Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 10-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PRIME | |
Entity Registrant Name | Prime Meridian Holding Co | |
Entity Central Index Key | 1586454 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,944,391 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $4,642 | $3,757 |
Federal funds sold | 12,524 | 3,611 |
Interest-bearing deposits | 187 | 187 |
Total cash and cash equivalents | 17,353 | 7,555 |
Securities available for sale | 42,001 | 42,397 |
Loans held for sale | 813 | 1,871 |
Loans, net of allowance for loan losses of $2,116 and $2,098 | 153,647 | 151,869 |
Federal Home Loan Bank stock | 189 | 186 |
Premises and equipment, net | 3,678 | 3,563 |
Deferred tax asset | 367 | 362 |
Accrued interest receivable | 570 | 624 |
Bank-owned life insurance | 1,625 | 1,613 |
Other assets | 224 | 318 |
Total assets | 220,467 | 210,358 |
Liabilities: | ||
Noninterest-bearing demand deposits | 44,626 | 43,148 |
Savings, NOW and money-market deposits | 125,380 | 122,166 |
Time deposits | 22,805 | 18,657 |
Total deposits | 192,811 | 183,971 |
Other borrowings | 2,656 | 2,699 |
Official checks | 811 | 368 |
Other liabilities | 633 | 453 |
Total liabilities | 196,911 | 187,491 |
Stockholders' equity: | ||
Preferred stock, undesignated; 1,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 9,000,000 shares authorized, 1,943,534 and 1,941,617 issued and outstanding | 19 | 19 |
Additional paid-in capital | 20,077 | 20,056 |
Retained earnings | 3,187 | 2,738 |
Accumulated other comprehensive income | 273 | 54 |
Total stockholders' equity | 23,556 | 22,867 |
Total liabilities and stockholders' equity | $220,467 | $210,358 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $2,116 | $2,098 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 1,943,534 | 1,941,617 |
Common stock, shares outstanding | 1,943,534 | 1,941,617 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||
Loans | $1,947 | $1,642 |
Securities | 228 | 220 |
Other | 7 | 25 |
Total interest income | 2,182 | 1,887 |
Interest expense: | ||
Deposits | 162 | 158 |
Other borrowings | 6 | 14 |
Total interest expense | 168 | 172 |
Net interest income | 2,014 | 1,715 |
Provision for loan losses | 18 | 29 |
Net interest income after provision for loan losses | 1,996 | 1,686 |
Noninterest income: | ||
Service charges and fees on deposit accounts | 34 | 41 |
Mortgage banking revenue | 61 | 39 |
Income from bank-owned life insurance | 12 | 13 |
Gain on sale of securities available for sale | 42 | 0 |
Other income | 40 | 36 |
Total noninterest income | 189 | 129 |
Noninterest expenses: | ||
Salaries and employee benefits | 808 | 812 |
Occupancy and equipment | 283 | 230 |
Professional fees | 76 | 86 |
Marketing | 113 | 78 |
FDIC assessment | 26 | 27 |
Other | 186 | 195 |
Total noninterest expenses | 1,492 | 1,428 |
Earnings before income taxes | 693 | 387 |
Income taxes | 244 | 131 |
Net earnings | $449 | $256 |
Basic earnings per share | $0.23 | $0.17 |
Diluted earnings per share | $0.23 | $0.17 |
Cash dividends per common share | $0 | $0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $449 | $256 |
Change in unrealized gain (loss) on securities: | ||
Unrealized gain arising during the period | 389 | 242 |
Reclassification adjustment for realized gains | -42 | 0 |
Net change in unrealized gain (loss) | 347 | 242 |
Deferred income taxes on above change | 128 | 89 |
Total other comprehensive income | 219 | 153 |
Comprehensive income | $668 | $409 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | |||||
Beginning Balance, Value at Mar. 31, 2013 | $16,361 | $15 | $14,929 | $1,732 | ($315) |
Beginning Balance, Shares at Mar. 31, 2013 | 1,498,937 | ||||
Net earnings (unaudited) | 256 | 0 | 0 | 256 | 0 |
Net change in unrealized gain on securities available for sale, net of income taxes (unaudited) | 153 | 0 | 0 | 0 | 153 |
Common stock issued as compensation to directors (unaudited), Value | 6 | 0 | 6 | 0 | 0 |
Common stock issued as compensation to directors (unaudited), Shares | 562 | ||||
Sale of common stock (unaudited), Value | 2,402 | 2 | 2,400 | 0 | 0 |
Sale of common stock (unaudited), Shares | 192,122 | ||||
Stock-based compensation (unaudited) | 0 | 0 | 0 | 0 | 0 |
Ending Balance (unaudited), Value at Mar. 31, 2014 | 19,178 | 17 | 17,335 | 1,988 | -162 |
Ending Balance (unaudited), Shares at Mar. 31, 2014 | 1,691,621 | ||||
Beginning Balance, Value at Dec. 31, 2014 | 22,867 | 19 | 20,056 | 2,738 | 54 |
Beginning Balance, Shares at Dec. 31, 2014 | 1,941,617 | 1,941,617 | |||
Net earnings (unaudited) | 449 | 0 | 0 | 449 | 0 |
Net change in unrealized gain on securities available for sale, net of income taxes (unaudited) | 219 | 0 | 0 | 0 | 219 |
Stock options exercised (unaudited), Value | 11 | 0 | 11 | 0 | 0 |
Stock options exercised (unaudited), Shares | 1,100 | 1,100 | |||
Common stock issued as compensation to directors (unaudited), Value | 10 | 0 | 10 | 0 | 0 |
Common stock issued as compensation to directors (unaudited), Shares | 817 | ||||
Stock-based compensation (unaudited) | 0 | 0 | 0 | 0 | 0 |
Ending Balance (unaudited), Value at Mar. 31, 2015 | $23,556 | $19 | $20,077 | $3,187 | $273 |
Ending Balance (unaudited), Shares at Mar. 31, 2015 | 1,943,534 | 1,943,534 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net earnings | $449 | $256 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 102 | 95 |
Provision for loan losses | 18 | 29 |
Net amortization of deferred loan fees | 133 | -13 |
Deferred income taxes | -133 | -6 |
Gain on sale of securities available for sale | -42 | 0 |
Amortization of premiums and discounts on securities available for sale | 108 | 120 |
Gain on sale of loans held for sale | -61 | -28 |
Proceeds from the sale of loans held for sale | 3,112 | 539 |
Loan originated as held for sale | -1,993 | -1,307 |
Stock issued as compensation | 10 | 6 |
Income from bank-owned life insurance | -12 | -13 |
Net decrease (increase) in accrued interest receivable | 54 | -19 |
Net decrease (increase) in other assets and capitalized offering costs | 94 | -69 |
Net increase in other liabilities and official checks | 623 | 1,110 |
Net cash provided by operating activities | 2,462 | 700 |
Cash flows from investing activities: | ||
Loan originations, net of principal repayments | -1,929 | -3,987 |
Purchase of securities available for sale | -3,443 | -1,609 |
Principal repayments of securities available for sale | 2,081 | 1,941 |
Proceeds from sale of securities available for sale | 2,039 | 0 |
(Purchase) redemption of Federal Home Loan Bank stock | -3 | 18 |
Purchase of premises and equipment | -217 | -88 |
Net cash used in investing activities | -1,472 | -3,725 |
Cash flows from financing activities: | ||
Net increase in deposits | 8,840 | 4,107 |
(Decrease) increase in other borrowings | -43 | 14 |
Proceeds from stock options exercised | 11 | 0 |
Net proceeds from sale of common stock | 0 | 2,402 |
Net cash provided by financing activities | 8,808 | 6,523 |
Net increase in cash and cash equivalents | 9,798 | 3,498 |
Cash and cash equivalents at beginning of period | 7,555 | 34,166 |
Cash and cash equivalents at end of period | 17,353 | 37,664 |
Supplemental disclosure of cash flow information Cash paid during the period for: | ||
Interest | 164 | 172 |
Income taxes | 100 | 40 |
Noncash transactions: | ||
Accumulated other comprehensive income, net change in unrealized gain on sale of securities available for sale, net of taxes | $219 | $153 |
General
General | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
General | -1 | General |
Prime Meridian Holding Company (the “Holding Company”) owns 100% of the outstanding common stock of Prime Meridian Bank (the “Bank”) (collectively the “Company”). The Holding Company’s primary activity is the operation of the Bank. The Bank is a state (Florida)-chartered commercial bank. The deposit accounts of the Bank are insured up to the applicable limits by the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers a variety of community banking services to individual and corporate clients through its two banking offices located in Tallahassee, Florida. | ||
In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at March 31, 2015, and the results of operations for the three month periods ended March 31, 2015 and 2014. The results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results to be expected for the full year. | ||
Comprehensive Income. Accounting principles generally accepted in the United States of America (“GAAP”) generally require that recognized revenue, expenses, gains and losses be included in earnings. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the consolidated balance sheet, such items along with net earnings, are components of comprehensive income. The only component of other comprehensive income is the net change in the unrealized gains on the securities available for sale. | ||
Share-Based Compensation. The Company expenses the fair value of any stock options granted. The Company recognizes share-based compensation in the statements of earnings as the options vest. | ||
Mortgage Banking Revenue. Mortgage banking revenue includes gains on the sale of mortgage loans originated for sale. The Company recognizes mortgage banking revenue from mortgage loans originated in the consolidated statements of earnings upon sale of the loans. |
Securities_Available_for_Sale
Securities Available for Sale | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Securities Available for Sale | -2 | Securities Available for Sale | |||||||||||||||
Securities are classified according to management’s intent. The carrying amount of securities and approximate fair values are as follows (in thousands): | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
At March 31, 2015: | |||||||||||||||||
U.S. Government agency securities | $ | 8,641 | 55 | (17 | ) | 8,679 | |||||||||||
Municipal securities | 8,451 | 159 | (26 | ) | 8,584 | ||||||||||||
Mortgage-backed securities | 24,475 | 328 | (65 | ) | 24,738 | ||||||||||||
Total | $ | 41,567 | 542 | (108 | ) | 42,001 | |||||||||||
At December 31, 2014: | |||||||||||||||||
