock warrants; 119,003 warrants issued and 65,849 warrants outstanding at March 31, 2016 and 119,003 warrants issued and 67,985 outstanding at December 31, 2015 | 105 | 108 |
Retained earnings | 10,330 | 10,112 |
Treasury stock, at cost, 54,380 shares at March 31, 2016 and December 31, 2015, respectively | (6,590) | (6,590) |
Accumulated other comprehensive income (loss) | (501) | (567) |
TOTAL SHAREHOLDERS' EQUITY | 17,693 | 17,359 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 179,620 | $ 183,795 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 2,000,000 |
Common stock, shares issued | 724,134 | 721,998 |
Common stock, shares outstanding | 669,754 | 667,618 |
Treasury stock, shares | 54,380 | 54,380 |
Warrant [Member] | ||
Stock warrants issued | 119,003 | 119,003 |
Stock warrants outstanding | 65,849 | 67,985 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 1,966 | $ 1,894 |
Interest and dividends on investment securities | 55 | 125 |
Interest on federal funds sold | 5 | 7 |
TOTAL INTEREST INCOME | 2,026 | 2,026 |
INTEREST EXPENSE | ||
Interest on deposits | 176 | 250 |
Interest on borrowed funds | 35 | 99 |
TOTAL INTEREST EXPENSE | 211 | 349 |
NET INTEREST INCOME | 1,815 | 1,677 |
Provision for loan losses | 0 | 0 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,815 | 1,677 |
NONINTEREST INCOME | ||
Service charges | 87 | 85 |
Net gain on sale of securities | 15 | 91 |
Net gain on sale of loans | 7 | 0 |
Net gain (loss) on sale of other real estate owned | 84 | (45) |
Credit card income and fees | 87 | 83 |
Other | 141 | 65 |
TOTAL NONINTEREST INCOME | 421 | 279 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 855 | 812 |
Net occupancy and equipment expenses | 230 | 253 |
Other real estate owned expense | 58 | 24 |
FDIC insurance expense | 58 | 80 |
Legal and professional fees | 97 | 98 |
Data processing | 87 | 95 |
Advertising | 55 | 41 |
Examinations and audits | 84 | 77 |
Directors fees | 58 | 60 |
Other operating expenses | 391 | 275 |
TOTAL NONINTEREST EXPENSE | 1,973 | 1,815 |
INCOME BEFORE INCOME TAXES | 263 | 141 |
Income tax expense | 45 | 38 |
NET INCOME | $ 218 | $ 103 |
Basic earnings per common share (in dollars per share) | $ 0.33 | $ 0.17 |
Diluted earnings per common share (in dollars per share) | $ 0.32 | $ 0.17 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 218 | $ 103 |
Other comprehensive income, net of tax: | ||
Net unrealized holding gain on securities available for sale, net of income taxes of $39 and $77 for the three month periods ended March 31, 2016 and 2015, respectively | 76 | 150 |
Reclassification for gains recognized on sale of securities available for sale, net of income taxes of $5 and $31 for the three month periods ended March 31, 2016 and 2015, respectively | (10) | (60) |
Other comprehensive income | 66 | 90 |
Comprehensive income | $ 284 | $ 193 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Parenthetical] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 39 | $ 77 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 5 | $ 31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY $ in Thousands | USD ($) |
Balance at beginning of period at Dec. 31, 2014 | $ 14,837 |
Exercise of common stock warrants; 2,136 shares at March 31, 2016 and 10,929 shares at March 31, 2015 | 250 |
Issuance of common stock; 0 shares at March 31, 2016, and 28,675 shares at March 31, 2015 | 656 |
Net income | 103 |
Other comprehensive income | 90 |
Balance at end of period at Mar. 31, 2015 | 15,936 |
Balance at beginning of period at Dec. 31, 2015 | 17,359 |
Exercise of common stock warrants; 2,136 shares at March 31, 2016 and 10,929 shares at March 31, 2015 | 50 |
Issuance of common stock; 0 shares at March 31, 2016, and 28,675 shares at March 31, 2015 | 0 |
Net income | 218 |
Other comprehensive income | 66 |
Balance at end of period at Mar. 31, 2016 | $ 17,693 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Parenthetical] - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Common Stock [Member] | ||
Stock Issued During Period, Shares, New Issues | 0 | 28,675 |
Warrant [Member] | ||
Common Stock Warrants Exercised | 2,136 | 10,929 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 218 | $ 103 |
Adjustment to reconcile net income to net cash provided by operating activities | ||
Provision for loan losses | 0 | 0 |
Depreciation and amortization | 92 | 71 |
Deferred income taxes | 45 | 38 |
Investment securities amortization (accretion), net | 14 | 35 |
Provision for loss on other real estate owned | 15 | 0 |
Change in value of bank owned life insurance | (28) | (8) |
Net (gain) loss on sale of other real estate owned | (84) | 45 |
Net (gain) loss on sale of investments | (15) | (91) |
Net (gain) loss on sale of substandard loans | (56) | 0 |
Net (gain) loss on disposition of premises and equipment | 67 | 0 |
Net (gain) on sale of loans | (7) | 0 |
Proceeds from sale of loans | 295 | 0 |
Loans originated for sale | (392) | 0 |
Net change in: | ||
Accrued interest receivable | (22) | (23) |
Accrued interest payable | (180) | (181) |
Other assets | (252) | (107) |
Other liabilities | 78 | 294 |
Net cash provided by (used in) operating activities | (212) | 176 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of available for sale securities | 0 | (3,084) |
Proceeds from maturities of available for sale securities | 1,590 | 1,626 |
Proceeds from sales of available for sale securities | 4,040 | 5,587 |
Proceeds from sales of substandard loans | 651 | 0 |
Net change in loans | (287) | (355) |
Proceeds from sale of other real estate owned | 307 | 577 |
Purchases of premises and equipment | (110) | (46) |
Net cash provided by investing activities | 6,191 | 4,305 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | (4,193) | (7,101) |
Payments on loans payable | (57) | (54) |
Proceeds from issuance of common stock | 50 | 250 |
Net cash provided by (used in) financing activities | (4,200) | (6,905) |
Net increase (decrease) in cash and cash equivalents | 1,779 | (2,424) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,371 | 16,633 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 11,150 | 14,209 |
Cash paid during the period for: | ||
Interest | 391 | 530 |
Taxes | 0 | 0 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Transfer of loans to other real estate owned | 0 | 0 |
Short term debt converted to common stock | $ 0 | $ 656 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Citizens Independent Bancorp, Inc. (the Bancorp), a bank holding company for The Citizens Bank of Logan (the Bank), collectively referred to as the “Company,” is engaged in the business of commercial and retail banking services with operations conducted through offices in Hocking and Athens, Ohio 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 publicly available Consent Orders with the Federal Deposit Insurance Corporation (FDIC) and the Ohio Division of Financial Institutions (DFI) (collectively referred to as the Orders), which required the Bank to take a number of actions. In October 2015, the Orders were lifted and the Bank entered into a Memorandum of Understanding with the FDIC and DFI. Significant among the ongoing 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 8.00 11.50 On July 5, 2011, the Bancorp entered into a memorandum of understanding (the FRB 2011 MOU) with the Federal Reserve Bank of Cleveland (the FRB). The FRB 2011 MOU prohibits the Bancorp, without prior approval of the FRB, from: declaring or paying cash dividends, taking dividends or any other form of payment representing a reduction in the Bank’s capital, incurring, increasing, or guaranteeing any debt, or purchasing or redeeming any shares. The FRB 2011 MOU remains in effect. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for annual year-end financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation, have been included and are of a normal, recurring nature. Operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The accounting and reporting policies of the Bancorp and the Bank conform to GAAP and to general practices followed within the banking industry. The consolidated balance sheet as of December 31, 2015 has been extracted from audited financial statements included in the Company’s 2015 filing on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2015 Form 10-K. Information is presented in these notes with dollars expressed in thousands, unless otherwise noted or specified. The consolidated financial statements include the accounts of Citizens Independent Bancorp, Inc. and its wholly-owned subsidiary, The Citizens Bank of Logan. All significant intercompany transactions and balances have been eliminated. In June 2014, the Company issued warrants to purchase 119,003 the Company’s common stock at 90% of the prior month’s closing book value. 