Document and Entity Information
Document and Entity Information - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Jun. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Provident Bancorp, Inc. | |
Entity Central Index Key | 1,635,840 | |
Trading Symbol | pvbc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 6,955 | $ 7,533 |
Interest-bearing demand deposits with other banks | 8,735 | 1,311 |
Money market mutual funds | 720 | 714 |
Cash and cash equivalents | 16,410 | 9,558 |
Investments in available-for-sale securities (at fair value) | 73,894 | 76,032 |
Investments in held-to-maturity securities (fair values of $47,614 as of March 31, 2015 and $47,435 as of December 31, 2014) | 45,438 | 45,559 |
Federal Home Loan Bank stock, at cost | 3,642 | 3,642 |
Loans, net | 493,457 | 494,183 |
Bank owned life insurance | 12,240 | 12,144 |
Premises and equipment, net | 10,342 | 10,503 |
Accrued interest receivable | 2,065 | 2,056 |
Deferred tax asset, net | 3,444 | 3,632 |
Other assets | 1,480 | 1,297 |
Total assets | 662,412 | 658,606 |
Deposits: | ||
Noninterest-bearing | 130,661 | 128,407 |
Interest-bearing | 407,542 | 408,527 |
Total deposits | 538,203 | 536,934 |
Federal Home Loan Bank advances | 41,637 | 39,237 |
Other liabilities | 5,519 | 6,644 |
Total liabilities | 585,359 | 582,815 |
Equity: | ||
Preferred stock; authorized 50,000 shares: senior non-cumulative perpetual, Series A, no par, 17,145 shares issued and outstanding at December 31, 2014 and 2013; liquidation value $1,000 per share | $ 17,145 | $ 17,145 |
Common Stock, no par value; 275,000 shares authorized; 1,000 shares issued and outstanding | ||
Additional paid-in capital | $ 275 | $ 275 |
Retained earnings | 56,927 | 55,959 |
Accumulated other comprehensive income | 2,706 | 2,412 |
Total equity | 77,053 | 75,791 |
Total liabilities and equity | $ 662,412 | $ 658,606 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands, None in scaling factor is -9223372036854775296 | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Investments in held-to-maturity securities, fair value | $ 47,614 | $ 47,435 |
Preferred stock shares authorized | 50,000 | 50,000 |
Senior non-cumulative perpetual, Series A no par value | ||
Senior non-cumulative perpetual, Series A shares issued | 17,145 | 17,145 |
Senior non-cumulative perpetual, Series A shares outstanding | 17,145 | 17,145 |
Senior non-cumulative perpetual, Series A liquidation value | $ 1,000 | $ 1,000 |
Common stock no par value | ||
Common stock, shares authorized | 275,000 | 275,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 5,243 | $ 4,678 |
Interest and dividends on securities | 829 | 891 |
Interest on interest-bearing deposits | 1 | 2 |
Total interest and dividend income | 6,073 | 5,571 |
Interest expense: | ||
Interest on deposits | 406 | 434 |
Interest on Federal Home Loan Bank advances | 141 | 142 |
Total interest expense | 547 | 576 |
Net interest and dividend income | 5,526 | 4,995 |
Provision for loan losses | 278 | 389 |
Net interest and dividend income after provision for loan losses | 5,248 | 4,606 |
Noninterest income: | ||
Service charges on deposit accounts | 38 | 38 |
Service charges and fees - other | 381 | 412 |
Gain on sales, calls and donated securities, net | 81 | 96 |
Other income | 324 | 325 |
Total noninterest income | 824 | 871 |
Noninterest expense: | ||
Salaries and employee benefits | 2,869 | 2,545 |
Occupancy expense | 393 | 329 |
Equipment expense | 133 | 179 |
FDIC assessment | 94 | 86 |
Data processing | 139 | 125 |
Marketing expense | 57 | 62 |
Professional fees | 217 | 153 |
Other | 764 | 753 |
Total noninterest expense | 4,666 | 4,232 |
Income before income tax expense | 1,406 | 1,245 |
Income tax expense | 394 | 322 |
Net income | 1,012 | 923 |
Net income attributable to common shareholders | $ 968 | $ 879 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,012 | $ 923 |
Unrealized gains on securities: | ||
Change in net unrealized holding gains arising during the period | 563 | 751 |
Less: Reclassification adjustment for realized gains in net income | (81) | (96) |
Other comprehensive income before tax | 482 | 655 |
Income tax expense | (188) | (260) |
Other comprehensive income, net of tax | 294 | 395 |
Total comprehensive income | $ 1,306 | $ 1,318 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands | Preferred Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total |
Balance at Dec. 31, 2013 | $ 17,145 | $ 275 | $ 51,569 | $ 838 | $ 69,827 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 923 | 923 | |||
Net change in other comprehensive income | 395 | 395 | |||
Preferred stock dividends | (44) | (44) | |||
Balance at Mar. 31, 2014 | 17,145 | 275 | 52,448 | 1,233 | 71,101 |
Balance at Dec. 31, 2014 | 17,145 | 275 | 55,959 | 2,412 | 75,791 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 1,012 | 1,012 | |||
Net change in other comprehensive income | 294 | 294 | |||
Preferred stock dividends | (44) | (44) | |||
Balance at Mar. 31, 2015 | $ 17,145 | $ 275 | $ 56,927 | $ 2,706 | $ 77,053 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 1,012 | $ 923 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities premiums, net of accretion | 216 | 220 |
Gain on sales, calls and donations of securities, net | (81) | (96) |
Change in deferred loan fees, net | (14) | 13 |
Provision for loan losses | 278 | 389 |
Depreciation and amortization | 181 | 199 |
(Increase) decrease in accrued interest receivable | (9) | 8 |
Decrease in taxes receivable | 392 | 308 |
Increase in cash surrender value of life insurance | (96) | (105) |
Increase in other assets | (575) | (50) |
Decrease in other liabilities | (1,125) | (832) |
Net cash provided by operating activities | 179 | 977 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (287) | (447) |
Proceeds from sales of available-for-sale securities | 211 | 258 |
Proceeds from paydowns, maturities and calls of available-for-sale securities | $ 2,682 | 3,470 |