U.S. Government agency securities | 6,943 | 19 | (99 | ) | 6,863 | ||||||||||||
Municipal securities | 9,497 | 113 | (79 | ) | 9,531 | ||||||||||||
Mortgage-backed securities | 25,870 | 228 | (95 | ) | 26,003 | ||||||||||||
Total | $ | 42,310 | 360 | (273 | ) | 42,397 | |||||||||||
Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands): | |||||||||||||||||
Less Than Twelve | Over Twelve Months | ||||||||||||||||
Months | |||||||||||||||||
Gross | Fair | Gross | Fair | ||||||||||||||
Unrealized | Value | Unrealized | Value | ||||||||||||||
Losses | Losses | ||||||||||||||||
At March 31, 2015: | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Government agency securities | $ | (12 | ) | 898 | (5 | ) | 1,995 | ||||||||||
Municipal securities | (2 | ) | 806 | (24 | ) | 1,263 | |||||||||||
Mortgage-backed securities | (23 | ) | 3,662 | (42 | ) | 2,885 | |||||||||||
Total | $ | (37 | ) | 5,366 | (71 | ) | 6,143 | ||||||||||
At December 31, 2014: | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Government agency securities | $ | 0 | 0 | (99 | ) | 5,945 | |||||||||||
Municipal securities | (2 | ) | 269 | (77 | ) | 3,026 | |||||||||||
Mortgage-backed securities | (47 | ) | 8,250 | (48 | ) | 1,705 | |||||||||||
Total | $ | (49 | ) | 8,519 | (224 | ) | 10,676 | ||||||||||
The unrealized losses at March 31, 2015 on seventeen securities were caused by market conditions. It is expected that the securities would not be settled at a price less than the par value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. | |||||||||||||||||
Securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair | Quoted Prices | Significant | Significant | ||||||||||||||
Value | In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
At March 31, 2015: | |||||||||||||||||
U.S. Government agency securities | $ | 8,679 | 0 | 8,679 | 0 | ||||||||||||
Municipal securities | 8,584 | 0 | 8,584 | 0 | |||||||||||||
Mortgage-backed securities | 24,738 | 0 | 24,738 | 0 | |||||||||||||
Total | 42,001 | 0 | 42,001 | 0 | |||||||||||||
At December 31, 2014: | |||||||||||||||||
U.S. Government agency securities | 6,863 | 0 | 6,863 | 0 | |||||||||||||
Municipal securities | 9,531 | 0 | 9,531 | 0 | |||||||||||||
Mortgage-backed securities | 26,003 | 0 | 26,003 | 0 | |||||||||||||
Total | $ | 42,397 | 0 | 42,397 | 0 | ||||||||||||
During the three months ended March 31, 2015 and 2014, no securities were transferred in or out of Level 1, Level 2 or Level 3. | |||||||||||||||||
The scheduled maturities of securities are as follows (in thousands): | |||||||||||||||||
Amortized | Fair | ||||||||||||||||
Cost | Value | ||||||||||||||||
At March 31, 2015: | |||||||||||||||||
Due in one to five years | $ | 1,306 | 1,319 | ||||||||||||||
Due five to ten years | 9,043 | 9,082 | |||||||||||||||
Due after ten years | 6,743 | 6,862 | |||||||||||||||
Mortgage-backed securities | 24,475 | 24,738 | |||||||||||||||
Total | $ | 41,567 | 42,001 | ||||||||||||||
Loans
Loans | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans | -3 | Loans | |||||||||||||||||||||||||||||||
The segments and classes of loans are as follows (in thousands): | |||||||||||||||||||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 52,283 | 52,661 | ||||||||||||||||||||||||||||||
Residential and home equity | 54,284 | 51,858 | |||||||||||||||||||||||||||||||
Construction | 17,008 | 15,876 | |||||||||||||||||||||||||||||||
Total real estate mortgage loans | 123,575 | 120,395 | |||||||||||||||||||||||||||||||
Commercial loans | 28,987 | 30,755 | |||||||||||||||||||||||||||||||
Consumer and other loans | 3,128 | 2,877 | |||||||||||||||||||||||||||||||
Total loans | 155,690 | 154,027 | |||||||||||||||||||||||||||||||
Add (deduct): | |||||||||||||||||||||||||||||||||
Net deferred loan costs | 73 | (60 | ) | ||||||||||||||||||||||||||||||
Allowance for loan losses | (2,116 | ) | (2,098 | ) | |||||||||||||||||||||||||||||
Loans, net | $ | 153,647 | 151,869 | ||||||||||||||||||||||||||||||
An analysis of the change in the allowance for loan losses follows (in thousands): | |||||||||||||||||||||||||||||||||
Real Estate Mortgage Loans | Consumer | ||||||||||||||||||||||||||||||||
Commercial | Residential | Construction | Commercial | and | Total | ||||||||||||||||||||||||||||
and Home | Loans | Other | |||||||||||||||||||||||||||||||
Equity | Loans | ||||||||||||||||||||||||||||||||
Three-Month Period Ended March 31, 2015: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 702 | 691 | 211 | 453 | 41 | 2,098 | ||||||||||||||||||||||||||
Provision for loan losses | 0 | 5 | 0 | 4 | 9 | 18 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Ending balance | $ | 702 | 696 | 211 | 457 | 50 | 2,116 | ||||||||||||||||||||||||||
Three-Month Period Ended March 31, 2014: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 604 | 545 | 175 | 387 | 23 | 1,734 | ||||||||||||||||||||||||||
Provision (credit) for loan losses | 13 | 30 | (15 | ) | 2 | (1 | ) | 29 | |||||||||||||||||||||||||
Net recoveries | 0 | 0 | 0 | 12 | 0 | 12 | |||||||||||||||||||||||||||
Ending balance | $ | 617 | 575 | 160 | 401 | 22 | 1,775 | ||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||||||||
Recorded investment | $ | 0 | 0 | 0 | 213 | 17 | 230 | ||||||||||||||||||||||||||
Balance in allowance for loan losses | $ | 0 | 0 | 0 | 96 | 15 | 111 | ||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||
Recorded investment | $ | 52,283 | 54,284 | 17,008 | 28,774 | 3,111 | 155,460 | ||||||||||||||||||||||||||
Balance in allowance for loan losses | $ | 702 | 696 | 211 | 361 | 35 | 2,005 | ||||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||||||||
Recorded investment | $ | 0 | 0 | 0 | 229 | 8 | 237 | ||||||||||||||||||||||||||
Balance in allowance for loan losses | $ | 0 | 0 | 0 | 92 | 6 | 98 | ||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||
Recorded investment | $ | 52,661 | 51,858 | 15,876 | 30,526 | 2,869 | 153,790 | ||||||||||||||||||||||||||
Balance in allowance for loan losses | $ | 702 | 691 | 211 | 361 | 35 | 2,000 | ||||||||||||||||||||||||||
The Company has divided the loan portfolio into three portfolio segments and five portfolio classes, each with different risk characteristics and methodologies for assessing risk. All loans are underwritten based upon standards set forth in the policies approved by the Company’s Board of Directors. The portfolio segments and classes are identified by the Company as follows: | |||||||||||||||||||||||||||||||||
Real Estate Mortgage Loans. Real estate mortgage loans are typically divided into three classes: Commercial, residential and home equity and construction loans. The real estate mortgage loans are as follows: | |||||||||||||||||||||||||||||||||
Commercial. Loans of this type are typically our more complex loans. This category of real estate loans is comprised of loans secured by mortgages on commercial property that is typically owner-occupied, but also includes non-owner occupied investment properties. Commercial loans that are secured by owner-occupied commercial real estate are repaid through operating cash flows of the borrower. The maturity for this type of loan is generally limited to three to five years; however, payments may be structured on a longer amortization basis. Typically, interest rates on our commercial real estate loans are fixed for five years or less after which they adjust based upon a predetermined spread over an index. At times, a rate may be fixed for longer than five years. As part of our credit underwriting standards, the Bank typically requires personal guarantees from the principal owners of the business supported by a review of the principal owners’ personal financial statements and tax returns. As part of the enterprise risk management process, it is understood that risks associated with commercial real estate loans include fluctuations in real estate values, the overall strength of the borrower, the overall strength of the economy, new job creation trends, tenant vacancy rates, environmental contamination, and the quality of the borrowers’ management. In order to mitigate and limit these risks, we analyze the borrowers’ cash flows and evaluate collateral value. Currently, the collateral securing our commercial real estate loans includes a variety of property types, such as office, warehouse, and retail facilities. Other types include multifamily properties, hotels, mixed-use residential and commercial properties. Generally, commercial real estate loans present a higher risk profile than our consumer real estate loan portfolio. | |||||||||||||||||||||||||||||||||
Residential and Home Equity. We offer first and second one-to-four family mortgage loans and home equity lines of credit; the collateral for these loans is generally on the clients’ owner-occupied residences. Although these types of loans present lower levels of risk than commercial real estate loans, risks still do exist because of possible fluctuations in the value of the real estate collateral securing the loan, as well as changes in the borrowers’ financial condition. Borrowers may be affected by numerous factors, including job loss, illness, or other personal hardship. As part of our product mix, the Bank offers both portfolio and secondary market mortgages; portfolio loans generally are based on a 1-year, 3-year or 5-year adjustable rate mortgages; while 15-year or 30-year fixed-rate loans are generally sold to the secondary market. | |||||||||||||||||||||||||||||||||
Construction. Typically, these loans have a term of one to two years and the interest is paid monthly. Once the construction period terminates, some of these loans convert to term loans with a maturity of one to five years. This portion of our loan portfolio includes loans to small and midsized businesses to construct owner-user properties, loans to developers of commercial real estate investment properties, and residential developments. This type of loan is also made to individual clients for construction of single family homes in our market area. An independent appraisal is used to determine the value of the collateral and confirm that the ratio of the loan principal to the value of the collateral will not exceed policies of the Bank. As the construction project progresses, loan proceeds are requested by the borrower to complete phases of construction and funding is only disbursed after the project has been inspected by a third-party inspector or experienced construction lender. Risks associated with construction loans include fluctuations in the value of real estate, project completion risk, and changes in market trends. The ability of the construction loan borrower to finance the loan or sell the property upon completion of the project is another risk factor that also may be affected by changes in market trends since the initial funding of the loan. | |||||||||||||||||||||||||||||||||
