Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Commerce Union Bancshares, Inc. | |
Entity Central Index Key | 1,606,440 | |
Trading Symbol | cubn | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 7,883,030 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 18,290 | $ 23,413 |
Federal funds sold | 50 | 830 |
Total cash and cash equivalents | 18,340 | 24,243 |
Securities available for sale | 179,266 | 146,813 |
Loans, net | 688,542 | 657,701 |
Mortgage loans held for sale, net | 9,798 | 11,831 |
Accrued interest receivable | 3,921 | 3,786 |
Premises and equipment, net | 9,688 | 9,093 |
Restricted equity securities, at cost | 7,140 | 7,133 |
Cash surrender value of life insurance contracts | 25,013 | 24,827 |
Deferred tax assets, net | 3,336 | 3,437 |
Goodwill | 11,404 | 11,404 |
Core deposit intangibles | 1,493 | 1,582 |
Other assets | 4,524 | 10,134 |
TOTAL ASSETS | 962,465 | 911,984 |
LIABILITIES | ||
Demand | 135,939 | 134,792 |
Interest-bearing demand | 84,061 | 85,478 |
Savings and money market deposit accounts | 210,952 | 183,788 |
Time | 395,231 | 359,776 |
Total deposits | 826,183 | 763,834 |
Accrued interest payable | 158 | 107 |
Federal funds purchased | 3,671 | |
Federal Home Loan Bank advances | 24,099 | 32,287 |
Dividends payable | 1,711 | |
Other liabilities | 2,430 | 3,455 |
TOTAL LIABILITIES | 852,870 | 805,065 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued to date | ||
Common stock, $1 par value; 30,000,000 shares authorized; 7,826,450 and 7,778,309 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 7,826 | 7,778 |
Additional paid-in capital | 89,497 | 89,045 |
Retained earnings | 14,270 | 12,212 |
Accumulated other comprehensive loss | (1,998) | (2,116) |
TOTAL STOCKHOLDERS’ EQUITY | 109,595 | 106,919 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 962,465 | $ 911,984 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 7,826,450 | 7,778,309 |
Common stock, shares outstanding (in shares) | 7,826,450 | 7,778,309 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 7,782 | $ 7,770 |
Interest and fees on loans held for sale | 94 | 368 |
Interest on investment securities, taxable | 149 | 236 |
Interest on investment securities, nontaxable | 828 | 438 |
Federal funds sold and other | 120 | 102 |
TOTAL INTEREST INCOME | 8,973 | 8,914 |
INTEREST EXPENSE | ||
Demand | 43 | 44 |
Savings and money market deposit accounts | 150 | 166 |
Time | 693 | 423 |
Federal Home Loan Bank advances and other | 116 | 199 |
TOTAL INTEREST EXPENSE | 1,002 | 832 |
NET INTEREST INCOME | 7,971 | 8,082 |
Provision for loan losses | 410 | 165 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 7,561 | 7,917 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | 310 | 285 |
Gains on mortgage loans sold, net | 542 | 3,342 |
Gain on securities transactions, net | 36 | |
Gain on sale of other real estate | 24 | |
Other | 227 | 219 |
TOTAL NONINTEREST INCOME | 1,139 | 3,846 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 4,269 | 5,394 |
Occupancy | 762 | 829 |
Information technology | 513 | 627 |
Advertising and public relations | 75 | 265 |
Audit, legal and consulting | 293 | 281 |
Federal deposit insurance | 99 | 114 |
Provision for losses on other real estate | 26 | |
Other operating | 858 | 1,101 |
TOTAL NONINTEREST EXPENSE | 6,869 | 8,637 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 1,831 | 3,126 |
INCOME TAX EXPENSE | 272 | 568 |
CONSOLIDATED NET INCOME | 1,559 | 2,558 |
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | 499 | (321) |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 2,058 | $ 2,237 |
Basic net income attributable to common shareholders, per share (in dollars per share) | $ 0.27 | $ 0.30 |
Diluted net income attributable to common shareholders, per share (in dollars per share) | $ 0.26 | $ 0.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated net income | $ 1,559 | $ 2,558 |
Other comprehensive income (loss) | ||
Net unrealized gains on available-for-sale securities, net of tax of $145 and $109 for the three months ended March 31, 2017 and 2016, respectively | 140 | 175 |
Reclassification adjustment for gains included in net income, net of tax of $(14) for the three months ended March 31, 2017 | (22) | |
TOTAL OTHER COMPREHENSIVE INCOME | 118 | 175 |
TOTAL COMPREHENSIVE INCOME | $ 1,677 | $ 2,733 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net unrealized gains (losses) on available-for-sale securities, tax | $ 145 | $ 109 |
Reclassification adjustment for (gains) losses included in net income, tax | $ (14) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
BALANCE (in shares) at Dec. 31, 2015 | 7,279,620 | |||||
BALANCE at Dec. 31, 2015 | $ 7,280 | $ 84,520 | $ 4,987 | $ (36) | $ 96,751 | |
Stock based compensation expense | 50 | 50 | ||||
Exercise of stock options (in shares) | 280,974 | |||||
Exercise of stock options | $ 281 | 2,528 | 2,809 | |||
Distribution to non-controlling interest | (321) | (321) | ||||
Consolidated net income | 2,237 | 321 | 2,558 | |||
Other comprehensive income | 175 | 175 | ||||
BALANCE (in shares) at Mar. 31, 2016 | 7,560,594 | |||||
BALANCE at Mar. 31, 2016 | $ 7,561 | 87,098 | 7,224 | 139 | $ 102,022 | |
BALANCE (in shares) at Dec. 31, 2016 | 7,778,309 | 7,778,309 | ||||
BALANCE at Dec. 31, 2016 | $ 7,778 | 89,045 | 12,212 | (2,116) | $ 106,919 | |
Stock based compensation expense | 89 | $ 89 | ||||
Exercise of stock options (in shares) | 36,141 | 36,141 | ||||
Exercise of stock options | $ 36 | 375 | $ 411 | |||
Consolidated net income | 2,058 | (499) | 1,559 | |||
Other comprehensive income | 118 | $ 118 | ||||
BALANCE (in shares) at Mar. 31, 2017 | 7,826,450 | 7,826,450 | ||||
BALANCE at Mar. 31, 2017 | $ 7,826 | 89,497 | 14,270 | (1,998) | $ 109,595 | |
Restricted stock awards (in shares) | 15,000 | |||||
Restricted stock awards | $ 15 | (15) | ||||
Restricted stock forfeiture (in shares) | (3,000) | |||||
Restricted stock forfeiture | $ (3) | 3 | ||||
Noncontrolling interest contributions | $ 499 | $ 499 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Consolidated net income | $ 1,559 | $ 2,558 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | ||
Provision for loan losses | 410 | 165 |
Deferred income tax benefit | (30) | |
Depreciation and amortization of premises and equipment | 254 | 241 |
Net amortization of securities | 460 | 349 |
Net realized gains on sales of securities | (36) | |
Gains on mortgage loans sold, net | (542) | (3,342) |
Stock-based compensation expense | 89 | 50 |
Realization of deferred gain on other real estate | (24) | |
Provision for losses on other real estate | 26 | |
Increase in cash surrender value of life insurance contracts | (186) | (170) |
Mortgage loans originated for resale | (21,149) | (72,489) |
Proceeds from sale of mortgage loans | 23,724 | 106,242 |
Amortization of core deposit intangible | 89 | 89 |
Change in | ||
Accrued interest receivable | (135) | 61 |
Other assets | 5,549 | (1,014) |
Accrued interest payable | 51 | 84 |
Other liabilities | (1,142) | 727 |
TOTAL ADJUSTMENTS | 7,382 | 31,019 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 8,941 | 33,577 |
INVESTING ACTIVITIES | ||
Activities in available for sale securities - Purchases | (46,001) | (6,687) |
Activities in available for sale securities - Sales | 12,039 | |
Activities in available for sale securities - Maturities, prepayments and calls | 1,475 | 1,288 |
Purchases of restricted equity securities | (7) | |
Loan originations and payments, net | (31,251) | (6,061) |
Purchase of buildings, leasehold improvements, and equipment | (849) | (258) |
Improvement of other real estate | (16) | |
Purchase of life insurance contracts | (4,000) | |
NET CASH USED IN INVESTING ACTIVITIES | (64,594) | (15,734) |
FINANCING ACTIVITIES | ||
Net change in deposits | 62,349 | 17,769 |
Net change in federal funds purchased | (3,671) | |
Advances from Federal Home Loan Bank, net | (8,188) | (30,961) |
Issuance of common stock | 411 | 2,809 |
Noncontrolling interest contributions received | 560 | |
Cash dividends paid on common stock | (1,711) | (1,489) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 49,750 | (11,872) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (5,903) | 5,971 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 24,243 | 20,570 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 18,340 | 26,541 |
Cash paid during the period for | ||
Interest | 951 | 748 |
Taxes | 5 | 94 |
Non-cash investing and financing activities | ||
Unrealized gain (loss) on securities available-for-sale | 249 | 1,024 |
Change in due to/from noncontrolling interest | $ (61) | $ (321) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1 The consolidated financial statements include the accounts of Commerce Union Bancshares, Inc, its wholly owned subsidiary, Reliant Bank (the “Bank”), the Bank’s wholly-owned subsidiaries, Commerce Union Mortgage Services, Inc. (inactive and terminated in September 2016) September 2016), The consolidated financial statements as of March 31, 2017, three March 31, 2017 2016, 10 2016 three March 31, 2017 may December 31, 2017. |
Note 2 - Securities