Proceeds from paydowns, maturities and calls of held-to-maturity securities | 1,281 | |
Loan originations and principal collections, net | $ 460 | (15,458) |
Recoveries of loans previously charged off | $ 2 | 25 |
Loans purchased | $ (750) | |
Proceeds from sales of foreclosed real estate | ||
Additions to premises and equipment | $ (20) | $ (24) |
Net cash provided by (used in) investing activities | 3,048 | (11,645) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 21 | 438 |
Net increase in time deposits | 1,248 | 2,306 |
Net change in Federal Home Loan Bank short-term advances | 2,400 | 7,000 |
Preferred stock dividends | (44) | (44) |
Net cash provided by financing activities | 3,625 | 9,700 |
Net increase (decrease) in cash and cash equivalents | 6,852 | (968) |
Cash and cash equivalents at beginning of year | 9,558 | 15,356 |
Cash and cash equivalents at end of year | 16,410 | 14,388 |
Supplemental disclosures: | ||
Interest paid | 558 | 515 |
Income taxes paid | $ 2 | $ 14 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited financial statements of Provident Bancorp, Inc., a Massachusetts corporation (the “Company”), were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the December 31, 2014 Consolidated Financial Statements that are included in the Company’s Registration Statement on Form S-1. The consolidated financial statements include the accounts of Provident Bancorp, Inc., its wholly owned subsidiary, The Provident Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Provident Security Corporation and 5 Market Street Security Corporation. Provident Security Corporation was established to buy, sell, and hold investments for its own account, and 5 Market Street Security Corporation, an inactive corporation, was established to buy, sell, and hold investments for its own account. All significant inter-company balances and transactions have been eliminated in consolidation. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. |
Corporate Structure
Corporate Structure | 3 Months Ended |
Mar. 31, 2015 | |
Corporate Structure [Abstract] | |
Corporate Structure | (2) Corporate Structure On March 10, 2015, the Board of Directors of the Company adopted a plan of stock issuance (“the Plan”) pursuant to which the Company will sell shares of common stock, representing a minority ownership of the estimated pro forma market value of the Company as determined by an independent appraisal. Shares will be offered to eligible depositors, the tax qualified employee benefit plans of the Company and corporators, directors, officers and employees of the company, in a subscription offering and, if necessary, to the general public in a community and/or syndicated community offering. The majority of the shares of common stock will be owned by Provident Bancorp, the Company’s current mutual holding company parent (the “MHC”). In connection with the Plan, the Company will establish a charitable foundation, which will be funded with $250,000 in cash and 2% of the Company’s outstanding shares of common stock. The Plan provides for the establishment, upon the completion of the stock offering, of a special “liquidation account” for the benefit of certain depositors of the Bank in an amount equal to the percentage ownership interest in the equity of the Company to be held by persons other than the MHC as of the date of the latest balance sheet contained in the prospectus. Following the completion of the offering, the Company will not be permitted to pay dividends on its capital stock if the Company’s shareholders’ equity would be reduced below the amount of the liquidation account. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation accounts. Costs associated with the stock offering have been deferred and will be deducted from the proceeds of the shares sold in the stock issuance. If the stock offering is not completed, all costs will be charged to expense. At March 31, 2015, approximately $408,000 of stock offering costs had been incurred and deferred. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | (3) Recent Accounting Pronouncements ASU No. 2014-01 - Investments - Equity Method and Joint Ventures (Topic 323) - "Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)." component of income tax expense (benefit). The decision to apply the proportionate amortization method of accounting should be applied consistently to all qualifying affordable housing project investments. A reporting entity that uses the effective yield or other method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply such method to those preexisting investments. The amendments were effective for the Company on January 1, 2015. The application of this guidance did not have a material impact on the Company's financial statements. ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2014-14, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40) - "Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2015-05, “Intangibles — Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | (4) Investment Securities The following summarizes the amortized cost of investment securities classified as available-for-sale and their approximate fair values at March 31, 2015 and December 31, 2014: Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value March 31, 2015 U.S. Government and federal agency $ 1,992 $ 85 $ - $ 2,077 State and municipal 3,478 443 - 3,921 Corporate debt 1,000 108 - 1,108 Asset-backed securities 2,576 - 48 2,528 Government mortgage-backed securities 51,573 1,101 123 52,551 Trust preferred securities 1,373 93 137 1,329 Marketable equity securities 8,225 2,999 124 11,100 70,217 4,829 432 74,614 Money market mutual funds included in cash and cash equivalents (720 ) - - (720 ) Total available-for-sale securities $ 69,497 $ 4,829 $ 432 $ 73,894 December 31, 2014 U.S. Government and federal agency $ 1,991 $ 92 $ - $ 2,083 State and municipal 3,479 422 - 3,901 Corporate debt 1,000 114 - 1,114 Asset-backed securities 2,733 - 87 2,646 Government mortgage-backed securities 54,063 989 199 54,853 Trust preferred securities 1,502 - 380 1,122 Marketable equity securities 8,063 3,048 84 11,027 72,831 4,665 750 76,746 Money market mutual funds included in cash and cash equivalents (714 ) - - (714 ) Total available-for-sale securities $ 72,117 $ 4,665 $ 750 $ 76,032 The following summarizes the amortized cost of investment securities classified as held-to-maturity and their approximate fair values at March 31, 2015 and December 31, 2014: Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value March 31, 2015 State and municipal $ 45,438 $ 2,193 $ 17 $ 47,614 $ 45,438 $ 2,193 $ 17 $ 47,614 December 31, 2014 State and municipal $ 45,559 $ 1,940 $ 64 $ 47,435 $ 45,559 $ 1,940 $ 64 $ 47,435 The scheduled maturities of debt securities were as follows at March 31, 2015: Available-for-Sale Held-to-Maturity Fair Amortized Fair (In thousands) Value Cost Basis Value Due within one year $ 101 $ 90 $ 90 Due after one year through five years 3,438 2,302 2,374 Due after five years through ten years 536 5,289 5,499 Due after ten years 4,360 37,757 39,651 Government mortgage-backed securities 52,551 - - Asset-backed securities 2,528 - - $ 63,514 $ 45,438 $ 47,614 The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized-loss position for less than twelve months and for twelve months or more, and are temporarily impaired, are as follows at March 31, 2015 and December 31, 2014: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses March 31, 2015 Temporarily impaired securities: State and municipal $ - $ - $ 1,926 $ 17 $ 1,926 $ 17 Asset-backed securities - - 2,528 48 2,528 48 Government mortgage-backed securities 81 - 10,707 123 10,788 123 Trust preferred securities - - 1,193 137 1,193 137 Marketable equity securities 1,428 112 106 12 1,534 124 Total temporarily impaired securities $ 1,509 $ 112 $ 16,460 $ 337 $ 17,969 $ 449 December 31, 2014 Temporarily impaired securities: State and municipal $ - $ - $ 5,847 $ 64 $ 5,847 $ 64 Asset-backed securities - - 2,645 87 - 87 Government mortgage-backed securities 2,472 4 12,518 195 14,990 199 Trust preferred securities 26 36 1,096 344 1,122 380 Marketable equity securities 683 80 115 4 798 84 Total temporarily impaired securities $ 3,181 $ 120 $ 22,221 $ 694 $ 22,757 $ 814 Government mortgage-backed securities, state and municipal securities and asset-backed securities Marketable equity securities Trust preferred securities |
Loans
Loans | 3 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Loans | (5) Loans A summary of loans is as follows: At At March 31, December 31, (In thousands) 2015 2014 Amount Percent Amount Percent Commercial real estate $ 264,316 52.73 % $ 249,691 49.76 % Commercial 98,077 19.57 % 97,589 19.45 % Residential real estate 100,913 20.13 % 104,568 20.84 % Construction and land development 35,410 7.07 % 47,079 9.38 % Consumer 2,505 0.50 % 2,863 0.57 % 501,221 100.00 % 501,790 100.00 % Allowance for loan losses (7,395 ) (7,224 ) Deferred loan fees, net (369 ) (383 ) Net loans $ 493,457 $ 494,183 The following tables set forth information regarding the activity of the allowance for loan losses by portfolio segment for the three months ended March 31, 2015 and 2014 and balances by segment at March 31, 2015 and December 31, 2014: (In thousands) Commercial Construction Residential Commercial Consumer Unallocated Total Allowance for loan losses: Balance at December 31, 2013 $ 3,207 $ 363 $ 725 $ 1,331 $ 206 $ 245 $ 6,077 Charge-offs - - - - (14 ) - (14 ) Recoveries - - 24 - 1 - 25 Provision (benefit) (280 ) 84 (46 ) 690 (26 ) (33 ) 389 Balance at March 31, 2014 $ 2,927 $ 447 $ 703 $ 2,021 $ 167 $ 212 $ 6,477 Balance at Decmeber 31, 2014 $ 3,500 $ 872 $ 560 $ 1,751 $ 184 $ 357 $ 7,224 Charge-offs - - - (103 ) (6 ) - (109 ) Recoveries - - - - 2 - 2 Provision (benefit) 314 (290 ) (1 ) 354 (8 ) (91 ) 278 Balance at March 31, 2015 $ 3,814 $ 582 $ 559 $ 2,002 $ 172 $ 266 $ 7,395 March 31, 2015 Ending balance: Individually evaluated for impairment $ - $ - $ - $ 514 $ - $ - $ 514 Ending balance: Collectively evaluated for impairment 3,814 582 559 1,488 171 267 6,881 Total allowance for loan losses ending balance $ 3,814 $ 582 $ 559 $ 2,002 $ 171 $ 267 $ 7,395 Loans: Ending balance: Individually evaluated for impairment $ 4,090 $ - $ 254 $ 1,620 $ - $ - $ 5,964 Ending balance: Collectively evaluated for impairment 260,226 35,410 100,659 96,457 2,505 - 495,257 Total loans ending balance $ 264,316 $ 35,410 $ 100,913 $ 98,077 $ 2,505 $ - $ 501,221 December 31, 2014 Ending balance: Individually evaluated for impairment $ - $ - $ - $ 62 $ - $ - $ 62 Ending balance: Collectively evaluated for impairment 3,500 872 560 1,689 184 357 7,162 Total allowance for loan losses ending balance $ 3,500 $ 872 $ 560 $ 1,751 $ 184 $ 357 $ 7,224 Loans: Ending balance: Individually evaluated for impairment $ 4,276 $ - $ 221 $ 821 $ - $ - $ 5,318 Ending balance: Collectively evaluated for impairment 245,415 47,079 104,347 96,768 2,863 - 496,472 Total loans ending balance $ 249,691 $ 47,079 $ 104,568 $ 97,589 $ 2,863 $ - $ 501,790 The following tables set forth information regarding nonaccrual loans and past-due loans by portfolio segment at March 31, 2015 and December 31, 2014: 90 Days 90 Days Total or More 30 - 59 60 - 89 or More Past Total Total Past Due Nonaccrual (In thousands) Days Days Past Due Due Current Loans and Accruing Loans March 31, 2015 Residential real estate $ 152 $ - $ 26 $ 178 $ 100,735 $ 100,913 $ - $ 1,420 Commercial real estate 58 - 363 421 263,895 264,316 - 2,822 Construction and land development - - - - 35,410 35,410 - - Commercial 434 - 191 625 97,452 98,077 - 1,286 Consumer 2 - - 2 2,503 2,505 - - Total $ 646 $ - $ 580 $ 1,226 $ 499,995 $ 501,221 $ - $ 5,528 December 31, 2014 Residential real estate $ - $ 404 $ 423 $ 827 $ 103,741 $ 104,568 $ - $ 1,564 Commercial