Commercial Loans. The Bank offers a wide range of commercial loans, including business term loans, equipment financing, and lines of credit to small and midsized businesses. Small-to-medium sized businesses, retail, and professional establishments, make up our target market for commercial loans. Our Relationship Managers primarily underwrite these loans based on the borrower’s ability to service the loan from cash flow. Lines of credit and loans secured by accounts receivable and/or inventory are monitored periodically by our staff. Loans secured by “all business assets,” or a “blanket lien” are typically only made to highly qualified borrowers due to the nonspecific nature of the collateral. Valuation of business collateral is generally supported by an appraisal, purchase order, or third party physical inspection. Personal guarantees of the principals of business borrowers are usually required. | |||||||||||||||||||||||||||||||||
Equipment loans generally have a term of five years or less and may have a fixed or variable rate; we use conservative margins when pricing these loans. Working capital loans generally do not exceed one year and typically, they are secured by accounts receivable, inventory, and personal guarantees of the principals of the business. Significant factors affecting a commercial borrower’s creditworthiness include the quality of management and the ability both to evaluate changes in the supply and demand characteristics affecting the business’ markets for products and services and to respond effectively to such changes. These loans may be made unsecured or secured, but most are made on a secured basis. Risks associated with our commercial loan portfolio include local, regional, and national market conditions. Other factors of risk could include changes in the borrower’s management and fluctuations in collateral value. Additionally, there may be refinancing risk if a commercial loan includes a balloon payment which must be refinanced or paid off at loan maturity. | |||||||||||||||||||||||||||||||||
In reference to our risk management process, our commercial loan portfolio presents a higher risk profile than our consumer real estate and consumer loan portfolios. Therefore, we require that all loans to businesses must have a clearly stated and reasonable payment plan to allow for timely retirement of debt, unless secured by liquid collateral or as otherwise justified. | |||||||||||||||||||||||||||||||||
Consumer and Other Loans. These loans are made for various consumer purposes, such as the financing of automobiles, boats, and recreational vehicles. The payment structure of these loans is normally on an installment basis. The risk associated with this category of loans stems from the reduced collateral value for a defaulted loan; the collateral may not provide an adequate source of repayment of the principal. The underwriting on these loans is primarily based on the borrower’s financial condition. In many cases, these are unsecured credits that subject us to risk when the borrower’s financial condition declines or deteriorates. Based upon our current trend in consumer loans, management does not anticipate consumer loans will become a substantial component of our loan portfolio at any time in the foreseeable future. Consumer loans are made at fixed and variable interest rates and are based on the appropriate amortization for the asset and purpose. | |||||||||||||||||||||||||||||||||
The following summarizes the loan credit quality (in thousands): | |||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
Mentioned | |||||||||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 47,936 | 2,362 | 1,985 | 0 | 0 | 52,283 | ||||||||||||||||||||||||||
Residential and home equity | 49,837 | 3,017 | 1,430 | 0 | 0 | 54,284 | |||||||||||||||||||||||||||
Construction | 16,913 | 87 | 8 | 0 | 0 | 17,008 | |||||||||||||||||||||||||||
Commercial loans | 28,217 | 557 | 213 | 0 | 0 | 28,987 | |||||||||||||||||||||||||||
Consumer and other loans | 3,058 | 53 | 17 | 0 | 0 | 3,128 | |||||||||||||||||||||||||||
Total | $ | 145,961 | 6,076 | 3,653 | 0 | 0 | 155,690 | ||||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | 50,654 | 0 | 2,007 | 0 | 0 | 52,661 | |||||||||||||||||||||||||||
Residential and home equity | 47,357 | 3,065 | 1,436 | 0 | 0 | 51,858 | |||||||||||||||||||||||||||
Construction | 15,714 | 154 | 8 | 0 | 0 | 15,876 | |||||||||||||||||||||||||||
Commercial loans | 30,006 | 520 | 229 | 0 | 0 | 30,755 | |||||||||||||||||||||||||||
Consumer and other loans | 2,801 | 68 | 8 | 0 | 0 | 2,877 | |||||||||||||||||||||||||||
Total | $ | 146,532 | 3,807 | 3,688 | 0 | 0 | 154,027 | ||||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. | |||||||||||||||||||||||||||||||||
The Company analyzes loans individually by classifying the loans as to credit risk. Loans classified as substandard or special mention are reviewed quarterly by the Company for further deterioration or improvement to determine if they are appropriately classified and whether there is any impairment. All loans are graded upon initial issuance. Furthermore, construction loans, non-owner occupied commercial real estate loans, and commercial loan relationships in excess of $500,000 are reviewed at least annually. The Company determines the appropriate loan grade during the renewal process and reevaluates the loan grade in situations when a loan becomes past due. | |||||||||||||||||||||||||||||||||
Loans excluded from the review process above are generally classified as pass credits until: (a) they become past due; (b) management becomes aware of deterioration in the credit worthiness of the borrower; or (c) the customer contacts the Company for a modification. In these circumstances, the loan is specifically evaluated for potential classification as to special mention, substandard or even charged-off. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||||||
Pass – A Pass loan’s primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary. | |||||||||||||||||||||||||||||||||
Special Mention – A Special Mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. | |||||||||||||||||||||||||||||||||
Substandard – A Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||
Doubtful – A loan classified Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||
Loss – A loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not necessarily preclude the potential for recovery, but rather signifies it is no longer practical to defer writing off the asset. | |||||||||||||||||||||||||||||||||
At March 31, 2015, there was no loans over thirty days past due, no loans past due ninety days or more but still accruing and three loans on nonaccrual. Age analysis of past due loans at March 31, 2015 and December 31, 2014 is as follows (in thousands): | |||||||||||||||||||||||||||||||||
Age analysis of past-due loans is as follows (in thousands): | |||||||||||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Current | Nonaccrual | Total | |||||||||||||||||||||||||||
Days | Days | Than 90 | Past | Loans | Loans | ||||||||||||||||||||||||||||
Past Due | Past Due | Days | Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 0 | 0 | 0 | 0 | 52,283 | 0 | 52,283 | |||||||||||||||||||||||||
Residential and home equity | 0 | 0 | 0 | 0 | 54,284 | 0 | 54,284 | ||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 17,008 | 0 | 17,008 | ||||||||||||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 28,811 | 176 | 28,987 | ||||||||||||||||||||||||||
Consumer and other loans | 0 | 0 | 0 | 0 | 3,128 | 0 | 3,128 | ||||||||||||||||||||||||||
Total | $ | 0 | 0 | 0 | 0 | 155,514 | 176 | 155,690 | |||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 52,661 | 0 | 52,661 | ||||||||||||||||||||||||||
Residential and home equity | 0 | 0 | 0 | 0 | 51,858 | 0 | 51,858 | ||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 15,876 | 0 | 15,876 | ||||||||||||||||||||||||||
Commercial loans | 18 | 0 | 0 | 18 | 30,566 | 171 | 30,755 | ||||||||||||||||||||||||||
Consumer and other loans | 0 | 0 | 0 | 0 | 2,877 | 0 | 2,877 | ||||||||||||||||||||||||||
Total | $ | 18 | 0 | 0 | 18 | 153,838 | 171 | 154,027 | |||||||||||||||||||||||||
The following summarizes the amount of impaired loans (in thousands): | |||||||||||||||||||||||||||||||||
With No Related | With an Allowance Recorded | Total | |||||||||||||||||||||||||||||||
Allowance Recorded | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||||
Investment | Contractual | Investment | Contractual | Allowance | Investment | Contractual | Allowance | ||||||||||||||||||||||||||
Principal | Principal | Principal | |||||||||||||||||||||||||||||||
Balance | Balance | Balance | |||||||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Commercial loans | 0 | 0 | 213 | 213 | 96 | 213 | 213 | 96 | |||||||||||||||||||||||||
Consumer & other loans | 0 | 0 | 17 | 17 | 15 | 17 | 17 | 15 | |||||||||||||||||||||||||
Total | $ | 0 | 0 | 230 | 230 | 111 | 230 | 230 | 111 | ||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial loans | 0 | 0 | 229 | 229 | 92 | 229 | 229 | 92 | |||||||||||||||||||||||||
Consumer & other loans | 0 | 0 | 8 | 8 | 6 | 8 | 8 | 6 | |||||||||||||||||||||||||
Total | $ | 0 | 0 | 237 | 237 | 98 | 237 | 237 | 98 | ||||||||||||||||||||||||
The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Average | Interest | Interest | Average | Interest | Interest | ||||||||||||||||||||||||||||
