Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 14, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Registrant Name | Virginia National Bankshares Corp | ||
Entity Central Index Key | 1,572,334 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 2,358,777 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 46,984,807 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 14,200 | $ 12,834 |
Federal funds sold | 29,327 | 41,273 |
Securities: | ||
Available for sale, at fair value | 74,801 | 141,816 |
Restricted securities, at cost | 1,681 | 1,565 |
Total securities | 76,482 | 143,381 |
Total loans | 423,664 | 313,254 |
Allowance for loan losses | (3,567) | (3,164) |
Total loans, net | 420,097 | 310,090 |
Premises and equipment, net | $ 8,668 | 9,465 |
Other real estate owned, net of valuation allowance | 1,177 | |
Bank owned life insurance | $ 13,476 | 13,034 |
Accrued interest receivable and other assets | 5,241 | 5,799 |
Total assets | 567,491 | 537,053 |
Demand deposits: | ||
Noninterest-bearing | 184,574 | 152,107 |
Interest-bearing | 90,100 | 93,208 |
Money market deposit accounts | 103,175 | 94,310 |
Certificates of deposit and other time deposits | 108,618 | 117,094 |
Total deposits | 486,467 | 456,719 |
Securities sold under agreements to repurchase | 23,156 | 17,995 |
Accrued interest payable and other liabilities | 1,571 | 1,707 |
Total liabilities | $ 511,194 | $ 476,421 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, $2.50 par value, 2,000,000 shares authorized, no shares outstanding | ||
Common stock, $2.50 par value, 10,000,000 shares authorized; 2,412,589 and 2,688,336 shares issued and outstanding in 2015 and 2014, respectively | $ 6,031 | $ 6,721 |
Capital surplus | 22,214 | 27,889 |
Retained earnings | 28,170 | 25,978 |
Accumulated other comprehensive income (loss) | (118) | 44 |
Total shareholders' equity | 56,297 | 60,632 |
Total liabilities and shareholders' equity | $ 567,491 | $ 537,053 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Preferred stock, par value per share | $ 2.50 | $ 2.50 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,412,589 | 2,688,336 |
Common stock, shares outstanding | 2,412,589 | 2,688,336 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and dividend income: | ||
Loans, including fees | $ 14,754 | $ 12,548 |
Federal funds sold | 58 | 90 |
Investment securities: | ||
Taxable | 1,931 | 2,165 |
Tax exempt | 435 | 477 |
Dividends | 83 | 83 |
Other | 21 | 19 |
Total interest and dividend income | 17,282 | 15,382 |
Interest expense: | ||
Demand and savings deposits | 251 | 205 |
Certificates and other time deposits | 674 | 686 |
Federal funds purchased and securities sold under agreements to repurchase | 49 | 37 |
Total interest expense | 974 | 928 |
Net interest income | 16,308 | 14,454 |
Provision for loan losses | 463 | 306 |
Net interest income after provision for loan losses | 15,845 | 14,148 |
Noninterest income: | ||
Trust income | 1,710 | 2,367 |
Customer service fees | 956 | 894 |
Debit/credit card and ATM fees | 825 | 742 |
Earnings/increase in value of bank owned life insurance | $ 442 | 439 |
Gains on sales of assets | 44 | |
Gains on sales of securities | $ 104 | 24 |
Royalty income | 140 | 593 |
Fees on mortgage sales | 217 | 76 |
Other | 477 | 418 |
Total noninterest income | 4,871 | 5,597 |
Noninterest expense: | ||
Salaries and employee benefits | 8,869 | 9,305 |
Net occupancy | 1,940 | 1,954 |
Equipment | 550 | 531 |
Other | 5,039 | 5,601 |
Total noninterest expense | 16,398 | 17,391 |
Income before income taxes | 4,318 | 2,354 |
Provision for income taxes | 1,197 | 456 |
Net income | $ 3,121 | $ 1,898 |
Net income per common share, basic | $ 1.23 | $ 0.70 |
Net income per common share, diluted | $ 1.23 | $ 0.70 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||
Net income | $ 3,121 | $ 1,898 |
Other comprehensive income (loss) | ||
Unrealized gains (losses) on securities, net of tax of ($48) and $769 | (93) | 1,491 |
Reclassification adjustment for realized gains on sales of securities, net of tax of ($35) and ($8) | (69) | (16) |
Total other comprehensive (loss) income | (162) | 1,475 |
Total comprehensive income | $ 2,959 | $ 3,373 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||
Unrealized gain on available-for-sale securities, tax | $ (48) | $ 769 |
Reclassification adjustment for realized gains on sales of securities, tax | $ (35) | $ (8) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2013 | $ 58,031 | $ 6,725 | $ 27,915 | $ 24,822 | $ (1,431) |
Stock options exercised or expired | $ 180 | 24 | 156 | ||
Vested stock grants | 1 | (1) | |||
Stock purchased under stock repurchase plan | $ (262) | $ (29) | (233) | ||
Stock option/grant expense | 52 | $ 52 | |||
Cash dividend ($0.275 and $0.375 per share for 2014 and 2015 respectively) | (742) | $ (742) | |||
Net income | 1,898 | $ 1,898 | |||
Other comprehensive income (loss) | 1,475 | $ 1,475 | |||
Balance at Dec. 31, 2014 | 60,632 | $ 6,721 | $ 27,889 | $ 25,978 | $ 44 |
Stock options exercised or expired | 22 | $ 3 | 19 | ||
Deferred tax adjustment for stock options expired | (75) | (75) | |||
Stock purchased under stock repurchase plan | (6,342) | $ (693) | (5,649) | ||
Stock option/grant expense | 30 | $ 30 | |||
Cash dividend ($0.275 and $0.375 per share for 2014 and 2015 respectively) | (929) | $ (929) | |||
Net income | 3,121 | $ 3,121 | |||
Other comprehensive income (loss) | (162) | $ (162) | |||
Balance at Dec. 31, 2015 | $ 56,297 | $ 6,031 | $ 22,214 | $ 28,170 | $ (118) |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Abstract] | ||
Cash dividend, per share | $ 0.375 | $ 0.275 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,121 | $ 1,898 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 463 | 306 |
Net amortization and accretion of securities | 723 | 739 |
Gains on sales of securities | (104) | (24) |
Earnings/increase in value of bank owned life insurance | (442) | (439) |
Depreciation and amortization | $ 1,164 | 1,151 |
Net gain on sale of assets | (44) | |
Deferred tax expense (benefit) | $ 373 | (61) |
Stock option/stock grant expense | 30 | 52 |
Writedown of other real estate owned | $ 192 | 277 |
Losses on sale of other real estate owned | 27 | |
Decrease in accrued interest receivable and other assets | $ 194 | 10,330 |
Decrease in accrued interest payable and other liabilities | (174) | (6,567) |
Net cash provided by operating activities | 5,540 | 7,645 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available for sale securities | (26,770) | (44,278) |
Net (increase) decrease in restricted investments | (116) | 80 |
Proceeds from maturities, calls and principal payments of available for sale securities | 46,461 | 29,512 |
Proceeds from sale of available for sale securities | 46,459 | 7,498 |
Net (increase) decrease in organic loans | (65,977) | 849 |
Net increase in purchased loans | (44,493) | (14,815) |
Proceeds from sale of other real estate owned | $ 985 | 1,135 |
Proceeds from sale of bank premises and equipment | 11 | |
Purchase of bank premises and equipment | $ (367) | (803) |
Net cash used in investing activities | (43,818) | (20,811) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in demand deposits, NOW accounts, and money market accounts | 38,224 | 33,327 |
Net decrease in certificates of deposit and other time deposits | (8,476) | (7,068) |
Net increase in securities sold under agreements to repurchase | 5,161 | 1,698 |
Common stock repurchased | (6,342) | (262) |
Proceeds from stock options exercised | 22 | 180 |
Cash dividends | (891) | (674) |
Net cash provided by financing activities | 27,698 | 27,201 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (10,580) | 14,035 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 54,107 | 40,072 |
End of period | 43,527 | 54,107 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash payments for interest | 985 | 936 |
Cash payments for taxes | 904 | 2,488 |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Unrealized gain (loss) on available for sale securities | $ (246) | 2,236 |
Transfer of loans to other real estate owned | $ 244 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies: Organization Virginia National Bankshares Corporation (the “Company”) is a bank holding company incorporated under the laws of the Commonwealth of Virginia. The Company is authorized to issue 10,000,000 2.50 2,000,000 2.50 On September 22, 2014, the Company announced the approval by its Board of Directors of a stock repurchase program authorizing r e 400,000 Virginia National Bank (the “Bank”) is a wholly-owned subsidiary of the bank holding company and was organized in 1998 under federal law as a national banking association to engage in a general commercial and retail banking business. The Bank is headquartered in Charlottesville, Virginia and primarily serves the Virginia communities in and around the City of Charlottesville, Albemarle County, Orange County, Fauquier County, the City of Winchester and Frederick County. As a national bank, the Bank is subject to the supervision, examination and regulation of the Office of the Comptroller of the Currency (“OCC”). On May 1, 2007, the OCC granted conditional approval to the Bank's application to establish a new national trust bank with the title VNBTrust, National Association which now trades under the name VNB Wealth Management (“VNBTrust”, “VNB Wealth” or “VNB Wealth Management”). Sale Agreement with SRCM Holdings LLC and Acquisition Royalty Payments Due to VNBTrust In 2007 when VNBTrust was established, the OCC also approved the Bank's application for VNBTrust to create a wholly owned operating subsidiary, VNB Investment Management Company, LLC, a Delaware limited liability corporation. In January, 2010, VNB Investment Management Company changed its name to Swift Run Capital Management, LLC (“SRCM”). SRCM served as the general partner of Swift Run Capital, L.P. (the “Fund), a private investment fund. On July 18, 2013 (the “Closing Date”), VNBTrust completed the sale of all of the membership interests of SRCM to SRCM Holdings LLC (“SRCM Holdings”) pursuant to a purchase and sale agreement dated June 27, 2013 (the SRCM “Sale Agreement”). ten 20 20 20 302,000 Subsequent Event On February 1, 2016 (the “Effective Date”), VNB Wealth purchased a book of business, including interest in the client relationships, (”Purchased Relationships”), from a current officer (the "Seller") of VNB Wealth pursuant to an employment and asset purchase agreement (the ”Purchase Agreement”). Prior to becoming an employee of VNB Wealth and until the Effective Date of the sale, the Seller provided services to these Purchased Relationships as a sole proprietor. As of January 15, 2016, the fair market value of the Purchased Relationships totaled $ 31.5 The purchase price of $ 1.2 five Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America and to the reporting guidelines prescribed by regulatory authorities. The following is a description of the more significant of those policies and practices. Principles of consolidation – Use of estimates – Cash flow reporting – Securities sold under agreements to repurchase – Securities – • Securities held to maturity – • Securities available for sale – Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities or to “call” dates, whichever occurs first. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (1) the Company intends to sell the security or (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more-than-likely that the Company will be required to sell the security before recovery, the Company must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. Restricted securities – Loans – Allowance for loan losses – Transfers of financial assets – Premises and equipment – 3 20 Other real estate owned – Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in noninterest expense as net OREO write down and expenses. More information regarding other real estate owned is presented in Note 5 – Other Real Estate Owned. Bank owned life insurance – Fair value measurements – Stock-based compensation – • Dividend yield • Expected life (term of the option) • Expected volatility • Risk-free interest rate The Company is required to estimate forfeitures when recognizing compensation expense, and this estimate of forfeitures must be adjusted over the requisite service period or vesting schedule based on the extent to which actual forfeitures differ from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and also will impact the amount of estimated unamortized compensation expense to be recognized in future periods. Further information on stock-based compensation is presented in Note 17 – Stock Incentive Plans. Earnings per common share – Comprehensive income – Advertising costs – Income taxes – When tax returns are filed, it is highly probable that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. Further information on the Company's accounting policies for income taxes is presented in Note 8 – Income Taxes. VNBTrust – Reclassifications – Adoption of New Accounting Standards In June 2014, the FASB issued ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in “Compensation – Stock Compensation (Topic 718)” should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Company does not expect the adoption of ASU 2014-12 to have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” This update is intended to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-08, “Business Combinations (Topic 805): Pushdown Accounting – Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115.” The amendments in ASU 2015-08 amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115, Topic 5: Miscellaneous Accounting, regarding various pushdown accounting issues, and did not have a material impact on the Company's consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date.” The amendments in ASU 2015-14 defer the effective date of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09. The Company does not expect the adoption of ASU 2015-14 (or ASU 2014-09) to have a material impact on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: 1) require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 3) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and 4) eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Securities [Abstract] | |
Securities | Note 2 – Securities The amortized cost and fair values of securities available for sale as of December 31, 2015 December 31, 2014 are as follows: December 31, 2015 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains (Losses) Value U.S. Government agencies $ 11,260 $ 137 $ (19 $ 11,378 Corporate bonds 6,027 - (63 5,964 Mortgage-backed securities/CMOs 37,077 60 (450 36,687 Municipal bonds 20,615 250 (93 20,772 $ 74,979 $ 447 $ (625) $ 74,801 December 31, 2014 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains (Losses) Value U.S. Government agencies $ 31,189 $ 395 $ (56 $ 31,528 Corporate bonds 21,373 21 (118 21,276 Asset-backed securities 2,133 - (28 2,105 Mortgage-backed securities/CMOs 63,327 297 (404 63,220 Municipal bonds 23,727 157 (197 23,687 $ 141,749 $ 870 $ (803 $ 141,816 All mortgage-backed securities included in the above tables were issued by U.S. government agencies and corporations. At December 31, 2015, the securities issued by political subdivisions or agencies were highly rated with 79 74 There were no securities classified as held to maturity as of December 31, 2015 or December 31, 2014. Restricted securities are securities with limited marketability and consist of stock in the FRB, FHLB 1.7 1.6 For the year ended December 31, 2015, proceeds from the sales of securities amounted to $ 46.5 44,000 25.9 60,000 7.5 24,000 Securities pledged to secure deposits, and for other purposes required by law, had carrying values of $ 42.2 23.8 Year-end securities with unrealized losses, segregated by length of time in a continuous unrealized loss position, were as follows: December 31, 2015 Less than 12 Months 12 Months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Government agencies $ - $ - $ 980 $ (19 $ 980 $ (19 Corporate bonds 5,964 (63 - - 5,964 (63 Mortgage-backed/CMOs 21,003 (212) 9,504 (238 30,507 (450 Municipal bonds 2,788 (31 1,908 (62 4,696 (93 $ 29,755 $ (306 $ 12,392 $ (319 $ 42,147 $ (625 December 31, 2014 Less than 12 Months 12 Months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value (Losses) U.S. Government agencies $ 6,375 $ (21 $ 966 $ (35 $ 7,341 $ (56 Corporate bonds 13,213 (102 3,032 (16) 16,245 (118 Asset-backed securities 98 - 2,007 (28 2,105 (28 Mortgage-backed/CMOs 6,276 (35 25,081 (369 31,357 (404 Municipal bonds 1,769 (19 10,330 (178 12,099 (197 $ 27,731 $ (177 $ 41,416 $ (626 $ 69,147 $ (803 As of December 31, 2015, there were $42.1 million, or forty-two twenty-seven nine five one The Company's securities portfolio is primarily made up of fixed rate bonds, whose prices move inversely with interest rates. Any unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. At the end of any accounting period, the portfolio may have both unrealized gains and losses. Management does not believe any of the securities in an unrealized loss position are impaired due to credit quality. Accordingly, as of December 31, 2015, management believes the impairments detailed in the table above are temporary, and no impairment loss has been realized in the Company's consolidated income statement. The amortized cost and fair value of available for sale securities at December 31, 2015 are presented below based upon contractual maturities, by major investment categories. Expected maturities may differ from contractual maturities because issuers have the right to call or prepay obligations. Amortized Cost Fair Value U.S. Government agencies One year or less $ 5,007 $ 5,028 After one year to five years 3,309 3,367 After five years to ten years 2,944 2,983 $ 11,260 $ 11,378 Corporate bonds After one year to five years $ 4,040 $ 4,012 After five years to ten years 1,987 1,952 $ 6,027 $ 5,964 Mortgage-backed securities/CMOs After one year to five years $ 555 $ 548 After five years to ten years 9,969 9,892 Ten years or more 26,553 26,247 $ 37,077 $ 36,687 Municipal bonds One year or less $ 105 $ 105 After one year to five years 2,097 2,110 After five years to ten years 11,286 11,427 Ten years or more 7,127 7,130 $ 20,615 $ 20,772 Total Securities Available for Sale $ 74,979 $ 74,801 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Loans [Abstract] | |