real estate 110 132 363 605 249,086 249,691 - 3,002 Construction and land development - - - - 47,079 47,079 - - Commercial 149 108 350 607 96,982 97,589 - 516 Consumer 9 - - 9 2,854 2,863 - - Total $ 268 $ 644 $ 1,136 $ 2,048 $ 499,742 $ 501,790 $ - $ 5,082 Information about the Company’s impaired loans by portfolio segment was as follows at March 31, 2015 and December 31, 2014: Unpaid Average Interest Recorded Principal Related Recorded Income (In thousands) Investment Balance Allowance Investment Recognized March 31, 2015 With no related allowance recorded: Residential real estate $ 254 $ 254 $ - $ 243 $ 4 Commercial real estate 4,090 4,090 - 4,152 33 Construction and land development - - - - - Commercial 513 513 - 564 7 Consumer - - - - - Total impaired with no related allowance $ 4,857 $ 4,857 $ - $ 4,959 $ 44 With an allowance recorded: Residential real estate $ - $ - $ - $ - $ - Commercial real estate - - - - - Construction and land development - - - - - Commercial 1,107 1,111 514 791 - Consumer - - - - - Total impaired with an allowance recorded $ 1,107 $ 1,111 $ 514 $ 791 $ - Total Residential real estate $ 254 $ 254 $ - $ 243 $ 4 Commercial real estate 4,090 4,090 - 4,152 33 Construction and land development - - - - - Commercial 1,620 1,624 514 1,355 7 Consumer - - - - - Total impaired loans $ 5,964 $ 5,968 $ 514 $ 5,750 $ 44 Unpaid Average Interest Recorded Principal Related Recorded Income (In thousands) Investment Balance Allowance Investment Recognized December 31, 2014 With no related allowance recorded: Residential real estate $ 221 $ 221 $ - $ 368 $ 24 Commercial real estate 4,276 4,276 - 3,070 161 Construction and land development - - - - - Commercial 506 506 - 370 20 Consumer - - - - - Total impaired with no related allowance $ 5,003 $ 5,003 $ - $ 3,808 $ 205 With an allowance recorded: Residential real estate $ - $ - $ - $ - $ - Commercial real estate - - - 279 - Construction and land development - - - - - Commercial 315 318 62 328 12 Consumer - - - - - Total impaired with an allowance recorded $ 315 $ 318 $ 62 $ 607 $ 12 Total Residential real estate $ 221 $ 221 $ - $ 368 $ 24 Commercial real estate 4,276 4,276 - 3,349 161 Construction and land development - - - - - Commercial 821 824 62 698 32 Consumer - - - - - Total impaired loans $ 5,318 $ 5,321 $ 62 $ 4,415 $ 217 The following summarizes troubled debt restructurings entered into during the three months ended March 31, 2015: (Dollars in thousands) Number of Contracts Pre- Post- Three months ending March 31, 2015 Troubled debt restructurings: Commercial 1 $ 956 $ 956 Residential real estate 1 35 35 2 $ 991 $ 991 The commercial loan was modified to defer interest payments. We have classified this loan as doubtful and maintain a 50% reserve on the balance of the loan. The residential real estate loan was modified to interest only payments. Based on our analysis it was determined that no allowance for loan loss reserve was necessary. The following tables present the Company’s loans by risk rating and portfolio segment at March 31, 2015 and December 31, 2014: (In thousands) Residential Commercial Construction Commercial Consumer Total March 31, 2015 Grade: Pass $ - $ 241,906 $ 35,410 $ 89,304 $ - $ 366,620 Special mention - 14,958 - 7,391 - 22,349 Substandard 1,667 7,452 - 426 - 9,545 Doubtful - - - 956 - 956 Not formally rated 99,246 - - - 2,505 101,751 Total $ 100,913 $ 264,316 $ 35,410 $ 98,077 $ 2,505 $ 501,221 December 31, 2014 Grade: Pass $ - $ 236,689 $ 37,867 $ 89,269 $ - $ 363,825 Special mention - 5,336 9,212 6,498 - 21,046 Substandard 1,374 7,666 - 1,822 - 10,862 Doubtful - - - - - - Not formally rated 103,194 - - - 2,863 106,057 Total $ 104,568 $ 249,691 $ 47,079 $ 97,589 $ 2,863 $ 501,790 Credit Quality Information The Company utilizes a seven grade internal loan rating system for commercial real estate, construction and land development, and commercial loans as follows: Loans rated 1-3 Loans rated 4 Loans rated 5 Loans rated 6 Loans rated 7 On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and land development, and commercial loans. For residential real estate and consumer loans, the Company initially assesses credit quality based upon the borrower’s ability to pay and rates such loans as pass. Subsequent risk rating downgrades are based upon the borrower’s payment activity. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 3 Months Ended |
Mar. 31, 2015 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | (6) Federal Home Loan Bank Advances Borrowings from the FHLB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one to four family properties, certain commercial loans and other qualified assets. Maturities of advances from the FHLB ending after March 31, 2015 are summarized as follows: (In thousands) 2015 $ 24,000 2016 9,112 2017 8,525 Total $ 41,637 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (7) Fair Value Measurements The Company reports certain assets at fair value in accordance with GAAP, which defines fair value and establishes a framework for measuring fair value in accordance with generally accepted accounting principles. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: Basis of Fair Value Measurements · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; · Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Fair Values of Financial Instruments Measured on a Recurring Basis The Company’s investments in U.S. Government and federal agency, state and municipal, corporate debt, asset-backed and government mortgage-backed securities available-for-sale is generally classified within Level 2 of the fair value hierarchy. For these investments, we obtain fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally The Company classified its investments in marketable equity securities as Level 1 securities. The following summarizes financial instruments measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 March 31, 2015 U.S. Government and federal agency $ 2,077 $ - $ 2,077 $ - State and municipal 3,921 - 3,921 - Corporate debt 1,108 - 1,108 - Asset-backed securities 2,528 - 2,528 - Mortgage-backed securities 52,551 - 52,551 - Trust preferred securities 1,329 - - 1,329 Marketable equity securities 10,380 10,380 - - Totals $ 73,894 $ 10,380 $ 62,185 $ 1,329 December 31, 2014 U.S. Government and federal agency $ 2,084 $ - $ 2,084 $ - State and municipal 3,901 - 3,901 - Corporate debt 1,114 - 1,114 - Asset-backed securities 2,645 - 2,645 - Mortgage-backed securities 54,853 - 54,853 - Trust preferred securities 1,122 - - 1,122 Marketable equity securities 10,313 10,313 - - Totals $ 76,032 $ 10,313 $ 64,597 $ 1,122 The following is a summary of activity for Level 3 financial instruments measured at fair value on a recurring basis for the three-month periods ended March 31, 2015 and 2014. (In thousands) Available-for-Sale Balance beginning January 1, 2015 $ 1,122 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income 207 Transfers out, net - Ending balance, March 31, 2015 $ 1,329 Balance beginning January 1, 2014 $ 1,392 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income 221 Transfers out, net - Ending balance, March 31, 2014 $ 1,613 Fair Values of Financial Instruments Measured on a Nonrecurring Basis The Company’s impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs based upon appraisals of similar properties obtained from a third party. For Level 3 inputs, fair value is based upon management estimates of the value of the underlying collateral or the present value of the expected cash flows. The following summarizes financial instruments measured at fair value on a nonrecurring basis at Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 March 31, 2015 Impaired loans $ 597 $ - $ - $ 597 December 31, 2014 Impaired loans $ 253 $ - $ - $ 253 The following is a summary of the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis at March 31, 2015 and December 31, 2014: (In thousands) Fair Value Valuation Technique Unobservable Input Range March 31, 2015 Impaired loans $ 597 Real estate appraisals Discount for dated appraisals 6-10 % December 31, 2014 Impaired loans $ 253 Real estate appraisals Discount for dated appraisals 6-10 % |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Of Financial Instrument [Abstract] | |
Fair Value of Financial Instruments | (8) Fair Value of Financial Instruments GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Certain financial instruments and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying amounts and estimated fair values of the Company's financial instruments, all of which are held or issued for purposes other than trading, are as follows at March 31, 2015 and December 31, 2014: Carrying Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total March 31, 2015 Financial assets: Cash and cash equivalents $ 16,409 $ 16,409 $ - $ - $ 16,409 Available-for-sale securities 73,894 10,380 62,185 1,329 73,894 Held-to-maturity securities 45,438 - 47,614 - 47,614 Federal Home Loan Bank of Boston stock 3,642 3,642 - - 3,642 Loans, net 493,457 - - 501,587 501,587 Accrued interest receivable 2,065 - 2,065 - 2,065 Financial liabilities: Deposits 538,203 - - 538,582 538,582 Federal Home Loan Bank advances 41,637 - 42,398 - 42,398 December 31, 2014 Financial assets: Cash and cash equivalents $ 9,558 $ 9,558 $ - $ - $ 9,558 Available-for-sale securities 76,032 10,313 64,597 1,122 76,032 Held-to-maturity securities 45,559 - 47,435 - 47,435 Federal Home Loan Bank of Boston stock 3,642 3,642 - - 3,642 Loans, net 494,183 - - 501,049 501,049 Accrued interest receivable 2,056 - 2,056 - 2,056 Financial liabilities: Deposits 536,934 - - 537,281 537,281 Federal Home Loan Bank advances 39,237 - 40,020 - 40,020 |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | (9) Regulatory Capital The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015 (with a phase-in period of two to four years for certain components), the Bank became subject to new capital regulations adopted by the Board of Governors of the Federal Reserve System (“FRB”) and the FDIC, which implement the Basel III regulatory capital reforms and the changes required by the Dodd-Frank Act. The new regulations require a new common equity Tier 1 (“CETI”) capital ratio of 4.5%, a minimum Tier 1capital to risk-weighted assets ratio of 6.0%, a minimum total capital to risk-weighted assets ratio of 8.0% and a minimum Tier 1 leverage ratio of 4.0%. CETI generally consists of common stock and retained earnings, subject to applicable adjustments and deductions. Under new prompt corrective action regulations, in order to be considered “well capitalized,” the Bank must maintain a CETI capital ratio of 6.5% and a Tier 1 ratio of 8.0%, a total risk based capital ratio of 10% and a Tier 1 leverage ratio of 5.0%. In addition, the regulations establish a capital conservation buffer above the required capital ratios that phases in beginning January 1, 2016 at 0.625% of risk-weighted assets and increases each year by 0.625% until it is fully phased in at 2.5% effective January 1, 2019. Beginning January 1, 2016, failure to maintain the capital conservation buffer will limit the ability of the Bank and the Company to pay dividends repurchases shares or pay discretionary bonuses. The new regulations implemented changes to what constitutes regulatory capital. Certain instruments no longer constitute qualifying capital, subject to phase-out periods. In addition, Tier 2 capital is no longer limited to the amount of Tier 1 capital included in total capital. Mortgage servicing rights, certain deferred tax assets and investments in unconsolidated subsidiaries over designated percentages of CETI must be deducted from capital. The Bank has elected to permanently opt-out of the inclusion of accumulated other comprehensive income in capital calculations, as permitted by the regulations. This opt-out will reduce