Note 2 - Securities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive loss at March 31, 2017 December 31, 2016 March 31, 2017 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U. S. Treasury and other U. S. government agencies $ 857 $ 1 $ (3 ) $ 855 State and municipal 147,822 572 (3,358 ) 145,036 Corporate bonds 2,000 8 (22 ) 1,986 Mortgage backed securities 28,053 21 (185 ) 27,889 Time deposits 3,500 - - 3,500 Total $ 182,232 $ 602 $ (3,568 ) $ 179,266 December 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U. S. Treasury and other U. S. government agencies $ 1,909 $ 4 $ (5 ) $ 1,908 State and municipal 122,813 446 (3,625 ) 119,634 Corporate bonds 2,000 8 (21 ) 1,987 Mortgage backed securities 20,197 11 (174 ) 20,034 Time deposits 3,250 - - 3,250 Total $ 150,169 $ 469 $ (3,825 ) $ 146,813 Securities pledged at March 31, 2017 December 31, 2016 $33,788 $36,292, At March 31, 2017 December 31, 2016, no one 10% The fair value of available for sale debt securities at March 31, 2017 Amortized Estimated Cost Fair Value Due within one year $ 1,364 $ 1,366 Due in one to five years 15,336 15,419 Due in five to ten years 10,349 10,432 Due after ten years 127,130 124,160 Mortgage backed securities 28,053 27,889 Total $ 182,232 $ 179,266 The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2017: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss Description of Securities U. S. Treasury and other U. S. government agencies $ 499 $ 3 $ - $ - $ 499 $ 3 State and municipal 91,307 3,324 1,574 34 92,881 3,358 Corporate bonds 497 3 481 19 978 22 Mortgage backed securities 15,478 142 1,261 43 16,739 185 Total temporarily impaired $ 107,781 $ 3,472 $ 3,316 $ 96 $ 111,097 $ 3,568 The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2016: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss Description of Securities U. S. Treasury and other U. S. government agencies $ 748 $ 5 $ - $ - $ 748 $ 5 State and municipal 83,637 3,597 1,115 28 84,752 3,625 Corporate bonds 496 4 983 17 1,479 21 Mortgage backed securities 17,599 129 1,255 45 18,854 174 Total temporarily impaired $ 102,480 $ 3,735 $ 3,353 $ 90 $ 105,833 $ 3,825 Management has the intent and ability to hold all securities in an unrealized loss position for the foreseeable future, and the decline in fair value is largely due to changes in interest rates. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. There were 170 193 March 31, 2017 December 31, 2016, |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 Loans at March 31, 2017 December 31, 2016 March 31, 2017 December 31 , 2016 Commerical, Industrial and Agricultural $ 133,080 $ 134,404 Real Estate 1-4 Family Residential 113,554 113,031 1-4 Family HELOC 60,571 57,460 Multifamily and Commercial 233,399 215,639 Construction, Land Development and Farmland 127,710 115,889 Consumer 16,086 17,240 Other 13,723 13,745 698,123 667,408 Less Deferred loan fees 491 625 Allowance for possible loan losses 9,090 9,082 Loans, net $ 688,542 $ 657,701 Activity in the allowance for loan losses by portfolio segment was as follows for the three March 31, 2017: Commercial Industrial and Agricultural Multi Family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate Beginning balance $ 2,438 $ 2,731 $ 1,786 $ 1,178 Charge-offs (472 ) - - (15 ) Recoveries 78 - 2 - Provision 936 (117 ) (120 ) (58 ) Ending balance $ 2,980 $ 2,614 $ 1,668 $ 1,105 1-4 Family HELOC Consumer Other Total Beginning balance $ 704 $ 208 $ 37 $ 9,082 Charge-offs - (11 ) - (498 ) Recoveries 16 - - 96 Provision (204 ) (26 ) (1 ) 410 Ending balance $ 516 $ 171 $ 36 $ 9,090 Activity in the allowance for loan losses by portfolio segment was as follows for the three March 31, 2016: Commercial Industrial and Agricultural Multi Family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate Beginning balance $ 2,198 $ 2,591 $ 894 $ 1,214 Charge-offs (8 ) - - - Recoveries 91 1 1 4 Provision 63 (210 ) 269 58 Ending balance $ 2,344 $ 2,382 $ 1,164 $ 1,276 1-4 Family HELOC Consumer Other Total Beginning balance $ 699 $ 192 $ 35 $ 7,823 Charge-offs - (4 ) - (12 ) Recoveries 4 13 - 114 Provision (9 ) (6 ) - 165 Ending balance $ 694 $ 195 $ 35 $ 8,090 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2017 Commercial Industrial and Agricultural Multi Family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate Allowance for loan losses Individually evaluated for impairment $ 1,297 $ - $ 17 $ 26 Acquired with credit impairment 6 - - - Collectively evaluated for impairment 1,677 2,614 1,651 1,079 Total $ 2,980 $ 2,614 $ 1,668 $ 1,105 Loans Individually evaluated for impairment $ 5,607 $ 2,009 $ 2,513 $ 2,069 Acquired with credit impairment 319 2,822 1,481 49 Collectively evaluated for impairment 127,154 228,568 123,716 111,436 Total $ 133,080 $ 233,399 $ 127,710 $ 113,554 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ - $ - $ - $ 1,340 Acquired with credit impairment - - - 6 Collectively evaluated for impairment 516 171 36 7,744 Total $ 516 $ 171 $ 36 $ 9,090 Loans Individually evaluated for impairment $ 1,005 $ - $ - $ 13,203 Acquired with credit impairment 17 - - 4,688 Collectively evaluated for impairment 59,549 16,086 13,723 680,232 Total $ 60,571 $ 16,086 $ 13,723 $ 698,123 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2016 Commercial Industrial and Agricultural Multi Family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate Allowance for loan losses Individually evaluated for impairment $ 747 $ - $ 17 $ 27 Acquired with credit impairment 6 - - - Collectively evaluated for impairment 1,685 2,731 1,769 1,151 Total $ 2,438 $ 2,731 $ 1,786 $ 1,178 Loans Individually evaluated for impairment $ 5,375 $ 2,036 $ 2,544 $ 1,972 Acquired with credit impairment 329 2,852 1,481 89 Collectively evaluated for impairment 128,700 210,751 111,864 110,970 Total $ 134,404 $ 215,639 $ 115,889 $ 113,031 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 62 $ - $ - $ 853 Acquired with credit impairment - - - 6 Collectively evaluated for impairment 642 208 37 8,223 Total $ 704 $ 208 $ 37 $ 9,082 Loans Individually evaluated for impairment $ 1,479 $ - $ - $ 13,406 Acquired with credit impairment 16 - - 4,767 Collectively evaluated for impairment 55,965 17,240 13,745 649,235 Total $ 57,460 $ 17,240 $ 13,745 $ 667,408 Risk characteristics relevant to each portfolio segment are as follows: Commercial, industrial and agricultural : secondarily may may may may may Multi-family and commercial real estate: secondarily Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may third 50 third Construction and land development: may may may 1 4 family residential real estate: 15 30 5 15 secondary 1 4 first second 1 4 first second second 1 4 Consumer: may one five may Non-accrual loans by class of loan were as follows at March 31, 2017 December 31, 2016: March 31, 2017 December 31, 2016 Commercial, Industrial and Agricultural $ 3,931 $ 3,062 Multi Family and Commercial Real Estate - 636 Construction, Land Development and Farmland 730 730 1-4 Family Residential Real Estate 836 344 1-4 Family HELOC - 862 Total $ 5,497 $ 5,634 Performing non-accrual loans totaled $970 $2,799 March 31, 2017 December 31, 2016, Individually impaired loans by class of loans were as follows at March 31, 2017: Unpaid Principal Balance Recorded Investment with n o Allowance Recorded Recorded Investment with Allowance Recorded Total Recorded Investment Related Allowance Commercial, Industrial and Agricultural $ 6,559 $ 3,922 $ 2,004 $ 5,926 $ 1,303 Multi Family and Commercial Real Estate 5,592 4,831 - 4,831 - Construction, Land Development and Farmland 4,089 3,823 171 3,994 17 1-4 Family Residential Real Estate 2,492 2,092 26 2,118 26 1-4 Family HELOC 1,580 1,022 - 1,022 - Total $ 20,312 $ 15,690 $ 2,201 $ 17,891 $ 1,346 Individually impaired loans by class of loans were as follows at December 31, 2016: Unpaid Principal Balance Recorded Investment with no Allowance Recorded Recorded Investmen t with Allowance Recorded Total Recorded Investment Related Allowance Commercial, Industrial and Agricultural $ 6,383 $ 3,924 $ 1,780 $ 5,704 $ 753 Multi Family and Commercial Real Estate 5,666 2,914 1,974 4,888 - Construction, Land Development and Farmland 4,124 3,854 171 4,025 17 1-4 Family Residential Real Estate 2,422 2,034 27 2,061 27 1-4 Family HELOC 2,075 1,178 317 1,495 62 Total $ 20,670 $ 13,904 $ 4,269 $ 18,173 $ 859 The average balances of impaired loans for the three March 31, 2017 2016 2017 2016 Commercial, Industrial and Agricultural $ 5,815 $ 4,714 Multi Family and Commercial Real Estate 4,860 6,139 Construction, Land Development and Farmland 4,010 2,033 1-4 Family Residential Real Estate 2,090 3,433 1-4 Family HELOC 1,259 2,146 Total $ 18,034 $ 18,465 The Company utilizes a risk grading system to monitor the credit quality of the Company’s commercial loan portfolio which consists of commercial, industrial and agricultural, commercial real estate and construction loans. Loans are graded on a scale of 1 9. 1 5 6 7 8 9 Grade 1 This grade includes loans to borrowers with a strong financial position and history of profits and cash flows sufficient to service the debt. These borrowers have well defined sources of primary/secondary repayment, conservatively leveraged balance sheets and the ability to access a wide range of financing alternatives. Collateral securing these loans is negotiable, of sufficient value and in possession of the Company. Risk of loss is unlikely. Grade 2 This grade includes loans to borrowers with a strong financial condition reflecting dependable net profits and cash flows. The borrower has verifiable liquid net worth providing above average asset protection. An identifiable market exists for the collateral. Risk of loss is unlikely. Grade 3 This grade includes loans to borrowers with a balance sheet that reflects a comfortable degree of leverage and liquidity. Borrowers are profitable and have a sustained record of servicing debt. An identifiable market exists for the collateral, but liquidation could take up to one Grade 4 This grade includes loans to borrowers with a financial condition that is satisfactory and comparable to industry standards. The borrower has verifiable net worth, providing over time, average asset protection. Borrower cash flows are sufficient to satisfy debt service requirements. Risk of loss is below average. Grade 5 This grade includes loans to borrowers whose loans are performing, but sources of repayment are not documented by the current credit analysis. There are some declining trends in margins, ratios and/or cash flow. Guarantor(s) have strong net worth(s), but assets may Grade 6 Special mention assets have potential weaknesses that may, may may . Grade 7 A ‘‘substandard’’ extension of credit is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Extensions of credit so classified should 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. Loss potential, while existing in the aggregate amount of substandard credits, does not have to exist in individual extensions of credit classified substandard. Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They require more intensive supervision by Company management. Substandard assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may Grade 8 An extension of credit classified ‘‘doubtful’’ has all the weaknesses inherent in one may may may Grade 9 Extensions of credit classified ‘‘loss’’ are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the credit has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may With loss assets, the underlying borrowers are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Once an asset is classified loss, there is little prospect of collecting either its principal or interest. Non-commercial purpose loans are initially assigned a default loan grade of 99 6, 7, 8) Credit quality indicators by class of loan were as follows at March 31, 2017: Pass Special Mention Substandard Total Commercial, Industrial and Agricultural $ 128,302 $ 5 $ 4,773 $ 133,080 1-4 Family Residential Real Estate 109,534 1,418 2,602 113,554 1-4 Family HELOC 60,099 - 472 60,571 Multi Family and Commercial Real Estate 229,747 - 3,652 233,399 Construction, Land Development and Farmland 123,639 1,643 2,428 127,710 Consumer 16,086 - - 16,086 Other 13,723 - - 13,723 Total $ 681,130 $ 3,066 $ 13,927 $ 698,123 Credit quality indicators by class of loan were as follows at December 31, 2016: Pass Special Mention Substandard Total Commercial, Industrial and Agricultural $ 129,880 $ - $ 4,524 $ 134,404 1-4 Family Residential Real Estate 109,592 1,427 2,012 113,031 1-4 Family HELOC 55,981 - 1,479 57,460 Multi Family and Commercial Real Estate 211,938 - 3,701 215,639 Construction, Land Development and Farmland 111,663 1,767 2,459 115,889 Consumer 17,240 - - 17,240 Other 13,745 - - 13,745 Total $ 650,039 $ 3,194 $ 14,175 $ 667,408 Past due status by class of loan was as follows at March 31, 2017: 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Commercial, Industrial and Agricultural $ 858 $ 877 $ 1,927 $ 3,662 $ 129,418 $ 133,080 1-4 Family Residential Real Estate 89 280 245 614 112,940 113,554 1-4 Family HELOC - - - - 60,571 60,571 Multi family and Commercial Real Estate - - - - 233,399 233,399 Construction, Land Development and Farmland 1,449 - 730 2,179 125,531 127,710 Consumer 1 - - 1 16,085 16,086 Other - - - - 13,723 13,723 Total $ 2,397 $ 1,157 $ 2,902 $ 6,456 $ 691,667 $ 698,123 Past due status by class of loan was as follows at December 31, 2016: 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Commercial, Industrial and Agricultural $ 207 $ 1,586 $ 375 $ 2,168 $ 132,236 $ 134,404 1-4 Family Residential Real Estate 7 - 286 293 112,738 113,031 1-4 Family HELOC - - - - 57,460 57,460 Multi family and Commercial Real Estate - - - - 215,639 215,639 Construction, Land Development and Farmland 58 - 730 788 115,101 115,889 Consumer 193 - - 193 17,047 17,240 Other - - - - 13,745 13,745 Total $ 465 $ 1,586 $ 1,391 $ 3,442 $ 663,966 $ 667,408 There were no 90 March 31, 2017 December 31, 2016. During the three March 31, 2017, one $108 The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding balance and carrying amount of the purchased credit impaired loans was as follows at March 31, 2017 December 31, 2016: March 31, 2017 December 31, 2016 Commercial, Industrial and Agricultural $ 372 $ 385 Multi Family and Commercial Real Estate 3,278 3,321 Construction, Land Development and Farmland 1,566 1,569 1-4 Family Residential Real Estate 50 92 1-4 Family HELOC 36 36 Total outstanding balance 5,302 5,403 Less remaining purchase discount 614 635 4,688 4,768 Allowance for loan losses 6 6 Carrying amount, net of allowance $ 4,682 $ 4,762 During the three March 31, 2017, no Activity related to the accretable portion of the purchase discount on loans acquired with deteriorated credit quality is as follows for the three March 31, 2017: Balance at January 1, 2017 $ 87 Accretion income (18 ) Balance at March 31, 2017 $ 69 |
Note 4 - Fair Values of Assets
Note 4 - Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4 Financial accounting standards relating to fair value measurements establish a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 3 three Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; ● Inputs that are derived principally from or corroborated by the observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 Level 3 Inputs to the valuation methodology are unobservable and reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques should maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis: Securities available for sale: 1 2 may two Interest rate swaps: Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets and liabilities measured at fair value on a nonrecurring basis include the following: Impaired Loans may 3 Mortgage Loans Held For Sale : third 2 There were no changes in valuation methodologies used during the three March 31, 2017. The methods described above may may Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of March 31, 2017 December 31, 2016: Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2017 Assets U. S. Treasury and other U. S. government agencies $ 855 $ - $ 855 $ - State and municipal 145,036 - 145,036 - Corporate bonds 1,986 - 1,986 - Mortgage backed securities 27,889 - 27,889 - Time deposits 3,500 3,500 - - Interest rate swap 116 - 116 - Liabilities Interest rate swap $ 329 $ - $ 329 $ - December 31, 2016 Assets U. S. Treasury and other U. S. government agencies $ 1,908 $ - $ 1,908 $ - State and municipal 119,634 - 119,634 - Corporate bonds 1,987 - 1,987 - Mortgage backed securities 20,034 - 20,034 - Time deposits 3,250 3,250 - - Interest rate swap 195 - 195 - Liabilities Interest rate swap $ 267 $ - $ 267 $ - The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a nonrecurring basis, by level within the fair value hierarchy, as of March 31, 2017 December 31, 2016: Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2017 Assets Impaired loans $ 855 $ - $ - $ 855 Mortgage loans held for sale 9,798 - 9,798 - December 31, 2016 Assets Impaired loans $ 3,410 $ - $ - $ 3,410 Mortgage loans held for sale 11,831 - 11,831 - The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 March 31, 2017 December 31, 2016: Valuation Significant Range Techniques Unobservable Inputs (Weighted Average) Impaired loans Appraisal(1) Estimated costs to sell 10 % Mortgage loans held for sale Pricing models Not applicable Not applicable (1) The Company markets other real estate owned both independently and with local realtors. Properties marketed by realtors are discounted by selling costs. Properties that the Company markets independently are not discounted by selling costs. Carrying amounts and estimated fair values of financial instruments not reported at fair value at March 31, 2017 Quoted Prices in Significant Active Markets Other Significant Estimated for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 18,290 $ 18,290 $ 18,290 $ - $ - Federal funds sold 50 50 50 - - Loans, net 688,542 689,063 - - 689,063 Accrued interest receivable 3,921 3,921 - 3,921 - Restricted equity securities 7,140 7,140 - 7,140 - Financial liabilities Deposits 826,183 825,376 - - 825,376 Accrued interest payable 158 158 - 158 - Federal Home Loan Bank advances 24,099 24,210 - 24,210 - Carrying amounts and estimated fair values of financial instruments not reported at fair value at December 31, 2016 Quoted Prices in Significant Active Markets Other Significant Estimated for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 23,413 $ 23,413 $ 23,413 $ - $ - Federal funds sold 830 830 830 - - Loans, net 657,701 658,130 - - 658,130 Accrued interest receivable 3,786 3,786 - 3,786 - Restricted equity securities 7,133 7,133 - 7,133 - Financial liabilities Deposits 763,834 763,174 - - 763,174 Accrued interest payable 107 107 - 107 - Federal Home Loan Bank advances 32,287 32,444 - 32,444 - The methods and assumptions used to estimate fair value are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, restricted equity securities, demand deposits, and variable rate loans or deposits that re-price frequently and fully. For fixed rate loans or deposits and for variable rate loans or deposits with infrequent re-pricing or re-pricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. Fair value of debt is based on discounted cash flows using current rates for similar financing. |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 5 In 2006, 625,000 March 10, 2015, 1,250,000 Under the Plan, stock option awards may ten On June 18, 2015, 2015 900,000 A summary of the activity in the stock option plans for the three March 31, 2017 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding at January 1, 2017 241,541 $ 12.96 Granted - - Exercised (36,141 ) 11.38 Forfeited or expired (5,800 ) 13.86 Outstanding at March 31, 2017 199,600 13.22 5.73 $ 1,703 Exercisable at March 31, 2017 114,011 12.35 3.60 $ 1,072 Weighted Average Shares Grant-Date Fair Value Non-vested options at January 1, 2017 96,600 $ 3.36 Granted - - Vested (5,211 ) 2.80 Forfeited (5,800 ) 3.27 Non-vested options at March 31, 2017 85,589 3.40 |
Note 6 - Regulatory Capital Req
Note 6 - Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 6 The Company and the Bank are subject to regulatory capital requirements administered by the federal and state banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believes as of March 31, 2017, Prompt corrective action regulations provide five March 31, 2017 December 31, 2016, In July 2013, Under these rules, the leverage and risk-based capital ratios of bank holding companies may January 1, 2015, 1 1 2 Basel III establishes a “capital conservation buffer” of 2.5% January 1, 2016, .625% January 1, 2019. Actual and required capital amounts and ratios are presented below as of March 31, 2017 December 31, 2016. Minimum Required To Be Well Actual Capital Including Capitalized Under Regulatory Capital Conservation Prompt Corrective Capital Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio March 31, 2017 Company Tier I leverage $ 98,995 10.81 % $ 36,631 4.000 % N/A N/A Common equity tier 1 98,995 12.65 % 44,998 5.750 % N/A N/A Tier I risk-based capital 98,995 12.65 % 56,736 7.250 % N/A N/A Total risk-based capital 108,085 13.81 % 72,396 9.250 % N/A N/A Bank Tier I leverage $ 97,755 10.69 % $ 36,578 4.000 % $ 45,723 5.00 % Common equity tier 1 97,755 12.50 % 44,967 5.750 % 50,833 6.50 % Tier I risk-based capital 97,755 12.50 % 56,698 7.250 % 62,563 8.00 % Total risk-based capital 106,845 13.67 % 72,298 9.250 % 78,160 10.00 % December 31, 2016 Company Tier I leverage $ 96,682 10.86 % $ 35,610 4.000 % N/A N/A Common equity tier 1 96,682 13.00 % 38,115 5.125 % N/A N/A Tier I risk-based capital 96,682 13.00 % 49,271 6.625 % N/A N/A Total risk-based capital 105,764 14.22 % 64,150 8.625 % N/A N/A Bank Tier I leverage $ 95,637 10.75 % $ 35,586 4.000 % $ 44,482 5.00 % Common equity tier 1 95,637 12.88 % 38,054 5.125 % 48,264 6.50 % Tier I risk-based capital 95,637 12.88 % 49,192 6.625 % 59,402 8.00 % Total risk-based capital 104,719 14.10 % 64,057 8.625 % 74,269 10.00 % |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 7 The following is a summary of the components comprising basic and diluted earnings per common share of stock (EPS): Three Months Ended March 31, 2017 2016 Basic EPS Computation Net income attributable to common shareholders $ 2,058 $ 2,237 Weighted average common shares outstanding 7,741,305 7,450,400 Basic earnings per common share $ 0.27 $ 0.30 Diluted EPS Computation Net income attributable to common shareholders $ 2,058 $ 2,237 Weighted averag e common shares outstanding 7,741,305 7,450,400 Dilutive effect of stock options and restricted shares 109,347 113,266 Adjusted weighted average common shares outstanding 7,850,652 7,563,666 Diluted earnings per common share $ 0.26 $ 0.30 |