Recorded | Income | Income | Recorded | Income | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Received | Investment | Recognized | Received | ||||||||||||||||||||||||||||
Commercial real estate | $ | 0 | 0 | 0 | 140 | 0 | 0 | ||||||||||||||||||||||||||
Residential and home equity | 0 | 0 | 0 | 35 | 0 | 0 | |||||||||||||||||||||||||||
Commercial loans | 221 | 1 | 1 | 220 | 4 | 4 | |||||||||||||||||||||||||||
Consumer & Other | 11 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 232 | 1 | 1 | 395 | 4 | 4 | ||||||||||||||||||||||||||
There were no loans measured at fair value on a nonrecurring basis at March 31, 2015 and December 31, 2014. |
Regulatory_Capital
Regulatory Capital | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Regulatory Capital | -4 | Regulatory Capital | |||||||||||||||||||||||
Banks are subject to regulatory capital requirements imposed by the Federal Reserve and the FDIC. Until a bank holding company’s assets reach $500 million, the risk-based capital and leverage guidelines issued by the Federal Reserve are applied to bank holding companies on a nonconsolidated basis, unless the bank holding company is engaged in nonbank activities involving significant leverage, or it has a significant amount of outstanding debt held by the general public. Instead a bank holding company with less than $500 million in assets generally applies the risk-based capital and leverage capital guidelines on a bank only basis and must only meet a debt-to-equity ratio at the holding company level. The FDIC risk-based capital guidelines apply directly to insured state banks, regardless of whether they are subsidiaries of a bank holding company. Both agencies’ requirements, which are substantially similar, establish minimum capital ratios in relation to assets, both on an aggregate basis as adjusted for credit risks and off balance sheet exposures. The risk weights assigned to assets are based primarily on credit risks. Depending upon the riskiness of a particular asset, it is assigned to a risk category. Under the guidelines, capital is compared to the relative risk related to the balance sheet. To derive the risk included in the balance sheet, risk weights (from 0% to 150%) are applied to different balance sheet and off-balance sheet assets, primarily based on the relative credit risk of the counterparty. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Capital is then classified into three categories, Common Equity Tier 1, Additional Tier 1, and Tier 2. Common Equity Tier 1 Capital (“CET1”) is the sum of common stock instruments and related surplus net of treasury stock, retained earnings, Accumulated Other Comprehensive Income (“AOCI”), and qualifying minority interests, less applicable regulatory adjustments and deductions that include AOCI (if an irrevocable option to neutralize AOCI is exercised). Mortgage-servicing assets, deferred tax assets, and investments in financial institutions are limited to an aggregate of 15% of CET1 and 10% of CET1 individually. Additional Tier 1 Capital includes noncumulative perpetual preferred stock, Tier 1 minority interests, grandfathered trust preferred securities, and Troubled Asset Relief Program instruments, less applicable regulatory adjustments and deductions. Tier 2 Capital includes subordinated debt and preferred stock, total capital minority interests not included in Tier 1, and ALLL not exceeding 1.25% percent of risk-weighted assets, less applicable regulatory adjustments and deductions. | |||||||||||||||||||||||||
Effective January 1, 2015, smaller banks, such as the Bank, became subject to the new Basel III capital level threshold requirements under the FDIC’s Prompt Corrective Action regulations. These new regulations were designed to ensure that banks maintain strong capital positions even in the event of severe economic downturns or unforeseen losses. | |||||||||||||||||||||||||
Changes that could affect the Bank going forward include additional constraints on the inclusion of deferred tax assets in capital and increased risk weightings for nonperforming loans and acquisition/development loans in regulatory capital. Under the new regulations, the Company elected an irreversible one-time opt-out to exclude AOCI from regulatory capital in the first quarter of 2015. | |||||||||||||||||||||||||
The following is a summary at March 31, 2015 of the regulatory capital requirements to be considered “well-capitalized” and the Bank’s capital position. | |||||||||||||||||||||||||
Actual | For Capital Adequacy | For Well | |||||||||||||||||||||||
Purposes | Capitalized | ||||||||||||||||||||||||
Purposes | |||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||
Tier 1 Leverage Capital Ratio | $ | 22,046 | 10.29 | % | $ | 8,569 | 4 | % | 10,711 | 5 | % | ||||||||||||||
Common Equity Tier 1 Risk-Based Capital Ratio | $ | 22,046 | 13.83 | 7,172 | 4.5 | 10,359 | 6.5 | ||||||||||||||||||
Tier 1 Risk-Based Capital Ratio | $ | 22,046 | 13.83 | 9,562 | 6 | 12,750 | 8 | ||||||||||||||||||
Total Risk-Based Capital Ratio | $ | 24,039 | 15.08 | 12,750 | 8 | 15,937 | 10 | ||||||||||||||||||
As of March 31, 2015, the Bank was well-capitalized with all capital ratios exceeding the well-capitalized requirement. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||||||||||
Earnings per share has been computed on the basis of the weighted-average number of shares of common stock outstanding. Outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method (dollars in thousands, except per share amounts): | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Earnings | Weighted- | Per | Earnings | Weighted- | Per | ||||||||||||||||||||
Average | Share | Average | Share | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||
Three Months Ended March 31: | |||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||
Net earnings (loss) | $ | 449 | 1,943,215 | $ | 0.23 | $ | 256 | 1,534,868 | $ | 0.17 | |||||||||||||||
Effect of dilutive securities-incremental shares from assumed conversion of options | 4,055 | 5,149 | |||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||
Net earnings (loss) | $ | 449 | 1,947,270 | $ | 0.23 | $ | 256 | 1,540,017 | $ | 0.17 | |||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | -6 | Stock-Based Compensation | |||||||||||||||
The 2007 Stock Option Plan provides for certain key employees and directors of the Company to have the option to purchase shares of the Company’s common stock. Under this Plan, the total remaining number of shares which may be issued was 30,305 at March 31, 2015. All options granted have ten-year terms and vest over periods up to five years. As of March 31, 2015, there were 30,305 shares available for grant. | |||||||||||||||||
A summary of the activity in the Company’s Stock Option Plan is as follows: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at December 31, 2013 | 134,000 | $ | 10.01 | ||||||||||||||
Outstanding at March 31, 2014 | 134,000 | $ | 10.01 | ||||||||||||||
Outstanding at December 31, 2014 | 108,400 | $ | 10.01 | ||||||||||||||
Options exercised | (1,100 | ) | $ | 10 | |||||||||||||
Outstanding at March 31, 2015 | 107,300 | $ | 10.02 | 3.91 years | |||||||||||||
Exercisable at March 31, 2015 | 105,200 | $ | 10.01 | 3.84 years | $ | 261,948 | |||||||||||
At March 31, 2015, there was $4,000 of total unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the plan. The cost is expected to be recognized over a weighted-average period of twenty-five months. The fair value of shares vested and recognized as compensation expense was $0 for the three months ended March 31, 2015 and 2014. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value of Financial Instruments | -7 | Fair Value of Financial Instruments | |||||||||||||||||||||||
The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows (in thousands): | |||||||||||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||||||||||
Carrying | Fair | Level | Carrying | Fair | Level | ||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 17,353 | 17,353 | 1 | 7,555 | 7,555 | 1 | ||||||||||||||||||
Securities available for sale | 42,001 | 42,001 | 2 | 42,397 | 42,397 | 2 | |||||||||||||||||||
Loans held for sale | 813 | 849 | 3 | 1,871 | 1,923 | 3 | |||||||||||||||||||
Loans, net | 153,647 | 153,233 | 3 | 151,869 | 148,588 | 3 | |||||||||||||||||||
Federal Home Loan Bank stock | 189 | 189 | 3 | 186 | 186 | 3 | |||||||||||||||||||
Accrued interest receivable | 570 | 570 | 3 | 624 | 624 | 3 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Deposits | 192,811 | 192,903 | 3 | 183,971 | 184,057 | 3 | |||||||||||||||||||
Other borrowings | 2,656 | 2,656 | 3 | 2,699 | 2,699 | 3 | |||||||||||||||||||
Discussion regarding the assumptions used to compute the estimated fair values of financial instruments can be found in Note 1 to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. |
OffBalance_Sheet_Financial_Ins
Off-Balance Sheet Financial Instruments | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Text Block [Abstract] | |||||
Off-Balance Sheet Financial Instruments | -8 | Off-Balance Sheet Financial Instruments | |||
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 are commitments to extend credit, construction loans in process, unused lines of credit, standby letters of credit, and guaranteed accounts and may involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Company has in these financial instruments. | |||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for unused lines of credit, construction loans in process and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments. | |||||
Commitments to extend credit and unused lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed-expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case basis. | |||||
The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a client to a third party. These letters of credit are primarily issued to support third-party borrowing arrangements and generally have expiration dates within one year of issuance. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. In the event the client does not perform in accordance with the terms of the agreement with the third party, we would be required to fund the commitment. The maximum potential amount of future payments we could be required to make is represented by the contractual amount of the commitment. If the commitment is funded, we would be entitled to seek recovery from the client. The Bank may hold collateral supporting those commitments, and at December 31, 2014 such collateral amounted to $945,000. | |||||