Loans | Note 3 – Loans The composition of the loan portfolio by loan classification appears below. December 31, 2015 December 31, 2014 Commercial Commercial and industrial - organic $ 47,215 $ 46,125 Commercial and industrial - syndicated 23,653 14,815 Total commercial and industrial 70,868 60,940 Real estate construction and land Residential construction 2,178 337 Other construction and land 16,733 11,575 Total construction and land 18,911 11,912 Real estate mortgages 1-4 family residential 63,544 60,162 Home equity lines of credit 27,599 25,498 Multifamily 20,209 26,462 Commercial owner occupied 66,244 60,868 Commercial non-owner occupied 91,805 54,012 Total real estate mortgage 269,401 227,002 Consumer Consumer revolving credit 17,174 3,428 Consumer all other credit 11,655 9,972 Student loans purchased 35,655 - Total consumer 64,484 13,400 Total loans 423,664 313,254 Less: Allowance for loan losses (3,567 ) (3,164 ) Net loans $ 420,097 $ 310,090 Loan origination/risk management. Commercial and industrial loans The Company identifies commercial and industrial loans by classifying them into two classes. Organic loans are originated by the Bank's commercial lenders. Syndicated loans, also referred to as Shared National Credits, are purchased from national lending correspondents. Both organic and syndicated loans are underwritten according to the Bank's loan policies. The Company has developed policies to limit overall credit exposure to the syndicated market as a whole and to each borrower. Real estate construction and land loans Commercial real estate loans Residential mortgages Consumer loans two 38,000 53,000 Independent loan review Concentrations of credit. Related party loans. 2015 2014 Balance outstanding at beginning of year $ 10,841 $ 6,526 Principal additions 10,445 8,043 Principal reductions (9,730 ) (3,728 ) Balance outstanding at end of year $ 11,556 $ 10,841 Past due, non-accrual and charged-off loans Student loans purchased are not placed in non-accrual as they are fully insured by surety bonds, and the Company expects to recover all principal and interest once a claim is processed. Regulatory provisions would typically require a loan to be charged-off or placed on non-accrual status if (i) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or (ii) full payment of principal and interest is not expected. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on non-accrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured, which is typically evidenced by a sustained period (at least six months) of repayment performance by the borrower. Non-accrual loans are shown below by class: December 31, 2015 December 31, 2014 Other construction and land $ 59 $ 69 1-4 family residential mortgages 132 149 Total nonaccrual loans $ 191 $ 218 The following tables show the aging of past due loans as of December 31, 2015 and December 31, 2014. Also included are loans that are 90 or more days past due but still accruing, because they are well secured and in the process of collection. As of December 31, 2015 and 2014, the Company had no loans that were 90 days or more past due and still accruing. Past Due Aging as of 90 Days December 31, 2015 30-59 60-89 90 Days or Past Due Days Past Days Past More Past Total Past Total and Still Due Due Due Due Current Loans Accruing Commercial loans Commercial and industrial - organic $ 211 $ 40 $ - $ 251 $ 46,964 $ 47,215 $ - Commercial and industrial - syndicated - - - - 23,653 23,653 - Real estate construction and land Residential construction - - - - 2,178 2,178 - Other construction and land 7 - - 7 16,726 16,733 - Real estate mortgages 1-4 family residential 156 36 - 192 63,352 63,544 - Home equity lines of credit - - - - 27,599 27,599 - Multifamily - - - - 20,209 20,209 - Commercial owner occupied - - - - 66,244 66,244 - Commercial non-owner occupied - - - - 91,805 91,805 - Consumer loans Consumer revolving credit - - - - 17,174 17,174 - Consumer all other credit 58 1 - 59 11,596 11,655 - Student loans purchased 813 1 - 814 34,841 35,655 - Total Loans $ 1,245 $ 78 $ - $ 1,323 $ 422,341 $ 423,664 $ - Past Due Aging as of 90 Days December 31, 2014 30-59 60-89 90 Days or Past Due Days Past Days Past More Past Total Past Total and Still Due Due Due Due Current Loans Accruing Commercial loans Commercial and industrial - organic $ 6 $ - $ - $ 6 $ 46,119 $ 46,125 $ - Commercial and industrial - syndicated - - - - 14,815 14,815 - Real estate construction and land Residential construction - - - - 337 337 - Other construction and land - - - - 11,575 11,575 - Real estate mortgages 1-4 family residential - 24 - 24 60,138 60,162 - Home equity lines of credit - - - - 25,498 25,498 - Multifamily - - - - 26,462 26,462 - Commercial owner occupied - - - - 60,868 60,868 - Commercial non-owner occupied - - - - 54,012 54,012 - Consumer loans Consumer revolving credit 1 - - 1 3,427 3,428 - Consumer all other credit 12 30 - 42 9,930 9,972 - Total Loans $ 19 $ 54 $ - $ 73 $ 313,181 $ 313,254 $ - Impaired loans. Regulatory guidelines require the Company to reevaluate the fair value of collateral supporting impaired collateral dependent loans on at least an annual basis. The following tables provide a breakdown by class of the loans classified as impaired loans as of December 31, 2015 and December 31, 2014. These loans are reported at their recorded investment, which is the carrying amount of the loan as reflected on the Company's balance sheet, net of charge-offs and other amounts applied to reduce the net book balance. Average recorded investment in impaired loans is computed using an average of month-end balances for these loans for the twelve months ended December 31, 2015 and December 31, 2014. Interest income recognized is for the years ended December 31, 2015 and December 31, 2014. December 31, 2015 Unpaid Average Interest Recorded Principal Associated Recorded Income Investment Balance Allowance Investment Recognized Impaired loans without a valuation allowance: Commercial and industrial - organic $ - $ - $ - $ 4 $ - Other construction and land 59 103 - 64 - 1-4 family residential mortgages 499 524 - 685 23 Commercial non-owner occupied real estate 1,061 1,061 - 1,080 47 Impaired loans with a valuation allowance - - - - - Total impaired loans $ 1,619 $ 1,688 $ - $ 1,833 $ 70 December 31, 2014 Unpaid Average Interest Recorded Principal Associated Recorded Income Investment Balance Allowance Investment Recognized Impaired loans without a valuation allowance: Other construction and land $ 69 $ 109 $ - $ 79 $ 1 1-4 family residential mortgages 525 545 - 437 16 Home equity lines of credits - - - 50 3 Commercial owner occupied real estate 1,103 1,103 - 1,124 60 Commercial non-owner occupied real estate - - - 46 - Impaired loans with a valuation allowance - - - - - Total impaired loans $ 1,697 $ 1,757 $ - $ 1,736 $ 80 Troubled debt restructurings (“TDRs”) The following provides a summary, by class, of modified loans that continue to accrue interest under the terms of the restructuring agreement, which are considered to be performing, and modified loans that have been placed in non-accrual status, which are considered to be nonperforming. Troubled debt restructuring (TDRs) December 31, 2015 December 31, 2014 No. of Recorded No. of Recorded Loans Investment Loans Investment Performing TDRs 1-4 family residential mortgages 2 $ 366 2 $ 376 Commercial owner occupied real estate 1 1,061 1 1,103 Total performing TDRs 3 $ 1,427 3 $ 1,479 Nonperforming TDRs Other construction and land 1 $ 34 1 $ 39 Total TDRs 4 $ 1,461 4 $ 1,518 None of the loans shown above were modified as TDRs during 2015. A summary of loans shown above that were modified as TDRs during the year ended December 31, 2014 is shown below by class. Loans modified as TDRs that were fully paid down, charged-off, or foreclosed upon by period end are not reported. The Post-Modification Recorded Balance reflects any interest or fees from the original loan which may have been added to the principal balance on the new note as a condition of the TDR. Additionally, the Post-Modification Recorded Balance is reported below at the period end balances, inclusive of all partial principal pay downs and principal charge-offs since the modification date. Loans modified at below market rates During year ended December 31, 2014 Pre- Post- Modification Modification Number Recorded Recorded of Loans Balance Balance Other construction and land 1 $ 40 $ 39 1-4 family residential mortgage 1 156 155 Total loans modified during the period 2 $ 196 $ 194 There were no loans modified as TDRs that subsequently defaulted during the years ended December 31, 2015 and 2014 and were modified as TDRs during the twelve months prior to default. There were no loans secured by 1-4 family residential property that were in the process of foreclosure at either December 31, 2015 or December 31, 2014. The one property that had previously been transferred to OREO consisted of a 1-4 family residential property and was reported net of valuation allowance at $ 1.2 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Loan Losses | Note 4 – Allowance for Loan Losses A summary of the transactions in the allowance for loan losses for the years ended December 31, 2015 and 2014 appears below: 2015 2014 Balance, beginning of period $ 3,164 $ 3,360 Loans charged off (141 ) (551) Recoveries 81 49 Net charge-offs (60 ) (502 ) Provision for loan losses 463 306 Balance, December 31 $ 3,567 $ 3,164 Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Company has segmented certain loans in the portfolio by product type. Within these segments, the Company has sub-segmented its portfolio by classes, based on the associated risks within these classes. Loan Classes by Segments Commercial loan segment: Commercial and industrial - organic Commercial and industrial - syndicated Real estate construction and land loan segment: Residential construction Other construction and land Real estate mortgage loan segment: 1-4 family residential Home equity lines of credit Multifamily Commercial owner occupied Commercial non-owner occupied Consumer loan segment: Consumer revolving credit Consumer all other credit Student loans purchased The Company's internal creditworthiness grading system is based on experiences with similarly graded loans. Category ratings are reviewed quarterly by experienced senior lenders based on each borrower's situation. Additionally, internal and external monitoring and review of credits are conducted on an annual basis. Loans that trend upward toward more positive risk ratings generally have a lower risk factor associated. Conversely, loans that migrate toward more negative ratings generally will result in a higher risk factor being applied to those related loan balances. Risk Ratings And Historical Loss Factor Applied Excellent Good 0% applied, as these loans represent a low risk and are secured by marketable securities within margin. The Company has never experienced a loss within this category. Pass Historical loss factor for loans rated “pass” is applied to current balances of like-rated loans, pooled by class. Loans with the following risk ratings are pooled by class and considered together as “pass”: Satisfactory Average Marginal Watch Special Mention These potential problem loans are currently protected but are potentially weak. Historical loss factor for loans rated “special mention” is applied to current balances of like-rated loans pooled by class. Substandard These problem loans are inadequately protected by the sound worth and paying capacity of the borrower and/or the value of any collateral pledged. These loans may be considered impaired and evaluated on an individual basis. Otherwise, an historical loss factor for loans rated “substandard” is applied to current balances of all other “substandard” loans pooled by class. Doubtful Loans with this rating have significant deterioration in the sound worth and paying capacity of the borrower and/or the value of any collateral pledged, making collection or liquidation of the loan in full highly questionable. These loans would be considered impaired and evaluated on an individual basis. The following represents the loan portfolio designated by the internal risk ratings assigned to each credit at year-end: Special Sub- December 31, 2015 Excellent Good Pass Mention standard Doubtful TOTAL Commercial Commercial and industrial - organic $ 1,238 $ 30,221 $ 15,700 $ 25 $ 31 $ - $ 47,215 Commercial and industrial - syndicated - - 20,691 - 2,962 - 23,653 Real estate construction Residential construction - - 2,178 - - - 2,178 Other construction and land - - 15,591 515 627 - 16,733 Real estate mortgages 1-4 family residential - 1,500 60,801 650 593 - 63,544 Home equity lines of credit - - 27,517 - 82 - 27,599 Multifamily - - 20,209 - - - 20,209 Commercial owner occupied - - 65,497 - 747 - 66,244 Commercial non-owner occupied - - 89,619 1,061 1,125 - 91,805 Consumer Consumer revolving credit 104 16,524 540 - 6 - 17,174 Consumer all other credit 232 10,063 1,319 - 41 - 11,655 Student loans purchased - - 35,655 - - - 35,655 Total Loans $ 1,574 $ 58,308 $ 355,317 $ 2,251 $ 6,214 $ - $ 423,664 Special Sub- December 31, 2014 Excellent Good Pass Mention standard Doubtful TOTAL Commercial Commercial and industrial - organic $ 3,579 $ 23,261 $ 18,487 $ 64 $ 734 $ - $ 46,125 Commercial and industrial - syndicated - - 14,815 - - - 14,815 Real estate construction Residential construction - - 337 - - - 337 Other construction and land - - 10,903 507 165 - 11,575 Real estate mortgages 1-4 family residential - 1,910 56,968 455 829 - 60,162 Home equity lines of credit - - 25,411 - 87 - 25,498 Multifamily - - 26,462 - - - 26,462 Commercial owner occupied - - 58,890 - 1,978 - 60,868 Commercial non-owner occupied - - 54,012 - - - 54,012 Consumer Consumer revolving credit 34 3,054 332 - 8 - 3,428 Consumer all other credit 200 7,856 1,867 - 49 - 9,972 Total Loans $ 3,813 $ 36,081 $ 268,484 $ 1,026 $ 3,850 $ - $ 313,254 In addition to the historical factors, the adequacy of the Company's allowance for loan losses is evaluated through reference to eight qualitative factors, listed below and ranked in order of importance: 1) Changes in national and local economic conditions, including the condition of various market segments; 2) Changes in the value of underlying collateral; 3) Changes in volume of classified assets, measured as a percentage of capital; 4) Changes in volume of delinquent loans; 5) The existence and effect of any concentrations of credit and changes in the level of such concentrations; 6) Changes in lending policies and procedures, including underwriting standards; 7) Changes in the experience, ability and depth of lending management and staff; and 8) Changes in the level of policy exceptions. It has been the Company's experience that the first four factors drive losses to a much greater extent than the last four factors; therefore, the first four factors are weighted more heavily. Historical factors and qualitative factors are not assessed against loans rated “excellent” or rated “good,” since these are fully collateralized by cash or readily marketable securities. For each segment and class of loans, management must exercise significant judgment to determine the estimation method that fits the credit risk characteristics of its various segments. Although this evaluation is inherently subjective, qualified management utilizes its significant knowledge and experience related to both the market and history of the Company's loan losses. During these evaluations, particular characteristics associated with a segment of the loan portfolio are also considered. These characteristics are detailed below: • Commercial loans not secured by real estate carry risks associated with the successful operation of a business, and the repayment of these loans depend on the profitability and cash flows of the business. Additional risk relates to the value of collateral where depreciation occurs and the valuation is less precise. • Commercial loans purchased from the syndicated loan market generally represent shared national credits, which are participations in loans or loan commitments that are shared by three or more banks. Included in the Company's shared national credit portfolio are purchased participations in leveraged lending transactions. Leveraged lending transactions are generally used to support a merger- or acquisition-related transaction, to back a recapitalization of a company's balance sheet or to refinance debt. When considering a participation in the leveraged lending market, the Company participates only in first lien senior secured term loans. To further minimize risk, the Company has developed policies to limit overall credit exposure to the syndicated market as a whole and to each borrower. • Loans secured by commercial real estate also carry risks associated with the success of the business and the ability to generate a positive cash flow sufficient to service debts. Real estate security diminishes risks only to the extent that a market exists for the subject collateral. • Consumer loans carry risks associated with the continued creditworthiness of the borrower and the value of the collateral, such as automobiles which may depreciate more rapidly than other assets. In addition, these loans may be unsecured. Consumer loans are more likely than real estate loans to be immediately affected in an adverse manner by job loss, divorce, illness or personal bankruptcy. Consumer loans are further segmented into student loans purchased, consumer revolving lines and all other consumer loans. The risk of the portfolio of student loans purchased is mitigated by the surety bond purchased that fully insures the loans. • Real estate secured construction loans carry risks that a project will not be completed as scheduled and budgeted and that the value of the collateral may, at any point, be less than the principal amount of the loan. Additional risks may occur if the general contractor, who may not be a loan customer, is unable to finish the project as planned due to financial pressures unrelated to the project. • Residential real estate loans carry risks associated with the continued creditworthiness of the borrower and changes in the value of the collateral. In addition, for investor-owned residential real estate, the repayment may be volatile as leases are generally shorter term in nature. Impaired loans are individually evaluated and, if deemed appropriate, a specific allocation is made for these loans. In reviewing the six loans in the amount of $ 1.6 Allowance for Loan Losses Rollforward by Portfolio Segment as of and for the year ended December 31, 2015 Real Estate Commercial Construction Real Estate Consumer Loans and Land Mortgages Loans Total Allowance for Loan Losses: Balance as of January 1, 2015 $ 674 $ 102 $ 2,360 $ 28 $ 3,164 Charge-offs (126 ) - (12 ) (3 ) (141 ) Recoveries 35 - 46 - 81 Provision for (recovery of) loan losses 214 57 198 (6 ) 463 Ending Balance $ 797 $ 159 $ 2,592 $ 19 $ 3,567 Ending Balance: Individually evaluated for impairment $ - $ - $ - $ - $ - Collectively evaluated for impairment 797 159 2,592 19 3,567 Loans: Individually evaluated for impairment $ - $ 59 $ 1,560 $ - $ 1,619 Collectively evaluated for impairment 70,868 18,852 267,841 64,484 422,045 Ending Balance: $ 70,868 $ 18,911 $ 269,401 $ 64,484 $ 423,664 As of and for the year ended December 31, 2014 Real Estate Commercial Construction Real Estate Consumer Loans and Land Mortgages Loans Total Allowance for Loan Losses: Balance as of January 1, 2014 $ 340 $ 198 $ 2,788 $ 34 $ 3,360 Charge-offs (286 ) - (262 ) (3) (551 ) Recoveries 32 - 10 7 49 Provision for (recovery of) loan losses 588 (96) (176) (10 ) 306 Ending Balance $ 674 $ 102 $ 2,360 $ 28 $ 3,164 Ending Balance: Individually evaluated for impairment $ - $ - $ - $ - $ - Collectively evaluated for impairment 674 102 2,360 28 3,164 Loans: Individually evaluated for impairment $ - $ 69 $ 1,628 $ - $ 1,697 Collectively evaluated for impairment 60,940 11,843 225,374 13,400 311,557 Ending Balance: $ 60,940 $ 11,912 $ 227,002 $ 13,400 $ 313,254 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | Note 5 – Other Real Estate Owned (OREO) At December 31, 2014, OREO was carried at $ 1.2 one one Changes in the balance for OREO are as follows: December 31, 2015 December 31, 2014 Balance at beginning of year, gross $ 2,114 $ 3,133 Transfer from loans - 244 Previously recognized impairment losses on disposition (1,129 ) (101 ) Net loss on sale of property - (27 ) Sales proceeds (985 ) (1,135 ) Balance at end of year, gross $ - $ 2,114 Less: valuation allowance - (937 ) Balance at end of year, net $ - $ 1,177 Changes in the valuation allowance for OREO are as follows: December 31, 2015 December 31, 2014 Balance at beginning of year $ 937 $ 761 Valuation allowance 192 277 Charge-offs (1,129 ) (101 ) Balance at end of year $ - $ 937 Expenses applicable to OREO, other than the valuation allowance and net losses on sale, were $ 39,000 59,000 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Note 6 – Premises and Equipment Premises and equipment are summarized as follows: December 31, 2015 December 31, 2014 Leasehold improvements $ 15,307 $ 15,703 Building and land 1,215 1,215 Construction and fixed assets in progress 14 110 Furniture and equipment 5,941 5,683 Computer software 1,996 1,875 $ 24,473 $ 24,586 Less: accumulated depreciation and amortization 15,805 15,121 $ 8,668 $ 9,465 At December 31, 2015, the Company had leased certain of its banking and operations offices under operating lease agreements on terms ranging from 1 20 961,000 940,000 The following is a schedule of future minimum rental payments required under non-cancelable operating leases that have initial or remaining terms in excess of one year as of December 31, 2015: 2016 $ 804 2017 735 2018 677 2019 597 2020 600 Thereafter 2,668 $ 6,081 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Note 7 – Deposits The aggregate amount of time deposits with a minimum balance of $ 250,000 35.3 39.0 Brokered deposits totaled $ 17.2 18.7 At December 31, 2015, the scheduled maturities of time deposits are as follows: 2016 $ 102,687 2017 3,389 2018 915 2019 778 2020 849 $ 108,618 Deposit account overdrafts reported as loans totaled $ 38,000 53,000 The Company has entered into deposit transactions with certain directors, principal officers and their affiliates (collectively referred to as “related party deposits”), all of which are under the same terms as other customers. The aggregate amount of these related party deposits was $ 5.