Note 8 - Segment Reporting
Note 8 - Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 The Company has two Retail Banking Residential Mortgage Banking first first first third secondary third The following presents summarized results of operations for the Company’s business segments for the periods indicated: Three Months Ended March 31, 2017 Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 7,896 $ 75 $ - $ 7,971 Provision for loan losses 410 - - 410 Noninterest income 594 591 (46 ) 1,139 Noninterest expense 5,719 1,150 - 6,869 Income tax expense (benefit) 303 (31 ) - 272 Net income (loss) 2,058 (453 ) (46 ) 1,559 Noncontrolling interest in net loss of subsidiary - 453 46 499 Net income attributable to common shareholders $ 2,058 $ - $ - $ 2,058 Three Months Ended March 31, 2016 Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 7,788 $ 294 $ - $ 8,082 Provision for loan losses 165 - - 165 Noninterest income 502 3,344 - 3,846 Noninterest expense 5,342 3,295 - 8,637 Income tax expense 546 22 - 568 Net income 2,237 321 - 2,558 Noncontrolling interest in net income of subsidiary - (321 ) - (321 ) Net income attributable to common shareholders $ 2,237 $ - $ - $ 2,237 |
Note 9 - Derivatives
Note 9 - Derivatives | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | NOTE 9 The total notional amount of swap agreements was $21,505 March 31, 2017 December 31, 2016. March 31, 2017, $116 $329 December 31, 2016, $195 $267 This hedge is intended to reduce the interest rate risk associated with the underlying hedged item by mitigating the risk of changes in fair value based on fluctuations in interest rates. The derivative instruments held by the Company are designated and qualify as fair value hedges. Accordingly, the gain or loss on the derivatives as well as the offsetting gain or loss on the available-for-sale securities attributable to the hedged risk are recognized in current earnings. At March 31, 2017, twelve |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 Income tax expense totaled $272 first 2017 $568 first 2016. |
Note 11 - Recent Accounting Pro
Note 11 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 11 ASU 2016 01 , “Financial Instruments – Overall (Subtopic 825 10): 2016 1 January 1, 2018 ASU 2016 02 ,“Leases (Topic 842) ” 2016 02 2016 1 January 1, 2019 2016 02 ASU 2016 09 , “Compensation - Stock Compensation (Topic 718): ” 2016 09 2016 09 January 1, 2017 $62 $324 three March 31, 2017 March 31, 2016, ASU 2016 13 , “Financial Instruments – Credit Losses (Topic 326): 2016 13 2016 13 January 1, 2020. 2016 13 ASU 2017 05 , “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20) 610 20 2017 05 2017 05 January 1, 2018 ASU 2017 08 310 20) chased Callable Debt Securities ” 2017 08 2017 08 January 1, 2019, 2017 08 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 2017 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U. S. Treasury and other U. S. government agencies $ 857 $ 1 $ (3 ) $ 855 State and municipal 147,822 572 (3,358 ) 145,036 Corporate bonds 2,000 8 (22 ) 1,986 Mortgage backed securities 28,053 21 (185 ) 27,889 Time deposits 3,500 - - 3,500 Total $ 182,232 $ 602 $ (3,568 ) $ 179,266 December 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U. S. Treasury and other U. S. government agencies $ 1,909 $ 4 $ (5 ) $ 1,908 State and municipal 122,813 446 (3,625 ) 119,634 Corporate bonds 2,000 8 (21 ) 1,987 Mortgage backed securities 20,197 11 (174 ) 20,034 Time deposits 3,250 - - 3,250 Total $ 150,169 $ 469 $ (3,825 ) $ 146,813 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated Cost Fair Value Due within one year $ 1,364 $ 1,366 Due in one to five years 15,336 15,419 Due in five to ten years 10,349 10,432 Due after ten years 127,130 124,160 Mortgage backed securities 28,053 27,889 Total $ 182,232 $ 179,266 |
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss Description of Securities U. S. Treasury and other U. S. government agencies $ 499 $ 3 $ - $ - $ 499 $ 3 State and municipal 91,307 3,324 1,574 34 92,881 3,358 Corporate bonds 497 3 481 19 978 22 Mortgage backed securities 15,478 142 1,261 43 16,739 185 Total temporarily impaired $ 107,781 $ 3,472 $ 3,316 $ 96 $ 111,097 $ 3,568 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Loss Fair Value Loss Fair Value Loss Description of Securities U. S. Treasury and other U. S. government agencies $ 748 $ 5 $ - $ - $ 748 $ 5 State and municipal 83,637 3,597 1,115 28 84,752 3,625 Corporate bonds 496 4 983 17 1,479 21 Mortgage backed securities 17,599 129 1,255 45 18,854 174 Total temporarily impaired $ 102,480 $ 3,735 $ 3,353 $ 90 $ 105,833 $ 3,825 |
Note 3 - Loans and Allowance 21
Note 3 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2017 December 31 , 2016 Commerical, Industrial and Agricultural $ 133,080 $ 134,404 Real Estate 1-4 Family Residential 113,554 113,031 1-4 Family HELOC 60,571 57,460 Multifamily and Commercial 233,399 215,639 Construction, Land Development and Farmland 127,710 115,889 Consumer 16,086 17,240 Other 13,723 13,745 698,123 667,408 Less Deferred loan fees 491 625 Allowance for possible loan losses 9,090 9,082 Loans, net $ 688,542 $ 657,701 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Commercial Industrial and Agricultural Multi Family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate Beginning balance $ 2,438 $ 2,731 $ 1,786 $ 1,178 Charge-offs (472 ) - - (15 ) Recoveries 78 - 2 - Provision 936 (117 ) (120 ) (58 ) Ending balance $ 2,980 $ 2,614 $ 1,668 $ 1,105 1-4 Family HELOC Consumer Other Total Beginning balance $ 704 $ 208 $ 37 $ 9,082 Charge-offs - (11 ) - (498 ) Recoveries 16 - - 96 Provision (204 ) (26 ) (1 ) 410 Ending balance $ 516 $ 171 $ 36 $ 9,090 Commercial Industrial and Agricultural Multi Family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate Beginning balance $ 2,198 $ 2,591 $ 894 $ 1,214 Charge-offs (8 ) - - - Recoveries 91 1 1 4 Provision 63 (210 ) 269 58 Ending balance $ 2,344 $ 2,382 $ 1,164 $ 1,276 1-4 Family HELOC Consumer Other Total Beginning balance $ 699 $ 192 $ 35 $ 7,823 Charge-offs - (4 ) - (12 ) Recoveries 4 13 - 114 Provision (9 ) (6 ) - 165 Ending balance $ 694 $ 195 $ 35 $ 8,090 |
Schedule of Allowance for Credit Losses and Finance Receivables by Portfolio Individually and Collectively Evaluated for Impairment [Table Text Block] | Commercial Industrial and Agricultural Multi Family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate Allowance for loan losses Individually evaluated for impairment $ 1,297 $ - $ 17 $ 26 Acquired with credit impairment 6 - - - Collectively evaluated for impairment 1,677 2,614 1,651 1,079 Total $ 2,980 $ 2,614 $ 1,668 $ 1,105 Loans Individually evaluated for impairment $ 5,607 $ 2,009 $ 2,513 $ 2,069 Acquired with credit impairment 319 2,822 1,481 49 Collectively evaluated for impairment 127,154 228,568 123,716 111,436 Total $ 133,080 $ 233,399 $ 127,710 $ 113,554 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ - $ - $ - $ 1,340 Acquired with credit impairment - - - 6 Collectively evaluated for impairment 516 171 36 7,744 Total $ 516 $ 171 $ 36 $ 9,090 Loans Individually evaluated for impairment $ 1,005 $ - $ - $ 13,203 Acquired with credit impairment 17 - - 4,688 Collectively evaluated for impairment 59,549 16,086 13,723 680,232 Total $ 60,571 $ 16,086 $ 13,723 $ 698,123 Commercial Industrial and Agricultural Multi Family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate Allowance for loan losses Individually evaluated for impairment $ 747 $ - $ 17 $ 27 Acquired with credit impairment 6 - - - Collectively evaluated for impairment 1,685 2,731 1,769 1,151 Total $ 2,438 $ 2,731 $ 1,786 $ 1,178 Loans Individually evaluated for impairment $ 5,375 $ 2,036 $ 2,544 $ 1,972 Acquired with credit impairment 329 2,852 1,481 89 Collectively evaluated for impairment 128,700 210,751 111,864 110,970 Total $ 134,404 $ 215,639 $ 115,889 $ 113,031 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 62 $ - $ - $ 853 Acquired with credit impairment - - - 6 Collectively evaluated for impairment 642 208 37 8,223 Total $ 704 $ 208 $ 37 $ 9,082 Loans Individually evaluated for impairment $ 1,479 $ - $ - $ 13,406 Acquired with credit impairment 16 - - 4,767 Collectively evaluated for impairment 55,965 17,240 13,745 649,235 Total $ 57,460 $ 17,240 $ 13,745 $ 667,408 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | March 31, 2017 December 31, 2016 Commercial, Industrial and Agricultural $ 3,931 $ 3,062 Multi Family and Commercial Real Estate - 636 Construction, Land Development and Farmland 730 730 1-4 Family Residential Real Estate 836 344 1-4 Family HELOC - 862 Total $ 5,497 $ 5,634 |
Impaired Financing Receivables [Table Text Block] | Unpaid Principal Balance Recorded Investment with n o Allowance Recorded Recorded Investment with Allowance Recorded Total Recorded Investment Related Allowance Commercial, Industrial and Agricultural $ 6,559 $ 3,922 $ 2,004 $ 5,926 $ 1,303 Multi Family and Commercial Real Estate 5,592 4,831 - 4,831 - Construction, Land Development and Farmland 4,089 3,823 171 3,994 17 1-4 Family Residential Real Estate 2,492 2,092 26 2,118 26 1-4 Family HELOC 1,580 1,022 - 1,022 - Total $ 20,312 $ 15,690 $ 2,201 $ 17,891 $ 1,346 Unpaid Principal Balance Recorded Investment with no Allowance Recorded Recorded Investmen t with Allowance Recorded Total Recorded Investment Related Allowance Commercial, Industrial and Agricultural $ 6,383 $ 3,924 $ 1,780 $ 5,704 $ 753 Multi Family and Commercial Real Estate 5,666 2,914 1,974 4,888 - Construction, Land Development and Farmland 4,124 3,854 171 4,025 17 1-4 Family Residential Real Estate 2,422 2,034 27 2,061 27 1-4 Family HELOC 2,075 1,178 317 1,495 62 Total $ 20,670 $ 13,904 $ 4,269 $ 18,173 $ 859 |
Impaired Financing Receivables, Average Recorded Investment [Table Text Block] | 2017 2016 Commercial, Industrial and Agricultural $ 5,815 $ 4,714 Multi Family and Commercial Real Estate 4,860 6,139 Construction, Land Development and Farmland 4,010 2,033 1-4 Family Residential Real Estate 2,090 3,433 1-4 Family HELOC 1,259 2,146 Total $ 18,034 $ 18,465 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Special Mention Substandard Total Commercial, Industrial and Agricultural $ 128,302 $ 5 $ 4,773 $ 133,080 1-4 Family Residential Real Estate 109,534 1,418 2,602 113,554 1-4 Family HELOC 60,099 - 472 60,571 Multi Family and Commercial Real Estate 229,747 - 3,652 233,399 Construction, Land Development and Farmland 123,639 1,643 2,428 127,710 Consumer 16,086 - - 16,086 Other 13,723 - - 13,723 Total $ 681,130 $ 3,066 $ 13,927 $ 698,123 Pass Special Mention Substandard Total Commercial, Industrial and Agricultural $ 129,880 $ - $ 4,524 $ 134,404 1-4 Family Residential Real Estate 109,592 1,427 2,012 113,031 1-4 Family HELOC 55,981 - 1,479 57,460 Multi Family and Commercial Real Estate 211,938 - 3,701 215,639 Construction, Land Development and Farmland 111,663 1,767 2,459 115,889 Consumer 17,240 - - 17,240 Other 13,745 - - 13,745 Total $ 650,039 $ 3,194 $ 14,175 $ 667,408 |