188 |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 2 - EARNINGS PER COMMON SHARE (Dollars in thousands, except per share data) 2016 2015 Net income $ 218 $ 103 Weighted average common shares outstanding 669,413 603,846 Basic earnings per common share $ 0.33 $ 0.17 Total shares and warrants 676,032 615,428 Diluted earnings per share $ 0.32 $ 0.17 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 - INVESTMENT SECURITIES The amortized cost of securities and their approximate fair values are as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Amortized Gross Gross Fair Amortized Gross Gross Fair U.S. government securities $ - $ - $ - $ - $ 1,005 $ - $ - $ 1,005 U.S. government federal agencies 2,247 5 - 2,252 6,571 3 (39) 6,535 State and local governments 1,770 25 - 1,795 1,774 9 - 1,783 Mortgage backed securities 4,448 11 (22) 4,437 4,745 4 (59) 4,690 Total $ 8,465 $ 41 $ (22) $ 8,484 $ 14,095 $ 16 $ (98) $ 14,013 The following is a summary of contractual maturities of securities available-for-sale as of March 31, 2016: (Dollars in thousands) Securities available for sale Amortized Fair Amounts maturing in: One year or less $ 252 $ 253 After one year through five years 2,542 2,550 After five years through ten years 1,243 1,267 After ten years 4,428 4,414 Total $ 8,465 $ 8,484 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 the first quarter of 2016, the Company sold available-for-sale securities, U.S. Treasury and Agencies, totaling $4.0 million with a weighted average yield of 1.00% and weighted average maturity of 1.93 years. The net realized gain on these transactions was $15 thousand. Investment securities with a carrying amount of approximately $ 1,859,000 2,848,000 Information pertaining to securities with gross unrealized losses at March 31, 2016 and December 31, 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: (Dollars in thousands) Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Gross March 31, 2016 U.S. government federal agencies $ - $ - $ - $ - $ - $ - Mortgage backed securities 995 (4) 1,327 (18) 2,322 (22) Total $ 995 $ (4) $ 1,327 $ (18) $ 2,322 $ (22) December 31, 2015 U.S. government federal agencies $ 4,981 $ (39) $ - $ - $ 4,981 $ (39) Mortgage backed securities 3,115 (28) 1,388 (31) 4,503 (59) Total $ 8,096 $ (67) $ 1,388 $ (31) $ 9,484 $ (98) As of March 31, 2016, the investment portfolio contains unrealized losses of 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. As management has the ability to hold debt securities until maturity, or 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 LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 - LOANS AND ALLOWANCE FOR LOAN LOSSES (Dollars in thousands) March 31, 2016 2015 Allowance at beginning of period $ 2,078 $ 3,869 Provision for credit losses - - Charge-offs: Commercial 9 421 Real estate - 4 Consumer 64 29 Total charge-offs 73 454 Recoveries Commercial 12 12 Real estate 1 - Consumer 13 16 Total recoveries 26 28 Allowance at end of period $ 2,031 $ 3,443 (Dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance Recorded Allowance Recorded Allowance Recorded March 31, 2016 Commercial $ 1,283 $ 79,846 $ 305 $ 1,397 $ 1,588 $ 81,243 Real estate 191 43,235 40 403 231 43,638 Consumer 212 23,839 - - 212 23,839 Total $ 1,686 $ 146,920 $ 345 $ 1,800 $ 2,031 $ 148,720 December 31, 2015 Commercial $ 1,479 $ 80,293 $ 150 $ 1,854 $ 1,629 $ 82,147 Real estate 196 42,993 44 408 240 43,401 Consumer 209 23,683 - - 209 23,683 Total $ 1,884 $ 146,969 $ 194 $ 2,262 $ 2,078 $ 149,231 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. 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. Commercial Credit Exposure Credit risk profile by credit worthiness category (Dollars in thousands) Commercial Commercial Mortgage Other Category 03/31/16 12/31/15 03/31/16 12/31/15 Pass $ 61,496 $ 61,612 $ 12,280 $ 12,123 5 968 984 179 186 6 5,733 6,686 587 557 7 - - - - Total $ 68,197 $ 69,282 $ 13,046 $ 12,866 Consumer Credit Exposure Credit risk by credit worthiness category (Dollars in thousands) Residential Consumer Consumer Consumer Real Estate Equity Auto Other Category 03/31/16 12/31/15 03/31/16 12/31/15 03/31/16 12/31/15 03/31/16 12/31/15 Pass $ 43,322 $ 42,690 $ 10,299 $ 10,049 $ 12,095 $ 11,999 $ 1,428 $ 1,512 5 - 373 - 59 - 38 - - 6 316 338 - 7 17 18 - - 7 - - - - - - - - Total $ 43,638 $ 43,401 $ 10,299 $ 10,115 $ 12,112 $ 12,055 $ 1,428 $ 1,512 Loans evaluated for impairment include loans classified as troubled debt restructurings and non-performing commercial, mortgage and consumer loans. The following tables set forth certain information regarding the Bank’s impaired loans by class , (Dollars in thousands) Unpaid Recorded Principal Related Investment Balance Allowance March 31, 2016 With no related allowance recorded: Commercial mortgage $ 727 $ 765 $ - Commercial other 38 38 - Residential real estate 308 309 - Consumer equity - - - Consumer auto 56 56 - Subtotal 1,129 1,168 - With an allowance recorded: Commercial mortgage 1,160 1,243 305 Commercial other - - - Residential real estate 403 405 40 Consumer equity - - - Consumer auto - - - Subtotal 1,563 1,648 345 Total $ 2,692 $ 2,816 $ 345 Unpaid Recorded Principal Related Investment Balance Allowance December 31, 2015 With no related allowance recorded: Commercial mortgage $ 1,324 $ 1,886 $ - Commercial other 38 37 - Residential real estate 315 316 - Consumer equity - - - Consumer auto 89 90 - Subtotal 1,766 2,329 - With an allowance recorded: Commercial mortgage 997 1,100 150 Commercial other - - - Residential real estate 408 409 44 Consumer equity - - - Consumer auto - - - Subtotal 1,405 1,509 194 Total $ 3,171 $ 3,838 $ 194 (Dollars in thousands) No Related With Related Allowance Recorded Allowance Recorded Total Total Total Total Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Investment Recognized Investment Recognized Investment Recognized Three Months Ended March 31, 2016 Commercial: Mortgage $ 1,025 $ 2 $ 1,078 $ 9 $ 2,103 $ 11 Other 38 - - - 38 - Residential real estate 312 4 406 2 718 6 Consumer: Equity - - - - - - Auto 72 1 - - 72 1 Total $ 1,447 $ 7 $ 1,484 $ 11 $ 2,931 $ 18 Three Months Ended March 31, 2015 Commercial: Mortgage $ 5,880 $ 28 $ 3,546 $ 6 $ 9,426 $ 34 Other 66 1 133 - 199 1 Residential real estate 235 1 429 4 664 5 Consumer: Equity 10 - 152 3 162 3 Auto 104 1 - - 104 1 Total $ 6,295 $ 31 $ 4,260 $ 13 $ 10,555 $ 44 (Dollars in thousands) Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded TDRs Investment (1) Investment March 31, 2016 Commercial mortgage 1 $ 12 $ 12 Consumer auto - - - Total 1 $ 12 $ 12 March 31, 2015 Commercial mortgage 1 $ 169 $ 169 Consumer auto 4 19 19 Total 5 $ 188 $ 188 (1) Pre-modification balance is calculated using the loan balance on the day prior to modification as TDR. 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 the three month period ended March 31, 2016, a single loan was modified by a reduction in the interest rate of the note. During the three month period ended March 31, 2015, loans were modified by either a reduction in interest rates or a change in the contractual maturity date of the note. Three loans were modified with reduced interest rates and the contractual maturity date of two loans was extended. Loans modified as 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 as 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 no loans which were modified as a TDR within the previous twelve months that have subsequently defaulted as of March 31, 2016. (Dollars in thousands) Recorded Investment 30-59 60-89 >90 >90 Days Days Days Days Total Total and Past Due Past Due Past Due Past Due Current Loans Accruing March 31, 2016 Commercial: Mortgage $ 314 $ 418 $ 179 $ 911 $ 67,286 $ 68,197 $ - Other 14 - 3 17 13,029 13,046 - Residential real estate 705 - - 705 42,933 43,638 - Consumer: Equity 20 - - 20 10,279 10,299 - Auto 112 5 - 117 11,995 12,112 - Other 4 - - 4 1,424 1,428 - Total $ 1,169 $ 423 $ 182 $ 1,774 $ 146,946 $ 148,720 $ - December 31, 2015 Commercial: Mortgage $ 628 $ 433 $ 196 $ 1,257 $ 68,025 $ 69,282 $ - Other 11 - - 11 12,855 12,866 - Residential real estate 449 33 - 482 42,919 43,401 - Consumer: Equity 23 - - 23 10,092 10,115 - Auto 138 17 - 155 11,900 12,055 - Other 2 9 - 11 1,501 1,512 - Total $ 1,251 $ 492 $ 196 $ 1,939 $ 147,292 $ 149,231 $ - The following summarizes by loan class, the loans on nonaccrual status at March 31, 2016 and December 31, 2015: (Dollars in thousands) March 31, December 31, 2016 2015 Commercial: Mortgage $ 893 $ 1,334 Other 4 3 Residential real estate 2 3 Consumer: Equity - - Auto 9 10 Other - - Total $ 908 $ 1,350 |