Guaranteed accounts are irrevocable standby letters of credit issued by us to guarantee a client’s credit line with our third party credit card company, First Arkansas Bank & Trust. As a part of this agreement, we are responsible for the established credit limit on certain accounts plus 10%. | |||||
The maximum potential amount of future payments we could be required to make is represented by the dollar amount disclosed in the table below. Standby letters of credit and commitments to extend credit typically result in loans with a market interest rate when funded. A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at March 31, 2015 are as follows (in thousands): | |||||
Commitments to extend credit | $ | 6,399 | |||
Construction loans in process | $ | 7,570 | |||
Unused lines of credit | $ | 26,512 | |||
Standby letters of credit | $ | 1,310 | |||
Guaranteed accounts | $ | 107 | |||
Reclassification
Reclassification | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Reclassification | -9 | Reclassification |
Certain noninterest income sources were reclassified from gain on sale of loans and other income to mortgage banking revenue and certain noninterest expenses were reclassified from advertising and other noninterest expense to occupancy and equipment, marketing, and FDIC assessment for the quarter ended March 31, 2014 to conform to March 31, 2015 presentation. The reclassification of income and expenses had no effect on net earnings. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Income. Accounting principles generally accepted in the United States of America (“GAAP”) generally require that recognized revenue, expenses, gains and losses be included in earnings. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the consolidated balance sheet, such items along with net earnings, are components of comprehensive income. The only component of other comprehensive income is the net change in the unrealized gains on the securities available for sale. |
Share-Based Compensation | Share-Based Compensation. The Company expenses the fair value of any stock options granted. The Company recognizes share-based compensation in the statements of earnings as the options vest. |
Mortgage Banking Revenue | Mortgage Banking Revenue. Mortgage banking revenue includes gains on the sale of mortgage loans originated for sale. The Company recognizes mortgage banking revenue from mortgage loans originated in the consolidated statements of earnings upon sale of the loans. |
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Summary of Carrying Amount and Fair Values of Securities | Securities are classified according to management’s intent. The carrying amount of securities and approximate fair values are as follows (in thousands): | ||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
At March 31, 2015: | |||||||||||||||||
U.S. Government agency securities | $ | 8,641 | 55 | (17 | ) | 8,679 | |||||||||||
Municipal securities | 8,451 | 159 | (26 | ) | 8,584 | ||||||||||||
Mortgage-backed securities | 24,475 | 328 | (65 | ) | 24,738 | ||||||||||||
Total | $ | 41,567 | 542 | (108 | ) | 42,001 | |||||||||||
At December 31, 2014: | |||||||||||||||||
U.S. Government agency securities | 6,943 | 19 | (99 | ) | 6,863 | ||||||||||||
Municipal securities | 9,497 | 113 | (79 | ) | 9,531 | ||||||||||||
Mortgage-backed securities | 25,870 | 228 | (95 | ) | 26,003 | ||||||||||||
Total | $ | 42,310 | 360 | (273 | ) | 42,397 | |||||||||||
Summary of Securities in Continuous Unrealized Loss Position | Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands): | ||||||||||||||||
Less Than Twelve | Over Twelve Months | ||||||||||||||||
Months | |||||||||||||||||
Gross | Fair | Gross | Fair | ||||||||||||||
Unrealized | Value | Unrealized | Value | ||||||||||||||
Losses | Losses | ||||||||||||||||
At March 31, 2015: | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Government agency securities | $ | (12 | ) | 898 | (5 | ) | 1,995 | ||||||||||
Municipal securities | (2 | ) | 806 | (24 | ) | 1,263 | |||||||||||
Mortgage-backed securities | (23 | ) | 3,662 | (42 | ) | 2,885 | |||||||||||
Total | $ | (37 | ) | 5,366 | (71 | ) | 6,143 | ||||||||||
At December 31, 2014: | |||||||||||||||||
Securities Available for Sale: | |||||||||||||||||
U.S. Government agency securities | $ | 0 | 0 | (99 | ) | 5,945 | |||||||||||
Municipal securities | (2 | ) | 269 | (77 | ) | 3,026 | |||||||||||
Mortgage-backed securities | (47 | ) | 8,250 | (48 | ) | 1,705 | |||||||||||
Total | $ | (49 | ) | 8,519 | (224 | ) | 10,676 | ||||||||||
Securities Available for Sale Measured at Fair Value on Recurring Basis | Securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Fair | Quoted Prices | Significant | Significant | ||||||||||||||
Value | In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
At March 31, 2015: | |||||||||||||||||
U.S. Government agency securities | $ | 8,679 | 0 | 8,679 | 0 | ||||||||||||
Municipal securities | 8,584 | 0 | 8,584 | 0 | |||||||||||||
Mortgage-backed securities | 24,738 | 0 | 24,738 | 0 | |||||||||||||
Total | 42,001 | 0 | 42,001 | 0 | |||||||||||||
At December 31, 2014: | |||||||||||||||||
U.S. Government agency securities | 6,863 | 0 | 6,863 | 0 | |||||||||||||
Municipal securities | 9,531 | 0 | 9,531 | 0 | |||||||||||||
Mortgage-backed securities | 26,003 | 0 | 26,003 | 0 | |||||||||||||
Total | $ | 42,397 | 0 | 42,397 | 0 | ||||||||||||
Scheduled Maturities of Securities with Fair Value and Amortized Cost | The scheduled maturities of securities are as follows (in thousands): | ||||||||||||||||
Amortized | Fair | ||||||||||||||||
Cost | Value | ||||||||||||||||
At March 31, 2015: | |||||||||||||||||
Due in one to five years | $ | 1,306 | 1,319 | ||||||||||||||
Due five to ten years | 9,043 | 9,082 | |||||||||||||||
Due after ten years | 6,743 | 6,862 | |||||||||||||||
Mortgage-backed securities | 24,475 | 24,738 | |||||||||||||||
Total | $ | 41,567 | 42,001 | ||||||||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Segments and Classes of Loans | The segments and classes of loans are as follows (in thousands): | ||||||||||||||||||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 52,283 | 52,661 | ||||||||||||||||||||||||||||||
Residential and home equity | 54,284 | 51,858 | |||||||||||||||||||||||||||||||
Construction | 17,008 | 15,876 | |||||||||||||||||||||||||||||||
Total real estate mortgage loans | 123,575 | 120,395 | |||||||||||||||||||||||||||||||
Commercial loans | 28,987 | 30,755 | |||||||||||||||||||||||||||||||
Consumer and other loans | 3,128 | 2,877 | |||||||||||||||||||||||||||||||
Total loans | 155,690 | 154,027 | |||||||||||||||||||||||||||||||
Add (deduct): | |||||||||||||||||||||||||||||||||
Net deferred loan costs | 73 | (60 | ) | ||||||||||||||||||||||||||||||
Allowance for loan losses | (2,116 | ) | (2,098 | ) | |||||||||||||||||||||||||||||
Loans, net | $ | 153,647 | 151,869 | ||||||||||||||||||||||||||||||
Summary of Changes in Allowance for Loan Losses | An analysis of the change in the allowance for loan losses follows (in thousands): | ||||||||||||||||||||||||||||||||
Real Estate Mortgage Loans | Consumer | ||||||||||||||||||||||||||||||||
Commercial | Residential | Construction | Commercial | and | Total | ||||||||||||||||||||||||||||
and Home | Loans | Other | |||||||||||||||||||||||||||||||
Equity | Loans | ||||||||||||||||||||||||||||||||
Three-Month Period Ended March 31, 2015: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 702 | 691 | 211 | 453 | 41 | 2,098 | ||||||||||||||||||||||||||
Provision for loan losses | 0 | 5 | 0 | 4 | 9 | 18 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Ending balance | $ | 702 | 696 | 211 | 457 | 50 | 2,116 | ||||||||||||||||||||||||||
Three-Month Period Ended March 31, 2014: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 604 | 545 | 175 | 387 | 23 | 1,734 | ||||||||||||||||||||||||||
Provision (credit) for loan losses | 13 | 30 | (15 | ) | 2 | (1 | ) | 29 | |||||||||||||||||||||||||
Net recoveries | 0 | 0 | 0 | 12 | 0 | 12 | |||||||||||||||||||||||||||
Ending balance | $ | 617 | 575 | 160 | 401 | 22 | 1,775 | ||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||||||||
Recorded investment | $ | 0 | 0 | 0 | 213 | 17 | 230 | ||||||||||||||||||||||||||
Balance in allowance for loan losses | $ | 0 | 0 | 0 | 96 | 15 | 111 | ||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||
Recorded investment | $ | 52,283 | 54,284 | 17,008 | 28,774 | 3,111 | 155,460 | ||||||||||||||||||||||||||
Balance in allowance for loan losses | $ | 702 | 696 | 211 | 361 | 35 | 2,005 | ||||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||||||||
Recorded investment | $ | 0 | 0 | 0 | 229 | 8 | 237 | ||||||||||||||||||||||||||
Balance in allowance for loan losses | $ | 0 | 0 | 0 | 92 | 6 | 98 | ||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||
Recorded investment | $ | 52,661 | 51,858 | 15,876 | 30,526 | 2,869 | 153,790 | ||||||||||||||||||||||||||
Balance in allowance for loan losses | $ | 702 | 691 | 211 | 361 | 35 | 2,000 | ||||||||||||||||||||||||||
Summary of Loan Credit Quality | The following summarizes the loan credit quality (in thousands): | ||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
Mentioned | |||||||||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 47,936 | 2,362 | 1,985 | 0 | 0 | 52,283 | ||||||||||||||||||||||||||
Residential and home equity | 49,837 | 3,017 | 1,430 | 0 | 0 | 54,284 | |||||||||||||||||||||||||||
Construction | 16,913 | 87 | 8 | 0 | 0 | 17,008 | |||||||||||||||||||||||||||
Commercial loans | 28,217 | 557 | 213 | 0 | 0 | 28,987 | |||||||||||||||||||||||||||
Consumer and other loans | 3,058 | 53 | 17 | 0 | 0 | 3,128 | |||||||||||||||||||||||||||
Total | $ | 145,961 | 6,076 | 3,653 | 0 | 0 | 155,690 | ||||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | 50,654 | 0 | 2,007 | 0 | 0 | 52,661 | |||||||||||||||||||||||||||