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 8 – Income Taxes The Company files tax returns in the U.S. federal jurisdiction. With few exceptions, the Company is no longer subject to U.S. federal tax examinations by tax authorities for years prior to 2012. The Commonwealth of Virginia assesses a Bank Franchise Tax on banks instead of a state income tax. The Bank Franchise Tax expense is reported in noninterest expense, and the calculation of that tax is unrelated to taxable income. 2015 2014 Deferred tax assets: Allowance for loan losses $ 1,130 $ 970 Non-accrual loan interest 8 5 Stock option/grant expense 240 316 Start-up expenses 56 60 Home equity closing costs 63 66 OREO valuation allowance - 319 Deferred compensation expense 14 14 Securities available for sale unrealized loss 61 - Depreciation 610 696 $ 2,182 $ 2,446 Deferred tax liabilities: Securities available for sale unrealized gain $ - $ 23 Deferred loan costs 106 57 106 80 Net deferred tax assets $ 2,076 $ 2,366 The provision for income taxes charged to operations for years ended December 31, 2015 and 2014 consists of the following: 2015 2014 Current tax expense $ 824 $ 517 Deferred tax expense (benefit) 373 (61 ) Provision for income taxes $ 1,197 $ 456 The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended December 31, 2015 and 2014 due to the following: 2015 2014 Federal statutory rate 34 34 Computed statutory tax expense $ 1,468 $ 800 Increase (decrease) in tax resulting from: Tax-exempt interest income (148 ) (169 ) Tax-exempt income from Bank Owned Life Insurance (BOLI) (150 ) ( 149 ) Stock option expense 10 14 Other 17 (40 ) Provision for income taxes $ 1,197 $ 456 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | Note 9 – Commitments and Contingent Liabilities In the normal course of business, there are various outstanding commitments and contingent liabilities, which are not reflected in the accompanying consolidated financial statements. The Company does not anticipate any material loss as a result of these transactions. As a member of the Federal Reserve System, the Company is required to maintain certain average clearing balances. Those balances include amounts on deposit with the Federal Reserve. For the final weekly reporting period in the years ended December 31, 2015 and December 31, 2014, no daily average required balances were required for either year. |
Financial Instruments With Off-
Financial Instruments With Off-Balance Sheet Risk and Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments With Off-Balance Sheet Risk and Credit Risk [Abstract] | |
Financial Instruments With Off-Balance Sheet Risk and Credit Risk | Note 10 – Financial Instruments with Off-Balance Sheet Risk and Credit Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments consist primarily of commitments to extend credit and standby letters of credit. In addition to the amounts shown below, the Company has extended commitment letters at December 31, 2015 in the amount of $ 21.5 23.3 120 The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The totals for financial instruments whose contract amount represents credit risk are shown below: Notional Amount December 31, 2015 December 31, 2014 Unfunded lines-of-credit $ 106,389 $ 80,589 ACH 15,219 16,316 Letters of credit 6,493 5,034 Total $ 128,101 $ 101,939 Standby letters of credit are conditional commitments by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds real estate and bank deposits as collateral supporting those commitments for which collateral is deemed necessary. The Company has approximately $ 862,000 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11 – Related Party Transactions From time to time, the Company and its subsidiaries have business dealings with companies owned by directors and beneficial shareholders of the Company. Payments made to these companies that exceeded the disclosure threshold of $120,000 in 2015 are reported below. In 2015, rental expenditures of $ 465,000 (including reimbursements for taxes, insurance, and other expenses) were paid to an entity indirectly owned by a director of the Company. SRCM Holdings LLC (“SRCM Holdings”), Swift Run Capital Management, LLC (“SRCM”) and Swift Run Capital, L.P. (the "Fund") are part of a group (collectively, the “SRCM Group”) that had shared voting and shared dispositive power over 9 of the outstanding Company common stock as of March 6, 2014 until the shares were repurchased on May 19, 2015. On May 19, 2015, the Company purchased 190,152 4,354,481 22.90 58,000 42,000 was recorded as royalty income. In December, 2015, the Company purchased 23,285 533,227 |
Capital Requirements
Capital Requirements | 12 Months Ended |
Dec. 31, 2015 | |
Capital Requirements [Abstract] | |
Capital Requirements | Note 12 – Capital Requirements The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In July 2013, the federal bank regulatory agencies issued final rules and requirements for banking organizations to implement the Basel III regulatory capital reforms and certain provisions of the Dodd-Frank Act. Effective January 1, 2015, the final rules require the Company and the Bank to comply with the following new minimum capital ratios: (i) a new common equity Tier 1 capital ratio of 4.5% of risk-weighted assets; (ii) a Tier 1 capital ratio of 6% of risk-weighted assets (increased from the prior requirement of 4%); (iii) a total capital ratio of 8% of risk-weighted assets (unchanged from the prior requirement); and (iv) a leverage ratio of 4% of total assets (unchanged from the prior requirement). Beginning January 1, 2016 a capital conservation buffer requirement for each of the capital ratios will be phased in over a four-year period, beginning at 0.625% of risk-weighted assets and increasing to 2.5% at January 1, 2019. With respect to the Bank, the rules also revised the “prompt corrective action” regulations pursuant to Section 38 of the FDIA. In addition, the new capital requirements for the Company and the Bank include changes in the risk weights of assets to better reflect credit risk and other risk exposures. The Bank's capital ratios remain well above the levels designated by bank regulators as “well capitalized” at December 31, 2015. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that management believes have changed the institution's category. Beginning January 1, 2015, the Company calculates its regulatory capital under the U.S. Basel III Standardized Approach. The Company calculated regulatory capital measures for periods prior to 2015 under previous regulatory requirements. The table summarizes the Company's regulatory capital and related ratios for the periods presented: December 31, 2015 Minimum To Be Well Capitalized Minimum Capital Under Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio Total Capital (To Risk Weighted Assets) Consolidated $ 59,982 13.39 % $ 35,824 8.00 % N/A N/A Bank $ 58,606 13.10 % $ 35,779 8.00 % $ 44,724 10.00 % Common Equity Tier 1 Capital (To Risk Weighted Assets) Consolidated $ 56,415 12.60 % $ 20,151 4.50 % N/A N/A Bank $ 55,039 12.31 % $ 20,126 4.50 % $ 29,071 6.50 % Tier 1 Capital (To Risk Weighted Assets) Consolidated $ 56,415 12.60 % $ 26,868 6.00 % N/A N/A Bank $ 55,039 12.31 % $ 26,835 6.00 % $ 35,779 8.00 % Tier 1 Capital (To Average Assets) Consolidated $ 56,415 10.05 % $ 22,462 4.00 % N/A N/A Bank $ 55,039 9.81 % $ 22,439 4.00 % $ 28,048 5.00 % December 31, 2014 Minimum To Be Well Capitalized Minimum Capital Under Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio Total Capital (To Risk Weighted Assets) Consolidated $ 63,752 17.87 % $ 28,538 8.00 % N/A N/A Bank $ 52,505 15.63 % $ 28,490 8.00 % $ 35,612 10.00 % Tier 1 Capital (To Risk Weighted Assets) Consolidated $ 60,588 16.98 % $ 14,269 4.00 % N/A N/A Bank $ 55,669 14.74 % $ 14,245 4.00 % $ 21,367 6.00 % Tier 1 Capital (To Average Assets) Consolidated $ 60,588 11.38 % $ 21,305 4.00 % N/A N/A Bank $ 55,669 9.86 % $ 21,296 4.00 % $ 26,620 5.00 % |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2015 | |
Dividend Restrictions [Abstract] | |
Dividend Restrictions | Note 13 – Dividend Restrictions The primary source of funds for the dividends paid by the Company to shareholders is dividends received from the Bank. Federal regulations limit the amount of dividends which the Bank can pay to the Company without obtaining prior approval. The amount of cash dividends that the Bank may pay is limited to current year earnings plus retained net profits for the two preceding years. In addition, dividends paid by the Bank would be prohibited if the effect thereof would cause the Bank's capital to be reduced below applicable minimum capital requirements. In addition to the regulatory limits, the Company's Board of Directors, under current policies, will generally only consider a cash dividend payment to shareholders that, when combined with any previous cash dividends paid within the last 12 months, does not exceed 50% of the Company's after-tax earnings for the preceding 12-months, or 60% if the previous three quarterly dividends are not within the preceding 12 months. At December 31, 2015, the maximum amount of retained earnings available to the Bank for cash dividends to the Company was $ 2,071,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 14 – Fair Value Measurements Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the “Fair Value Measurements and Disclosures” topic of FASB ASC 825, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. Fair Value Hierarchy In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 – Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 – Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities available for sale Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). The following tables present the balances measured at fair value on a recurring basis: Fai r Value Measurements at December 31, 2015 Using: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) Assets: U.S. Government agencies $ 11,378 $ - $ 11,378 $ - Corporate bonds 5,964 - 5,964 - Mortgage-backed securities/CMOs 36,687 - 36,687 - Municipal bonds 20,772 - 20,772 - Total securities available for sale $ 74,801 $ - $ 74,801 $ - Fair Value Measurements at December 31, 2014 Using: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) Assets: U.S. Government agencies $ 31,528 $ - $ 31,528 $ - Corporate bonds 21,276 - 21,276 - Asset-backed securities 2,105 - 2,105 - Mortgage-backed securities/CMOs 63,220 - 63,220 - Municipal bonds 23,687 - 23,687 - Total securities available for sale $ 141,816 $ - $ 141,816 $ - Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write downs of individual assets. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the consolidated financial statements: Other real estate owned Other real estate owned is measured at fair value less cost to sell, based on an appraisal conducted by an independent, licensed appraiser outside of the Company. If the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. OREO is measured at fair value on a nonrecurring basis. Any initial 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 on the Consolidated Statements of Income. The Company has no OREO at December 31, 2015. Impaired loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected when due. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business' financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the Allowance for Loan Losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses in the Consolidated Statements of Income. The Company had $ 1.6 1.7 The following tables present the Company's assets that were measured at fair value on a nonrecurring basis: Fair Value Measurements at December 31, 2014 Using: Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) Assets: Other Real Estate Owned $ 1,177 $ - $ - $ 1,177 The following methods and assumptions were used by the Company in estimating the fair value disclosures for financial instruments: Cash and short-term investments For those short-term instruments, including cash, due from banks and federal funds sold, the carrying amount is a reasonable estimate of fair value. Interest bearing deposits The carrying amounts of interest bearing deposits maturing within ninety days approximate their fair value. Securities Fair values for securities, excluding restricted securities, are based on third party vendor pricing models. The carrying value of restricted FRB, FHLB and CBBFC stock approximates fair value based on the redemption provisions of each entity and is therefore excluded from the following table. Loans The fair value of performing loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar remaining maturities. This calculation ignores loan fees and certain factors affecting the interest rates charged on various loans such as the borrower's creditworthiness and compensating balances and dissimilar types of real estate held as collateral. The fair value of impaired loans is measured as described within the Impaired Loans section of this Note. Bank owned life insurance The carrying amounts of Bank owned life insurance approximate fair value. Accrued interest The carrying amounts of accrued interest approximate fair value. Deposit liabilities The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. Short-term borrowings The carrying amounts of securities sold under agreements to repurchase approximate fair value. Off-balance sheet financial instruments The fair values of loan commitments and standby letters of credit are immaterial. Therefore, they have not been included in the following table. The carrying values and estimated fair values of the Company's financial instruments are as follows: Fair Value Measurement at December 31, 2015 using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Carrying value Level 1 Level 2 Level 3 Fair Value Assets Cash and cash equivalent $ 43,527 $ 43,527 $ - $ - $ 43,527 Securities 74,801 - 74,801 - 74,801 Loans, net 420,097 - - 418,774 418,774 Bank owned life insurance 13,476 - 13,476 - 13,476 Accrued interest receivable 1,611 - 369 1,242 1,611 Liabilities Demand deposits and interest-bearing transaction and money market accounts $ 377,849 $ - $ 377,849 $ - $ 377,849 Certificates of deposit 108,618 - 108,578 - 108,578 Securities sold under agreements to repurchase 23,156 - 23,156 - 23,156 Accrued interest payable 106 - 106 - 106 Fair Value Measurement at December 31, 2014 using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Inputs Inputs Carrying value Level 1 Level 2 Level 3 Fair Value Assets Cash and cash equivalent $ 54,107 $ 54,107 $ - $ - $ 54,107 Securities 141,816 - 141,816 - 141,816 Loans, net 310,090 - - 310,806 310,806 Bank owned life insurance 13,034 - 13,034 - 13,034 Accrued interest receivable 1,296 - 566 730 1,296 Liabilities Demand deposits and interest-bearing transaction and money market accounts $ 339,625 $ - $ 339,625 $ - $ 339,625 Certificates of deposit 117,094 - 117,189 - 117,189 Securities sold under agreements to repurchase 17,995 - 17,995 - 17,995 Accrued interest payable 117 - 117 - 117 The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company's financial instruments will change when interest rate levels change, and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk; however, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company's overall interest rate risk. |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Other Expenses [Abstract] | |
Other Expenses | Note 15 – Other Expenses The Company had the following other expenses as of the dates indicated: December 31, 2015 December 31, 2014 ATM, debit and credit card $ 301 $ 349 Bank franchise tax 381 328 Computer software 332 330 Data processing 1,049 1,025 FDIC deposit insurance assessment 351 268 Marketing, advertising and promotion 505 774 Net OREO write downs and expenses 231 345 Professional fees 544 696 Other 1,345 1,486 $ 5,039 $ 5,601 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 16 – Employee Benefit Plans The Company has a 401(k) plan available to all employees who are at least 18 100 6 “Vesting” refers to the rights of ownership to the assets in the 401(k) accounts. Effective January 1, 2013, matching contributions are fully vested immediately. Employee contributions to the plan have always been 100 The Company contributed $ 308,000 327,000 |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Stock Incentive Plans [Abstract] | |