BANK OWNED LIFE INSURANCE
BANK OWNED LIFE INSURANCE | 3 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Life Insurance, Corporate or Bank Owned [Text Block] | NOTE 5 BANK OWNED LIFE INSURANCE In 2015, the Bank invested in whole life insurance contracts on the lives of ten current officers who have provided positive consent allowing the Bank to be named beneficiary of these insurance contracts. An existing policy on a former employee is also in place. These policies are recorded at their cash surrender values which are presented in the consolidated balance sheets in “Other assets.” Those policies covering current officers are split dollar policies, providing one year’s salary to a deceased employee’s estate. These policies feature variable crediting rates and are expected to produce an average yield of about 5.50%, on a fully tax equivalent basis. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 6 BORROWINGS As of February 9, 2015, the Company renegotiated a portion of the $ 5.0 1.6 6.00 28,675 2.3 5.0 2.7 8.00 December 29, 2015 In September 2015, the Company made a $ 1.0 (Dollars in thousands) Description Balance of Interest Frequency Status Maturity Loan 1 $ 508 4.75 % Monthly Amortizing 11/21/2019 Loan 2 $ 359 4.25 % Monthly Amortizing 6/25/2019 Loan 3 $ 1,645 6.00 % Monthly Interest Only 8/4/2021 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 7 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 table presents the components of the net periodic pension cost of the defined benefit plan: (Dollars in thousands) Three months ended March 31, 2016 2015 Net periodic pension cost: Interest cost on projected benefit obligation $ 14 $ 14 Expected return on plan assets (20) (11) Net amortization of deferral of (gains) losses 18 17 Net periodic pension cost $ 12 $ 20 |
FAIR VALUES OF FINANCIAL INSTRU
FAIR VALUES OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 8 - 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 Company 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 Company 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. Loans held for sale - Loans held for sale are carried at fair value. These loans currently consist of one-to-four-family residential loans originated for sale in the secondary market. Fair va lu e is based on the committed market rates or the price secondary markets are currently offering for similar loans using observable market data. (Dollars in thousands) Fair Value Measurements using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets/Liabilities Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2016 Assets: Securities available for sale U.S. government securities $ - $ - $ - $ - U.S. government federal agencies 2,252 - 2,252 - State and local governments 1,795 - 1,795 - Mortgage backed securities 4,437 - 4,437 - Total securities available for sale $ 8,484 $ - $ 8,484 $ - Loans held for sale $ 104 $ - $ 104 $ - December 31, 2015 Assets: Securities available for sale U.S. government securities $ 1,005 $ 1,005 $ - $ - U.S. government federal agencies 6,535 - 6,535 - State and local governments 1,783 - 1,783 - Mortgage backed securities 4,690 - 4,690 - Total securities available for sale $ 14,013 $ 1,005 $ 13,008 $ - 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 March 31, 2016, the fair value of substantially all of the impaired loans was estimated based on the fair value of the collateral. 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. (Dollars in thousands) Fair Value Measurements using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets/Liabilities Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2016 Assets: Impaired loans Commercial mortgage $ 1,582 $ - $ - $ 1,582 Commercial other 38 - - 38 Residential real estate 671 - - 671 Consumer auto 56 - - 56 Total impaired loans $ 2,347 $ - $ - $ 2,347 Other real estate owned Residential - - - - Commercial - - - - Total other real estate owned $ - $ - $ - $ - December 31, 2015 Assets: Impaired loans Commercial mortgage $ 2,171 $ - $ - $ 2,171 Commercial other 38 - - 38 Residential real estate 679 - - 679 Consumer auto 89 - - 89 Total impaired loans $ 2,977 $ - $ - $ 2,977 Other real estate owned Residential 15 - - 15 Commercial 223 - - 223 Total other real estate owned $ 238 $ - $ - $ 238 The quantitative information about Level 3 fair value measurements for financial assets and liabilities measured at fair value on a nonrecurring basis is as follows: (Dollars in thousands) Significant Fair Value Valuation Technique Unobservable Input Range March 31, 2016 Impaired loans Commercial mortgage $ 1,582 Appraisal of Collateral Appraisal Adjustment Up to 16% Commercial other 38 Appraisal of Collateral Appraisal Adjustment * Residential real estate 671 Appraisal of Collateral Appraisal Adjustment Up to 6% Consumer auto 56 Appraisal of Collateral Appraisal Adjustment * December 31, 2015 Impaired loans Commercial mortgage $ 2,171 Appraisal of Collateral Appraisal Adjustment Up to 6% Commercial other 38 Appraisal of Collateral Appraisal Adjustment * Residential real estate 679 Appraisal of Collateral Appraisal Adjustment Up to 6% Consumer auto 89 Appraisal of Collateral Appraisal Adjustment * Other real estate owned Residential 15 Appraisal of Property Appraisal Adjustment * Commercial 223 Appraisal of Property Appraisal Adjustment Up to 45% * There are no related allowances for these classifications The following methods and assumptions were used to estimate the fair value disclosures for other financial instruments as of March 31, 2016 and December 31, 2015: 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. Accrued interest receivable and payable - The carrying amounts of accrued interest approximate fair value. Bank owned life insurance The fair value of bank owned life insurance approximates the cash surrender value of the policies. 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 using Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets/Liabilities Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) March 31, 2016 Financial assets: Cash and cash equivalents $ 11,150 $ 11,150 $ - $ 11,150 $ - Securities available for sale 8,484 8,484 - 8,484 - Other investment securities 859 859 - - 859 Loans held for sale 104 104 - 104 - Net loans 146,689 150,052 - - 150,052 Accrued interest receivable 307 307 - - 307 Bank owned life insurance 3,348 3,348 - 3,348 - Financial liabilities: Noninterest bearing deposits $ 26,374 $ 26,374 $ - $ 26,374 $ - Interest bearing deposits 131,758 132,738 - 132,738 - Borrowed funds 2,512 2,512 - 2,512 - Accrued interest payable 579 579 - - 579 December 31, 2015 Financial assets: Cash and cash equivalents $ 9,371 $ 9,371 $ - $ 9,371 $ - Securities available for sale 14,013 14,013 1,005 13,008 - Other investment securities 859 859 - - 859 Net loans 147,153 149,355 - - 149,355 Accrued interest receivable 285 285 - - 285 Bank owned life insurance 3,320 3,320 - 3,320 - Financial liabilities: Noninterest bearing deposits $ 26,116 $ 26,116 $ - $ 26,116 $ - Interest bearing deposits 136,209 137,174 - 137,174 - Borrowed funds 2,569 2,569 - 2,569 - Accrued interest payable 759 759 - - 759 The carrying amounts in the preceding table are included in the consolidated balance sheet under the applicable captions. No derivatives were held by the Company for trading purposes. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations Citizens Independent Bancorp, Inc. (the Bancorp), a bank holding company for The Citizens Bank of Logan (the Bank), collectively referred to as the “Company,” is engaged in the business of commercial and retail banking services with operations conducted through offices in Hocking and Athens, Ohio 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 publicly available Consent Orders with the Federal Deposit Insurance Corporation (FDIC) and the Ohio Division of Financial Institutions (DFI) (collectively referred to as the Orders), which required the Bank to take a number of actions. In October 2015, the Orders were lifted and the Bank entered into a Memorandum of Understanding with the FDIC and DFI. Significant among the ongoing 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 8.00 11.50 On July 5, 2011, the Bancorp entered into a memorandum of understanding (the FRB 2011 MOU) with the Federal Reserve Bank of Cleveland (the FRB). The FRB 2011 MOU prohibits the Bancorp, without prior approval of the FRB, from: declaring or paying cash dividends, taking dividends or any other form of payment representing a reduction in the Bank’s capital, incurring, increasing, or guaranteeing any debt, or purchasing or redeeming any shares. The FRB 2011 MOU remains in effect. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Statement Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for annual year-end financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation, have been included and are of a normal, recurring nature. Operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The accounting and reporting policies of the Bancorp and the Bank conform to GAAP and to general practices followed within the banking industry. The consolidated balance sheet as of December 31, 2015 has been extracted from audited financial statements included in the Company’s 2015 filing on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2015 Form 10-K. Information is presented in these notes with dollars expressed in thousands, unless otherwise noted or specified. |
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. All significant intercompany transactions and balances have been eliminated. |
Common Stock Warrants [Policy Text Block] | Common Stock Warrants In June 2014, the Company issued warrants to purchase 119,003 the Company’s common stock at 90% of the prior month’s closing book value. 188 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The factors used in the earnings per share computation for the three month periods ended March 31, 2016 and 2015 follow: (Dollars in thousands, except per share data) 2016 2015 Net income $ 218 $ 103 Weighted average common shares outstanding 669,413 603,846 Basic earnings per common share $ 0.33 $ 0.17 Total shares and warrants 676,032 615,428 Diluted earnings per share $ 0.32 $ 0.17 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | The amortized cost of securities and their approximate fair values are as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Amortized Gross Gross Fair Amortized Gross Gross Fair U.S. government securities $ - $ - $ - $ - $ 1,005 $ - $ - $ 1,005 U.S. government federal agencies 2,247 5 - 2,252 6,571 3 (39) 6,535 State and local governments 1,770 25 - 1,795 1,774 9 - 1,783 Mortgage backed securities 4,448 11 (22) 4,437 4,745 4 (59) 4,690 Total $ 8,465 $ 41 $ (22) $ 8,484 $ 14,095 $ 16 $ (98) $ 14,013 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following is a summary of contractual maturities of securities available-for-sale as of March 31, 2016: (Dollars in thousands) Securities available for sale Amortized Fair Amounts maturing in: One year or less $ 252 $ 253 After one year through five years 2,542 2,550 After five years through ten years 1,243 1,267 After ten years 4,428 4,414 Total $ 8,465 $ 8,484 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Information pertaining to securities with gross unrealized losses at March 31, 2016 and December 31, 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: (Dollars in thousands) Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Gross March 31, 2016 U.S. government federal agencies $ - $ - $ - $ - $ - $ - Mortgage backed securities 995 (4) 1,327 (18) 2,322 (22) Total $ 995 $ (4) $ 1,327 $ (18) $ 2,322 $ (22) December 31, 2015 U.S. government federal agencies $ 4,981 $ (39) $ - $ - $ 4,981 $ (39) Mortgage backed securities 3,115 (28) 1,388 (31) 4,503 (59) Total $ 8,096 $ (67) $ 1,388 $ (31) $ 9,484 $ (98) |
LOANS AND ALLOWANCE FOR LOAN 21
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three month periods indicated: (Dollars in thousands) March 31, 2016 2015 Allowance at beginning of period $ 2,078 $ 3,869 Provision for credit losses - - Charge-offs: Commercial 9 421 Real estate - 4 Consumer 64 29 Total charge-offs 73 454 Recoveries Commercial 12 12 Real estate 1 - Consumer 13 16 Total recoveries 26 28 Allowance at end of period $ 2,031 $ 3,443 |
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 March 31, 2016 Commercial $ 1,283 $ 79,846 $ 305 $ 1,397 $ 1,588 $ 81,243 Real estate 191 43,235 40 403 231 43,638 Consumer 212 23,839 - - 212 23,839 Total $ 1,686 $ 146,920 $ 345 $ 1,800 $ 2,031 $ 148,720 December 31, 2015 Commercial $ 1,479 $ 80,293 $ 150 $ 1,854 $ 1,629 $ 82,147 Real estate 196 42,993 44 408 240 43,401 Consumer 209 23,683 - - 209 23,683 Total $ 1,884 $ 146,969 $ 194 $ 2,262 $ 2,078 $ 149,231 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the risk category of loans by class of loans based on the most recent analysis performed at March 31, 2016 and December 31, 2015. Commercial Credit Exposure Credit risk profile by credit worthiness category (Dollars in thousands) Commercial Commercial Mortgage Other Category 03/31/16 12/31/15 03/31/16 12/31/15 Pass $ 61,496 $ 61,612 $ 12,280 $ 12,123 5 968 984 179 186 6 5,733 6,686 587 557 7 - - - - Total $ 68,197 $ 69,282 $ 13,046 $ 12,866 Consumer Credit Exposure Credit risk by credit worthiness category (Dollars in thousands) Residential Consumer Consumer Consumer Real Estate Equity Auto Other Category 03/31/16 12/31/15 03/31/16 12/31/15 03/31/16 12/31/15 03/31/16 12/31/15 Pass $ 43,322 $ 42,690 $ 10,299 $ 10,049 $ 12,095 $ 11,999 $ 1,428 $ 1,512 5 - 373 - 59 - 38 - - 6 316 338 - 7 17 18 - - 7 - - - - - - - - Total $ 43,638 $ 43,401 $ 10,299 $ 10,115 $ 12,112 $ 12,055 $ 1,428 $ 1,512 |
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 by class , (Dollars in thousands) Unpaid Recorded Principal Related Investment Balance Allowance March 31, 2016 With no related allowance recorded: Commercial mortgage $ 727 $ 765 $ - Commercial other 38 38 - Residential real estate 308 309 - Consumer equity - - - Consumer auto 56 56 - Subtotal 1,129 1,168 - With an allowance recorded: Commercial mortgage 1,160 1,243 305 Commercial other - - - Residential real estate 403 405 40 Consumer equity - - - Consumer auto - - - Subtotal 1,563 1,648 345 Total $ 2,692 $ 2,816 $ 345 Unpaid Recorded Principal Related Investment Balance Allowance December 31, 2015 With no related allowance recorded: Commercial mortgage $ 1,324 $ 1,886 $ - Commercial other 38 37 - Residential real estate 315 316 - Consumer equity - - - Consumer auto 89 90 - Subtotal 1,766 2,329 - With an allowance recorded: Commercial mortgage 997 1,100 150 Commercial other - - - Residential real estate 408 409 44 Consumer equity - - - Consumer auto - - - Subtotal 1,405 1,509 194 Total $ 3,171 $ 3,838 $ 194 |
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 class for the periods indicated. (Dollars in thousands) No Related With Related Allowance Recorded Allowance Recorded Total Total Total Total Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Investment Recognized Investment Recognized Investment Recognized Three Months Ended March 31, 2016 Commercial: Mortgage $ 1,025 $ 2 $ 1,078 $ 9 $ 2,103 $ 11 Other 38 - - - 38 - Residential real estate 312 4 406 2 718 6 Consumer: Equity - - - - - - Auto 72 1 - - 72 1 Total $ 1,447 $ 7 $ 1,484 $ 11 $ 2,931 $ 18 Three Months Ended March 31, 2015 Commercial: Mortgage $ 5,880 $ 28 $ 3,546 $ 6 $ 9,426 $ 34 Other 66 1 133 - 199 1 Residential real estate 235 1 429 4 664 5 Consumer: Equity 10 - 152 3 162 3 Auto 104 1 - - 104 1 Total $ 6,295 $ 31 $ 4,260 $ 13 $ 10,555 $ 44 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table summarizes information relative to loan modifications determined to be troubled debt restructurings (TDRs) during the three months ended March 31, 2016 and March 31, 2015. (Dollars in thousands) Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded TDRs Investment (1) Investment March 31, 2016 Commercial mortgage 1 $ 12 $ 12 Consumer auto - - - Total 1 $ 12 $ 12 March 31, 2015 Commercial mortgage 1 $ 169 $ 169 Consumer auto 4 19 19 Total 5 $ 188 $ 188 |