the impact of market volatility on the Bank’s regulatory capital ratios. The new regulations also changed the risk weights of certain assets, including an increase in the risk weight of certain high volatility commercial real estate acquisition, development and construction loans and non-residential mortgage loans that are 90 days past due or on non-accrual status to 150% from 100%, a credit conversion factor for the unused portion of commitments with maturities of less than one year that are not cancellable to 20% from 0%, an increase in the risk weight for mortgage servicing rights and deferred tax assets that are not deducted from capital to 250% from 100%, and an increase in the risk weight for equity exposures to 600% from 0%. As of March 31, 2015 and December 31, 2014, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The Bank’s actual capital amounts and ratios are presented in the following table. To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio March 31, 2015 Total Capital (to Risk Weighted Assets) $ 82,144 15.5 % $ 42,400 > 8.0 % $ 53,001 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 74,215 14.0 31,800 > 6.0 42,400 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 74,215 14.0 23,850 > 4.5 34,450 > 6.5 Tier 1 Capital (to Average Assets) 74,215 11.4 26,134 > 4.0 32,668 > 5.0 December 31, 2014 Total Capital (to Risk Weighted Assets) $ 81,229 15.4 % $ 42,273 > 8.0 % $ 52,841 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 73,282 13.9 21,136 > 4.0 31,705 > 6.0 Tier 1 Capital (to Average Assets) 73,282 11.3 25,915 > 4.0 32,393 > 5.0 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost of investment securities classified as available-for-sale and their approximate fair values | Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value March 31, 2015 U.S. Government and federal agency $ 1,992 $ 85 $ - $ 2,077 State and municipal 3,478 443 - 3,921 Corporate debt 1,000 108 - 1,108 Asset-backed securities 2,576 - 48 2,528 Government mortgage-backed securities 51,573 1,101 123 52,551 Trust preferred securities 1,373 93 137 1,329 Marketable equity securities 8,225 2,999 124 11,100 70,217 4,829 432 74,614 Money market mutual funds included in cash and cash equivalents (720 ) - - (720 ) Total available-for-sale securities $ 69,497 $ 4,829 $ 432 $ 73,894 December 31, 2014 U.S. Government and federal agency $ 1,991 $ 92 $ - $ 2,083 State and municipal 3,479 422 - 3,901 Corporate debt 1,000 114 - 1,114 Asset-backed securities 2,733 - 87 2,646 Government mortgage-backed securities 54,063 989 199 54,853 Trust preferred securities 1,502 - 380 1,122 Marketable equity securities 8,063 3,048 84 11,027 72,831 4,665 750 76,746 Money market mutual funds included in cash and cash equivalents (714 ) - - (714 ) Total available-for-sale securities $ 72,117 $ 4,665 $ 750 $ 76,032 |
Schedule of amortized cost of investment securities classified as held-to-maturity and their approximate fair values | Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value March 31, 2015 State and municipal $ 45,438 $ 2,193 $ 17 $ 47,614 $ 45,438 $ 2,193 $ 17 $ 47,614 December 31, 2014 State and municipal $ 45,559 $ 1,940 $ 64 $ 47,435 $ 45,559 $ 1,940 $ 64 $ 47,435 |
Schedule of maturities of debt securities | Available-for- Sale Held-to-Maturity Fair Amortized Fair (In thousands) Value Cost Basis Value Due within one year $ 101 $ 90 $ 90 Due after one year through five years 3,438 2,302 2,374 Due after five years through ten years 536 5,289 5,499 Due after ten years 4,360 37,757 39,651 Government mortgage-backed securities 52,551 - - Asset-backed securities 2,528 - - $ 63,514 $ 45,438 $ 47,614 |
Scedule of aggregate fair value and unrealized losses of securities that have been in a continuous unrealized-loss position | Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses March 31, 2015 Temporarily impaired securities: State and municipal $ - $ - $ 1,926 $ 17 $ 1,926 $ 17 Asset-backed securities - - 2,528 48 2,528 48 Government mortgage-backed securities 81 - 10,707 123 10,788 123 Trust preferred securities - - 1,193 137 1,193 137 Marketable equity securities 1,428 112 106 12 1,534 124 Total temporarily impaired securities $ 1,509 $ 112 $ 16,460 $ 337 $ 17,969 $ 449 December 31, 2014 Temporarily impaired securities: State and municipal $ - $ - $ 5,847 $ 64 $ 5,847 $ 64 Asset-backed securities - - 2,645 87 - 87 Government mortgage-backed securities 2,472 4 12,518 195 14,990 199 Trust preferred securities 26 36 1,096 344 1,122 380 Marketable equity securities 683 80 115 4 798 84 Total temporarily impaired securities $ 3,181 $ 120 $ 22,221 $ 694 $ 22,757 $ 814 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Scedule of summary of loans | At At March 31, December 31, (In thousands) 2015 2014 Amount Percent Amount Percent Commercial real estate $ 264,316 52.73 % $ 249,691 49.76 % Commercial 98,077 19.57 % 97,589 19.45 % Residential real estate 100,913 20.13 % 104,568 20.84 % Construction and land development 35,410 7.07 % 47,079 9.38 % Consumer 2,505 0.50 % 2,863 0.57 % 501,221 100.00 % 501,790 100.00 % Allowance for loan losses (7,395 ) (7,224 ) Deferred loan fees, net (369 ) (383 ) Net loans $ 493,457 $ 494,183 |