Stock Incentive Plans | Note 17 – Stock Incentive Plans At the Annual Shareholders Meeting on May 21, 2014, shareholders approved the Virginia National Bankshares Corporation 2014 Stock Incentive Plan (“2014 Plan”). The 2014 Plan makes available up to 250,000 shares of the Company's common stock to be issued to plan participants. Similar to the Company's 2003 Stock Incentive Plan (“2003 Plan”) and 2005 Stock Incentive Plan (“2005 Plan”), the 2014 Plan provides for granting of both incentive and nonqualified stock options, as well as restricted stock and other stock based awards. The 2005 Plan expired on December 20, 2014. No new grants will be issued under the 2003 Plan or the 2005 Plan as these plans have expired. For all of the Company's stock incentive plans (the "Plans"), the option price of incentive options will not be less than the fair value of the stock at the time an option is granted. Nonqualified options may be granted at prices established by the Board of Directors, including prices less than the fair market value on the date of grant. Outstanding options generally expire in ten A summary of the shares issued and available under each of the Company's stock incentive plans (the “Plans”) is shown below as of December 31, 2015. Although the 2003 Plan and 2005 Plan have expired and no new grants will be issued under these plans, there were shares issued before the plans expired which are still outstanding as shown below. 2003 Plan 2005 Plan 2014 Plan Aggregate shares issuable 128,369 230,000 250,000 Options issued, net of forfeited and expired options (108,054) (124,547) - Cancelled due to Plan expiration (20,315) (105,453) - Remaining available for grant - - 250,000 Grants issued and outstanding: Total vested and unvested shares 30,214 121,904 - Fully vested shares 30,214 115,654 - Exercise price range $ 15.65 18.26 $ 11.74 36.74 N/A The Company accounts for all of its stock incentive plans under recognition and measurement accounting principles which require that the compensation cost relating to stock-based payment transactions be recognized in financial statements. Stock-based compensation arrangements include stock options and restricted stock. All stock-based payments to employees are required to be valued using a fair value method on the date of grant and expensed based on that fair value over the applicable vesting period. For the years ended December 31, 2015 and December 31, 2014, the Company recognized $ 30,000 52,000 , 36,000 Stock Options Changes in the stock options outstanding related to the Plans are summarized as follows: December 31, 2015 Weighted Average Aggregate Number of Options Exercise Price Intrinsic Value Outstanding at January 1, 2015 180,796 $ 25.86 $ 271 Exercised (1,250) 18.10 Expired (18,400 ) 31.21 Forfeited (9,028 ) 24.46 Outstanding at December 31, 2015 152,118 $ 25.36 $ 354 Options exercisable at December 31, 2015 145,868 $ 25.72 $ 309 There was no intrinsic value for the options exercised during the year ended December 31, 2015 . The fair value of any grant is estimated at the grant date using the Black-Scholes pricing model. During the first quarter of 2014, there was one stock option grant for 5,000 Summary information pertaining to options outstanding at December 31, 2015 is as follows: Weighted-Average Weighted Weighted- Remaining Average Exercise Average Exercise Exercise Price Options Outstanding Contractual Life Options Exercisable $ 11.74 20.00 45,764 4.5 $ 17.17 39,514 $ 17.22 $ 20.01 30.00 58,514 2.2 24.83 58,514 24.83 $ 30.01 36.74 47,840 0.6 33.83 47,840 33.83 Total 152,118 2.4 $ 25.36 145,868 $ 25.72 Restricted Stock The restricted stock that had been outstanding as of January 1, 2014 was fully vested in November 2014. No |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 18 – Earnings per Share The following shows the weighted average number of shares used in computing earnings per share and the effect on weighted average number of shares of diluted potential common stock. Potential dilutive common stock has no effect on income available to common shareholders. December 31, 2015 December 31, 2014 Weighted Per Weighted Per Average Share Average Share Net Income Shares Amount Net Income Shares Amount Basic earnings per share $ 3,121 2,531,964 $ 1.23 $ 1,898 2,695,426 $ 0.70 Effect of dilutive stock options 12,427 - 11,533 - Diluted earnings per share $ 3,121 2,544,391 $ 1.23 $ 1,898 2,706,959 $ 0.70 In 2015, stock options representing 82,110 130,677 |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income [Abstract] | |
Other Comprehensive Income | Note 19 – Other Comprehensive Income A component of the Company's comprehensive income, in addition to net income from operations, is the recognition of the realized gains and losses on AFS securities, net of income taxes. Reclassifications of unrealized gains and losses on AFS securities are reported in the income statement as “Gains on sales of securities” with the corresponding income tax effect reflected as a component of income tax expense. Amounts reclassified out of accumulated other comprehensive income (loss) are presented below: December 31, December 31, 2015 2014 Available-for-sale securities Realized gains on sale of securities $ 104 $ 24 Tax effect (35 ) (8 ) Realized gains, net of tax $ 69 $ 16 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 20 – Segment Reporting Virginia National Bankshares Corporation has two The Bank's commercial banking activities involve making loans and generating deposits from individuals and businesses. Loan fee income, service charges from deposit accounts, and other non-interest-related revenue such as fees for debit cards and ATM usage and fees for treasury management services generate additional income for this segment. The VNB Wealth segment includes investment management, wealth advisory and trust and estate services offered by VNBTrust. Income from the VNB Wealth segment is primarily derived from two forms of fee income: management fees and performance fees. A management fee for administrative and technology support services provided by the Bank is charged to VNB Wealth. For the years ended December 31, 2015 and December 31, 2014, management fees of $ 135,000 250,000 The accounting policies of the segments are the same as those described in the summary of significant accounting policies provided earlier in this report. Each reportable segment is a strategic business unit that offers different products and services. They are managed separately, because each segment appeals to different markets and, accordingly, require different technology and marketing strategies. Segment information as of, and for the years ended, December 31, 2015 and 2014, is shown in the following tables: 2015 Bank VNB Wealth Consolidated Net interest income $ 16,281 $ 27 $ 16,308 Provision for loan losses 463 - 463 Non-interest income 3,015 1,856 4,871 Non-interest expense 13,463 2,935 16,398 Income (loss) before income taxes 5,370 (1,052 ) 4,318 Provision for (benefit of) income taxes 1,550 (353 ) 1,197 Net income (loss) $ 3,820 $ (699 ) $ 3,121 Total assets $ 557,685 $ 9,806 $ 567,491 2014 Bank VNB Wealth Consolidated Net interest income $ 14,422 $ 32 $ 14,454 Provision for loan losses 306 - 306 Non-interest income 2,614 2,983 5,597 Non-interest expense 14,576 2,815 17,391 Income before income taxes 2,154 200 2,354 Provision for income taxes 383 73 456 Net income $ 1,771 $ 127 $ 1,898 Total assets $ 526,458 $ 10,595 $ 537,053 |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Parent Company Financial Statements [Abstract] | |
Condensed Parent Company Financial Statements | Note 21 - Condensed Parent Company Financial Statements Condensed financial statements pertaining only to the Parent A quarterly cash dividend payment has been authorized by the Bank's Board of Directors and paid to the Parent Company each quarter in 2015 and 2014 for a total of $ 965,000 788,000 , respectively. The payment of dividends by the subsidiary is restricted by various regulatory limitations. Banking regulations also prohibit extensions of credit to the parent company unless appropriately secured by assets. For more detail on dividends, see Note 13 – Dividend Restrictions. BALANCE SHEETS December 31, 2015 December 31, 2014 ASSETS Cash and due from banks $ 1,099 $ 7,713 Investment securities 64 64 Investments in subsidiary 54,921 52,549 Other assets 488 541 Total assets $ 56,572 $ 60,867 LIABILITIES & SHAREHOLDERS' EQUITY Other liabilities $ 275 $ 235 Stockholders' equity 56,297 60,632 Total liabilities and stockholders' equity $ 56,572 $ 60,867 STATEMENTS OF INCOME For the years ended December 31, 2015 December 31, 2014 Dividends from subsidiary $ 965 $ 788 Noninterest expense 558 449 Income before income taxes $ 407 $ 339 Income tax (benefit) (180 ) (202) Income before equity in undistributed earnings of subsidiary $ 587 $ 541 Equity in undistributed earnings of subsidiary 2,534 1,357 Net income $ 3,121 $ 1,898 STATEMENTS OF CASH FLOWS For the years ended December 31, 2015 December 31, 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 3,121 $ 1,898 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (2,534) (1,357) Deferred tax benefit (79) (375) Stock option & stock grant expense 30 52 Decrease (increase) in other assets 57 (122) Increase in other liabilities 2 1 Net cash provided from operating activities 597 97 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of restricted securities - (64) Net cash used in investing activities - (64) CASH FLOWS FROM FINANCING ACTIVITIES Stock options exercised or expired 22 180 Stock purchased under stock repurchase plan (6,342) (262) Dividends paid (891) (674) Net cash used in financing activities (7,211) (756) NET DECREASE IN CASH AND CASH EQUIVALENTS (6,614) (723) CASH AND CASH EQUIVALENTS Beginning of period 7,713 8,436 End of period $ 1,099 $ 7,713 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Organization | Organization Virginia National Bankshares Corporation (the “Company”) is a bank holding company incorporated under the laws of the Commonwealth of Virginia. The Company is authorized to issue 10,000,000 2.50 2,000,000 2.50 On September 22, 2014, the Company announced the approval by its Board of Directors of a stock repurchase program authorizing r e 400,000 Virginia National Bank (the “Bank”) is a wholly-owned subsidiary of the bank holding company and was organized in 1998 under federal law as a national banking association to engage in a general commercial and retail banking business. The Bank is headquartered in Charlottesville, Virginia and primarily serves the Virginia communities in and around the City of Charlottesville, Albemarle County, Orange County, Fauquier County, the City of Winchester and Frederick County. As a national bank, the Bank is subject to the supervision, examination and regulation of the Office of the Comptroller of the Currency (“OCC”). On May 1, 2007, the OCC granted conditional approval to the Bank's application to establish a new national trust bank with the title VNBTrust, National Association which now trades under the name VNB Wealth Management (“VNBTrust”, “VNB Wealth” or “VNB Wealth Management”). Sale Agreement with SRCM Holdings LLC and Acquisition Royalty Payments Due to VNBTrust In 2007 when VNBTrust was established, the OCC also approved the Bank's application for VNBTrust to create a wholly owned operating subsidiary, VNB Investment Management Company, LLC, a Delaware limited liability corporation. In January, 2010, VNB Investment Management Company changed its name to Swift Run Capital Management, LLC (“SRCM”). SRCM served as the general partner of Swift Run Capital, L.P. (the “Fund), a private investment fund. On July 18, 2013 (the “Closing Date”), VNBTrust completed the sale of all of the membership interests of SRCM to SRCM Holdings LLC (“SRCM Holdings”) pursuant to a purchase and sale agreement dated June 27, 2013 (the SRCM “Sale Agreement”). ten 20 20 20 302,000 |
Subsequent Event | Subsequent Event On February 1, 2016 (the “Effective Date”), VNB Wealth purchased a book of business, including interest in the client relationships, (”Purchased Relationships”), from a current officer (the "Seller") of VNB Wealth pursuant to an employment and asset purchase agreement (the ”Purchase Agreement”). Prior to becoming an employee of VNB Wealth and until the Effective Date of the sale, the Seller provided services to these Purchased Relationships as a sole proprietor. As of January 15, 2016, the fair market value of the Purchased Relationships totaled $ 31.5 The purchase price of $ 1.2 five Basis of Presentation |
Basis of Presentation | The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America and to the reporting guidelines prescribed by regulatory authorities. The following is a description of the more significant of those policies and practices. |
Principles of consolidation | Principles of consolidation – |
Use of estimates | Use of estimates – |
Cash flow reporting | Cash flow reporting – |
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase – |
Securities | Securities – • Securities held to maturity – • Securities available for sale – Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities or to “call” dates, whichever occurs first. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (1) the Company intends to sell the security or (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more-than-likely that the Company will be required to sell the security before recovery, the Company must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. |
Restricted securities | Restricted securities – |
Loans | Loans – |
Allowance for loan losses | Allowance for loan losses – |
Transfers of financial assets | Transfers of financial assets – |
Premises and equipment | Premises and equipment – 3 20 |
Other real estate owned | Other real estate owned – Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in noninterest expense as net OREO write down and expenses. More information regarding other real estate owned is presented in Note 5 – Other Real Estate Owned. |
Bank owned life insurance | Bank owned life insurance – |
Fair value measurements | Fair value measurements – |
Stock-based compensation | Stock-based compensation – • Dividend yield • Expected life (term of the option) • Expected volatility • Risk-free interest rate The Company is required to estimate forfeitures when recognizing compensation expense, and this estimate of forfeitures must be adjusted over the requisite service period or vesting schedule based on the extent to which actual forfeitures differ from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and also will impact the amount of estimated unamortized compensation expense to be recognized in future periods. Further information on stock-based compensation is presented in Note 17 – Stock Incentive Plans. |
Earnings per common share | Earnings per common share – |
Comprehensive income | Comprehensive income – |
Advertising costs | Advertising costs – |
Income taxes | Income taxes – When tax returns are filed, it is highly probable that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. Further information on the Company's accounting policies for income taxes is presented in Note 8 – Income Taxes. |
VNBTrust | VNBTrust – |
Reclassifications | Reclassifications – |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In June 2014, the FASB issued ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in “Compensation – Stock Compensation (Topic 718)” should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Company does not expect the adoption of ASU 2014-12 to have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” This update is intended to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-08, “Business Combinations (Topic 805): Pushdown Accounting – Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115.” The amendments in ASU 2015-08 amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115, Topic 5: Miscellaneous Accounting, regarding various pushdown accounting issues, and did not have a material impact on the Company's consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date.” The amendments in ASU 2015-14 defer the effective date of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09. The Company does not expect the adoption of ASU 2015-14 (or ASU 2014-09) to have a material impact on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: 1) require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 3) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and 4) eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Securities Available For Sale | December 31, 2015 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains (Losses) Value U.S. Government agencies $ 11,260 $ 137 $ (19 $ 11,378 Corporate bonds 6,027 - (63 5,964 Mortgage-backed securities/CMOs 37,077 60 (450 36,687 Municipal bonds 20,615 250 (93 20,772 $ 74,979 $ 447 $ (625) $ 74,801 December 31, 2014 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains (Losses) Value U.S. Government agencies $ 31,189 $ 395 $ (56 $ 31,528 Corporate bonds 21,373 21 (118 21,276 Asset-backed securities 2,133 - (28 2,105 Mortgage-backed securities/CMOs 63,327 297 (404 63,220 Municipal bonds 23,727 157 (197 23,687 $ 141,749 $ 870 $ (803 $ 141,816 |
Schedule of Unrealized Losses in the Bank's Securities Portfolio | December 31, 2015 Less than 12 Months 12 Months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Government agencies $ - $ - $ 980 $ (19 $ 980 $ (19 Corporate bonds 5,964 (63 - - 5,964 (63 Mortgage-backed/CMOs 21,003 (212) 9,504 (238 30,507 (450 Municipal bonds 2,788 (31 1,908 (62 4,696 (93 $ 29,755 $ (306 $ 12,392 $ (319 $ 42,147 $ (625 December 31, 2014 Less than 12 Months 12 Months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value (Losses) U.S. Government agencies $ 6,375 $ (21 $ 966 $ (35 $ 7,341 $ (56 Corporate bonds 13,213 (102 3,032 (16) 16,245 (118 Asset-backed securities 98 - 2,007 (28 2,105 (28 Mortgage-backed/CMOs 6,276 (35 25,081 (369 31,357 (404 Municipal bonds 1,769 (19 10,330 (178 12,099 (197 $ 27,731 $ (177 $ 41,416 $ (626 $ 69,147 $ (803 |
Schedule of Amortized Cost and Fair Values of Securities Available For Sale Based upon Contractual Maturities and by Major Investment Categories | Amortized Cost Fair Value U.S. Government agencies One year or less $ 5,007 $ 5,028 After one year to five years 3,309 3,367 After five years to ten years 2,944 2,983 $ 11,260 $ 11,378 Corporate bonds After one year to five years $ 4,040 $ 4,012 After five years to ten years 1,987 1,952 $ 6,027 $ 5,964 Mortgage-backed securities/CMOs After one year to five years $ 555 $ 548 After five years to ten years 9,969 9,892 Ten years or more 26,553 26,247 $ 37,077 $ 36,687 Municipal bonds One year or less $ 105 $ 105 After one year to five years 2,097 2,110 After five years to ten years 11,286 11,427 Ten years or more 7,127 7,130 $ 20,615 $ 20,772 Total Securities Available for Sale $ 74,979 $ 74,801 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans [Abstract] | |
Schedule of Composition of Loan Portfolio by Loan Classification | December 31, 2015 December 31, 2014 Commercial Commercial and industrial - organic $ 47,215 $ 46,125 Commercial and industrial - syndicated 23,653 14,815 Total commercial and industrial 70,868 60,940 Real estate construction and land Residential construction 2,178 337 Other construction and land 16,733 11,575 Total construction and land 18,911 11,912 Real estate mortgages 1-4 family residential 63,544 60,162 Home equity lines of credit 27,599 25,498 Multifamily 20,209 26,462 Commercial owner occupied 66,244 60,868 Commercial non-owner occupied 91,805 54,012 Total real estate mortgage 269,401 227,002 Consumer Consumer revolving credit 17,174 3,428 Consumer all other credit 11,655 9,972 Student loans purchased 35,655 - Total consumer 64,484 13,400 Total loans 423,664 313,254 Less: Allowance for loan losses (3,567 ) (3,164 ) Net loans $ 420,097 $ 310,090 |
Schedule of Activity in Related Party Loans | 2015 2014 Balance outstanding at beginning of year $ 10,841 $ 6,526 Principal additions 10,445 8,043 Principal reductions (9,730 ) (3,728 ) Balance outstanding at end of year $ 11,556 $ 10,841 |
Schedule of Impaired Loans Classified as Non-Accruals by Class | December 31, 2015 December 31, 2014 Other construction and land $ 59 $ 69 1-4 family residential mortgages 132 149 Total nonaccrual loans $ 191 $ 218 |