Past Due Financing Receivables [Table Text Block] | The following table presents the loan portfolio by class summarized by aging categories, at March 31, 2016 and December 31, 2015: (Dollars in thousands) Recorded Investment 30-59 60-89 >90 >90 Days Days Days Days Total Total and Past Due Past Due Past Due Past Due Current Loans Accruing March 31, 2016 Commercial: Mortgage $ 314 $ 418 $ 179 $ 911 $ 67,286 $ 68,197 $ - Other 14 - 3 17 13,029 13,046 - Residential real estate 705 - - 705 42,933 43,638 - Consumer: Equity 20 - - 20 10,279 10,299 - Auto 112 5 - 117 11,995 12,112 - Other 4 - - 4 1,424 1,428 - Total $ 1,169 $ 423 $ 182 $ 1,774 $ 146,946 $ 148,720 $ - December 31, 2015 Commercial: Mortgage $ 628 $ 433 $ 196 $ 1,257 $ 68,025 $ 69,282 $ - Other 11 - - 11 12,855 12,866 - Residential real estate 449 33 - 482 42,919 43,401 - Consumer: Equity 23 - - 23 10,092 10,115 - Auto 138 17 - 155 11,900 12,055 - Other 2 9 - 11 1,501 1,512 - Total $ 1,251 $ 492 $ 196 $ 1,939 $ 147,292 $ 149,231 $ - |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following summarizes by loan class, the loans on nonaccrual status at March 31, 2016 and December 31, 2015: (Dollars in thousands) March 31, December 31, 2016 2015 Commercial: Mortgage $ 893 $ 1,334 Other 4 3 Residential real estate 2 3 Consumer: Equity - - Auto 9 10 Other - - Total $ 908 $ 1,350 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | In December 2015, permission was granted, the dividend was paid, and Note A was retired. (Dollars in thousands) Description Balance of Interest Frequency Status Maturity Loan 1 $ 508 4.75 % Monthly Amortizing 11/21/2019 Loan 2 $ 359 4.25 % Monthly Amortizing 6/25/2019 Loan 3 $ 1,645 6.00 % Monthly Interest Only 8/4/2021 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The following table presents the components of the net periodic pension cost of the defined benefit plan: (Dollars in thousands) Three months ended March 31, 2016 2015 Net periodic pension cost: Interest cost on projected benefit obligation $ 14 $ 14 Expected return on plan assets (20) (11) Net amortization of deferral of (gains) losses 18 17 Net periodic pension cost $ 12 $ 20 |
FAIR VALUES OF FINANCIAL INST24
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets/Liabilities Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2016 Assets: Securities available for sale U.S. government securities $ - $ - $ - $ - U.S. government federal agencies 2,252 - 2,252 - State and local governments 1,795 - 1,795 - Mortgage backed securities 4,437 - 4,437 - Total securities available for sale $ 8,484 $ - $ 8,484 $ - Loans held for sale $ 104 $ - $ 104 $ - December 31, 2015 Assets: Securities available for sale U.S. government securities $ 1,005 $ 1,005 $ - $ - U.S. government federal agencies 6,535 - 6,535 - State and local governments 1,783 - 1,783 - Mortgage backed securities 4,690 - 4,690 - Total securities available for sale $ 14,013 $ 1,005 $ 13,008 $ - |
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 using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets/Liabilities Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2016 Assets: Impaired loans Commercial mortgage $ 1,582 $ - $ - $ 1,582 Commercial other 38 - - 38 Residential real estate 671 - - 671 Consumer auto 56 - - 56 Total impaired loans $ 2,347 $ - $ - $ 2,347 Other real estate owned Residential - - - - Commercial - - - - Total other real estate owned $ - $ - $ - $ - December 31, 2015 Assets: Impaired loans Commercial mortgage $ 2,171 $ - $ - $ 2,171 Commercial other 38 - - 38 Residential real estate 679 - - 679 Consumer auto 89 - - 89 Total impaired loans $ 2,977 $ - $ - $ 2,977 Other real estate owned Residential 15 - - 15 Commercial 223 - - 223 Total other real estate owned $ 238 $ - $ - $ 238 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The quantitative information about Level 3 fair value measurements for financial assets and liabilities measured at fair value on a nonrecurring basis is as follows: (Dollars in thousands) Significant Fair Value Valuation Technique Unobservable Input Range March 31, 2016 Impaired loans Commercial mortgage $ 1,582 Appraisal of Collateral Appraisal Adjustment Up to 16% Commercial other 38 Appraisal of Collateral Appraisal Adjustment * Residential real estate 671 Appraisal of Collateral Appraisal Adjustment Up to 6% Consumer auto 56 Appraisal of Collateral Appraisal Adjustment * December 31, 2015 Impaired loans Commercial mortgage $ 2,171 Appraisal of Collateral Appraisal Adjustment Up to 6% Commercial other 38 Appraisal of Collateral Appraisal Adjustment * Residential real estate 679 Appraisal of Collateral Appraisal Adjustment Up to 6% Consumer auto 89 Appraisal of Collateral Appraisal Adjustment * Other real estate owned Residential 15 Appraisal of Property Appraisal Adjustment * Commercial 223 Appraisal of Property Appraisal Adjustment Up to 45% * There are no related allowances for these classifications |
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 using Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets/Liabilities Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) March 31, 2016 Financial assets: Cash and cash equivalents $ 11,150 $ 11,150 $ - $ 11,150 $ - Securities available for sale 8,484 8,484 - 8,484 - Other investment securities 859 859 - - 859 Loans held for sale 104 104 - 104 - Net loans 146,689 150,052 - - 150,052 Accrued interest receivable 307 307 - - 307 Bank owned life insurance 3,348 3,348 - 3,348 - Financial liabilities: Noninterest bearing deposits $ 26,374 $ 26,374 $ - $ 26,374 $ - Interest bearing deposits 131,758 132,738 - 132,738 - Borrowed funds 2,512 2,512 - 2,512 - Accrued interest payable 579 579 - - 579 December 31, 2015 Financial assets: Cash and cash equivalents $ 9,371 $ 9,371 $ - $ 9,371 $ - Securities available for sale 14,013 14,013 1,005 13,008 - Other investment securities 859 859 - - 859 Net loans 147,153 149,355 - - 149,355 Accrued interest receivable 285 285 - - 285 Bank owned life insurance 3,320 3,320 - 3,320 - Financial liabilities: Noninterest bearing deposits $ 26,116 $ 26,116 $ - $ 26,116 $ - Interest bearing deposits 136,209 137,174 - 137,174 - Borrowed funds 2,569 2,569 - 2,569 - Accrued interest payable 759 759 - - 759 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Tier One Leverage Capital To Total Assets | 8.00% | |||
Tier One Total Capital To Risk Weighted Assets | 11.50% | |||
Warrant [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Warrants Expiry Term | 2 years | |||
Warrants Expiry Date | Jun. 25, 2016 | |||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 188 | |||
Warrant Exercise Price, Description | the Companys common stock at 90% of the prior months closing book value. | |||
Class Of Warrant Or Right Issued | 119,003 | 119,003 | 119,003 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 218 | $ 103 |
Weighted average common shares outstanding | 669,413 | 603,846 |
Basic earnings per common share | $ 0.33 | $ 0.17 |
Total shares and warrants | 676,032 | 615,428 |
Diluted earnings per share | $ 0.32 | $ 0.17 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 8,465 | $ 14,095 |
Available-for-sale, Gross Unrealized Gains | 41 | 16 |
Available-for-sale, Gross Unrealized Losses | (22) | (98) |
Available-for-sale, Fair Value | 8,484 | 14,013 |
U.S. government securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 0 | 1,005 |
Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, Fair Value | 0 | 1,005 |
U.S. government federal agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,247 | 6,571 |
Available-for-sale, Gross Unrealized Gains | 5 | 3 |
Available-for-sale, Gross Unrealized Losses | 0 | (39) |
Available-for-sale, Fair Value | 2,252 | 6,535 |
State and local governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 1,770 | 1,774 |
Available-for-sale, Gross Unrealized Gains | 25 | 9 |
Available-for-sale, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, Fair Value | 1,795 | 1,783 |
Mortgage backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 4,448 | 4,745 |
Available-for-sale, Gross Unrealized Gains | 11 | 4 |
Available-for-sale, Gross Unrealized Losses | (22) | (59) |
Available-for-sale, Fair Value | $ 4,437 | $ 4,690 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 1) $ in Thousands | Mar. 31, 2016USD ($) |
Securities available-for-sale, Amortized Cost, Amounts maturing in: | |
One year or less | $ 252 |