Scedule of allowance for loan losses by portfolio segment | (In thousands) Commercial Construction Residential Commercial Consumer Unallocated Total Allowance for loan losses: Balance at December 31, 2013 $ 3,207 $ 363 $ 725 $ 1,331 $ 206 $ 245 $ 6,077 Charge-offs - - - - (14 ) - (14 ) Recoveries - - 24 - 1 - 25 Provision (benefit) (280 ) 84 (46 ) 690 (26 ) (33 ) 389 Balance at March 31, 2014 $ 2,927 $ 447 $ 703 $ 2,021 $ 167 $ 212 $ 6,477 Balance at Decmeber 31, 2014 $ 3,500 $ 872 $ 560 $ 1,751 $ 184 $ 357 $ 7,224 Charge-offs - - - (103 ) (6 ) - (109 ) Recoveries - - - - 2 - 2 Provision (benefit) 314 (290 ) (1 ) 354 (8 ) (91 ) 278 Balance at March 31, 2015 $ 3,814 $ 582 $ 559 $ 2,002 $ 172 $ 266 $ 7,395 March 31, 2015 Ending balance: Individually evaluated for impairment $ - $ - $ - $ 514 $ - $ - $ 514 Ending balance: Collectively evaluated for impairment 3,814 582 559 1,488 171 267 6,881 Total allowance for loan losses ending balance $ 3,814 $ 582 $ 559 $ 2,002 $ 171 $ 267 $ 7,395 Loans: Ending balance: Individually evaluated for impairment $ 4,090 $ - $ 254 $ 1,620 $ - $ - $ 5,964 Ending balance: Collectively evaluated for impairment 260,226 35,410 100,659 96,457 2,505 - 495,257 Total loans ending balance $ 264,316 $ 35,410 $ 100,913 $ 98,077 $ 2,505 $ - $ 501,221 December 31, 2014 Ending balance: Individually evaluated for impairment $ - $ - $ - $ 62 $ - $ - $ 62 Ending balance: Collectively evaluated for impairment 3,500 872 560 1,689 184 357 7,162 Total allowance for loan losses ending balance $ 3,500 $ 872 $ 560 $ 1,751 $ 184 $ 357 $ 7,224 Loans: Ending balance: Individually evaluated for impairment $ 4,276 $ - $ 221 $ 821 $ - $ - $ 5,318 Ending balance: Collectively evaluated for impairment 245,415 47,079 104,347 96,768 2,863 - 496,472 Total loans ending balance $ 249,691 $ 47,079 $ 104,568 $ 97,589 $ 2,863 $ - $ 501,790 |
Scedule of nonaccrual loans and past-due loans by portfolio segment | 90 Days 90 Days Total or More 30 - 59 60 - 89 or More Past Total Total Past Due Nonaccrual (In thousands) Days Days Past Due Due Current Loans and Accruing Loans March 31, 2015 Residential real estate $ 152 $ - $ 26 $ 178 $ 100,735 $ 100,913 $ - $ 1,420 Commercial real estate 58 - 363 421 263,895 264,316 - 2,822 Construction and land development - - - - 35,410 35,410 - - Commercial 434 - 191 625 97,452 98,077 - 1,286 Consumer 2 - - 2 2,503 2,505 - - Total $ 646 $ - $ 580 $ 1,226 $ 499,995 $ 501,221 $ - $ 5,528 December 31, 2014 Residential real estate $ - $ 404 $ 423 $ 827 $ 103,741 $ 104,568 $ - $ 1,564 Commercial real estate 110 132 363 605 249,086 249,691 - 3,002 Construction and land development - - - - 47,079 47,079 - - Commercial 149 108 350 607 96,982 97,589 - 516 Consumer 9 - - 9 2,854 2,863 - - Total $ 268 $ 644 $ 1,136 $ 2,048 $ 499,742 $ 501,790 $ - $ 5,082 |
Schedule of impaired loans by portfolio segment | Unpaid Average Interest Recorded Principal Related Recorded Income (In thousands) Investment Balance Allowance Investment Recognized March 31, 2015 With no related allowance recorded: Residential real estate $ 254 $ 254 $ - $ 243 $ 4 Commercial real estate 4,090 4,090 - 4,152 33 Construction and land development - - - - - Commercial 513 513 - 564 7 Consumer - - - - - Total impaired with no related allowance $ 4,857 $ 4,857 $ - $ 4,959 $ 44 With an allowance recorded: Residential real estate $ - $ - $ - $ - $ - Commercial real estate - - - - - Construction and land development - - - - - Commercial 1,107 1,111 514 791 - Consumer - - - - - Total impaired with an allowance recorded $ 1,107 $ 1,111 $ 514 $ 791 $ - Total Residential real estate $ 254 $ 254 $ - $ 243 $ 4 Commercial real estate 4,090 4,090 - 4,152 33 Construction and land development - - - - - Commercial 1,620 1,624 514 1,355 7 Consumer - - - - - Total impaired loans $ 5,964 $ 5,968 $ 514 $ 5,750 $ 44 Unpaid Average Interest Recorded Principal Related Recorded Income (In thousands) Investment Balance Allowance Investment Recognized December 31, 2014 With no related allowance recorded: Residential real estate $ 221 $ 221 $ - $ 368 $ 24 Commercial real estate 4,276 4,276 - 3,070 161 Construction and land development - - - - - Commercial 506 506 - 370 20 Consumer - - - - - Total impaired with no related allowance $ 5,003 $ 5,003 $ - $ 3,808 $ 205 With an allowance recorded: Residential real estate $ - $ - $ - $ - $ - Commercial real estate - - - 279 - Construction and land development - - - - - Commercial 315 318 62 328 12 Consumer - - - - - Total impaired with an allowance recorded $ 315 $ 318 $ 62 $ 607 $ 12 Total Residential real estate $ 221 $ 221 $ - $ 368 $ 24 Commercial real estate 4,276 4,276 - 3,349 161 Construction and land development - - - - - Commercial 821 824 62 698 32 Consumer - - - - - Total impaired loans $ 5,318 $ 5,321 $ 62 $ 4,415 $ 217 |
Schedule of troubled debt restructurings | (Dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ending March 31, 2015 Troubled debt restructurings: Commercial 1 $ 956 $ 956 Residential real estate 1 35 35 2 $ 991 $ 991 |
Schedule of loans by risk rating and portfolio segment | (In thousands) Residential Commercial Construction Commercial Consumer Total March 31, 2015 Grade: Pass $ - $ 241,906 $ 35,410 $ 89,304 $ - $ 366,620 Special mention - 14,958 - 7,391 - 22,349 Substandard 1,667 7,452 - 426 - 9,545 Doubtful - - - 956 - 956 Not formally rated 99,246 - - - 2,505 101,751 Total $ 100,913 $ 264,316 $ 35,410 $ 98,077 $ 2,505 $ 501,221 December 31, 2014 Grade: Pass $ - $ 236,689 $ 37,867 $ 89,269 $ - $ 363,825 Special mention - 5,336 9,212 6,498 - 21,046 Substandard 1,374 7,666 - 1,822 - 10,862 Doubtful - - - - - - Not formally rated 103,194 - - - 2,863 106,057 Total $ 104,568 $ 249,691 $ 47,079 $ 97,589 $ 2,863 $ 501,790 |
Federal Home Loan Bank Advanc19
Federal Home Loan Bank Advances (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of maturities of advances from the FHLB | (In thousands) 2015 $ 24,000 2016 9,112 2017 8,525 Total $ 41,637 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value on a recurring basis | Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 March 31, 2015 U.S. Government and federal agency $ 2,077 $ - $ 2,077 $ - State and municipal 3,921 - 3,921 - Corporate debt 1,108 - 1,108 - Asset-backed securities 2,528 - 2,528 - Mortgage-backed securities 52,551 - 52,551 - Trust preferred securities 1,329 - - 1,329 Marketable equity securities 10,380 10,380 - - Totals $ 73,894 $ 10,380 $ 62,185 $ 1,329 December 31, 2014 U.S. Government and federal agency $ 2,084 $ - $ 2,084 $ - State and municipal 3,901 - 3,901 - Corporate debt 1,114 - 1,114 - Asset-backed securities 2,645 - 2,645 - Mortgage-backed securities 54,853 - 54,853 - Trust preferred securities 1,122 - - 1,122 Marketable equity securities 10,313 10,313 - - Totals $ 76,032 $ 10,313 $ 64,597 $ 1,122 |