Past Due Financing Receivables [Table Text Block] | 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Commercial, Industrial and Agricultural $ 858 $ 877 $ 1,927 $ 3,662 $ 129,418 $ 133,080 1-4 Family Residential Real Estate 89 280 245 614 112,940 113,554 1-4 Family HELOC - - - - 60,571 60,571 Multi family and Commercial Real Estate - - - - 233,399 233,399 Construction, Land Development and Farmland 1,449 - 730 2,179 125,531 127,710 Consumer 1 - - 1 16,085 16,086 Other - - - - 13,723 13,723 Total $ 2,397 $ 1,157 $ 2,902 $ 6,456 $ 691,667 $ 698,123 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Commercial, Industrial and Agricultural $ 207 $ 1,586 $ 375 $ 2,168 $ 132,236 $ 134,404 1-4 Family Residential Real Estate 7 - 286 293 112,738 113,031 1-4 Family HELOC - - - - 57,460 57,460 Multi family and Commercial Real Estate - - - - 215,639 215,639 Construction, Land Development and Farmland 58 - 730 788 115,101 115,889 Consumer 193 - - 193 17,047 17,240 Other - - - - 13,745 13,745 Total $ 465 $ 1,586 $ 1,391 $ 3,442 $ 663,966 $ 667,408 |
Schedule of Loans Acquired with Deteriorated Credit Quality [Table Text Block] | March 31, 2017 December 31, 2016 Commercial, Industrial and Agricultural $ 372 $ 385 Multi Family and Commercial Real Estate 3,278 3,321 Construction, Land Development and Farmland 1,566 1,569 1-4 Family Residential Real Estate 50 92 1-4 Family HELOC 36 36 Total outstanding balance 5,302 5,403 Less remaining purchase discount 614 635 4,688 4,768 Allowance for loan losses 6 6 Carrying amount, net of allowance $ 4,682 $ 4,762 |
Schedule of Activity Related to Accretable Yield of Loans Acquired with Evidence of Credit Quality Deterioration Since Origination [Table Text Block] | Balance at January 1, 2017 $ 87 Accretion income (18 ) Balance at March 31, 2017 $ 69 |
Note 4 - Fair Values of Asset22
Note 4 - Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2017 Assets U. S. Treasury and other U. S. government agencies $ 855 $ - $ 855 $ - State and municipal 145,036 - 145,036 - Corporate bonds 1,986 - 1,986 - Mortgage backed securities 27,889 - 27,889 - Time deposits 3,500 3,500 - - Interest rate swap 116 - 116 - Liabilities Interest rate swap $ 329 $ - $ 329 $ - December 31, 2016 Assets U. S. Treasury and other U. S. government agencies $ 1,908 $ - $ 1,908 $ - State and municipal 119,634 - 119,634 - Corporate bonds 1,987 - 1,987 - Mortgage backed securities 20,034 - 20,034 - Time deposits 3,250 3,250 - - Interest rate swap 195 - 195 - Liabilities Interest rate swap $ 267 $ - $ 267 $ - Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2017 Assets Impaired loans $ 855 $ - $ - $ 855 Mortgage loans held for sale 9,798 - 9,798 - December 31, 2016 Assets Impaired loans $ 3,410 $ - $ - $ 3,410 Mortgage loans held for sale 11,831 - 11,831 - |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Valuation Significant Range Techniques Unobservable Inputs (Weighted Average) Impaired loans Appraisal(1) Estimated costs to sell 10 % Mortgage loans held for sale Pricing models Not applicable Not applicable |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Quoted Prices in Significant Active Markets Other Significant Estimated for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 18,290 $ 18,290 $ 18,290 $ - $ - Federal funds sold 50 50 50 - - Loans, net 688,542 689,063 - - 689,063 Accrued interest receivable 3,921 3,921 - 3,921 - Restricted equity securities 7,140 7,140 - 7,140 - Financial liabilities Deposits 826,183 825,376 - - 825,376 Accrued interest payable 158 158 - 158 - Federal Home Loan Bank advances 24,099 24,210 - 24,210 - Quoted Prices in Significant Active Markets Other Significant Estimated for Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 23,413 $ 23,413 $ 23,413 $ - $ - Federal funds sold 830 830 830 - - Loans, net 657,701 658,130 - - 658,130 Accrued interest receivable 3,786 3,786 - 3,786 - Restricted equity securities 7,133 7,133 - 7,133 - Financial liabilities Deposits 763,834 763,174 - - 763,174 Accrued interest payable 107 107 - 107 - Federal Home Loan Bank advances 32,287 32,444 - 32,444 - |
Note 5 - Stock-based Compensa23
Note 5 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding at January 1, 2017 241,541 $ 12.96 Granted - - Exercised (36,141 ) 11.38 Forfeited or expired (5,800 ) 13.86 Outstanding at March 31, 2017 199,600 13.22 5.73 $ 1,703 Exercisable at March 31, 2017 114,011 12.35 3.60 $ 1,072 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Shares Grant-Date Fair Value Non-vested options at January 1, 2017 96,600 $ 3.36 Granted - - Vested (5,211 ) 2.80 Forfeited (5,800 ) 3.27 Non-vested options at March 31, 2017 85,589 3.40 |
Note 6 - Regulatory Capital R24
Note 6 - Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Required To Be Well Actual Capital Including Capitalized Under Regulatory Capital Conservation Prompt Corrective Capital Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio March 31, 2017 Company Tier I leverage $ 98,995 10.81 % $ 36,631 4.000 % N/A N/A Common equity tier 1 98,995 12.65 % 44,998 5.750 % N/A N/A Tier I risk-based capital 98,995 12.65 % 56,736 7.250 % N/A N/A Total risk-based capital 108,085 13.81 % 72,396 9.250 % N/A N/A Bank Tier I leverage $ 97,755 10.69 % $ 36,578 4.000 % $ 45,723 5.00 % Common equity tier 1 97,755 12.50 % 44,967 5.750 % 50,833 6.50 % Tier I risk-based capital 97,755 12.50 % 56,698 7.250 % 62,563 8.00 % Total risk-based capital 106,845 13.67 % 72,298 9.250 % 78,160 10.00 % December 31, 2016 Company Tier I leverage $ 96,682 10.86 % $ 35,610 4.000 % N/A N/A Common equity tier 1 96,682 13.00 % 38,115 5.125 % N/A N/A Tier I risk-based capital 96,682 13.00 % 49,271 6.625 % N/A N/A Total risk-based capital 105,764 14.22 % 64,150 8.625 % N/A N/A Bank Tier I leverage $ 95,637 10.75 % $ 35,586 4.000 % $ 44,482 5.00 % Common equity tier 1 95,637 12.88 % 38,054 5.125 % 48,264 6.50 % Tier I risk-based capital 95,637 12.88 % 49,192 6.625 % 59,402 8.00 % Total risk-based capital 104,719 14.10 % 64,057 8.625 % 74,269 10.00 % |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 Basic EPS Computation Net income attributable to common shareholders $ 2,058 $ 2,237 Weighted average common shares outstanding 7,741,305 7,450,400 Basic earnings per common share $ 0.27 $ 0.30 Diluted EPS Computation Net income attributable to common shareholders $ 2,058 $ 2,237 Weighted averag e common shares outstanding 7,741,305 7,450,400 Dilutive effect of stock options and restricted shares 109,347 113,266 Adjusted weighted average common shares outstanding 7,850,652 7,563,666 Diluted earnings per common share $ 0.26 $ 0.30 |
Note 8 - Segment Reporting (Tab
Note 8 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2017 Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 7,896 $ 75 $ - $ 7,971 Provision for loan losses 410 - - 410 Noninterest income 594 591 (46 ) 1,139 Noninterest expense 5,719 1,150 - 6,869 Income tax expense (benefit) 303 (31 ) - 272 Net income (loss) 2,058 (453 ) (46 ) 1,559 Noncontrolling interest in net loss of subsidiary - 453 46 499 Net income attributable to common shareholders $ 2,058 $ - $ - $ 2,058 Three Months Ended March 31, 2016 Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 7,788 $ 294 $ - $ 8,082 Provision for loan losses 165 - - 165 Noninterest income 502 3,344 - 3,846 Noninterest expense 5,342 3,295 - 8,637 Income tax expense 546 22 - 568 Net income 2,237 321 - 2,558 Noncontrolling interest in net income of subsidiary - (321 ) - (321 ) Net income attributable to common shareholders $ 2,237 $ - $ - $ 2,237 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Pledged Financial Instruments, Not Separately Reported, Securities | $ 33,788 | $ 36,292,000 |
Number of Securities in Unrealized Loss Position | 170 | 193 |
Number of Securities of Single Issuer with Book Value Greater than Ten Percent of Stockholders' Equity | 0 | 0 |
Note 2 - Securities - Available
Note 2 - Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized Cost | $ 182,232 | $ 150,169 |
Gross Unrealized Gains | 602 | 469 |
Gross Unrealized Losses | (3,568) | (3,825) |
Estimated Fair Value | 179,266 | 146,813 |
US Treasury and Government [Member] | ||
Amortized Cost | 857 | 1,909 |
Gross Unrealized Gains | 1 | 4 |
Gross Unrealized Losses | (3) | (5) |
Estimated Fair Value | 855 | 1,908 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 147,822 | 122,813 |
Gross Unrealized Gains | 572 | 446 |
Gross Unrealized Losses | (3,358) | (3,625) |
Estimated Fair Value | 145,036 | 119,634 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 2,000 | 2,000 |
Gross Unrealized Gains | 8 | 8 |
Gross Unrealized Losses | (22) | (21) |
Estimated Fair Value | 1,986 | 1,987 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized Cost | 28,053 | 20,197 |
Gross Unrealized Gains | 21 | 11 |
Gross Unrealized Losses | (185) | (174) |
Estimated Fair Value | 27,889 | 20,034 |
Time Deposits [Member] | ||
Amortized Cost | 3,500 | 3,250 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Estimated Fair Value | $ 3,500 | $ 3,250 |
Note 2 - Securities - Availab29
Note 2 - Securities - Available-for-sale Securities Classified by Contractual Maturity Date (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Due within one year, amortized cost | $ 1,364 |
Due within one year, fair value | 1,366 |
Due in one to five years, amortized cost | 15,336 |
Due in one to five years, fair value | 15,419 |
Due in five to ten years, amortized cost | 10,349 |
Due in five to ten years, fair value | 10,432 |
Due after ten years, amortized cost | 127,130 |
Due after ten years, fair value | 124,160 |
Total | 182,232 |
Total | 179,266 |
Collateralized Mortgage Backed Securities [Member] | |
Mortgage backed securities, amortized cost | 28,053 |
Mortgage backed securities, fair value | $ 27,889 |
Note 2 - Securities - Schedule
Note 2 - Securities - Schedule of Temporary Impairment Losses, Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Less than 12 months Estimated Fair Value | $ 107,781 | $ 102,480 |