Schedule of Aging of Past Due Loans | Past Due Aging as of 90 Days December 31, 2015 30-59 60-89 90 Days or Past Due Days Past Days Past More Past Total Past Total and Still Due Due Due Due Current Loans Accruing Commercial loans Commercial and industrial - organic $ 211 $ 40 $ - $ 251 $ 46,964 $ 47,215 $ - Commercial and industrial - syndicated - - - - 23,653 23,653 - Real estate construction and land Residential construction - - - - 2,178 2,178 - Other construction and land 7 - - 7 16,726 16,733 - Real estate mortgages 1-4 family residential 156 36 - 192 63,352 63,544 - Home equity lines of credit - - - - 27,599 27,599 - Multifamily - - - - 20,209 20,209 - Commercial owner occupied - - - - 66,244 66,244 - Commercial non-owner occupied - - - - 91,805 91,805 - Consumer loans Consumer revolving credit - - - - 17,174 17,174 - Consumer all other credit 58 1 - 59 11,596 11,655 - Student loans purchased 813 1 - 814 34,841 35,655 - Total Loans $ 1,245 $ 78 $ - $ 1,323 $ 422,341 $ 423,664 $ - Past Due Aging as of 90 Days December 31, 2014 30-59 60-89 90 Days or Past Due Days Past Days Past More Past Total Past Total and Still Due Due Due Due Current Loans Accruing Commercial loans Commercial and industrial - organic $ 6 $ - $ - $ 6 $ 46,119 $ 46,125 $ - Commercial and industrial - syndicated - - - - 14,815 14,815 - Real estate construction and land Residential construction - - - - 337 337 - Other construction and land - - - - 11,575 11,575 - Real estate mortgages 1-4 family residential - 24 - 24 60,138 60,162 - Home equity lines of credit - - - - 25,498 25,498 - Multifamily - - - - 26,462 26,462 - Commercial owner occupied - - - - 60,868 60,868 - Commercial non-owner occupied - - - - 54,012 54,012 - Consumer loans Consumer revolving credit 1 - - 1 3,427 3,428 - Consumer all other credit 12 30 - 42 9,930 9,972 - Total Loans $ 19 $ 54 $ - $ 73 $ 313,181 $ 313,254 $ - |
Schedule of Loans Classified as Impaired Loans | December 31, 2015 Unpaid Average Interest Recorded Principal Associated Recorded Income Investment Balance Allowance Investment Recognized Impaired loans without a valuation allowance: Commercial and industrial - organic $ - $ - $ - $ 4 $ - Other construction and land 59 103 - 64 - 1-4 family residential mortgages 499 524 - 685 23 Commercial non-owner occupied real estate 1,061 1,061 - 1,080 47 Impaired loans with a valuation allowance - - - - - Total impaired loans $ 1,619 $ 1,688 $ - $ 1,833 $ 70 December 31, 2014 Unpaid Average Interest Recorded Principal Associated Recorded Income Investment Balance Allowance Investment Recognized Impaired loans without a valuation allowance: Other construction and land $ 69 $ 109 $ - $ 79 $ 1 1-4 family residential mortgages 525 545 - 437 16 Home equity lines of credits - - - 50 3 Commercial owner occupied real estate 1,103 1,103 - 1,124 60 Commercial non-owner occupied real estate - - - 46 - Impaired loans with a valuation allowance - - - - - Total impaired loans $ 1,697 $ 1,757 $ - $ 1,736 $ 80 |
Summary of Modified Loans | Troubled debt restructuring (TDRs) December 31, 2015 December 31, 2014 No. of Recorded No. of Recorded Loans Investment Loans Investment Performing TDRs 1-4 family residential mortgages 2 $ 366 2 $ 376 Commercial owner occupied real estate 1 1,061 1 1,103 Total performing TDRs 3 $ 1,427 3 $ 1,479 Nonperforming TDRs Other construction and land 1 $ 34 1 $ 39 Total TDRs 4 $ 1,461 4 $ 1,518 |
Schedule of Loans Modified Under Terms of a TDR | Loans modified at below market rates During year ended December 31, 2014 Pre- Post- Modification Modification Number Recorded Recorded of Loans Balance Balance Other construction and land 1 $ 40 $ 39 1-4 family residential mortgage 1 156 155 Total loans modified during the period 2 $ 196 $ 194 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Loan Losses [Abstract] | |
Summary of Transactions in Allowance for Loan Losses | 2015 2014 Balance, beginning of period $ 3,164 $ 3,360 Loans charged off (141 ) (551) Recoveries 81 49 Net charge-offs (60 ) (502 ) Provision for loan losses 463 306 Balance, December 31 $ 3,567 $ 3,164 |
Internal Risk Rating Grades | Special Sub- December 31, 2015 Excellent Good Pass Mention standard Doubtful TOTAL Commercial Commercial and industrial - organic $ 1,238 $ 30,221 $ 15,700 $ 25 $ 31 $ - $ 47,215 Commercial and industrial - syndicated - - 20,691 - 2,962 - 23,653 Real estate construction Residential construction - - 2,178 - - - 2,178 Other construction and land - - 15,591 515 627 - 16,733 Real estate mortgages 1-4 family residential - 1,500 60,801 650 593 - 63,544 Home equity lines of credit - - 27,517 - 82 - 27,599 Multifamily - - 20,209 - - - 20,209 Commercial owner occupied - - 65,497 - 747 - 66,244 Commercial non-owner occupied - - 89,619 1,061 1,125 - 91,805 Consumer Consumer revolving credit 104 16,524 540 - 6 - 17,174 Consumer all other credit 232 10,063 1,319 - 41 - 11,655 Student loans purchased - - 35,655 - - - 35,655 Total Loans $ 1,574 $ 58,308 $ 355,317 $ 2,251 $ 6,214 $ - $ 423,664 Special Sub- December 31, 2014 Excellent Good Pass Mention standard Doubtful TOTAL Commercial Commercial and industrial - organic $ 3,579 $ 23,261 $ 18,487 $ 64 $ 734 $ - $ 46,125 Commercial and industrial - syndicated - - 14,815 - - - 14,815 Real estate construction Residential construction - - 337 - - - 337 Other construction and land - - 10,903 507 165 - 11,575 Real estate mortgages 1-4 family residential - 1,910 56,968 455 829 - 60,162 Home equity lines of credit - - 25,411 - 87 - 25,498 Multifamily - - 26,462 - - - 26,462 Commercial owner occupied - - 58,890 - 1,978 - 60,868 Commercial non-owner occupied - - 54,012 - - - 54,012 Consumer Consumer revolving credit 34 3,054 332 - 8 - 3,428 Consumer all other credit 200 7,856 1,867 - 49 - 9,972 Total Loans $ 3,813 $ 36,081 $ 268,484 $ 1,026 $ 3,850 $ - $ 313,254 |
Allowance for Loan Losses Rollforward by Portfolio Segment | Allowance for Loan Losses Rollforward by Portfolio Segment as of and for the year ended December 31, 2015 Real Estate Commercial Construction Real Estate Consumer Loans and Land Mortgages Loans Total Allowance for Loan Losses: Balance as of January 1, 2015 $ 674 $ 102 $ 2,360 $ 28 $ 3,164 Charge-offs (126 ) - (12 ) (3 ) (141 ) Recoveries 35 - 46 - 81 Provision for (recovery of) loan losses 214 57 198 (6 ) 463 Ending Balance $ 797 $ 159 $ 2,592 $ 19 $ 3,567 Ending Balance: Individually evaluated for impairment $ - $ - $ - $ - $ - Collectively evaluated for impairment 797 159 2,592 19 3,567 Loans: Individually evaluated for impairment $ - $ 59 $ 1,560 $ - $ 1,619 Collectively evaluated for impairment 70,868 18,852 267,841 64,484 422,045 Ending Balance: $ 70,868 $ 18,911 $ 269,401 $ 64,484 $ 423,664 As of and for the year ended December 31, 2014 Real Estate Commercial Construction Real Estate Consumer Loans and Land Mortgages Loans Total Allowance for Loan Losses: Balance as of January 1, 2014 $ 340 $ 198 $ 2,788 $ 34 $ 3,360 Charge-offs (286 ) - (262 ) (3) (551 ) Recoveries 32 - 10 7 49 Provision for (recovery of) loan losses 588 (96) (176) (10 ) 306 Ending Balance $ 674 $ 102 $ 2,360 $ 28 $ 3,164 Ending Balance: Individually evaluated for impairment $ - $ - $ - $ - $ - Collectively evaluated for impairment 674 102 2,360 28 3,164 Loans: Individually evaluated for impairment $ - $ 69 $ 1,628 $ - $ 1,697 Collectively evaluated for impairment 60,940 11,843 225,374 13,400 311,557 Ending Balance: $ 60,940 $ 11,912 $ 227,002 $ 13,400 $ 313,254 |
Other Real Estate Owned) (Table
Other Real Estate Owned) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Owned [Abstract] | |
Schedule of Changes in Balance for OREO | December 31, 2015 December 31, 2014 Balance at beginning of year, gross $ 2,114 $ 3,133 Transfer from loans - 244 Previously recognized impairment losses on disposition (1,129 ) (101 ) Net loss on sale of property - (27 ) Sales proceeds (985 ) (1,135 ) Balance at end of year, gross $ - $ 2,114 Less: valuation allowance - (937 ) Balance at end of year, net $ - $ 1,177 |
Schedule of Changes in Valuation Allowance for OREO | December 31, 2015 December 31, 2014 Balance at beginning of year $ 937 $ 761 Valuation allowance 192 277 Charge-offs (1,129 ) (101 ) Balance at end of year $ - $ 937 |
Premises and Equipment) (Tables
Premises and Equipment) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Summary of Premises and Equipment | December 31, 2015 December 31, 2014 Leasehold improvements $ 15,307 $ 15,703 Building and land 1,215 1,215 Construction and fixed assets in progress 14 110 Furniture and equipment 5,941 5,683 Computer software 1,996 1,875 $ 24,473 $ 24,586 Less: accumulated depreciation and amortization 15,805 15,121 $ 8,668 $ 9,465 |
Schedule of future minimum rental payments required under non-cancelable operating leases | 2016 $ 804 2017 735 2018 677 2019 597 2020 600 Thereafter 2,668 $ 6,081 |
Deposits) (Tables)
Deposits) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Schedule of Maturities of Time Deposits | 2016 $ 102,687 2017 3,389 2018 915 2019 778 2020 849 $ 108,618 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Net Deferred Tax Assets | 2015 2014 Deferred tax assets: Allowance for loan losses $ 1,130 $ 970 Non-accrual loan interest 8 5 Stock option/grant expense 240 316 Start-up expenses 56 60 Home equity closing costs 63 66 OREO valuation allowance - 319 Deferred compensation expense 14 14 Securities available for sale unrealized loss 61 - Depreciation 610 696 $ 2,182 $ 2,446 Deferred tax liabilities: Securities available for sale unrealized gain $ - $ 23 Deferred loan costs 106 57 106 80 Net deferred tax assets $ 2,076 $ 2,366 |
Schedule of Provision for Income Taxes | 2015 2014 Current tax expense $ 824 $ 517 Deferred tax expense (benefit) 373 (61 ) Provision for income taxes $ 1,197 $ 456 |
Schedule of Effective Income Tax Rate Reconciliation, Amount | 2015 2014 Federal statutory rate 34 34 Computed statutory tax expense $ 1,468 $ 800 Increase (decrease) in tax resulting from: Tax-exempt interest income (148 ) (169 ) Tax-exempt income from Bank Owned Life Insurance (BOLI) (150 ) ( 149 ) Stock option expense 10 14 Other 17 (40 ) Provision for income taxes $ 1,197 $ 456 |
Financial Instruments With Of39
Financial Instruments With Off-Balance Sheet Risk and Credit Risk) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments With Off-Balance Sheet Risk and Credit Risk [Abstract] | |
Schedule of Financial Instruments with Credit Risk | Notional Amount December 31, 2015 December 31, 2014 Unfunded lines-of-credit $ 106,389 $ 80,589 ACH 15,219 16,316 Letters of credit 6,493 5,034 Total $ 128,101 $ 101,939 |
Capital Requirements) (Tables)
Capital Requirements) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital Requirements [Abstract] | |
Schedule of Company's and Bank's Actual Capital Amounts and Ratios | December 31, 2015 Minimum To Be Well Capitalized Minimum Capital Under Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio Total Capital (To Risk Weighted Assets) Consolidated $ 59,982 13.39 % $ 35,824 8.00 % N/A N/A Bank $ 58,606 13.10 % $ 35,779 8.00 % $ 44,724 10.00 % Common Equity Tier 1 Capital (To Risk Weighted Assets) Consolidated $ 56,415 12.60 % $ 20,151 4.50 % N/A N/A Bank $ 55,039 12.31 % $ 20,126 4.50 % $ 29,071 6.50 % Tier 1 Capital (To Risk Weighted Assets) Consolidated $ 56,415 12.60 % $ 26,868 6.00 % N/A N/A Bank $ 55,039 12.31 % $ 26,835 6.00 % $ 35,779 8.00 % Tier 1 Capital (To Average Assets) Consolidated $ 56,415 10.05 % $ 22,462 4.00 % N/A N/A Bank $ 55,039 9.81 % $ 22,439 4.00 % $ 28,048 5.00 % December 31, 2014 Minimum To Be Well Capitalized Minimum Capital Under Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio Total Capital (To Risk Weighted Assets) Consolidated $ 63,752 17.87 % $ 28,538 8.00 % N/A N/A Bank $ 52,505 15.63 % $ 28,490 8.00 % $ 35,612 10.00 % Tier 1 Capital (To Risk Weighted Assets) Consolidated $ 60,588 16.98 % $ 14,269 4.00 % N/A N/A Bank $ 55,669 14.74 % $ 14,245 4.00 % $ 21,367 6.00 % Tier 1 Capital (To Average Assets) Consolidated $ 60,588 11.38 % $ 21,305 4.00 % N/A N/A Bank $ 55,669 9.86 % $ 21,296 4.00 % $ 26,620 5.00 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Schedule of Available for Sale Securities Measured at Fair Value on a Recurring Basis | Fai r Value Measurements at December 31, 2015 Using: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) Assets: U.S. Government agencies $ 11,378 $ - $ 11,378 $ - Corporate bonds 5,964 - 5,964 - Mortgage-backed securities/CMOs 36,687 - 36,687 - Municipal bonds 20,772 - 20,772 - Total securities available for sale $ 74,801 $ - $ 74,801 $ - Fair Value Measurements at December 31, 2014 Using: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) Assets: U.S. Government agencies $ 31,528 $ - $ 31,528 $ - Corporate bonds 21,276 - 21,276 - Asset-backed securities 2,105 - 2,105 - Mortgage-backed securities/CMOs 63,220 - 63,220 - Municipal bonds 23,687 - 23,687 - Total securities available for sale $ 141,816 $ - $ 141,816 $ - |
Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis | Fair Value Measurements at December 31, 2014 Using: Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) Assets: Other Real Estate Owned $ 1,177 $ - $ - $ 1,177 |
Schedule of the Carrying Values and Estimated Fair Values of the Bank's Financial Instruments | Fair Value Measurement at December 31, 2015 using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Carrying value Level 1 Level 2 Level 3 Fair Value Assets Cash and cash equivalent $ 43,527 $ 43,527 $ - $ - $ 43,527 Securities 74,801 - 74,801 - 74,801 Loans, net 420,097 - - 418,774 418,774 Bank owned life insurance 13,476 - 13,476 - 13,476 Accrued interest receivable 1,611 - 369 1,242 1,611 Liabilities Demand deposits and interest-bearing transaction and money market accounts $ 377,849 $ - $ 377,849 $ - $ 377,849 Certificates of deposit 108,618 - 108,578 - 108,578 Securities sold under agreements to repurchase 23,156 - 23,156 - 23,156 Accrued interest payable 106 - 106 - 106 Fair Value Measurement at December 31, 2014 using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Inputs Inputs Carrying value Level 1 Level 2 Level 3 Fair Value Assets Cash and cash equivalent $ 54,107 $ 54,107 $ - $ - $ 54,107 Securities 141,816 - 141,816 - 141,816 Loans, net 310,090 - - 310,806 310,806 Bank owned life insurance 13,034 - 13,034 - 13,034 Accrued interest receivable 1,296 - 566 730 1,296 Liabilities Demand deposits and interest-bearing transaction and money market accounts $ 339,625 $ - $ 339,625 $ - $ 339,625 Certificates of deposit 117,094 - 117,189 - 117,189 Securities sold under agreements to repurchase 17,995 - 17,995 - 17,995 Accrued interest payable 117 - 117 - 117 |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Expenses [Abstract] | |
Schedule of Other Expenses | December 31, 2015 December 31, 2014 ATM, debit and credit card $ 301 $ 349 Bank franchise tax 381 328 Computer software 332 330 Data processing 1,049 1,025 FDIC deposit insurance assessment 351 268 Marketing, advertising and promotion 505 774 Net OREO write downs and expenses 231 345 Professional fees 544 696 Other 1,345 1,486 $ 5,039 $ 5,601 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock Incentive Plans [Abstract] | |
Schedule of Shares Issued and Available Under Stock Incentive Plans | 2003 Plan 2005 Plan 2014 Plan Aggregate shares issuable 128,369 230,000 250,000 Options issued, net of forfeited and expired options (108,054) (124,547) - Cancelled due to Plan expiration (20,315) (105,453) - Remaining available for grant - - 250,000 Grants issued and outstanding: Total vested and unvested shares 30,214 121,904 - Fully vested shares 30,214 115,654 - Exercise price range $ 15.65 18.26 $ 11.74 36.74 N/A |
Summary of Stock Option Activity | December 31, 2015 Weighted Average Aggregate Number of Options Exercise Price Intrinsic Value Outstanding at January 1, 2015 180,796 $ 25.86 $ 271 Exercised (1,250) 18.10 Expired (18,400 ) 31.21 Forfeited (9,028 ) 24.46 Outstanding at December 31, 2015 152,118 $ 25.36 $ 354 Options exercisable at December 31, 2015 145,868 $ 25.72 $ 309 |
Schedule of Options Outstanding and Exercisable, by Exercise Price Range | Weighted-Average Weighted Weighted- Remaining Average Exercise Average Exercise Exercise Price Options Outstanding Contractual Life Options Exercisable $ 11.74 20.00 45,764 4.5 $ 17.17 39,514 $ 17.22 $ 20.01 30.00 58,514 2.2 24.83 58,514 24.83 $ 30.01 36.74 47,840 0.6 33.83 47,840 33.83 Total 152,118 2.4 $ 25.36 145,868 $ 25.72 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per Share [Abstract] | |
Schedule of weighted average number of shares used in computing earnings per share | December 31, 2015 December 31, 2014 Weighted Per Weighted Per Average Share Average Share Net Income Shares Amount Net Income Shares Amount Basic earnings per share $ 3,121 2,531,964 $ 1.23 $ 1,898 2,695,426 $ 0.70 Effect of dilutive stock options 12,427 - 11,533 - Diluted earnings per share $ 3,121 2,544,391 $ 1.23 $ 1,898 2,706,959 $ 0.70 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income [Abstract] | |
Schedule of Comprehensive Income | December 31, December 31, 2015 2014 Available-for-sale securities Realized gains on sale of securities $ 104 $ 24 Tax effect (35 ) (8 ) Realized gains, net of tax $ 69 $ 16 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | 2015 Bank VNB Wealth Consolidated Net interest income $ 16,281 $ 27 $ 16,308 Provision for loan losses 463 - 463 Non-interest income 3,015 1,856 4,871 Non-interest expense 13,463 2,935 16,398 Income (loss) before income taxes 5,370 (1,052 ) 4,318 Provision for (benefit of) income taxes 1,550 (353 ) 1,197 Net income (loss) $ 3,820 $ (699 ) $ 3,121 Total assets $ 557,685 $ 9,806 $ 567,491 2014 Bank VNB Wealth Consolidated Net interest income $ 14,422 $ 32 $ 14,454 Provision for loan losses 306 - 306 Non-interest income 2,614 2,983 5,597 Non-interest expense 14,576 2,815 17,391 Income before income taxes 2,154 200 2,354 Provision for income taxes 383 73 456 Net income $ 1,771 $ 127 $ 1,898 Total assets $ 526,458 $ 10,595 $ 537,053 |
Condensed Parent Company Fina47
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Parent Company Financial Statements [Abstract] | |
Balance sheet | BALANCE SHEETS December 31, 2015 December 31, 2014 ASSETS Cash and due from banks $ 1,099 $ 7,713 Investment securities 64 64 Investments in subsidiary 54,921 52,549 Other assets 488 541 Total assets $ 56,572 $ 60,867 LIABILITIES & SHAREHOLDERS' EQUITY Other liabilities $ 275 $ 235 Stockholders' equity 56,297 60,632 Total liabilities and stockholders' equity $ 56,572 $ 60,867 |
Statement of income | STATEMENTS OF INCOME For the years ended December 31, 2015 December 31, 2014 Dividends from subsidiary $ 965 $ 788 Noninterest expense 558 449 Income before income taxes $ 407 $ 339 Income tax (benefit) (180 ) (202) Income before equity in undistributed earnings of subsidiary $ 587 $ 541 Equity in undistributed earnings of subsidiary 2,534 1,357 Net income $ 3,121 $ 1,898 |
Statement of cash flow | STATEMENTS OF CASH FLOWS For the years ended December 31, 2015 December 31, 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 3,121 $ 1,898 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (2,534) (1,357) Deferred tax benefit (79) (375) Stock option & stock grant expense 30 52 Decrease (increase) in other assets 57 (122) Increase in other liabilities 2 1 Net cash provided from operating activities 597 97 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of restricted securities - (64) Net cash used in investing activities - (64) CASH FLOWS FROM FINANCING ACTIVITIES Stock options exercised or expired 22 180 Stock purchased under stock repurchase plan (6,342) (262) Dividends paid (891) (674) Net cash used in financing activities (7,211) (756) NET DECREASE IN CASH AND CASH EQUIVALENTS (6,614) (723) CASH AND CASH EQUIVALENTS Beginning of period 7,713 8,436 End of period $ 1,099 $ 7,713 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details) - USD ($) | Feb. 01, 2016 | Jul. 18, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 15, 2016 | Sep. 22, 2014 |
Summary of Significant Accounting Policies [Abstract] | ||||||
Shares of common stock authorized | 10,000,000 | 10,000,000 | ||||
Shares of common stock, par value per share | $ 2.50 | $ 2.50 | ||||
Preferred stock authorized | 2,000,000 | 2,000,000 | ||||
Preferred stock, par value per share | $ 2.50 | $ 2.50 | ||||
Authorized stock repurchase | 400,000 | |||||
Preferred stock, outstanding | ||||||
Organization and Significant Accounting Policies [Line Items] | ||||||
Held to maturity | $ 0 | $ 0 | ||||
Subsequent Event [Member] | ||||||