Residential and home equity | 47,357 | 3,065 | 1,436 | 0 | 0 | 51,858 | |||||||||||||||||||||||||||
Construction | 15,714 | 154 | 8 | 0 | 0 | 15,876 | |||||||||||||||||||||||||||
Commercial loans | 30,006 | 520 | 229 | 0 | 0 | 30,755 | |||||||||||||||||||||||||||
Consumer and other loans | 2,801 | 68 | 8 | 0 | 0 | 2,877 | |||||||||||||||||||||||||||
Total | $ | 146,532 | 3,807 | 3,688 | 0 | 0 | 154,027 | ||||||||||||||||||||||||||
Summary of Past Due Loans | Age analysis of past-due loans is as follows (in thousands): | ||||||||||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Current | Nonaccrual | Total | |||||||||||||||||||||||||||
Days | Days | Than 90 | Past | Loans | Loans | ||||||||||||||||||||||||||||
Past Due | Past Due | Days | Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 0 | 0 | 0 | 0 | 52,283 | 0 | 52,283 | |||||||||||||||||||||||||
Residential and home equity | 0 | 0 | 0 | 0 | 54,284 | 0 | 54,284 | ||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 17,008 | 0 | 17,008 | ||||||||||||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 28,811 | 176 | 28,987 | ||||||||||||||||||||||||||
Consumer and other loans | 0 | 0 | 0 | 0 | 3,128 | 0 | 3,128 | ||||||||||||||||||||||||||
Total | $ | 0 | 0 | 0 | 0 | 155,514 | 176 | 155,690 | |||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | |||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 52,661 | 0 | 52,661 | ||||||||||||||||||||||||||
Residential and home equity | 0 | 0 | 0 | 0 | 51,858 | 0 | 51,858 | ||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 15,876 | 0 | 15,876 | ||||||||||||||||||||||||||
Commercial loans | 18 | 0 | 0 | 18 | 30,566 | 171 | 30,755 | ||||||||||||||||||||||||||
Consumer and other loans | 0 | 0 | 0 | 0 | 2,877 | 0 | 2,877 | ||||||||||||||||||||||||||
Total | $ | 18 | 0 | 0 | 18 | 153,838 | 171 | 154,027 | |||||||||||||||||||||||||
Summary of Impaired Loans | The following summarizes the amount of impaired loans (in thousands): | ||||||||||||||||||||||||||||||||
With No Related | With an Allowance Recorded | Total | |||||||||||||||||||||||||||||||
Allowance Recorded | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||||
Investment | Contractual | Investment | Contractual | Allowance | Investment | Contractual | Allowance | ||||||||||||||||||||||||||
Principal | Principal | Principal | |||||||||||||||||||||||||||||||
Balance | Balance | Balance | |||||||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Commercial loans | 0 | 0 | 213 | 213 | 96 | 213 | 213 | 96 | |||||||||||||||||||||||||
Consumer & other loans | 0 | 0 | 17 | 17 | 15 | 17 | 17 | 15 | |||||||||||||||||||||||||
Total | $ | 0 | 0 | 230 | 230 | 111 | 230 | 230 | 111 | ||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial loans | 0 | 0 | 229 | 229 | 92 | 229 | 229 | 92 | |||||||||||||||||||||||||
Consumer & other loans | 0 | 0 | 8 | 8 | 6 | 8 | 8 | 6 | |||||||||||||||||||||||||
Total | $ | 0 | 0 | 237 | 237 | 98 | 237 | 237 | 98 | ||||||||||||||||||||||||
Summary of Average Net Investment in Impaired Loans and Interest Income Recognized and Received on Impaired Loans | The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Average | Interest | Interest | Average | Interest | Interest | ||||||||||||||||||||||||||||
Recorded | Income | Income | Recorded | Income | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Received | Investment | Recognized | Received | ||||||||||||||||||||||||||||
Commercial real estate | $ | 0 | 0 | 0 | 140 | 0 | 0 | ||||||||||||||||||||||||||
Residential and home equity | 0 | 0 | 0 | 35 | 0 | 0 | |||||||||||||||||||||||||||
Commercial loans | 221 | 1 | 1 | 220 | 4 | 4 | |||||||||||||||||||||||||||
Consumer & Other | 11 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 232 | 1 | 1 | 395 | 4 | 4 | ||||||||||||||||||||||||||
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Summary of Regulatory Capital Requirements and Bank's Capital Position | The following is a summary at March 31, 2015 of the regulatory capital requirements to be considered “well-capitalized” and the Bank’s capital position. | ||||||||||||||||||||||||
Actual | For Capital Adequacy | For Well | |||||||||||||||||||||||
Purposes | Capitalized | ||||||||||||||||||||||||
Purposes | |||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||
Tier 1 Leverage Capital Ratio | $ | 22,046 | 10.29 | % | $ | 8,569 | 4 | % | 10,711 | 5 | % | ||||||||||||||
Common Equity Tier 1 Risk-Based Capital Ratio | $ | 22,046 | 13.83 | 7,172 | 4.5 | 10,359 | 6.5 | ||||||||||||||||||
Tier 1 Risk-Based Capital Ratio | $ | 22,046 | 13.83 | 9,562 | 6 | 12,750 | 8 | ||||||||||||||||||
Total Risk-Based Capital Ratio | $ | 24,039 | 15.08 | 12,750 | 8 | 15,937 | 10 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Common Share | Outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method (dollars in thousands, except per share amounts): | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Earnings | Weighted- | Per | Earnings | Weighted- | Per | ||||||||||||||||||||
Average | Share | Average | Share | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||
Three Months Ended March 31: | |||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||
Net earnings (loss) | $ | 449 | 1,943,215 | $ | 0.23 | $ | 256 | 1,534,868 | $ | 0.17 | |||||||||||||||
Effect of dilutive securities-incremental shares from assumed conversion of options | 4,055 | 5,149 | |||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||
Net earnings (loss) | $ | 449 | 1,947,270 | $ | 0.23 | $ | 256 | 1,540,017 | $ | 0.17 | |||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | A summary of the activity in the Company’s Stock Option Plan is as follows: | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at December 31, 2013 | 134,000 | $ | 10.01 | ||||||||||||||
Outstanding at March 31, 2014 | 134,000 | $ | 10.01 | ||||||||||||||
Outstanding at December 31, 2014 | 108,400 | $ | 10.01 | ||||||||||||||
Options exercised | (1,100 | ) | $ | 10 | |||||||||||||
Outstanding at March 31, 2015 | 107,300 | $ | 10.02 | 3.91 years | |||||||||||||
Exercisable at March 31, 2015 | 105,200 | $ | 10.01 | 3.84 years | $ | 261,948 | |||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows (in thousands): | ||||||||||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||||||||||
Carrying | Fair | Level | Carrying | Fair | Level | ||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 17,353 | 17,353 | 1 | 7,555 | 7,555 | 1 | ||||||||||||||||||
Securities available for sale | 42,001 | 42,001 | 2 | 42,397 | 42,397 | 2 | |||||||||||||||||||
Loans held for sale | 813 | 849 | 3 | 1,871 | 1,923 | 3 | |||||||||||||||||||
Loans, net | 153,647 | 153,233 | 3 | 151,869 | 148,588 | 3 | |||||||||||||||||||
Federal Home Loan Bank stock | 189 | 189 | 3 | 186 | 186 | 3 | |||||||||||||||||||
Accrued interest receivable | 570 | 570 | 3 | 624 | 624 | 3 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Deposits | 192,811 | 192,903 | 3 | 183,971 | 184,057 | 3 | |||||||||||||||||||
Other borrowings | 2,656 | 2,656 | 3 | 2,699 | 2,699 | 3 |
OffBalance_Sheet_Financial_Ins1
Off-Balance Sheet Financial Instruments (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Text Block [Abstract] | |||||
Summary of Contractual Amounts of Financial Instruments | A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at March 31, 2015 are as follows (in thousands): | ||||
Commitments to extend credit | $ | 6,399 | |||
Construction loans in process | $ | 7,570 | |||
Unused lines of credit | $ | 26,512 | |||
Standby letters of credit | $ | 1,310 | |||
Guaranteed accounts | $ | 107 | |||
General_Additional_Information
General - Additional Information (Detail) | Mar. 31, 2015 |
Accounting Policies [Abstract] | |
Percent of outstanding common stock owns | 100.00% |
Securities_Available_for_Sale_1
Securities Available for Sale - Summary of Carrying Amount and Fair Values of Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $41,567 | $42,310 |
Gross Unrealized Gains | 542 | 360 |
Gross Unrealized Losses | -108 | -273 |
Fair Value | 42,001 | 42,397 |
US Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,641 | 6,943 |
Gross Unrealized Gains | 55 | 19 |
Gross Unrealized Losses | -17 | -99 |
Fair Value | 8,679 | 6,863 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,451 | 9,497 |
Gross Unrealized Gains | 159 | 113 |
Gross Unrealized Losses | -26 | -79 |
Fair Value | 8,584 | 9,531 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,475 | 25,870 |
Gross Unrealized Gains | 328 | 228 |
Gross Unrealized Losses | -65 | -95 |
Fair Value | $24,738 | $26,003 |
Securities_Available_for_Sale_2
Securities Available for Sale - Summary of Securities in Continuous Unrealized Loss Position (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | ($37) | ($49) |
Fair Value, Less Than Twelve Months | 5,366 | 8,519 |
Gross Unrealized Losses, Over Twelve Months | -71 | -224 |
Fair Value, Over Twelve Months | 6,143 | 10,676 |
US Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | -12 | 0 |
Fair Value, Less Than Twelve Months | 898 | 0 |
Gross Unrealized Losses, Over Twelve Months | -5 | -99 |
Fair Value, Over Twelve Months | 1,995 | 5,945 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | -2 | -2 |
Fair Value, Less Than Twelve Months | 806 | 269 |
Gross Unrealized Losses, Over Twelve Months | -24 | -77 |
Fair Value, Over Twelve Months | 1,263 | 3,026 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | -23 | -23 |
Fair Value, Less Than Twelve Months | 3,662 | 8,250 |
Gross Unrealized Losses, Over Twelve Months | -42 | -48 |
Fair Value, Over Twelve Months | $2,885 | $1,705 |
Securities_Available_for_Sale_3
Securities Available for Sale - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Securities | ||
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities in unrealized loss | 17 | |
Securities transferred in or out of Level 1, Level 2 or Level 3 | $0 | $0 |
Securities_Available_for_Sale_4
Securities Available for Sale - Securities Available for Sale Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $42,001 | $42,397 |
US Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,679 | 6,863 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,584 | 9,531 |
Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 24,738 | 26,003 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 1 [Member] | US Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 1 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 1 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 42,001 | 42,397 |
Level 2 [Member] | US Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,679 | 6,863 |
Level 2 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 8,584 | 9,531 |
Level 2 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 24,738 | 26,003 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 3 [Member] | US Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 3 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 3 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $0 | $0 |
Securities_Available_for_Sale_5
Securities Available for Sale - Scheduled Maturities of Securities with Fair Value and Amortized Cost (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Due in one to five years, Amortized cost | $1,306 | |
Due five to ten years, Amortized cost | 9,043 | |
Due after ten years, Amortized cost | 6,743 | |
Mortgage-backed securities, Amortized cost | 24,475 | |
Total | 41,567 | |
Due in one to five years, Fair value | 1,319 | |
Due five to ten years, Fair value | 9,082 | |
Due after ten years, Fair value | 6,862 | |
Mortgage-backed securities, Fair value | 24,738 | |
Total | $42,001 | $42,397 |
Loans_Segments_and_Classes_of_
Loans - Segments and Classes of Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $155,690 | $154,027 | ||
Net deferred loan costs | -60 | |||
Net deferred loan costs | 73 | |||
Allowance for loan losses | -2,116 | -2,098 | -1,775 | -1,734 |
Loans, net | 153,647 | 151,869 | ||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 123,575 | 120,395 | ||
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 52,283 | 52,661 | ||
Allowance for loan losses | -702 | -702 | -617 | -604 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 54,284 | 51,858 | ||
Allowance for loan losses | -696 | -691 | -575 | -545 |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 17,008 | 15,876 | ||
Allowance for loan losses | -211 | -211 | -160 | -175 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 28,987 | 30,755 | ||
Allowance for loan losses | -457 | -453 | -401 | -387 |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,128 | 2,877 | ||
Allowance for loan losses | ($50) | ($41) | ($22) | ($23) |
Loans_Summary_of_Changes_in_Al
Loans - Summary of Changes in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $2,098 | $1,734 | |
Provision (credit) for loan losses | 18 | 29 | |
Net (charge-offs) recoveries | 0 | 12 | |
Ending balance | 2,116 | 1,775 | |
Individually evaluated for impairment: | |||
Recorded investment | 230 | 237 | |
Balance in allowance for loan losses | 111 | 98 | |
Collectively evaluated for impairment: | |||
Recorded investment | 155,460 | 153,790 | |
Balance in allowance for loan losses | 2,005 | 2,000 | |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 702 | 604 | |
Provision (credit) for loan losses | 0 | 13 | |
Net (charge-offs) recoveries | 0 | 0 | |
Ending balance | 702 | 617 | |
Individually evaluated for impairment: | |||
Recorded investment | 0 | 0 | |
Balance in allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Recorded investment | 52,283 | 52,661 | |
Balance in allowance for loan losses | 702 | 702 | |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 691 | 545 | |
Provision (credit) for loan losses | 5 | 30 | |
Net (charge-offs) recoveries | 0 | 0 | |
Ending balance | 696 | 575 | |
Individually evaluated for impairment: | |||
Recorded investment | 0 | 0 | |
Balance in allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Recorded investment | 54,284 | 51,858 | |
Balance in allowance for loan losses | 696 | 691 | |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 211 | 175 | |
Provision (credit) for loan losses | 0 | -15 | |
Net (charge-offs) recoveries | 0 | 0 | |
Ending balance | 211 | 160 | |
Individually evaluated for impairment: | |||
Recorded investment | 0 | 0 | |
Balance in allowance for loan losses | 0 | 0 | |
Collectively evaluated for impairment: | |||
Recorded investment | 17,008 | 15,876 | |
Balance in allowance for loan losses | 211 | 211 | |
Loans and Finance Receivables [Member] | |||
Individually evaluated for impairment: | |||
Balance in allowance for loan losses | 111 | 98 | |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 453 | 387 | |
Provision (credit) for loan losses | 4 | 2 | |
Net (charge-offs) recoveries | 0 | 12 | |
Ending balance | 457 | 401 | |
Individually evaluated for impairment: | |||
Recorded investment | 213 | 229 | |
Balance in allowance for loan losses | 96 | 92 | |
Collectively evaluated for impairment: | |||
Recorded investment | 28,774 | 30,526 | |
Balance in allowance for loan losses | 361 | 361 | |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 41 | 23 | |
Provision (credit) for loan losses | 9 | -1 | |
Net (charge-offs) recoveries | 0 | 0 | |
Ending balance | 50 | 22 | |
Individually evaluated for impairment: | |||
Recorded investment | 17 | 8 | |
Balance in allowance for loan losses | 15 | 6 | |
Collectively evaluated for impairment: | |||
Recorded investment | 3,111 | 2,869 | |
Balance in allowance for loan losses | $35 | $35 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Segment | ||
SecurityLoan | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loan portfolio | 3 | |
Number of loan portfolio class | 5 | |
Financing receivable, recorded investment, 30 to 59 days past due | 0 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | |
Financing receivable, recorded investment, nonaccrual status | 3 | |
Impaired Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans measured at fair value on a nonrecurring basis | 0 | $0 |
Minimum [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impairment valuation loan limit | 500,000 | |
Minimum [Member] | Loans Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Maturity period of loan | 1 year | |
Maximum [Member] | Loans Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Maturity period of loan | 5 years | |
Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loan portfolio class | 3 | |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Description of interest rate of loans | Equipment loans generally have a term of five years or less and may have a fixed or variable rate | |
Commercial Loans [Member] | Period 1 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period of portfolio mortgage adjustable rate | 1 year | |
Period of secondary market mortgage fixed rate | 15 years | |
Commercial Loans [Member] | Period 2 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period of portfolio mortgage adjustable rate | 3 years | |
Period of secondary market mortgage fixed rate | 30 years | |
Commercial Loans [Member] | Period 3 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period of portfolio mortgage adjustable rate | 5 years | |
Commercial Loans [Member] | Minimum [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Maturity period of loan | 3 years | |
Commercial Loans [Member] | Maximum [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Maturity period of loan | 5 years | |
Construction Real Estate Mortgage Loans [Member] | Minimum [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Maturity period of loan | 1 year | |
Construction Real Estate Mortgage Loans [Member] | Maximum [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Maturity period of loan | 2 years |
Loans_Summary_of_Loan_Credit_Q
Loans - Summary of Loan Credit Quality (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $155,690 | $154,027 |
Mortgage Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 123,575 | 120,395 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 52,283 | 52,661 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 54,284 | 51,858 |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 17,008 | 15,876 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 28,987 | 30,755 |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,128 | 2,877 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 145,961 | 146,532 |
Pass [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 47,936 | 50,654 |
Pass [Member] | Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 49,837 | 47,357 |
Pass [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 16,913 | 15,714 |
Pass [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 28,217 | 30,006 |
Pass [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,058 | 2,801 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 6,076 | 3,807 |
Special Mention [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,362 | 0 |
Special Mention [Member] | Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,017 | 3,065 |
Special Mention [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 87 | 154 |
Special Mention [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 557 | 520 |
Special Mention [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 53 | 68 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,653 | 3,688 |
Substandard [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,985 | 2,007 |
Substandard [Member] | Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,430 | 1,436 |
Substandard [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 8 | 8 |
Substandard [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 213 | 229 |
Substandard [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 17 | 8 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Loss [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Loss [Member] | Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Loss [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Loss [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Loss [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $0 | $0 |
Loans_Summary_of_Past_Due_Loan
Loans - Summary of Past Due Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans 30-59 Days Past Due | $0 | $18 |
Accruing Loans 60-89 Days Past Due | 0 | 0 |