Less than 12 months Unrealized Loss | 3,472 | 3,735 |
12 months or more Estimated Fair Value | 3,316 | 3,353 |
12 months or more Unrealized Loss | 96 | 90 |
Total Estimated Fair Value | 111,097 | 105,833 |
Total Unrealized Loss | 3,568 | 3,825 |
US Treasury and Government [Member] | ||
Less than 12 months Estimated Fair Value | 499 | 748 |
Less than 12 months Unrealized Loss | 3 | 5 |
12 months or more Estimated Fair Value | ||
12 months or more Unrealized Loss | ||
Total Estimated Fair Value | 499 | 748 |
Total Unrealized Loss | 3 | 5 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months Estimated Fair Value | 91,307 | 83,637 |
Less than 12 months Unrealized Loss | 3,324 | 3,597 |
12 months or more Estimated Fair Value | 1,574 | 1,115 |
12 months or more Unrealized Loss | 34 | 28 |
Total Estimated Fair Value | 92,881 | 84,752 |
Total Unrealized Loss | 3,358 | 3,625 |
Corporate Debt Securities [Member] | ||
Less than 12 months Estimated Fair Value | 497 | 496 |
Less than 12 months Unrealized Loss | 3 | 4 |
12 months or more Estimated Fair Value | 481 | 983 |
12 months or more Unrealized Loss | 19 | 17 |
Total Estimated Fair Value | 978 | 1,479 |
Total Unrealized Loss | 22 | 21 |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months Estimated Fair Value | 15,478 | 17,599 |
Less than 12 months Unrealized Loss | 142 | 129 |
12 months or more Estimated Fair Value | 1,261 | 1,255 |
12 months or more Unrealized Loss | 43 | 45 |
Total Estimated Fair Value | 16,739 | 18,854 |
Total Unrealized Loss | $ 185 | $ 174 |
Note 3 - Loans and Allowance 31
Note 3 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 5,497 | $ 5,634 |
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Modifications, Recorded Investment | $ 108 | |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 970 | 2,799 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 636 | |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | Minimum [Member] | ||
Percentage of Loans in Repayment | 50.00% | |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 836 | $ 344 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | Minimum [Member] | ||
Loan Facility, Amortization Period | 15 years | |
Loans Commitment, Maturity Period | 5 years | |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | Maximum [Member] | ||
Loan Facility, Amortization Period | 30 years | |
Loans Commitment, Maturity Period | 15 years | |
Consumer Portfolio Segment [Member] | Minimum [Member] | ||
Loans and Leases Receivable, Repayment Period | 1 year | |
Consumer Portfolio Segment [Member] | Maximum [Member] | ||
Loans and Leases Receivable, Repayment Period | 5 years |
Note 3 - Loans and Allowance 32
Note 3 - Loans and Allowance for Loan Losses - Schedule of Loans and Financial Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans | $ 698,123 | $ 667,408 | ||
Deferred loan fees | 491 | 625 | ||
Allowance for possible loan losses | 9,090 | 9,082 | $ 8,090 | $ 7,823 |
Loans, net | 688,542 | 657,701 | ||
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||||
Loans | 133,080 | 134,404 | ||
Allowance for possible loan losses | 2,980 | 2,438 | 2,344 | 2,198 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||||
Loans | 113,554 | 113,031 | ||
Allowance for possible loan losses | 1,105 | 1,178 | 1,276 | 1,214 |
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||||
Loans | 60,571 | 57,460 | ||
Allowance for possible loan losses | 516 | 704 | 694 | 699 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||||
Loans | 233,399 | 215,639 | ||
Allowance for possible loan losses | 2,614 | 2,731 | 2,382 | 2,591 |
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||||
Loans | 127,710 | 115,889 | ||
Allowance for possible loan losses | 1,668 | 1,786 | 1,164 | 894 |
Consumer Portfolio Segment [Member] | ||||
Loans | 16,086 | 17,240 | ||
Allowance for possible loan losses | 171 | 208 | 195 | 192 |
Other Portfolio Segment [Member] | ||||
Loans | 13,723 | 13,745 | ||
Allowance for possible loan losses | $ 36 | $ 37 | $ 35 | $ 35 |
Note 3 - Loans and Allowance 33
Note 3 - Loans and Allowance for Loan Losses - Schedule of Allowances for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning balance | $ 9,082 | $ 7,823 |
Charge-offs | (498) | (12) |
Recoveries | 96 | 114 |
Provision for loan losses | 410 | 165 |
Ending balance | 9,090 | 8,090 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Beginning balance | 2,438 | 2,198 |
Charge-offs | (472) | (8) |
Recoveries | 78 | 91 |
Provision for loan losses | 936 | 63 |
Ending balance | 2,980 | 2,344 |
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Beginning balance | 704 | 699 |
Charge-offs | ||
Recoveries | 16 | 4 |
Provision for loan losses | (204) | (9) |
Ending balance | 516 | 694 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Beginning balance | 2,731 | 2,591 |
Charge-offs | ||
Recoveries | 1 | |
Provision for loan losses | (117) | (210) |
Ending balance | 2,614 | 2,382 |
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Beginning balance | 1,786 | 894 |
Charge-offs | ||
Recoveries | 2 | 1 |
Provision for loan losses | (120) | 269 |
Ending balance | 1,668 | 1,164 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Beginning balance | 1,178 | 1,214 |
Charge-offs | (15) | |
Recoveries | 4 | |
Provision for loan losses | (58) | 58 |
Ending balance | 1,105 | 1,276 |
Consumer Portfolio Segment [Member] | ||
Beginning balance | 208 | 192 |
Charge-offs | (11) | (4) |
Recoveries | 13 | |
Provision for loan losses | (26) | (6) |
Ending balance | 171 | 195 |
Other Portfolio Segment [Member] | ||
Beginning balance | 37 | 35 |
Charge-offs | ||
Recoveries | ||
Provision for loan losses | (1) | |
Ending balance | $ 36 | $ 35 |
Note 3 - Loans and Allowance 34
Note 3 - Loans and Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Individually evaluated for impairment | $ 1,340 | $ 853 | ||
Acquired with credit impairment | 6 | 6 | ||
Collectively evaluated for impairment | 7,744 | 8,223 | ||
Total | 9,090 | 9,082 | $ 8,090 | $ 7,823 |
Individually evaluated for impairment | 13,203 | 13,406 | ||
Acquired with credit impairment | 4,688 | 4,767 | ||
Collectively evaluated for impairment | 680,232 | 649,235 | ||
Total | 698,123 | 667,408 | ||
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||||
Individually evaluated for impairment | 62 | |||
Acquired with credit impairment | ||||
Collectively evaluated for impairment | 516 | 642 | ||
Total | 516 | 704 | 694 | 699 |
Individually evaluated for impairment | 1,005 | 1,479 | ||
Acquired with credit impairment | 17 | 16 | ||
Collectively evaluated for impairment | 59,549 | 55,965 | ||
Total | 60,571 | 57,460 | ||
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||||
Individually evaluated for impairment | ||||
Acquired with credit impairment | ||||
Collectively evaluated for impairment | 2,614 | 2,731 | ||
Total | 2,614 | 2,731 | 2,382 | 2,591 |
Individually evaluated for impairment | 2,009 | 2,036 | ||
Acquired with credit impairment | 2,822 | 2,852 | ||
Collectively evaluated for impairment | 228,568 | 210,751 | ||
Total | 233,399 | 215,639 | ||
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||||
Individually evaluated for impairment | 17 | 17 | ||
Acquired with credit impairment | ||||
Collectively evaluated for impairment | 1,651 | 1,769 | ||
Total | 1,668 | 1,786 | 1,164 | 894 |
Individually evaluated for impairment | 2,513 | 2,544 | ||
Acquired with credit impairment | 1,481 | 1,481 | ||
Collectively evaluated for impairment | 123,716 | 111,864 | ||
Total | 127,710 | 115,889 | ||
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||||
Individually evaluated for impairment | 26 | 27 | ||
Acquired with credit impairment | ||||
Collectively evaluated for impairment | 1,079 | 1,151 | ||
Total | 1,105 | 1,178 | 1,276 | 1,214 |
Individually evaluated for impairment | 2,069 | 1,972 | ||
Acquired with credit impairment | 49 | 89 | ||
Collectively evaluated for impairment | 111,436 | 110,970 | ||
Total | 113,554 | 113,031 | ||
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 1,297 | 747 | ||
Acquired with credit impairment | 6 | 6 | ||
Collectively evaluated for impairment | 1,677 | 1,685 | ||
Total | 2,980 | 2,438 | 2,344 | 2,198 |
Individually evaluated for impairment | 5,607 | 5,375 | ||
Acquired with credit impairment | 319 | 329 | ||
Collectively evaluated for impairment | 127,154 | 128,700 | ||
Total | 133,080 | 134,404 | ||
Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment | ||||
Acquired with credit impairment | ||||
Collectively evaluated for impairment | 171 | 208 | ||
Total | 171 | 208 | 195 | 192 |
Individually evaluated for impairment | ||||
Acquired with credit impairment | ||||
Collectively evaluated for impairment | 16,086 | 17,240 | ||
Total | 16,086 | 17,240 | ||
Other Portfolio Segment [Member] | ||||
Individually evaluated for impairment | ||||
Acquired with credit impairment | ||||
Collectively evaluated for impairment | 36 | 37 | ||
Total | 36 | 37 | $ 35 | $ 35 |
Individually evaluated for impairment | ||||
Acquired with credit impairment | ||||
Collectively evaluated for impairment | 13,723 | 13,745 | ||
Total | $ 13,723 | $ 13,745 |
Note 3 - Loans and Allowance 35
Note 3 - Loans and Allowance for Loan Losses - Summary of Non-accrual Loans by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Non-accrual loans | $ 5,497 | $ 5,634 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Non-accrual loans | 3,931 | 3,062 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Non-accrual loans | 636 | |
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Non-accrual loans | 730 | 730 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Non-accrual loans | 836 | 344 |
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Non-accrual loans | $ 862 |
Note 3 - Loans and Allowance 36
Note 3 - Loans and Allowance for Loan Losses - Summary of Individually Impaired Loans by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Unpaid Principal Balance | $ 20,312 | $ 20,670 |
Recorded Investment with no Allowance Recorded | 15,690 | 13,904 |
Recorded Investment with Allowance Recorded | 2,201 | 4,269 |
Total Recorded Investment | 17,891 | 18,173 |
Related Allowance | 1,346 | 859 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Unpaid Principal Balance | 6,559 | 6,383 |
Recorded Investment with no Allowance Recorded | 3,922 | 3,924 |
Recorded Investment with Allowance Recorded | 2,004 | 1,780 |
Total Recorded Investment | 5,926 | 5,704 |
Related Allowance | 1,303 | 753 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Unpaid Principal Balance | 5,592 | 5,666 |