Organization and Significant Accounting Policies [Line Items] | ||||||
Fair market value of the Purchased Relationships | $ 31,500,000 | |||||
Senior Wealth Advisor for VNBTrust [Member] | Subsequent Event [Member] | ||||||
Organization and Significant Accounting Policies [Line Items] | ||||||
Purchase price | $ 1,200,000 | |||||
Purchase price repayment term | 5 years | |||||
Minimum [Member] | ||||||
Organization and Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of assets | 3 years | |||||
Maximum [Member] | ||||||
Organization and Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of assets | 20 years | |||||
SRCM Holdings LLC [Member] | ||||||
Organization and Significant Accounting Policies [Line Items] | ||||||
Gain from the sale | $ 302,000 | |||||
VNBTrust, National Association [Member] | SRCM Holdings LLC [Member] | ||||||
Organization and Significant Accounting Policies [Line Items] | ||||||
Period for which counterparty to agreement will pay quarterly payments | 10 years | |||||
Acquisitions royalty payments as percentage of the management and performance fee revenue received by counterparty from limited partners of the Fund | 20.00% | |||||
Acquisitions royalty payments as percentage of the management and performance fee revenue received by counterparty for opened accounts within 30 days of the Closing Date | 20.00% | |||||
Ongoing referral payments percentage of the management and performance fee revenue received by counterparty from from clients referred by the Company and its affiliates | 20.00% |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Values of Securities Available for Sale) (Details)) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for Sale | ||
Amortized Cost | $ 74,979 | $ 141,749 |
Gross Unrealized Gains | 447 | 870 |
Gross Unrealized (Losses) | (625) | (803) |
Available for Sale, Fair Value | 74,801 | 141,816 |
U.S. Government agencies [Member] | ||
Available for Sale | ||
Amortized Cost | 11,260 | 31,189 |
Gross Unrealized Gains | 137 | 395 |
Gross Unrealized (Losses) | (19) | (56) |
Available for Sale, Fair Value | 11,378 | 31,528 |
Corporate bonds [Member] | ||
Available for Sale | ||
Amortized Cost | $ 6,027 | 21,373 |
Gross Unrealized Gains | 21 | |
Gross Unrealized (Losses) | $ (63) | (118) |
Available for Sale, Fair Value | 5,964 | 21,276 |
Asset-backed securities [Member] | ||
Available for Sale | ||
Amortized Cost | $ 2,133 | |
Gross Unrealized Gains | ||
Gross Unrealized (Losses) | $ (28) | |
Available for Sale, Fair Value | 2,105 | |
Mortgage-backed securities/CMOs [Member] | ||
Available for Sale | ||
Amortized Cost | 37,077 | 63,327 |
Gross Unrealized Gains | 60 | 297 |
Gross Unrealized (Losses) | (450) | (404) |
Available for Sale, Fair Value | 36,687 | 63,220 |
Municipal bonds [Member] | ||
Available for Sale | ||
Amortized Cost | 20,615 | 23,727 |
Gross Unrealized Gains | 250 | 157 |
Gross Unrealized (Losses) | (93) | (197) |
Available for Sale, Fair Value | $ 20,772 | $ 23,687 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | |
Schedule of Investments [Line Items] | ||
Held to maturity | $ 0 | $ 0 |
Restricted securities, at cost | 1,681,000 | 1,565,000 |
Proceeds from the sales and calls of securities | 46,500,000 | 7,500,000 |
Gains on sales of securities | 104,000 | 24,000 |
Proceeds from calls of additional securities | 25,900,000 | |
Gains on sales of additional securities | 60,000 | |
Securities pledged to secure deposits and for other purposes required by law | 42,200,000 | 23,800,000 |
Held to maturity, Fair value | $ 0 | $ 0 |
Number of securities designated as available for sale securities having unrealized loss | item | 42 | |
Mortgage-backed securities/CMOs [Member] | ||
Schedule of Investments [Line Items] | ||
Number of securities designated as available for sale securities having unrealized loss | item | 27 | |
Municipal bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of securities rated with AA or higher ratings | 79.00% | |
Percentage of securities as general obligation bonds with issuers that are geographically diverse | 74.00% | |
Number of securities designated as available for sale securities having unrealized loss | item | 9 | |
Corporate bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Number of securities designated as available for sale securities having unrealized loss | item | 5 | |
Other security [Member] | ||
Schedule of Investments [Line Items] | ||
Gains on sales of securities | $ 44,000 | |
Agency note [Member] | ||
Schedule of Investments [Line Items] | ||
Number of securities designated as available for sale securities having unrealized loss | item | 1 |
Securities (Schedule of Unreali
Securities (Schedule of Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Loss Position of Less Than 12 Months, Fair value | $ 29,755 | $ 27,731 |
Continuous Unrealized Loss Position of 12 Months or More, Fair value | 12,392 | 41,416 |
Total, Fair value | 42,147 | 69,147 |
Continuous Unrealized Loss Position of Less Than 12 Months, Unrealized losses | (306) | (177) |
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses | (319) | (626) |
Total, Unrealized losses | $ (625) | (803) |
U.S. Government agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Loss Position of Less Than 12 Months, Fair value | 6,375 | |
Continuous Unrealized Loss Position of 12 Months or More, Fair value | $ 980 | 966 |
Total, Fair value | $ 980 | 7,341 |
Continuous Unrealized Loss Position of Less Than 12 Months, Unrealized losses | (21) | |
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses | $ (19) | (35) |
Total, Unrealized losses | (19) | (56) |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Loss Position of Less Than 12 Months, Fair value | $ 5,964 | 13,213 |
Continuous Unrealized Loss Position of 12 Months or More, Fair value | 3,032 | |
Total, Fair value | $ 5,964 | 16,245 |
Continuous Unrealized Loss Position of Less Than 12 Months, Unrealized losses | $ (63) | (102) |
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses | (16) | |
Total, Unrealized losses | $ (63) | (118) |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Loss Position of Less Than 12 Months, Fair value | 98 | |
Continuous Unrealized Loss Position of 12 Months or More, Fair value | 2,007 | |
Total, Fair value | $ 2,105 | |
Continuous Unrealized Loss Position of Less Than 12 Months, Unrealized losses | ||
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses | $ (28) | |
Total, Unrealized losses | (28) | |
Mortgage-backed/CMOs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Loss Position of Less Than 12 Months, Fair value | 21,003 | 6,276 |
Continuous Unrealized Loss Position of 12 Months or More, Fair value | 9,504 | 25,081 |
Total, Fair value | 30,507 | 31,357 |
Continuous Unrealized Loss Position of Less Than 12 Months, Unrealized losses | (212) | (35) |
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses | (238) | (369) |
Total, Unrealized losses | (450) | (404) |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Loss Position of Less Than 12 Months, Fair value | 2,788 | 1,769 |
Continuous Unrealized Loss Position of 12 Months or More, Fair value | 1,908 | 10,330 |
Total, Fair value | 4,696 | 12,099 |
Continuous Unrealized Loss Position of Less Than 12 Months, Unrealized losses | (31) | (19) |
Continuous Unrealized Loss Position of 12 Months or More, Unrealized losses | (62) | (178) |
Total, Unrealized losses | $ (93) | $ (197) |
Securities (Schedule of Amortiz
Securities (Schedule of Amortized Cost and Fair Values of Securities Available For Sale Based upon Contractual Maturities and by Major Investment Categories) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Amortized Cost | |
Total Securities Available for Sale | $ 74,979 |
Fair Value | |
Total Securities Available for Sale | 74,801 |
U.S. Government agencies [Member] | |
Amortized Cost | |
One year or less | 5,007 |
After one year to five years | 3,309 |
After five years to ten years | 2,944 |
Total Securities Available for Sale | 11,260 |
Fair Value | |
One year or less | 5,028 |
After one year to five years | 3,367 |
After five years to ten years | 2,983 |
Total Securities Available for Sale | 11,378 |
Corporate bonds [Member] | |
Amortized Cost | |
After one year to five years | 4,040 |
After five years to ten years | 1,987 |
Total Securities Available for Sale | 6,027 |
Fair Value | |
After one year to five years | 4,012 |
After five years to ten years | 1,952 |
Total Securities Available for Sale | 5,964 |
Mortgage-backed/CMOs [Member] | |
Amortized Cost | |
After one year to five years | 555 |
After five years to ten years | 9,969 |
Ten years or more | 26,553 |
Total Securities Available for Sale | 37,077 |
Fair Value | |
After one year to five years | 548 |
After five years to ten years | 9,892 |
Ten years or more | 26,247 |
Total Securities Available for Sale | 36,687 |
Municipal bonds [Member] | |
Amortized Cost | |
One year or less | 105 |
After one year to five years | 2,097 |
After five years to ten years | 11,286 |
Ten years or more | 7,127 |
Total Securities Available for Sale | 20,615 |
Fair Value | |
One year or less | 105 |
After one year to five years | 2,110 |
After five years to ten years | 11,427 |
Ten years or more | 7,130 |
Total Securities Available for Sale | $ 20,772 |
Loans (Schedule of Composition
Loans (Schedule of Composition of Loan Portfolio by Loan Classification) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 423,664 | $ 313,254 |
Allowance for loan losses | (3,567) | (3,164) |
Total loans, net | 420,097 | 310,090 |
Commercial and industrial - organic [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 47,215 | 46,125 |
Commercial and industrial - syndicated [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 23,653 | 14,815 |
Total commercial and industrial loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 70,868 | 60,940 |
Residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,178 | 337 |
Other construction and land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 16,733 | 11,575 |
Total construction and land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 18,911 | 11,912 |
1-4 family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 63,544 | 60,162 |
Home equity lines of credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 27,599 | 25,498 |
Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 20,209 | 26,462 |
Commercial owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 66,244 | 60,868 |
Commercial non-owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 91,805 | 54,012 |
Total real estate mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 269,401 | 227,002 |
Consumer revolving credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 17,174 | 3,428 |
Consumer all other credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 11,655 | $ 9,972 |
Student loans purchased [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 35,655 | |
Total Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 64,484 | $ 13,400 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | ||
Dec. 31, 2015USD ($)item | Jun. 30, 2015item | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 423,664,000 | $ 313,254,000 | |
Deposit account overdrafts | $ 38,000 | 53,000 | |
Other real estate owned, net of valuation allowance | 1,177,000 | ||
Commercial owner occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 66,244,000 | 60,868,000 | |
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 18,911,000 | 11,912,000 | |
Total Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 64,484,000 | $ 13,400,000 | |
Student loans purchased [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of student loans purchased included in consumer loans package | item | 2 | 2 | |
Total loans | $ 35,655,000 |
Loans (Schedule of Activity in
Loans (Schedule of Activity in Related Party Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Activity in related party loans | ||
Balance outstanding at the beginning of period | $ 10,841 | $ 6,526 |
Principal additions | 10,445 | 8,043 |
Principal reductions | (9,730) | (3,728) |
Balance outstanding at the end of period | $ 11,556 | $ 10,841 |
Loans (Non-Accrual Loans by Loa
Loans (Non-Accrual Loans by Loan Classification) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total nonaccrual loans | $ 191 | $ 218 |
Other construction and land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total nonaccrual loans | 59 | 69 |
1-4 family residential mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total nonaccrual loans | $ 132 | $ 149 |
Loans (Schedule of Aging of Pas
Loans (Schedule of Aging of Past Due Loans) (Details) $ in Thousands | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of loans which are 90 days or more past due | item | 0 | |
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 1,323 | $ 73 |
Current | 422,341 | 313,181 |
Total Loans | $ 423,664 | $ 313,254 |
90 Days Past Due and Still Accruing | ||
30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 1,245 | $ 19 |
60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 78 | $ 54 |
90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial and industrial - organic [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 251 | $ 6 |
Current | 46,964 | 46,119 |
Total Loans | $ 47,215 | $ 46,125 |
90 Days Past Due and Still Accruing | ||
Commercial and industrial - organic [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 211 | $ 6 |
Commercial and industrial - organic [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 40 | |
Commercial and industrial - organic [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial and industrial - syndicated [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Current | $ 23,653 | $ 14,815 |
Total Loans | $ 23,653 | $ 14,815 |
90 Days Past Due and Still Accruing | ||
Commercial and industrial - syndicated [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial and industrial - syndicated [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial and industrial - syndicated [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Residential construction [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Current | $ 2,178 | $ 337 |
Total Loans | $ 2,178 | $ 337 |
90 Days Past Due and Still Accruing | ||
Residential construction [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Residential construction [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Residential construction [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Other construction and land [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 7 | |
Current | 16,726 | $ 11,575 |
Total Loans | $ 16,733 | $ 11,575 |
90 Days Past Due and Still Accruing | ||
Other construction and land [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 7 | |
Other construction and land [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Other construction and land [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Total construction and land [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Loans | $ 18,911 | $ 11,912 |
1-4 family residential [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | 192 | 24 |
Current | 63,352 | 60,138 |
Total Loans | $ 63,544 | $ 60,162 |
90 Days Past Due and Still Accruing | ||
1-4 family residential [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 156 | |
1-4 family residential [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 36 | $ 24 |
1-4 family residential [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Home equity lines of credit [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Current | $ 27,599 | $ 25,498 |
Total Loans | $ 27,599 | $ 25,498 |
90 Days Past Due and Still Accruing | ||
Home equity lines of credit [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Home equity lines of credit [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Home equity lines of credit [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Multifamily [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Current | $ 20,209 | $ 26,462 |
Total Loans | $ 20,209 | $ 26,462 |
90 Days Past Due and Still Accruing | ||
Multifamily [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Multifamily [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Multifamily [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial owner occupied [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Current | $ 66,244 | $ 60,868 |
Total Loans | $ 66,244 | $ 60,868 |
90 Days Past Due and Still Accruing | ||
Commercial owner occupied [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial owner occupied [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial owner occupied [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial non-owner occupied real estate [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Current | $ 91,805 | $ 54,012 |
Total Loans | $ 91,805 | $ 54,012 |
90 Days Past Due and Still Accruing | ||
Commercial non-owner occupied real estate [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial non-owner occupied real estate [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Commercial non-owner occupied real estate [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Consumer revolving credit [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 1 | |
Current | $ 17,174 | 3,427 |
Total Loans | $ 17,174 | $ 3,428 |
90 Days Past Due and Still Accruing | ||
Consumer revolving credit [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 1 | |
Consumer revolving credit [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Consumer revolving credit [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Consumer all other credit [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 59 | $ 42 |
Current | 11,596 | 9,930 |
Total Loans | $ 11,655 | $ 9,972 |
90 Days Past Due and Still Accruing | ||
Consumer all other credit [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 58 | $ 12 |
Consumer all other credit [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 1 | $ 30 |
Consumer all other credit [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | ||
Total consumer [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Loans | $ 64,484 | $ 13,400 |
Student loans purchased [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | 814 | |
Current | 34,841 | |
Total Loans | $ 35,655 | |
90 Days Past Due and Still Accruing | ||
Student loans purchased [Member] | 30-59 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 813 | |
Student loans purchased [Member] | 60-89 Days Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due | $ 1 | |
Student loans purchased [Member] | 90 Days or More Past Due [Member] | ||
Past Due and Non-Accrual Loans | ||
Total Past Due |
Loans (Impaired Loans by Loan C
Loans (Impaired Loans by Loan Classification) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, with a valuation allowance | ||
Unpaid Principal Balance, with a valuation allowance | ||
Associated Allowance, with a valuation allowance | ||
Average Recorded Investment, with a valuation allowance | ||
Interest Income Recognized, with a valuation allowance | ||
Recorded Investment, total | $ 1,619 | $ 1,697 |
Unpaid Principal Balance, total | $ 1,688 | $ 1,757 |
Associated Allowance, total | ||
Average Recorded Investment, total | $ 1,833 | $ 1,736 |
Interest Income Recognized, total | $ 70 | 80 |
Commercial and industrial - organic [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, without a valuation allowance | ||
Unpaid Principal Balance, without a valuation allowance | ||
Associated Allowance, without a valuation allowance | ||
Average Recorded Investment, without a valuation allowance | $ 4 | |
Interest Income Recognized, without a valuation allowance | ||