After one year through five years | 2,542 |
After five years through ten years | 1,243 |
After ten years | 4,428 |
Total | 8,465 |
Securities available-for-sale, Fair Value, Amounts maturing in: | |
One year or less | 253 |
After one year through five years | 2,550 |
After five years through ten years | 1,267 |
After ten years | 4,414 |
Total | $ 8,484 |
INVESTMENT SECURITIES (Detail29
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Fair value | $ 995 | $ 8,096 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Gross unrealized losses | (4) | (67) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Fair value | 1,327 | 1,388 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Gross unrealized Losses | (18) | (31) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 2,322 | 9,484 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross unrealized losses | (22) | (98) |
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 | 0 | 4,981 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Gross unrealized losses | 0 | (39) |
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 | 0 | 4,981 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross unrealized losses | 0 | (39) |
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 | 995 | 3,115 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 months Gross unrealized losses | (4) | (28) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Fair value | 1,327 | 1,388 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or greater Gross unrealized Losses | (18) | (31) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 2,322 | 4,503 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross unrealized losses | $ (22) | $ (59) |
INVESTMENT SECURITIES (Detail30
INVESTMENT SECURITIES (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities Pledged as Collateral | $ 1,859,000 | $ 2,848,000 | |
Available-for-sale Securities, Sold, Amount | $ 4,000,000 | ||
Available-for-sale Securities, Sold, Weighted Average Yield | 1.00% | ||
Available-for-sale Securities, Sold, Weighted Average Maturity | 1 year 11 months 5 days | ||
Gain (Loss) on Sale of Securities, Net | $ 15,000 | $ 91,000 | |
US Treasury Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gain (Loss) on Sale of Securities, Net | $ 15,000 |
LOANS AND ALLOWANCE FOR LOAN 31
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance at beginning of period | $ 2,078 | $ 3,869 |
Provision for credit losses | 0 | 0 |
Total Recoveries | 26 | 28 |
Allowance for Loan and Lease Losses Write-offs, Net, Total | 73 | 454 |
Ending of period | 2,031 | 3,443 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance at beginning of period | 1,629 | |
Total Charge-offs | 9 | 421 |
Total Recoveries | 12 | 12 |
Ending of period | 1,588 | |
Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance at beginning of period | 240 | |
Total Charge-offs | 0 | 4 |
Total Recoveries | 1 | 0 |
Ending of period | 231 | |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance at beginning of period | 209 | |
Total Charge-offs | 64 | 29 |
Total Recoveries | 13 | $ 16 |
Ending of period | $ 212 |
LOANS AND ALLOWANCE FOR LOAN 32
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively Evaluated, Allowance for loan losses | $ 1,686 | $ 1,884 | ||
Collectively Evaluated, Recorded investment in loans | 146,920 | 146,969 | ||
Individually Evaluated, Allowance for loan losses | 345 | 194 | ||
Individually Evaluated, Recorded investment in loans | 1,800 | 2,262 | ||
Total, Allowance for loan losses | 2,031 | 2,078 | $ 3,443 | $ 3,869 |
Total, Recorded investment in loans | 148,720 | 149,231 | ||
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively Evaluated, Allowance for loan losses | 1,283 | 1,479 | ||
Collectively Evaluated, Recorded investment in loans | 79,846 | 80,293 | ||
Individually Evaluated, Allowance for loan losses | 305 | 150 | ||
Individually Evaluated, Recorded investment in loans | 1,397 | 1,854 | ||
Total, Allowance for loan losses | 1,588 | 1,629 | ||
Total, Recorded investment in loans | 81,243 | 82,147 | ||
Real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively Evaluated, Allowance for loan losses | 191 | 196 | ||
Collectively Evaluated, Recorded investment in loans | 43,235 | 42,993 | ||
Individually Evaluated, Allowance for loan losses | 40 | 44 | ||
Individually Evaluated, Recorded investment in loans | 403 | 408 | ||
Total, Allowance for loan losses | 231 | 240 | ||
Total, Recorded investment in loans | 43,638 | 43,401 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively Evaluated, Allowance for loan losses | 212 | 209 | ||
Collectively Evaluated, Recorded investment in loans | 23,839 | 23,683 | ||
Individually Evaluated, Allowance for loan losses | 0 | 0 | ||
Individually Evaluated, Recorded investment in loans | 0 | 0 | ||
Total, Allowance for loan losses | 212 | 209 | ||
Total, Recorded investment in loans | $ 23,839 | $ 23,683 |
LOANS AND ALLOWANCE FOR LOAN 33
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 148,720 | $ 149,231 |
Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,046 | 12,866 |
Pass [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,280 | 12,123 |
Special Mention [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 179 | 186 |
Substandard [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 587 | 557 |
Doubtful [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 68,197 | 69,282 |
Commercial Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 61,496 | 61,612 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 968 | 984 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,733 | 6,686 |
Commercial Mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 43,638 | 43,401 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 43,322 | 42,690 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 373 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 316 | 338 |
Residential Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,299 | 10,115 |
Consumer Equity [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,299 | 10,049 |
Consumer Equity [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 59 |
Consumer Equity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 7 |
Consumer Equity [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Auto [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,112 | 12,055 |
Consumer Auto [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,095 | 11,999 |
Consumer Auto [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 38 |
Consumer Auto [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17 | 18 |
Consumer Auto [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 23,839 | 23,683 |
Consumer Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,428 | 1,512 |
Consumer Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Other [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 34
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | $ 1,129 | $ 1,766 |
Unpaid Principal Balance, With no related allowance recorded | 1,168 | 2,329 |
Related Allowance, With no allowance recorded | 0 | 0 |
Recorded Investment, With an allowance recorded | 1,563 | 1,405 |
Unpaid Principal Balance, With an allowance recorded | 1,648 | 1,509 |
Related Allowance, With an allowance recorded | 345 | 194 |
Recorded Investment, Total | 2,692 | 3,171 |
Unpaid Principal Balance, Total | 2,816 | 3,838 |
Related Allowance, Total | 345 | 194 |
Commercial mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 727 | 1,324 |
Unpaid Principal Balance, With no related allowance recorded | 765 | 1,886 |
Related Allowance, With no allowance recorded | 0 | 0 |
Recorded Investment, With an allowance recorded | 1,160 | 997 |
Unpaid Principal Balance, With an allowance recorded | 1,243 | 1,100 |
Related Allowance, With an allowance recorded | 305 | 150 |
Commercial other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 38 | 38 |
Unpaid Principal Balance, With no related allowance recorded | 38 | 37 |
Related Allowance, With no allowance recorded | 0 | 0 |
Recorded Investment, With an allowance recorded | 0 | 0 |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Related Allowance, With an allowance recorded | 0 | 0 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 308 | 315 |
Unpaid Principal Balance, With no related allowance recorded | 309 | 316 |
Related Allowance, With no allowance recorded | 0 | 0 |