Recorded Investment with no Allowance Recorded | 4,831 | 2,914 |
Recorded Investment with Allowance Recorded | 1,974 | |
Total Recorded Investment | 4,831 | 4,888 |
Related Allowance | ||
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Unpaid Principal Balance | 4,089 | 4,124 |
Recorded Investment with no Allowance Recorded | 3,823 | 3,854 |
Recorded Investment with Allowance Recorded | 171 | 171 |
Total Recorded Investment | 3,994 | 4,025 |
Related Allowance | 17 | 17 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Unpaid Principal Balance | 2,492 | 2,422 |
Recorded Investment with no Allowance Recorded | 2,092 | 2,034 |
Recorded Investment with Allowance Recorded | 26 | 27 |
Total Recorded Investment | 2,118 | 2,061 |
Related Allowance | 26 | 27 |
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Unpaid Principal Balance | 1,580 | 2,075 |
Recorded Investment with no Allowance Recorded | 1,022 | 1,178 |
Recorded Investment with Allowance Recorded | 317 | |
Total Recorded Investment | 1,022 | 1,495 |
Related Allowance | $ 62 |
Note 3 - Loans and Allowance 37
Note 3 - Loans and Allowance for Loan Losses - Summary of Average Recorded Investment in Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Average Balance of Impaired Loans | $ 18,034 | $ 18,465 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Average Balance of Impaired Loans | 5,815 | 4,714 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Average Balance of Impaired Loans | 4,860 | 6,139 |
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Average Balance of Impaired Loans | 4,010 | 2,033 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Average Balance of Impaired Loans | 2,090 | 3,433 |
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Average Balance of Impaired Loans | $ 1,259 | $ 2,146 |
Note 3 - Loans and Allowance 38
Note 3 - Loans and Allowance for Loan Losses - Summary of Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans | $ 698,123 | $ 667,408 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Loans | 133,080 | 134,404 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Loans | 113,554 | 113,031 |
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Loans | 60,571 | 57,460 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Loans | 233,399 | 215,639 |
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Loans | 127,710 | 115,889 |
Consumer Portfolio Segment [Member] | ||
Loans | 16,086 | 17,240 |
Other Portfolio Segment [Member] | ||
Loans | 13,723 | 13,745 |
Pass [Member] | ||
Loans | 681,130 | 650,039 |
Pass [Member] | Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Loans | 128,302 | 129,880 |
Pass [Member] | Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Loans | 109,534 | 109,592 |
Pass [Member] | Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Loans | 60,099 | 55,981 |
Pass [Member] | Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Loans | 229,747 | 211,938 |
Pass [Member] | Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Loans | 123,639 | 111,663 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 16,086 | 17,240 |
Pass [Member] | Other Portfolio Segment [Member] | ||
Loans | 13,723 | 13,745 |
Special Mention [Member] | ||
Loans | 3,066 | 3,194 |
Special Mention [Member] | Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Loans | 5 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Loans | 1,418 | 1,427 |
Special Mention [Member] | Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Loans | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Loans | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Loans | 1,643 | 1,767 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Special Mention [Member] | Other Portfolio Segment [Member] | ||
Loans | ||
Substandard [Member] | ||
Loans | 13,927 | 14,175 |
Substandard [Member] | Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Loans | 4,773 | 4,524 |
Substandard [Member] | Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Loans | 2,602 | 2,012 |
Substandard [Member] | Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Loans | 472 | 1,479 |
Substandard [Member] | Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Loans | 3,652 | 3,701 |
Substandard [Member] | Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Loans | 2,428 | 2,459 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Substandard [Member] | Other Portfolio Segment [Member] | ||
Loans |
Note 3 - Loans and Allowance 39
Note 3 - Loans and Allowance for Loan Losses - Summary of Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Past Due | $ 6,456 | $ 3,442 |
Current | 691,667 | 663,966 |
Loans | 698,123 | 667,408 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 2,397 | 465 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 1,157 | 1,586 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past Due | 2,902 | 1,391 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Past Due | 3,662 | 2,168 |
Current | 129,418 | 132,236 |
Loans | 133,080 | 134,404 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 858 | 207 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 877 | 1,586 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past Due | 1,927 | 375 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Past Due | 614 | 293 |
Current | 112,940 | 112,738 |
Loans | 113,554 | 113,031 |
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Past Due | ||
Current | 60,571 | 57,460 |
Loans | 60,571 | 57,460 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Past Due | ||
Current | 233,399 | 215,639 |
Loans | 233,399 | 215,639 |
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Past Due | 2,179 | 788 |
Current | 125,531 | 115,101 |
Loans | 127,710 | 115,889 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | One to Four Family Residential [Member] | ||
Past Due | 89 | 7 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | One to Four Family HELOC Loans [Member] | ||
Past Due | ||
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Multi-family and Commercial [Member] | ||
Past Due | ||
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Construction, Land Development and Farmland [Member] | ||
Past Due | 1,449 | 58 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | One to Four Family Residential [Member] | ||
Past Due | 280 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | One to Four Family HELOC Loans [Member] | ||
Past Due | ||
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Multi-family and Commercial [Member] | ||
Past Due | ||
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Construction, Land Development and Farmland [Member] | ||
Past Due | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | One to Four Family Residential [Member] | ||
Past Due | 245 | 286 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | One to Four Family HELOC Loans [Member] | ||
Past Due | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Multi-family and Commercial [Member] | ||
Past Due | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction, Land Development and Farmland [Member] | ||
Past Due | 730 | 730 |
Consumer Portfolio Segment [Member] | ||
Past Due | 1 | 193 |
Current | 16,085 | 17,047 |
Loans | 16,086 | 17,240 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 1 | 193 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past Due | ||
Other Portfolio Segment [Member] | ||
Past Due | ||
Current | 13,723 | 13,745 |
Loans | 13,723 | 13,745 |
Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | ||
Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | ||
Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past Due |
Note 3 - Loans and Allowance 40
Note 3 - Loans and Allowance for Loan Losses - Summary of Carrying Amount of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Total outstanding balance | $ 5,302 | $ 5,403 |
Less remaining purchase discount | 614 | 635 |
4,688 | 4,768 | |
Allowance for loan losses | 6 | 6 |
Carrying amount, net of allowance | 4,682 | 4,762 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Total outstanding balance | 372 | 385 |
Residential Portfolio Segment [Member] | Multi-family and Commercial [Member] | ||
Total outstanding balance | 3,278 | 3,321 |
Residential Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Total outstanding balance | 1,566 | 1,569 |
Residential Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Total outstanding balance | 50 | 92 |
Residential Portfolio Segment [Member] | One to Four Family HELOC Loans [Member] | ||
Total outstanding balance | $ 36 | $ 36 |
Note 3 - Loans and Allowance 41
Note 3 - Loans and Allowance for Loan Losses - Activity Related to Accretable Portion of Loans Acquired (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Balance at January 1, 2017 | $ 87 |
Accretion income | (18) |
Balance at March 31, 2017 | $ 69 |
Note 4 - Fair Values of Asset42
Note 4 - Fair Values of Assets and Liabilities - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities | $ 329 | $ 267 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities | 329 | 267 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities | ||
Fair Value, Measurements, Recurring [Member] | US Treasury and Government [Member] | ||
Assets | 855 | 1,908 |
Fair Value, Measurements, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 855 | 1,908 |
Fair Value, Measurements, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets | 145,036 | 119,634 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 145,036 | 119,634 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets | 1,986 | 1,987 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 1,986 | 1,987 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Assets | 27,889 | 20,034 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 27,889 | 20,034 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | Time Deposits [Member] | ||
Assets | 3,500 | 3,250 |
Fair Value, Measurements, Recurring [Member] | Time Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | 3,500 | 3,250 |
Fair Value, Measurements, Recurring [Member] | Time Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Interest Rate Swap [Member] | ||
Assets | 116 | 195 |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Assets | ||
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Assets | 116 | 195 |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Assets | ||
Fair Value, Measurements, Nonrecurring [Member] | ||
Impaired loans | 855 | 3,410 |