Other construction and land [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, without a valuation allowance | $ 59 | 69 |
Unpaid Principal Balance, without a valuation allowance | $ 103 | $ 109 |
Associated Allowance, without a valuation allowance | ||
Average Recorded Investment, without a valuation allowance | $ 64 | $ 79 |
Interest Income Recognized, without a valuation allowance | 1 | |
1-4 family residential mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, without a valuation allowance | 499 | 525 |
Unpaid Principal Balance, without a valuation allowance | $ 524 | $ 545 |
Associated Allowance, without a valuation allowance | ||
Average Recorded Investment, without a valuation allowance | $ 685 | $ 437 |
Interest Income Recognized, without a valuation allowance | 23 | 16 |
Home equity lines of credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, without a valuation allowance | 50 | |
Interest Income Recognized, without a valuation allowance | 3 | |
Commercial owner occupied real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, without a valuation allowance | 1,103 | |
Unpaid Principal Balance, without a valuation allowance | $ 1,103 | |
Associated Allowance, without a valuation allowance | ||
Average Recorded Investment, without a valuation allowance | $ 1,124 | |
Interest Income Recognized, without a valuation allowance | $ 60 | |
Commercial non-owner occupied real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, without a valuation allowance | 1,061 | |
Unpaid Principal Balance, without a valuation allowance | $ 1,061 | |
Associated Allowance, without a valuation allowance | ||
Average Recorded Investment, without a valuation allowance | $ 1,080 | $ 46 |
Interest Income Recognized, without a valuation allowance | $ 47 |
Loans (Schedule of Troubled Deb
Loans (Schedule of Troubled Debt Restructurings) (Details) $ in Thousands | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item |
Financing Receivable, Recorded Investment [Line Items] | ||
Number of loans | item | 4 | 4 |
Total Troubled Debt Restructurings | $ | $ 1,461 | $ 1,518 |
Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of loans | item | 3 | 3 |
Total Troubled Debt Restructurings | $ | $ 1,427 | $ 1,479 |
Performing [Member] | 1-4 family residential mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of loans | item | 2 | 2 |
Total Troubled Debt Restructurings | $ | $ 366 | $ 376 |
Performing [Member] | Commercial owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of loans | item | 1 | 1 |
Total Troubled Debt Restructurings | $ | $ 1,061 | $ 1,103 |
Nonperforming [Member] | Other construction and land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of loans | item | 1 | 1 |
Total Troubled Debt Restructurings | $ | $ 34 | $ 39 |
Loans (Schedule of Loans Modifi
Loans (Schedule of Loans Modified Under the Terms of a TDR) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($)item | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | item | 2 |
Pre-Modification Recorded Balance | $ 196 |
Post-Modification Recorded Balance | $ 194 |
Other construction and land [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | item | 1 |
Pre-Modification Recorded Balance | $ 40 |
Post-Modification Recorded Balance | $ 39 |
1-4 family residential mortgages [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | item | 1 |
Pre-Modification Recorded Balance | $ 156 |
Post-Modification Recorded Balance | $ 155 |
Allowance for Loan Losses (Past
Allowance for Loan Losses (Past Due Aging by Loan Classification) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | $ 3,164 | $ 3,360 |
Charge-offs | (141) | (551) |
Recoveries | 81 | 49 |
Net charge-offs | (60) | (502) |
Provision for loan losses | 463 | 306 |
Ending Balance | $ 3,567 | $ 3,164 |
Allowance for Loan Losses (Loan
Allowance for Loan Losses (Loan Portfolio Designated by the Internal Risk Ratings Assigned to Each Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 423,664 | $ 313,254 |
Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,574 | 3,813 |
Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 58,308 | 36,081 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 355,317 | 268,484 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,251 | 1,026 |
Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 6,214 | $ 3,850 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial and industrial - organic [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 47,215 | $ 46,125 |
Commercial and industrial - organic [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,238 | 3,579 |
Commercial and industrial - organic [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 30,221 | 23,261 |
Commercial and industrial - organic [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15,700 | 18,487 |
Commercial and industrial - organic [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25 | 64 |
Commercial and industrial - organic [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 31 | $ 734 |
Commercial and industrial - organic [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial and industrial - syndicated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 23,653 | $ 14,815 |
Commercial and industrial - syndicated [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial and industrial - syndicated [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial and industrial - syndicated [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 20,691 | $ 14,815 |
Commercial and industrial - syndicated [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial and industrial - syndicated [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 2,962 | |
Commercial and industrial - syndicated [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 2,178 | $ 337 |
Residential construction [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential construction [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 2,178 | $ 337 |
Residential construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential construction [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Other construction and land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 16,733 | $ 11,575 |
Other construction and land [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Other construction and land [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Other construction and land [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 15,591 | $ 10,903 |
Other construction and land [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 515 | 507 |
Other construction and land [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 627 | $ 165 |
Other construction and land [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
1-4 family residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 63,544 | $ 60,162 |
1-4 family residential [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
1-4 family residential [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,500 | $ 1,910 |
1-4 family residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 60,801 | 56,968 |
1-4 family residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 650 | 455 |
1-4 family residential [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 593 | $ 829 |
1-4 family residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Home equity lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 27,599 | $ 25,498 |
Home equity lines of credit [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Home equity lines of credit [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Home equity lines of credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 27,517 | $ 25,411 |
Home equity lines of credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Home equity lines of credit [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 82 | $ 87 |
Home equity lines of credit [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 20,209 | $ 26,462 |
Multifamily [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Multifamily [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 20,209 | $ 26,462 |
Multifamily [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Multifamily [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Multifamily [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial owner occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 66,244 | $ 60,868 |
Commercial owner occupied [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial owner occupied [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial owner occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 65,497 | $ 58,890 |
Commercial owner occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial owner occupied [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 747 | $ 1,978 |
Commercial owner occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial non-owner occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 91,805 | $ 54,012 |
Commercial non-owner occupied [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial non-owner occupied [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial non-owner occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 89,619 | $ 54,012 |
Commercial non-owner occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,061 | |
Commercial non-owner occupied [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,125 | |
Commercial non-owner occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Consumer revolving credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 17,174 | $ 3,428 |
Consumer revolving credit [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 104 | 34 |
Consumer revolving credit [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,524 | 3,054 |
Consumer revolving credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 540 | $ 332 |
Consumer revolving credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Consumer revolving credit [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 6 | $ 8 |
Consumer revolving credit [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Consumer all other credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 11,655 | $ 9,972 |
Consumer all other credit [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 232 | 200 |
Consumer all other credit [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,063 | 7,856 |
Consumer all other credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,319 | $ 1,867 |
Consumer all other credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Consumer all other credit [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 41 | $ 49 |
Consumer all other credit [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Student loans purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 35,655 | |
Student loans purchased [Member] | Excellent [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Student loans purchased [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Student loans purchased [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 35,655 | |
Student loans purchased [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Student loans purchased [Member] | Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Student loans purchased [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans |
Allowance for Loan Losses (Allo
Allowance for Loan Losses (Allowance for Credit Losses Rollforward by Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for loan losses: | ||
Beginning Balance | $ 3,164 | $ 3,360 |
Charge-offs | (141) | (551) |
Recoveries | 81 | 49 |
Provision for (recovery of) loan losses | 463 | 306 |
Ending Balance | $ 3,567 | $ 3,164 |
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | $ 3,567 | $ 3,164 |
Financing Receivables: | ||
Individually evaluated for impairment | 1,619 | 1,697 |
Collectively evaluated for impairment | 422,045 | 311,557 |
Ending Balance | 423,664 | 313,254 |
Commercial Loan [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 674 | 340 |
Charge-offs | (126) | (286) |
Recoveries | 35 | 32 |
Provision for (recovery of) loan losses | 214 | 588 |
Ending Balance | $ 797 | $ 674 |
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | $ 797 | $ 674 |
Financing Receivables: | ||
Individually evaluated for impairment | ||
Collectively evaluated for impairment | $ 70,868 | $ 60,940 |
Ending Balance | 70,868 | 60,940 |
Real Estate Construction [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | $ 102 | $ 198 |
Charge-offs | ||
Recoveries | ||
Provision for (recovery of) loan losses | $ 57 | $ (96) |
Ending Balance | $ 159 | $ 102 |
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | $ 159 | $ 102 |
Financing Receivables: | ||
Individually evaluated for impairment | 59 | 69 |
Collectively evaluated for impairment | 18,852 | 11,843 |
Ending Balance | 18,911 | 11,912 |
Real Estate Mortgage [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 2,360 | 2,788 |
Charge-offs | (12) | (262) |
Recoveries | 46 | 10 |
Provision for (recovery of) loan losses | 198 | (176) |
Ending Balance | $ 2,592 | $ 2,360 |
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | $ 2,592 | $ 2,360 |
Financing Receivables: | ||
Individually evaluated for impairment | 1,560 | 1,628 |
Collectively evaluated for impairment | 267,841 | 225,374 |
Ending Balance | 269,401 | 227,002 |
Total Consumer [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 28 | 34 |
Charge-offs | $ (3) | (3) |
Recoveries | 7 | |
Provision for (recovery of) loan losses | $ (6) | (10) |
Ending Balance | $ 19 | $ 28 |
Ending balance: Individually evaluated for impairment | ||
Ending balance: Collectively evaluated for impairment | $ 19 | $ 28 |
Financing Receivables: | ||
Individually evaluated for impairment | ||
Collectively evaluated for impairment | $ 64,484 | $ 13,400 |
Ending Balance | $ 64,484 | $ 13,400 |
Allowance for Loan Losses (Narr
Allowance for Loan Losses (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for Loan Losses [Abstract] | ||
Impaired loans | $ 1,619 | $ 1,697 |
Other Real Estate Owned (Narrat
Other Real Estate Owned (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
Other Real Estate Owned [Abstract] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 1,177,000 | |
Number of residential properties | item | 1 | 1 |
Other OREO expenses | $ 39,000 | $ 59,000 |
Other Real Estate Owned (Schedu
Other Real Estate Owned (Schedule of Changes in Balance for OREO) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate [Roll Forward] | |||
Balance at beginning of year, gross | $ 2,114 | $ 3,133 | |
Transfer from loans | 244 | ||
Previously recognized impairment losses on disposition | $ (1,129) | (101) | |
Net loss on sale of property | (27) | ||
Sales proceeds | $ (985) | (1,135) | |
Balance at end of year, gross | 2,114 | ||
Less: valuation allowance | (937) | $ (761) | |
Balance at end of year, net | $ 1,177 |
Other Real Estate Owned (Sche67
Other Real Estate Owned (Schedule of Changes in Valuation Allowance for OREO) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in the valuation allowance for OREO | ||
Balance at beginning of year | $ 937 | $ 761 |
Valuation allowance | 192 | 277 |
Charge-offs | $ (1,129) | (101) |
Balance at end of year | $ 937 |
Premises and Equipment (Summary
Premises and Equipment (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | $ 24,473 | $ 24,586 |
Less: accumulated depreciation and amortization | 15,805 | 15,121 |
Premises and equipment, net | 8,668 | 9,465 |
Leasehold improvements [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 15,307 | 15,703 |
Building and land [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 1,215 | 1,215 |
Construction and fixed assets in progress [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 14 | 110 |
Furniture and equipment [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 5,941 | 5,683 |
Computer software [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | $ 1,996 | $ 1,875 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating lease [Line Item] | ||
Rent expense | $ 961,000 | $ 940,000 |
Minimum [Member] | ||
Operating lease [Line Item] | ||
Lease term | 1 year | |
Maximum [Member] | ||
Operating lease [Line Item] | ||
Lease term | 20 years |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Future Minimum Rental Payments Under Operating Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Future minimum rental payments | |
2,016 | $ 804 |
2,017 | 735 |
2,018 | 677 |
2,019 | 597 |
2,020 | 600 |
Thereafter | 2,668 |
Total | $ 6,081 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $ 35,300,000 | $ 39,000,000 |
Brokered deposits | 17,200,000 | 18,700,000 |
Deposit account overdrafts | 38,000 | $ 53,000 |
Aggregate amount of related party deposits | $ 5,500,000 |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
2,016 | $ 102,687 | |
2,017 | 3,389 | |
2,018 | 915 | |
2,019 | 778 | |
2,020 | 849 | |
Total | $ 108,618 | $ 117,094 |
Income Taxes (Schedule of Net D
Income Taxes (Schedule of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,130 | $ 970 |
Non-accrual loan interest | 8 | 5 |
Stock option/grant expense | 240 | 316 |
Start-up expenses | 56 | 60 |
Home equity closing costs | $ 63 | 66 |
OREO valuation allowance | 319 | |
Deferred compensation expense | $ 14 | $ 14 |
Securities available for sale unrealized loss | 61 | |
Depreciation | 610 | $ 696 |
Deferred tax assets | $ 2,182 | 2,446 |
Deferred tax liabilities: | ||
Securities available for sale unrealized gain | 23 | |
Deferred loan costs | $ 106 | 57 |
Deferred tax liabilities | 106 | 80 |
Net deferred tax assets | $ 2,076 | $ 2,366 |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Provision for income taxes | ||
Current tax expense | $ 824 | $ 517 |
Deferred tax expense (benefit) | 373 | (61) |
Provision for income taxes | $ 1,197 | $ 456 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Federal statutory rate | 34.00% | 34.00% |
Computed statutory tax expense | $ 1,468 | $ 800 |
Increase (decrease) in tax resulting from: | ||
Tax-exempt interest income | (148) | (169) |
Tax-exempt income from Bank Owned Life Insurance (BOLI) | (150) | (149) |
Stock option expense | 10 | 14 |
Other | 17 | (40) |
Provision for income taxes | $ 1,197 | $ 456 |
Commitments and Contingent Li76
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingent Liabilities [Line Items] | ||
Daily average required balances | $ 0 | $ 0 |
Financial Instruments With Of77
Financial Instruments With Off-Balance Sheet Risk and Credit Risk (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Instruments With Off-Balance Sheet Risk and Credit Risk [Abstract] | ||
Commitment letters | $ 21,500,000 | $ 23,300,000 |
Commitment letters expiration period | 120 days | |
Deposits in other financial institutions in excess of amounts insured by the FDIC | $ 862,000 |
Financial Instruments With Of78
Financial Instruments With Off-Balance Sheet Risk and Credit Risk (Schedule of Financial Instruments with Credit Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Instruments with Credit Risk [Line Items] | ||
Notional Amount | $ 128,101 | $ 101,939 |
Unfunded lines-of-credit [Member] | ||
Financial Instruments with Credit Risk [Line Items] | ||
Notional Amount | 106,389 | 80,589 |
ACH [Member] | ||
Financial Instruments with Credit Risk [Line Items] | ||
Notional Amount | 15,219 | 16,316 |
Letters of credit [Member] | ||
Financial Instruments with Credit Risk [Line Items] | ||
Notional Amount | $ 6,493 | $ 5,034 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 5 Months Ended | 12 Months Ended | |
May. 19, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Line Items] | |||
Royalty income | $ 140,000 | $ 593,000 | |
Director [Member] | |||