Recorded Investment, With an allowance recorded | 403 | 408 |
Unpaid Principal Balance, With an allowance recorded | 405 | 409 |
Related Allowance, With an allowance recorded | 40 | 44 |
Consumer equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 |
Related Allowance, With no allowance recorded | 0 | 0 |
Recorded Investment, With an allowance recorded | 0 | 0 |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Related Allowance, With an allowance recorded | 0 | 0 |
Consumer auto [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 56 | 89 |
Unpaid Principal Balance, With no related allowance recorded | 56 | 90 |
Related Allowance, With no allowance recorded | 0 | 0 |
Recorded Investment, With an allowance recorded | 0 | 0 |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Related Allowance, With an allowance recorded | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 35
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | $ 1,447 | $ 6,295 |
Total Interest Income Recognized, With No Related Allowance Recorded | 7 | 31 |
Average Recorded Investment, With Related Allowance Recorded | 1,484 | 4,260 |
Total Interest Income Recognized, With Related Allowance Recorded | 11 | 13 |
Total Average Recorded Investment | 2,931 | 10,555 |
Total Interest Income Recognized | 18 | 44 |
Commercial Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 38 | 66 |
Total Interest Income Recognized, With No Related Allowance Recorded | 0 | 1 |
Average Recorded Investment, With Related Allowance Recorded | 0 | 133 |
Total Interest Income Recognized, With Related Allowance Recorded | 0 | 0 |
Total Average Recorded Investment | 38 | 199 |
Total Interest Income Recognized | 0 | 1 |
Commercial Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 1,025 | 5,880 |
Total Interest Income Recognized, With No Related Allowance Recorded | 2 | 28 |
Average Recorded Investment, With Related Allowance Recorded | 1,078 | 3,546 |
Total Interest Income Recognized, With Related Allowance Recorded | 9 | 6 |
Total Average Recorded Investment | 2,103 | 9,426 |
Total Interest Income Recognized | 11 | 34 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 312 | 235 |
Total Interest Income Recognized, With No Related Allowance Recorded | 4 | 1 |
Average Recorded Investment, With Related Allowance Recorded | 406 | 429 |
Total Interest Income Recognized, With Related Allowance Recorded | 2 | 4 |
Total Average Recorded Investment | 718 | 664 |
Total Interest Income Recognized | 6 | 5 |
Consumer Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 0 | 10 |
Total Interest Income Recognized, With No Related Allowance Recorded | 0 | 0 |
Average Recorded Investment, With Related Allowance Recorded | 0 | 152 |
Total Interest Income Recognized, With Related Allowance Recorded | 0 | 3 |
Total Average Recorded Investment | 0 | 162 |
Total Interest Income Recognized | 0 | 3 |
Consumer Auto [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, With No Related Allowance Recorded | 72 | 104 |
Total Interest Income Recognized, With No Related Allowance Recorded | 1 | 1 |
Average Recorded Investment, With Related Allowance Recorded | 0 | 0 |
Total Interest Income Recognized, With Related Allowance Recorded | 0 | 0 |
Total Average Recorded Investment | 72 | 104 |
Total Interest Income Recognized | $ 1 | $ 1 |
LOANS AND ALLOWANCE FOR LOAN 36
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 12 | $ 188 |
Post-Modification Outstanding Recorded Investment | $ 12 | $ 188 |
Commercial mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 12 | $ 169 |
Post-Modification Outstanding Recorded Investment | $ 12 | $ 169 |
Consumer auto [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 0 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 19 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 19 |
LOANS AND ALLOWANCE FOR LOAN 37
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,774 | $ 1,939 |
Current | 146,946 | 147,292 |
Total Loans | 148,720 | 149,231 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,169 | 1,251 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 423 | 492 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 182 | 196 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 13,046 | 12,866 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4 | 11 |
Current | 1,424 | 1,501 |
Total Loans | 1,428 | 1,512 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4 | 2 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 9 |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 911 | 1,257 |
Current | 67,286 | 68,025 |
Total Loans | 68,197 | 69,282 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Commercial Mortgage [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 314 | 628 |
Commercial Mortgage [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 418 | 433 |
Commercial Mortgage [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 179 | 196 |
Commercial Other [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17 | 11 |
Current | 13,029 | 12,855 |
Total Loans | 13,046 | 12,866 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Commercial Other [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14 | 11 |
Commercial Other [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Other [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 705 | 482 |
Current | 42,933 | 42,919 |
Total Loans | 43,638 | 43,401 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Residential Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 705 | 449 |
Residential Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 33 |
Residential Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20 | 23 |
Current | 10,279 | 10,092 |
Total Loans | 10,299 | 10,115 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Consumer Equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20 | 23 |
Consumer Equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Auto [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 12,112 | 12,055 |
Consumer Auto [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 117 | 155 |
Current | 11,995 | 11,900 |
Total Loans | 12,112 | 12,055 |
Recorded Investment >90 Days and Accruing | 0 | 0 |
Consumer Auto [Member] | Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 112 | 138 |
Consumer Auto [Member] | Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | 17 |
Consumer Auto [Member] | Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 38
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 7) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 908 | $ 1,350 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 893 | 1,334 |
Commercial Other [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 4 | 3 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 2 | 3 |
Consumer Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Consumer Auto [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 9 | $ 10 |
BANK OWNED LIFE INSURANCE (Deta
BANK OWNED LIFE INSURANCE (Details Textual) | Dec. 31, 2015 |
Life Insurance, Corporate or Bank Owned [Line Items] | |
Average Yield Rate | 5.50% |
BORROWINGS (Details)
BORROWINGS (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Loan 1 [Member] | |
Debt Instrument [Line Items] | |
Debt, Balance | $ 508 |
Debt, Interest Rate | 4.75% |
Debt, Frequency of Payments | Monthly |
Debt, Status | Amortizing |
Debt, Maturity Date | Nov. 21, 2019 |
Loan 2 [Member] | |
Debt Instrument [Line Items] | |
Debt, Balance | $ 359 |
Debt, Interest Rate | 4.25% |
Debt, Frequency of Payments | Monthly |
Debt, Status | Amortizing |
Debt, Maturity Date | Jun. 25, 2019 |
Loan 3 [Member] | |
Debt Instrument [Line Items] | |
Debt, Balance | $ 1,645 |
Debt, Interest Rate | 6.00% |
Debt, Frequency of Payments | Monthly |
Debt, Status | Interest Only |
Debt, Maturity Date | Aug. 4, 2021 |
BORROWINGS (Details Textual)
BORROWINGS (Details Textual) - USD ($) $ in Thousands | Feb. 09, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 |
Debt Instrument [Line Items] | |||||
Debt Conversion, Original Debt, Amount | $ 0 | $ 656 | |||
Debt Instrument, Annual Principal Payment | $ 1,000 | ||||
Debt and Capital Lease Obligations | $ 5,000 | $ 2,512 | $ 2,569 | ||
Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Conversion, Original Debt, Amount | $ 2,300 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 28,675 | ||||
Debt Instrument, Maturity Date | Dec. 29, 2015 | ||||