Mortgage loans held for sale | 9,798 | 11,831 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Mortgage loans held for sale | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Mortgage loans held for sale | 9,798 | 11,831 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 855 | 3,410 |
Mortgage loans held for sale |
Note 4 - Fair Values of Asset43
Note 4 - Fair Values of Assets and Liabilities - Summary of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis by Utilized Level 3 Inputs (Details) - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended | |
Mar. 31, 2017 | ||
Impaired Loans [Member[ | ||
Valuation Techniques | Appraisal1 | [1] |
Significant Unobservable Inputs | Estimated costs to sell | |
Range (Weighted Average) | 10.00% | |
Mortgage Loans Held-for-Sale [Member] | ||
Valuation Techniques | Pricing models | |
Significant Unobservable Inputs | Not applicable | |
[1] | The Company markets other real estate owned both independently and with local realtors. Properties marketed by realtors are discounted by selling costs. Properties that the Company markets independently are not discounted by selling costs. |
Note 4 - Fair Values of Asset44
Note 4 - Fair Values of Assets and Liabilities - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | ||
Cash and due from banks | $ 18,290 | $ 23,413 |
Federal funds sold | 50 | 830 |
Loans, net | 688,542 | 657,701 |
Accrued interest receivable | 3,921 | 3,786 |
Restricted equity securities | 7,140 | 7,133 |
Deposits | 826,183 | 763,834 |
Accrued interest payable | 158 | 107 |
Federal Home Loan Bank advances | 24,099 | 32,287 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 18,290 | 23,413 |
Federal funds sold | 50 | 830 |
Loans, net | 689,063 | 658,130 |
Accrued interest receivable | 3,921 | 3,786 |
Restricted equity securities | 7,140 | 7,133 |
Deposits | 825,376 | 763,174 |
Accrued interest payable | 158 | 107 |
Federal Home Loan Bank advances | 24,210 | 32,444 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 18,290 | 23,413 |
Federal funds sold | 50 | 830 |
Loans, net | ||
Accrued interest receivable | ||
Restricted equity securities | ||
Deposits | ||
Accrued interest payable | ||
Federal Home Loan Bank advances | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Federal funds sold | ||
Loans, net | ||
Accrued interest receivable | 3,921 | 3,786 |
Restricted equity securities | 7,140 | 7,133 |
Deposits | ||
Accrued interest payable | 158 | 107 |
Federal Home Loan Bank advances | 24,210 | 32,444 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Federal funds sold | ||
Loans, net | 689,063 | 658,130 |
Accrued interest receivable | ||
Restricted equity securities | ||
Deposits | 825,376 | 763,174 |
Accrued interest payable | ||
Federal Home Loan Bank advances |
Note 5 - Stock-based Compensa45
Note 5 - Stock-based Compensation (Details Textual) - shares | Mar. 10, 2015 | Jun. 18, 2015 | Dec. 31, 2006 |
The Plan [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,250,000 | 625,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Equity Incentive Plan 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 |
Note 5 - Stock-based Compensa46
Note 5 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Outstanding shares (in shares) | shares | 241,541 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.96 |
Granted (in shares) | shares | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Exercised shares (in shares) | shares | (36,141) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 11.38 |
Forfeited or expired shares (in shares) | shares | (5,800) |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 13.86 |
Outstanding shares (in shares) | shares | 199,600 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 13.22 |
Outstanding, weighted average remaining contractual term (Year) | 5 years 266 days |
Outstanding, aggregate intrinsic value | $ | $ 1,703 |
Exercisable shares (in shares) | shares | 114,011 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 12.35 |
Exercisable, weighted average remaining contractual term (Year) | 3 years 219 days |
Exercisable, aggregate intrinsic value | $ | $ 1,072 |
Note 5 - Stock-based Compensa47
Note 5 - Stock-based Compensation - Nonvested Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Non-vested options (in shares) | shares | 96,600 |
Non-vested options, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 3.36 |
Granted (in shares) | shares | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (5,211) |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 2.80 |
Forfeited (in shares) | shares | (5,800) |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 3.27 |
Non-vested options (in shares) | shares | 85,589 |
Non-vested options, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 3.40 |
Note 6 - Regulatory Capital R48
Note 6 - Regulatory Capital Requirements - Summary of Bank's Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Tier I leverage | $ 98,995 | $ 96,682 |
Tier I leverage, ratio | 10.81% | 10.86% |
Tier I leverage, minimum required capital including capital conservation buffer | $ 36,631 | $ 35,610 |
Tier I leverage, minimum required capital including capital conservation buffer, ratio | 4.00% | 4.00% |
Common equity tier 1 | $ 98,995 | $ 96,682 |
Common equity tier 1, ratio | 12.65% | 13.00% |
Common equity tier 1, minimum required capital including capital conservation buffer | $ 44,998 | $ 38,115 |
Common equity tier 1, minimum required capital including capital conservation buffer, ratio | 5.75% | 5.125% |
Tier I risk-based capital | $ 98,995 | $ 96,682 |
Tier I risk-based capital, ratio | 12.65% | 13.00% |
Tier I risk-based capital, minimum required capital including capital conservation buffer | $ 56,736 | $ 49,271 |
Tier I risk-based capital, minimum required capital including capital conservation buffer, ratio | 7.25% | 6.625% |
Total risk-based capital | $ 108,085 | $ 105,764 |
Total risk-based capital, ratio | 13.81% | 14.22% |
Total risk-based capital, minimum required capital including capital conservation buffer | $ 72,396 | $ 64,150 |
Total risk-based capital, minimum required capital including capital conservation buffer, ratio | 9.25% | 8.625% |
Reliant Bank [Member] | ||
Tier I leverage | $ 97,755 | $ 95,637 |
Tier I leverage, ratio | 10.69% | 10.75% |
Tier I leverage, minimum required capital including capital conservation buffer | $ 36,578 | $ 35,586 |
Tier I leverage, minimum required capital including capital conservation buffer, ratio | 4.00% | 4.00% |
Common equity tier 1 | $ 97,755 | $ 95,637 |
Common equity tier 1, ratio | 12.50% | 12.88% |
Common equity tier 1, minimum required capital including capital conservation buffer | $ 44,967 | $ 38,054 |
Common equity tier 1, minimum required capital including capital conservation buffer, ratio | 5.75% | 5.125% |
Tier I risk-based capital | $ 97,755 | $ 95,637 |
Tier I risk-based capital, ratio | 12.50% | 12.88% |
Tier I risk-based capital, minimum required capital including capital conservation buffer | $ 56,698 | $ 49,192 |
Tier I risk-based capital, minimum required capital including capital conservation buffer, ratio | 7.25% | 6.625% |
Total risk-based capital | $ 106,845 | $ 104,719 |
Total risk-based capital, ratio | 13.67% | 14.10% |
Total risk-based capital, minimum required capital including capital conservation buffer | $ 72,298 | $ 64,057 |
Total risk-based capital, minimum required capital including capital conservation buffer, ratio | 9.25% | 8.625% |
Tier I leverage, to be well capitalized under prompt corrective action provisions | $ 45,723 | $ 44,482 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 50,833 | $ 48,264 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions | $ 62,563 | $ 59,402 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 78,160 | $ 74,269 |
Total risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% |
Note 7 - Earnings Per Share - S
Note 7 - Earnings Per Share - Summary of Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income attributable to common shareholders | $ 2,058 | $ 2,237 |
Weighted average common shares outstanding (in shares) | 7,741,305 | 7,450,400 |
Basic earnings per common share (in dollars per share) | $ 0.27 | $ 0.30 |
Net income attributable to common shareholders | $ 2,058 | $ 2,237 |
Dilutive effect of stock options and restricted shares (in shares) | 109,347 | 113,266 |
Adjusted weighted average common shares outstanding (in shares) | 7,850,652 | 7,563,666 |
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.30 |
Note 8 - Segment Reporting (Det
Note 8 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Reportable Segments | 2 |
Note 8 - Segment Reporting - Su
Note 8 - Segment Reporting - Summary of Results of Operations for Company's Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net interest income | $ 7,971 | $ 8,082 |
Provision for loan losses | 410 | 165 |
Noninterest income | 1,139 | 3,846 |
Noninterest expense | 6,869 | 8,637 |
Income Tax Expense (Benefit) | 272 | 568 |
Net income (loss) | 1,559 | 2,558 |
Noncontrolling interest in net loss of subsidiary | 499 | (321) |
Net income attributable to common shareholders | 2,058 | 2,237 |
Consolidation, Eliminations [Member] | ||
Net interest income | ||
Provision for loan losses | ||
Noninterest income | (46) | |
Noninterest expense | ||
Income Tax Expense (Benefit) | ||
Net income (loss) | (46) | |
Noncontrolling interest in net loss of subsidiary | 46 | |
Net income attributable to common shareholders | ||
Retail Banking [Member] | ||
Net interest income | 7,896 | 7,788 |
Provision for loan losses | 410 | 165 |
Noninterest income | 594 | 502 |
Noninterest expense | 5,719 | 5,342 |
Income Tax Expense (Benefit) | 303 | 546 |
Net income (loss) | 2,058 | 2,237 |
Noncontrolling interest in net loss of subsidiary | ||
Net income attributable to common shareholders | 2,058 | 2,237 |
Residential Mortgage Banking [Member] | ||
Net interest income | 75 | 294 |
Provision for loan losses | ||
Noninterest income | 591 | 3,344 |
Noninterest expense | 1,150 | 3,295 |
Income Tax Expense (Benefit) | (31) | 22 |
Net income (loss) | (453) | 321 |
Noncontrolling interest in net loss of subsidiary | 453 | (321) |
Net income attributable to common shareholders |
Note 9 - Derivatives (Details T
Note 9 - Derivatives (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative, Notional Amount | $ 21,505 | $ 21,505 |
Other Derivative Assets, Fair Value Disclosure | 116 | 195 |
Other Derivative Liabilities, Fair Value Disclosure | $ 329 | $ 267 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Expense (Benefit) | $ 272 | $ 568 |
Note 11 - Recent Accounting P54
Note 11 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 62 | $ 324 |