Related Party Transactions [Line Items] | |||
Rental expenditures (including reimbursements for taxes, insurance, and other expenses) | $ 465,000 | ||
Number of common stock purchased under stock repurchase program | 23,285 | ||
Aggregate purchase price | $ 533,227 | ||
Swift Run Capital Management [Member] | |||
Related Party Transactions [Line Items] | |||
Ownership interest | 9.00% | ||
Number of common stock purchased under stock repurchase program | 190,152 | ||
Aggregate purchase price | $ 4,354,481 | ||
Share price (in dollars per share) | $ 22.90 | ||
Revenue from related parties | $ 58,000 | ||
Royalty income | $ 42,000 |
Capital Requirements (Schedule
Capital Requirements (Schedule of Company and Bank Actual Capital Amounts and Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total Capital, Amount | ||
Total Capital, Actual, Amount | $ 59,982 | $ 63,752 |
Total Capital, Minimum Capital Requirement, Amount | 35,824 | 28,538 |
Common Equity Tier 1 Capital, Amount | ||
Common Equity Tier 1 Capital, Actual, Amount | 56,415 | |
Common Equity Tier 1 Capital, Minimum Capital Requirement, Amount | 20,151 | |
Tier 1 Capital, Amount | ||
Tier 1 Capital, Actual, Amount | 56,415 | 60,588 |
Tier 1 Capital, Minimum Capital Requirement, Amount | 26,868 | 14,269 |
Tier 1 Capital, Amount | ||
Tier 1 Capital, Actual, Amount | 56,415 | 60,588 |
Tier 1 Capital, Minimum Capital Requirement, Amount | $ 22,462 | $ 21,305 |
Total Capital, Ratio | ||
Total Capital (To Risk Weighted Assets), Ratio | 13.39% | 17.87% |
Total Capital, Minimum Capital Requirement, Ratio | 8.00% | 8.00% |
Tier 1 Capital (To Risk Weighted Assets), Ratio | 12.60% | 16.98% |
Tier 1 Capital, Minimum Capital Requirement, Ratio | 6.00% | 4.00% |
Common Equity Tier 1 Capital, Ratio | ||
Common Equity Tier 1 Capital (To Risk Weighted Assets), Ratio | 12.60% | |
Common Equity Tier 1 Capital, Minimum Capital Requirement, Ratio | 4.50% | |
Tier 1 Capital, Ratio | ||
Tier 1 Capital (To Average Assets), Ratio | 10.05% | 11.38% |
Tier 1 Capital, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Total Capital, Amount | ||
Total Capital, Actual, Amount | $ 58,606 | $ 52,505 |
Total Capital, Minimum Capital Requirement, Amount | 35,779 | 28,490 |
Total Capital, Minimum To Be Well Capitalized Under Prompt Corrective, Amount | 44,724 | 35,612 |
Common Equity Tier 1 Capital, Amount | ||
Common Equity Tier 1 Capital, Actual, Amount | 55,039 | |
Common Equity Tier 1 Capital, Minimum Capital Requirement, Amount | 20,126 | |
Common Equity Tier 1 Capital, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 29,071 | |
Tier 1 Capital, Amount | ||
Tier 1 Capital, Actual, Amount | 55,039 | 55,669 |
Tier 1 Capital, Minimum Capital Requirement, Amount | 26,835 | 14,245 |
Tier 1 Capital, Minimum To Be Well Capitalized Under Prompt Corrective, Amount | 35,779 | 21,367 |
Tier 1 Capital, Amount | ||
Tier 1 Capital, Actual, Amount | 55,039 | 55,669 |
Tier 1 Capital, Minimum Capital Requirement, Amount | 22,439 | 21,296 |
Tier 1 Capital, Minimum To Be Well Capitalized Under Prompt Corrective, Amount | $ 28,048 | $ 26,620 |
Total Capital, Ratio | ||
Total Capital (To Risk Weighted Assets), Ratio | 13.10% | 15.63% |
Total Capital, Minimum Capital Requirement, Ratio | 8.00% | 8.00% |
Total Capital, Minimum To Be Well Capitalized Under Prompt Corrective, Ratio | 10.00% | 10.00% |
Tier 1 Capital (To Risk Weighted Assets), Ratio | 12.31% | 14.74% |
Tier 1 Capital, Minimum Capital Requirement, Ratio | 6.00% | 4.00% |
Tier 1 Capital, Minimum To Be Well Capitalized Under Prompt Corrective, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital, Ratio | ||
Common Equity Tier 1 Capital (To Risk Weighted Assets), Ratio | 12.31% | |
Common Equity Tier 1 Capital, Minimum Capital Requirement, Ratio | 4.50% | |
Common Equity Tier 1 Capital ,Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Tier 1 Capital, Ratio | ||
Tier 1 Capital (To Average Assets), Ratio | 9.81% | 9.86% |
Tier 1 Capital, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Tier 1 Capital, Minimum To Be Well Capitalized Under Prompt Corrective, Ratio | 5.00% | 5.00% |
Dividend Restrictions (Narrativ
Dividend Restrictions (Narrative) (Details) | Dec. 31, 2015USD ($) |
Dividend Restrictions [Abstract] | |
Amount available for cash dividends | $ 2,071,000 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 74,801 | $ 141,816 |
U.S. Government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 11,378 | 31,528 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 5,964 | 21,276 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 2,105 | |
Mortgage-backed securities/CMOs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 36,687 | 63,220 |
Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 20,772 | $ 23,687 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities/CMOs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 74,801 | $ 141,816 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 11,378 | 31,528 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 5,964 | 21,276 |
Significant Other Observable Inputs (Level 2) [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 2,105 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities/CMOs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 36,687 | 63,220 |
Significant Other Observable Inputs (Level 2) [Member] | Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 20,772 | $ 23,687 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Significant Unobservable Inputs (Level 3) [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities/CMOs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | ||
Significant Unobservable Inputs (Level 3) [Member] | Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis |
Fair Value Measurements (Asse83
Fair Value Measurements (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements [Abstract] | ||
Impaired loans | $ 1,619 | $ 1,697 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | $ 1,177 | |
Other Real Estate Owned [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | ||
Other Real Estate Owned [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | ||
Other Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | $ 1,177 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and cash equivalent | $ 43,527 | $ 54,107 |
Securities | ||
Loans, net | ||
Bank owned life insurance | ||
Accrued interest receivable | ||
Liabilities | ||
Demand deposits and interest-bearing transaction and money market accounts | ||
Certificates of deposit | ||
Securities sold under agreements to repurchase | ||
Accrued interest payable | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Cash and cash equivalent | ||
Securities | $ 74,801 | $ 141,816 |
Loans, net | ||
Bank owned life insurance | $ 13,476 | $ 13,034 |
Accrued interest receivable | 369 | 566 |
Liabilities | ||
Demand deposits and interest-bearing transaction and money market accounts | 377,849 | 339,625 |
Certificates of deposit | 108,578 | 117,189 |
Securities sold under agreements to repurchase | 23,156 | 17,995 |
Accrued interest payable | $ 106 | $ 117 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Cash and cash equivalent | ||
Securities | ||
Loans, net | $ 418,774 | $ 310,806 |
Bank owned life insurance | ||
Accrued interest receivable | $ 1,242 | $ 730 |
Liabilities | ||
Demand deposits and interest-bearing transaction and money market accounts | ||
Certificates of deposit | ||
Securities sold under agreements to repurchase | ||
Accrued interest payable | ||
Carrying Value [Member] | ||
Assets | ||
Cash and cash equivalent | $ 43,527 | $ 54,107 |
Securities | 74,801 | 141,816 |
Loans, net | 420,097 | 310,090 |
Bank owned life insurance | 13,476 | 13,034 |
Accrued interest receivable | 1,611 | 1,296 |
Liabilities | ||
Demand deposits and interest-bearing transaction and money market accounts | 377,849 | 339,625 |
Certificates of deposit | 108,618 | 117,094 |
Securities sold under agreements to repurchase | 23,156 | 17,995 |
Accrued interest payable | 106 | 117 |
Fair Value [Member] | ||
Assets | ||
Cash and cash equivalent | 43,527 | 54,107 |
Securities | 74,801 | 141,816 |
Loans, net | 418,774 | 310,806 |
Bank owned life insurance | 13,476 | 13,034 |
Accrued interest receivable | 1,611 | 1,296 |
Liabilities | ||
Demand deposits and interest-bearing transaction and money market accounts | 377,849 | 339,625 |
Certificates of deposit | 108,578 | 117,189 |
Securities sold under agreements to repurchase | 23,156 | 17,995 |
Accrued interest payable | $ 106 | $ 117 |
Other Expenses (Schedule of Oth
Other Expenses (Schedule of Other Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Expenses [Abstract] | ||
ATM, debit and credit card | $ 301 | $ 349 |
Bank franchise tax | 381 | 328 |
Computer software | 332 | 330 |
Data processing | 1,049 | 1,025 |
FDIC deposit insurance assessment | 351 | 268 |
Marketing, advertising and promotion | 505 | 774 |
Net OREO write downs and expenses | 231 | 345 |
Professional fees | 544 | 696 |
Other | 1,345 | 1,486 |
Total | $ 5,039 | $ 5,601 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Line item] | ||
Minimum age of employees for Benefit Plans | 18 years | |
Percentage of contribution matched | 100.00% | |
Percentage of employee contribution | 6.00% | |
Employers matching contribution vesting percentage | 100.00% | 100.00% |
Amount of contributed to the plan | $ 308,000 | $ 327,000 |
Stock Incentive Plans (Summary
Stock Incentive Plans (Summary of Shares Issued and Available Under Each Plan) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
2003 Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate shares issuable | 128,369 |
Options issued, net of forfeited and expired options | (108,054) |
Cancelled due to Plan expiration | (20,315) |
Remaining available for grant | |
Total vested and unvested shares | 30,214 |
Fully vested shares | 30,214 |
2003 Stock Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price per share | $ / shares | $ 15.65 |
2003 Stock Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price per share | $ / shares | $ 18.26 |
2005 Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate shares issuable | 230,000 |
Options issued, net of forfeited and expired options | (124,547) |
Cancelled due to Plan expiration | (105,453) |
Remaining available for grant | |
Total vested and unvested shares | 121,904 |
Fully vested shares | 115,654 |
2005 Stock Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price per share | $ / shares | $ 11.74 |
2005 Stock Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price per share | $ / shares | $ 36.74 |
2014 Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate shares issuable | 250,000 |
Options issued, net of forfeited and expired options | |
Cancelled due to Plan expiration | |
Remaining available for grant | 250,000 |
Total vested and unvested shares | |
Fully vested shares |
Stock Incentive Plans (Plan dur
Stock Incentive Plans (Plan duration - Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense for stock options and restricted stock grants | $ 30,000 | $ 52,000 |
Unrecognized compensation expense related to the non-vested awards | $ 36,000 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan duration | 10 years |
Stock Incentive Plans (Changes
Stock Incentive Plans (Changes in the Stock Options Outstanding) (Details) - Employee stock Option [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Number of Options | |
Outstanding, at the beginning | shares | 180,796 |
Exercised | shares | (1,250) |
Expired | shares | (18,400) |
Forfeited | shares | (9,028) |
Outstanding, at the end | shares | 152,118 |
Options Exercisable | shares | 145,868 |
Weighted Average Exercise Price | |
Outstanding, at the beginning | $ / shares | $ 25.86 |
Exercised | $ / shares | 18.10 |
Expired | $ / shares | 31.21 |
Forfeited | $ / shares | 24.46 |
Outstanding, at the end | $ / shares | 25.36 |
Exercisable | $ / shares | $ 25.72 |
Aggregate Intrinsic Value | |
Outstanding, at the beginning | $ | $ 271 |
Outstanding at end | $ | 354 |
Exercisable | $ | $ 309 |
Stock Incentive Plans (Options
Stock Incentive Plans (Options and Restricted stock - Narrative) (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Granted | 5,000 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Granted |
Stock Incentive Plans (Summar91
Stock Incentive Plans (Summary Information Pertaining to Options Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 152,118 |
Weighted-Average Remaining Contractual Life | 2 years 4 months 24 days |
Weighted Average Exercise Price | $ 25.36 |
Options Exercisable | shares | 145,868 |
Weighted-Average Exercise Price | $ 25.72 |
$11.74 to 20.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, Minimum | 11.74 |
Exercise Price, Maximum | $ 20 |
Options Outstanding | shares | 45,764 |
Weighted-Average Remaining Contractual Life | 4 years 6 months |
Weighted Average Exercise Price | $ 17.17 |
Options Exercisable | shares | 39,514 |
Weighted-Average Exercise Price | $ 17.22 |
$20.01 to 30.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, Minimum | 20.01 |
Exercise Price, Maximum | $ 30 |
Options Outstanding | shares | 58,514 |
Weighted-Average Remaining Contractual Life | 2 years 2 months 12 days |
Weighted Average Exercise Price | $ 24.83 |
Options Exercisable | shares | 58,514 |
Weighted-Average Exercise Price | $ 24.83 |
$30.01 to 36.74 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, Minimum | 30.01 |
Exercise Price, Maximum | $ 36.74 |
Options Outstanding | shares | 47,840 |
Weighted-Average Remaining Contractual Life | 7 months 6 days |
Weighted Average Exercise Price | $ 33.83 |
Options Exercisable | shares | 47,840 |
Weighted-Average Exercise Price | $ 33.83 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Basic earnings per share | ||
Net income (loss) | $ 3,121 | $ 1,898 |
Weighted Average Shares | 2,531,964 | 2,695,426 |
Per Share Amount | $ 1.23 | $ 0.70 |
Effect of dilutive stock options | 12,427 | 11,533 |
Effect of dilutive stock options, Per Share Amount | ||
Diluted earnings per share | ||
Net income | $ 3,121 | $ 1,898 |
Weighted Average Shares | 2,544,391 | 2,706,959 |
Per Share Amount | $ 1.23 | $ 0.70 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock options [Member] | ||
Earnings Per Share [Line item] | ||
Securities considered to be anti-dilutive and excluded from earnings per share calculation | 82,110 | 130,677 |
Other Comprehensive Income (Sch
Other Comprehensive Income (Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale securities | ||
Realized gains on sales of securities | $ 104 | $ 24 |
Tax effect | (35) | (8) |
Realized gains, net of tax | $ 69 | $ 16 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | item | 2 | |
VNB Wealth [Member] | ||
Segment Reporting Information [Line Items] | ||
Management fees | $ | $ 135,000 | $ 250,000 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 16,308 | $ 14,454 |
Provision for loan losses | 463 | 306 |
Non-interest income | 4,871 | 5,597 |
Non-interest expense | 16,398 | 17,391 |
Income (loss) before income taxes | 4,318 | 2,354 |
Provision for (benefit of) income taxes | 1,197 | 456 |
Net income (loss) | 3,121 | 1,898 |
Total assets | 567,491 | 537,053 |
Bank [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 16,281 | 14,422 |
Provision for loan losses | 463 | 306 |
Non-interest income | 3,015 | 2,614 |
Non-interest expense | 13,463 | 14,576 |
Income (loss) before income taxes | 5,370 | 2,154 |
Provision for (benefit of) income taxes | 1,550 | 383 |
Net income (loss) | 3,820 | 1,771 |
Total assets | 557,685 | 526,458 |
VNB Wealth [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | $ 27 | $ 32 |
Provision for loan losses | ||
Non-interest income | $ 1,856 | $ 2,983 |
Non-interest expense | 2,935 | 2,815 |
Income (loss) before income taxes | (1,052) | 200 |
Provision for (benefit of) income taxes | (353) | 73 |
Net income (loss) | (699) | 127 |
Total assets | $ 9,806 | $ 10,595 |
Condensed Parent Company Fina97
Condensed Parent Company Financial Statements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Parent Company Financial Statements [Abstract] | ||
Cash dividend paid | $ 965,000 | $ 788,000 |
Condensed Parent Company Fina98
Condensed Parent Company Financial Statements (Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | |||
Cash and due from banks | $ 14,200 | $ 12,834 | |
Investment securities | 76,482 | 143,381 | |
Other assets | 5,241 | 5,799 | |
Total assets | 567,491 | 537,053 | |
LIABILITIES & SHAREHOLDERS' EQUITY | |||
Stockholders' equity | 56,297 | 60,632 | $ 58,031 |
Total liabilities and shareholders' equity | 567,491 | 537,053 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and due from banks | 1,099 | 7,713 | |
Investment securities | 64 | 64 | |
Investments in subsidiary | 54,921 | 52,549 | |
Other assets | 488 | 541 | |
Total assets | 56,572 | 60,867 | |
LIABILITIES & SHAREHOLDERS' EQUITY | |||
Other liabilities | 275 | 235 | |
Stockholders' equity | 56,297 | 60,632 | |
Total liabilities and shareholders' equity | $ 56,572 | $ 60,867 |
Condensed Parent Company Fina99
Condensed Parent Company Financial Statements (Statement of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of income [Line Items] | ||
Noninterest expense | $ 16,398 | $ 17,391 |
Income before income taxes | 4,318 | 2,354 |
Income tax (benefit) | 1,197 | 456 |
Net income | 3,121 | 1,898 |
Parent Company [Member] | ||
Statement of income [Line Items] | ||
Dividends from subsidiary | 965 | 788 |
Noninterest expense | 558 | 449 |
Income before income taxes | 407 | 339 |
Income tax (benefit) | (180) | (202) |
Income before equity in undistributed earnings of subsidiary | 587 | 541 |
Equity in undistributed earnings of subsidiary | 2,534 | 1,357 |
Net income | $ 3,121 | $ 1,898 |
Condensed Parent Company Fin100
Condensed Parent Company Financial Statements (Statement of Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 3,121 | $ 1,898 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred tax benefit | 373 | (61) |
Stock option & stock grant expense | 30 | 52 |
Net cash provided by operating activities | 5,540 | 7,645 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of restricted securities | (116) | 80 |
Net cash used in investing activities | (43,818) | (20,811) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Stock options exercised or expired | 22 | 180 |
Stock purchased under stock repurchase plan | (6,342) | (262) |
Dividends paid | (891) | (674) |
Net cash provided by financing activities | 27,698 | 27,201 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (10,580) | 14,035 |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 54,107 | 40,072 |
End of period | 43,527 | 54,107 |
Parent Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 3,121 | 1,898 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in undistributed earnings of subsidiary | (2,534) | (1,357) |
Deferred tax benefit | (79) | (375) |
Stock option & stock grant expense | 30 | 52 |
Decrease (increase) in other assets | 57 | (122) |
Increase in other liabilities | 2 | 1 |
Net cash provided by operating activities | $ 597 | 97 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of restricted securities | (64) | |
Net cash used in investing activities | (64) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Stock options exercised or expired | $ 22 | 180 |
Stock purchased under stock repurchase plan | (6,342) | (262) |
Dividends paid | (891) | (674) |
Net cash provided by financing activities | (7,211) | (756) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (6,614) | (723) |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 7,713 | 8,436 |
End of period | $ 1,099 | $ 7,713 |