Accruing Loans Greater Than 90 Days Past Due | 0 | 0 |
Accruing Loans Total Past Due | 0 | 18 |
Current | 155,514 | 153,838 |
Nonaccrual Loans | 176 | 171 |
Total Loans | 155,690 | 154,027 |
Mortgage Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 123,575 | 120,395 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans 30-59 Days Past Due | 0 | 0 |
Accruing Loans 60-89 Days Past Due | 0 | 0 |
Accruing Loans Greater Than 90 Days Past Due | 0 | 0 |
Accruing Loans Total Past Due | 0 | 0 |
Current | 52,283 | 52,661 |
Nonaccrual Loans | 0 | 0 |
Total Loans | 52,283 | 52,661 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans 30-59 Days Past Due | 0 | 0 |
Accruing Loans 60-89 Days Past Due | 0 | 0 |
Accruing Loans Greater Than 90 Days Past Due | 0 | 0 |
Accruing Loans Total Past Due | 0 | 0 |
Current | 54,284 | 51,858 |
Nonaccrual Loans | 0 | 0 |
Total Loans | 54,284 | 51,858 |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans 30-59 Days Past Due | 0 | 0 |
Accruing Loans 60-89 Days Past Due | 0 | 0 |
Accruing Loans Greater Than 90 Days Past Due | 0 | 0 |
Accruing Loans Total Past Due | 0 | 0 |
Current | 17,008 | 15,876 |
Nonaccrual Loans | 0 | 0 |
Total Loans | 17,008 | 15,876 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans 30-59 Days Past Due | 0 | 18 |
Accruing Loans 60-89 Days Past Due | 0 | 0 |
Accruing Loans Greater Than 90 Days Past Due | 0 | 0 |
Accruing Loans Total Past Due | 0 | 18 |
Current | 28,811 | 30,566 |
Nonaccrual Loans | 176 | 171 |
Total Loans | 28,987 | 30,755 |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans 30-59 Days Past Due | 0 | 0 |
Accruing Loans 60-89 Days Past Due | 0 | 0 |
Accruing Loans Greater Than 90 Days Past Due | 0 | 0 |
Accruing Loans Total Past Due | 0 | 0 |
Current | 3,128 | 2,877 |
Nonaccrual Loans | 0 | 0 |
Total Loans | $3,128 | $2,877 |
Loans_Summary_of_Impaired_Loan
Loans - Summary of Impaired Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
With an Allowance Recorded Related Allowance | $111 | $98 |
Loans and Finance Receivables [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowing Recorded Investment | 0 | 0 |
With No Related Allowing Unpaid Contractual Principal Balance | 0 | 0 |
With an Allowance Recorded Investment | 230 | 237 |
With an Allowance Recorded Unpaid Contractual Principal Balance | 230 | 237 |
With an Allowance Recorded Related Allowance | 111 | 98 |
Recorded Investment | 230 | 237 |
Unpaid Contractual Principal Balance | 230 | 237 |
Related Allowance | 111 | 98 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowing Recorded Investment | 0 | 0 |
With No Related Allowing Unpaid Contractual Principal Balance | 0 | 0 |
With an Allowance Recorded Investment | 213 | 229 |
With an Allowance Recorded Unpaid Contractual Principal Balance | 213 | 229 |
With an Allowance Recorded Related Allowance | 96 | 92 |
Recorded Investment | 213 | 229 |
Unpaid Contractual Principal Balance | 213 | 229 |
Related Allowance | 96 | 92 |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowing Recorded Investment | 0 | 0 |
With No Related Allowing Unpaid Contractual Principal Balance | 0 | 0 |
With an Allowance Recorded Investment | 17 | 8 |
With an Allowance Recorded Unpaid Contractual Principal Balance | 17 | 8 |
With an Allowance Recorded Related Allowance | 15 | 6 |
Recorded Investment | 17 | 8 |
Unpaid Contractual Principal Balance | 17 | 8 |
Related Allowance | $15 | $6 |
Loans_Summary_of_Average_Net_I
Loans - Summary of Average Net Investment in Impaired Loans and Interest Income Recognized and Received on Impaired Loans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $232 | $395 |
Interest Income Recognized | 1 | 4 |
Interest Income Received | 1 | 4 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 140 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 35 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 221 | 220 |
Interest Income Recognized | 1 | 4 |
Interest Income Received | 1 | 4 |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 11 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | $0 | $0 |
Regulatory_Capital_Summary_of_
Regulatory Capital - Summary of Regulatory Capital Requirements and Bank's Capital Position (Detail) (USD $) | Mar. 31, 2015 |
Banking and Thrift [Abstract] | |
Tier 1 Leverage Capital Ratio, Actual amount | $22,046 |
Tier 1 Leverage Capital Ratio, Actual Percentage | 10.29% |
Tier 1 Leverage Capital Ratio, For Capital Adequacy Purposes, Amount | 8,569 |
Tier 1 Leverage Capital Ratio, For Capital Adequacy Purposes, Percentage | 4.00% |
Tier 1 Leverage Capital Ratio, For Well Capitalized Purposes, Amount | 10,711 |
Tier 1 Leverage Capital Ratio, For Well Capitalized Purposes, Percentage | 5.00% |
Common Equity Tier 1 Risk-Based Capital Ratio, Actual Amount | 22,046 |
Common Equity Tier 1 Risk-Based Capital Ratio, Actual Percentage | 13.83% |
Common Equity Tier 1 Risk-Based Capital Ratio, For Capital Adequacy Purposes, Amount | 7,172 |
Common Equity Tier 1 Risk-Based Capital Ratio, For Capital Adequacy Purposes, Percentage | 4.50% |
Common Equity Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Amount | 10,359 |
Common Equity Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Percentage | 6.50% |
Tier 1 Risk-Based Capital Ratio, Actual Amount | 22,046 |
Tier 1 Risk-Based Capital Ratio, Actual Percentage | 13.83% |
Tier 1 Risk-Based Capital Ratio, For Capital Adequacy Purposes, Amount | 9,562 |
Tier 1 Risk-Based Capital Ratio, For Capital Adequacy Purposes, Percentage | 6.00% |
Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Amount | 12,750 |
Common Equity Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Percentage | 8.00% |
Total Risk-Based Capital Ratio, Actual Amount | 24,039 |
Total Risk-Based Capital Ratio, Actual Percentage | 15.08% |
Total Risk-Based Capital Ratio, For Capital Adequacy Purposes, Amount | 12,750 |
Total Risk-Based Capital Ratio, For Capital Adequacy Purposes, Percentage | 8.00% |
Total Risk-Based Capital Ratio, For Well Capitalized Purposes, Amount | $15,937 |
Total Risk-Based Capital Ratio, For Well Capitalized Purposes, Percentage | 10.00% |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Earnings | $449 | $256 |
Weighted-Average Shares | 1,943,215 | 1,534,868 |
Per Share Amount | $0.23 | $0.17 |
Effect of dilutive securities-Incremental shares from assumed conversion of options | 4,055 | 5,149 |
Earnings | $449 | $256 |
Weighted-Average Shares | 1,947,270 | 1,540,017 |
Per Share Amount | $0.23 | $0.17 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation cost recognized | $0 | $0 |
2007 Incentive Award Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period for recognition of stock based compensation cost | 25 months | |
2007 Incentive Award Plan [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares option granted issued | 30,305 | |
Term of stock option grants | 10 years | |
Option granted vesting period | 5 years | |
Shares available for grant | 30,305 | |
Unrecognized compensation expense related to nonvested share-based compensation arrangements granted | $4,000 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Options, Outstanding beginning balance | 108,400 | 134,000 | 134,000 |
Number of Options, Options exercised | -1,100 | ||
Number of Options, Outstanding ending balance | 107,300 | 134,000 | 134,000 |
Number of Options, Exercisable ending balance | 105,200 | ||
Weighted-Average Exercise Price, Outstanding beginning balance | $10.01 | $10.01 | $10.01 |
Weighted-Average Exercise Price, Options exercised | $10 | ||
Weighted-Average Exercise Price, Outstanding ending balance | $10.02 | $10.01 | $10.01 |
Weighted-Average Exercise Price, Exercisable | $10.01 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 3 years 10 months 28 days | ||
Weighted-Average Remaining Contractual Term, Exercisable | 3 years 10 months 2 days | ||
Aggregate Intrinsic Value, Exercisable | $261,948 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $17,353 | $7,555 | $37,664 | $34,166 |
Securities available for sale | 42,001 | 42,397 | ||
Loans held for sale | 813 | 1,871 | ||
Loans, net | 153,647 | 151,869 | ||
Federal Home Loan Bank stock | 189 | 186 | ||
Accrued interest receivable | 570 | 624 | ||
Deposits | 192,811 | 183,971 | ||
Other borrowings | 2,656 | 2,699 | ||
Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 42,001 | 42,397 | ||
Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 17,353 | 7,555 | ||
Securities available for sale | 42,001 | 42,397 | ||
Loans held for sale | 813 | 1,871 | ||
Loans, net | 153,647 | 151,869 | ||
Federal Home Loan Bank stock | 189 | 186 | ||
Accrued interest receivable | 570 | 624 | ||
Deposits | 192,811 | 183,971 | ||
Other borrowings | 2,656 | 2,699 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 17,353 | 7,555 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 42,001 | 42,397 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held for sale | 849 | 1,923 | ||
Loans, net | 153,233 | 148,588 | ||
Federal Home Loan Bank stock | 189 | 186 | ||
Accrued interest receivable | 570 | 624 | ||
Deposits | 192,903 | 184,057 | ||
Other borrowings | $2,656 | $2,699 |
OffBalanceSheet_Financial_Inst
Off-Balance-Sheet Financial Instruments - Additional Information (Detail) (Standby Letters of Credit [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Debt instrument maturity period | 1 year | |
Collateral amount | $945,000 | |
Credit Availability Concentration Risk [Member] | Liabilities, Total [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Percentage of additional credit limit guaranteed | 10.00% |
OffBalanceSheet_Financial_Inst1
Off-Balance-Sheet Financial Instruments - Summary of Contractual Amounts of Financial Instruments (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Commitments to Extend Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | $6,399 |
Construction Loans in Process [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 7,570 |
Unused Lines of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 26,512 |
Standby Letters of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 1,310 |
Guaranteed Accounts [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | $107 |