Debt and Capital Lease Obligations | $ 2,700 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||
Debt Conversion, Converted Instrument, Amount | $ 1,600 | ||||
Debt Conversion, Converted Instrument, Rate | 6.00% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net periodic pension cost: | ||
Interest cost on projected benefit obligation | $ 14 | $ 14 |
Expected return on plan assets | (20) | (11) |
Net amortization of deferral of (gains) losses | 18 | 17 |
Net periodic pension cost | $ 12 | $ 20 |
FAIR VALUES OF FINANCIAL INST43
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | $ 8,484 | $ 14,013 |
Loans held for sale | 104 | 0 |
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 | 1,005 |
Loans held for sale | 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 | 8,484 | 13,008 |
Loans held for sale | 104 | |
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 |
Loans held for sale | 0 | |
U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 0 | 1,005 |
U.S. government 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 | 1,005 |
U.S. government 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. government 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 | 2,252 | 6,535 |
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 | 2,252 | 6,535 |
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 and local governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Total | 1,795 | 1,783 |
State and 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 and 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 | 1,795 | 1,783 |
State and 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 | 4,437 | 4,690 |
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 | 4,437 | 4,690 |
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 INST44
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 2,692 | $ 3,171 |
Other real estate owned | 0 | 238 |
Commercial mortgage [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,582 | 2,171 |
Commercial other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 38 | 38 |
Residential real estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 671 | 679 |
Consumer auto [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 56 | 89 |
Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 15 |
Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 223 |
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 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 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 | 2,347 | 2,977 |
Other real estate owned | 0 | 238 |
Fair Value, Inputs, Level 3 [Member] | Commercial mortgage [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,582 | 2,171 |
Fair Value, Inputs, Level 3 [Member] | Commercial other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 38 | 38 |
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 | 671 | 679 |
Fair Value, Inputs, Level 3 [Member] | Consumer auto [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 56 | 89 |
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 | 0 | 15 |
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 | $ 0 | $ 223 |
FAIR VALUES OF FINANCIAL INST45
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Commercial mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 1,582 | $ 2,171 | |
Fair Value Measurements, Valuation Techniques | Appraisal of Collateral | Appraisal of Collateral | |
Fair Value Measurements, Significant Assumptions | Appraisal Adjustment | Appraisal Adjustment | |
Fair Value Inputs, Comparability Adjustments Description | Up to 16% | Up to 6% | |
Commercial other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 38 | $ 38 | |
Fair Value Measurements, Valuation Techniques | Appraisal of Collateral | Appraisal of Collateral | |
Fair Value Measurements, Significant Assumptions | Appraisal Adjustment | Appraisal Adjustment | |
Fair Value Inputs, Comparability Adjustments Description | [1] | * | * |
Residential real estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 671 | $ 679 | |
Fair Value Measurements, Valuation Techniques | Appraisal of Collateral | Appraisal of Collateral | |
Fair Value Measurements, Significant Assumptions | Appraisal Adjustment | Appraisal Adjustment | |
Fair Value Inputs, Comparability Adjustments Description | Up to 6% | Up to 6% | |
Consumer auto [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 56 | $ 89 | |
Fair Value Measurements, Valuation Techniques | Appraisal of Collateral | Appraisal of Collateral | |
Fair Value Measurements, Significant Assumptions | Appraisal Adjustment | Appraisal Adjustment | |
Fair Value Inputs, Comparability Adjustments Description | [1] | * | * |
Residential [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 15 | ||
Fair Value Measurements, Valuation Techniques | Appraisal of Property | ||
Fair Value Measurements, Significant Assumptions | Appraisal Adjustment | ||
Fair Value Inputs, Comparability Adjustments Description | [1] | * | |
Commercial [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 223 | ||
Fair Value Measurements, Valuation Techniques | Appraisal of Property | ||
Fair Value Measurements, Significant Assumptions | Appraisal Adjustment | ||
Fair Value Inputs, Comparability Adjustments Description | Up to 45% | ||
[1] | There are no related allowances for these classifications |
FAIR VALUES OF FINANCIAL INST46
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Feb. 09, 2015 | Dec. 31, 2014 |
Financial assets, Carrying Amount: | |||||
Cash and cash equivalents | $ 11,150 | $ 9,371 | $ 14,209 | $ 16,633 | |
Securities available for sale | 8,484 | 14,013 | |||
Other investment securities | 859 | 859 | |||
Loans held for sale | 104 | 0 | |||
Net loans | 146,689 | 147,153 | |||
Accrued interest receivable | 307 | 285 | |||
Bank owned life insurance | 3,348 | 3,320 | |||
Financial liabilities, Carrying Amount: | |||||
Noninterest bearing deposits | 26,374 | 26,116 | |||
Interest bearing deposits | 131,758 | 136,209 | |||
Borrowed funds | 2,512 | 2,569 | $ 5,000 | ||
Accrued interest payable | 579 | 759 | |||
Financial assets, Fair Value: | |||||
Cash and cash equivalents | 11,150 | 9,371 | |||
Securities available for sale | 8,484 | 14,013 | |||
Other investment securities | 859 | 859 | |||
Loans held for sale | 104 | 0 | |||
Net loans | 150,052 | 149,355 | |||
Accrued interest receivable | 307 | 285 | |||
Bank owned life insurance | 3,348 | 3,320 | |||
Financial liabilities, Fair Value: | |||||
Noninterest bearing deposits | 26,374 | 26,116 | |||
Interest bearing deposits | 132,738 | 137,174 | |||
Borrowed funds | 2,512 | 2,569 | |||
Accrued interest payable | 579 | 759 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Financial assets, Carrying Amount: | |||||
Securities available for sale | 0 | 1,005 | |||
Loans held for sale | 0 | ||||
Financial assets, Fair Value: | |||||
Cash and cash equivalents | 0 | 0 | |||
Securities available for sale | 0 | 1,005 | |||
Other investment securities | 0 | 0 | |||
Loans held for sale | 0 | ||||
Net loans | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Bank owned life insurance | 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 | 8,484 | 13,008 | |||
Loans held for sale | 104 | ||||
Financial assets, Fair Value: | |||||
Cash and cash equivalents | 11,150 | 9,371 | |||
Securities available for sale | 8,484 | 13,008 | |||
Other investment securities | 0 | 0 | |||
Loans held for sale | 104 | ||||
Net loans | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Bank owned life insurance | 3,348 | 3,320 | |||
Financial liabilities, Fair Value: | |||||
Noninterest bearing deposits | 26,374 | 26,116 | |||
Interest bearing deposits | 132,738 | 137,174 | |||
Borrowed funds | 2,512 | 2,569 | |||
Accrued interest payable | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Financial assets, Carrying Amount: | |||||
Securities available for sale | 0 | 0 | |||
Loans held for sale | 0 | ||||
Financial assets, Fair Value: | |||||
Cash and cash equivalents | 0 | 0 | |||
Securities available for sale | 0 | 0 | |||
Other investment securities | 859 | 859 | |||
Loans held for sale | 0 | ||||
Net loans | 150,052 | 149,355 | |||
Accrued interest receivable | 307 | 285 | |||
Bank owned life insurance | 0 | 0 | |||
Financial liabilities, Fair Value: | |||||
Noninterest bearing deposits | 0 | 0 | |||
Interest bearing deposits | 0 | 0 | |||
Borrowed funds | 0 | 0 | |||
Accrued interest payable | $ 579 | $ 759 |