Schedule of summary of activity for Level 3 financial instruments measured at fair value on a recurring basis | Available-for-Sale (In thousands) Securities Balance beginning January 1, 2015 $ 1,122 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income 207 Transfers out, net - Ending balance, March 31, 2015 $ 1,329 Balance beginning January 1, 2014 $ 1,392 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income 221 Transfers out, net - Ending balance, March 31, 2014 $ 1,613 |
Scedule of financial instruments measured at fair value on a nonrecurring basis | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 March 31, 2015 Impaired loans $ 597 $ - $ - $ 597 December 31, 2014 Impaired loans $ 253 $ - $ - $ 253 |
Scedule of summary of the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis | (In thousands) Fair Value Valuation Technique Unobservable Input Range March 31, 2015 Impaired loans $ 597 Real estate appraisals Discount for dated appraisals 6-10 % December 31, 2014 Impaired loans $ 253 Real estate appraisals Discount for dated appraisals 6-10 % |
Fair Value of Financial Instr21
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Of Financial Instrument [Abstract] | |
Schedule of carrying amounts and estimated fair values of financial instruments, held or issued for purposes other than trading | Carrying Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total March 31, 2015 Financial assets: Cash and cash equivalents $ 16,409 $ 16,409 $ - $ - $ 16,409 Available-for-sale securities 73,894 10,380 62,185 1,329 73,894 Held-to-maturity securities 45,438 - 47,614 - 47,614 Federal Home Loan Bank of Boston stock 3,642 3,642 - - 3,642 Loans, net 493,457 - - 501,587 501,587 Accrued interest receivable 2,065 - 2,065 - 2,065 Financial liabilities: Deposits 538,203 - - 538,582 538,582 Federal Home Loan Bank advances 41,637 - 42,398 - 42,398 December 31, 2014 Financial assets: Cash and cash equivalents $ 9,558 $ 9,558 $ - $ - $ 9,558 Available-for-sale securities 76,032 10,313 64,597 1,122 76,032 Held-to-maturity securities 45,559 - 47,435 - 47,435 Federal Home Loan Bank of Boston stock 3,642 3,642 - - 3,642 Loans, net 494,183 - - 501,049 501,049 Accrued interest receivable 2,056 - 2,056 - 2,056 Financial liabilities: Deposits 536,934 - - 537,281 537,281 Federal Home Loan Bank advances 39,237 - 40,020 - 40,020 |
Regulatory Capital (Table)
Regulatory Capital (Table) | 3 Months Ended |
Mar. 31, 2015 | |
Regulatory Capital [Abstract] | |
Schedule of actual capital amounts and ratios | To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio March 31, 2015 Total Capital (to Risk Weighted Assets) $ 82,144 15.5 % $ 42,400 > 8.0 % $ 53,001 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 74,215 14.0 31,800 > 6.0 42,400 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 74,215 14.0 23,850 > 4.5 34,450 > 6.5 Tier 1 Capital (to Average Assets) 74,215 11.4 26,134 > 4.0 32,668 > 5.0 December 31, 2014 Total Capital (to Risk Weighted Assets) $ 81,229 15.4 % $ 42,273 > 8.0 % $ 52,841 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 73,282 13.9 21,136 > 4.0 31,705 > 6.0 Tier 1 Capital (to Average Assets) 73,282 11.3 25,915 > 4.0 32,393 > 5.0 |
Corporate Structure (Detail Tex
Corporate Structure (Detail Textuals) - USD ($) $ in Thousands | Mar. 10, 2015 | Mar. 31, 2015 |
Corporate Structure [Abstract] | ||
Funded amout in charitable foundation | $ 250,000 | |
Percentage common stock outstanding in charitable foundation | 2.00% | |
Deferred stock offering costs | $ 408,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 69,497 | $ 72,117 |
Gross Unrealized Gains | 4,829 | 4,665 |
Gross Unrealized Losses | 432 | 750 |
Fair Value | 73,894 | 76,032 |
U.S. Government and federal agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,992 | 1,991 |
Gross Unrealized Gains | $ 85 | $ 92 |
Gross Unrealized Losses | ||
Fair Value | $ 2,077 | $ 2,083 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 3,478 | 3,479 |
Gross Unrealized Gains | $ 443 | $ 422 |
Gross Unrealized Losses | ||
Fair Value | $ 3,921 | $ 3,901 |
Corporate debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,000 | 1,000 |
Gross Unrealized Gains | $ 108 | $ 114 |
Gross Unrealized Losses | ||
Fair Value | $ 1,108 | $ 1,114 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 2,576 | $ 2,733 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ 48 | $ 87 |
Fair Value | 2,528 | 2,646 |
Government mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 51,573 | 54,063 |
Gross Unrealized Gains | 1,101 | 989 |
Gross Unrealized Losses | 123 | 199 |
Fair Value | 52,551 | 54,853 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,373 | $ 1,502 |
Gross Unrealized Gains | 93 | |
Gross Unrealized Losses | 137 | $ 380 |
Fair Value | 1,329 | 1,122 |
Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 8,225 | 8,063 |
Gross Unrealized Gains | 2,999 | 3,048 |
Gross Unrealized Losses | 124 | 84 |
Fair Value | 11,100 | 11,027 |
Available for sale securities excluded Money market mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 70,217 | 72,831 |
Gross Unrealized Gains | 4,829 | 4,665 |
Gross Unrealized Losses | 432 | 750 |
Fair Value | 74,614 | 76,746 |
Money market mutual funds included in cash and cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ (720) | $ (714) |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ (720) | $ (714) |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost Basis | $ 45,438 | $ 45,559 |
Gross Unrealized Gains | 2,193 | 1,940 |
Gross Unrealized Losses | 17 | 64 |
Fair Value | 47,614 | 47,435 |
State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost Basis | 45,438 | 45,559 |
Gross Unrealized Gains | 2,193 | 1,940 |
Gross Unrealized Losses | 17 | 64 |
Fair Value | $ 47,614 | $ 47,435 |
Investment Securities (Detail26
Investment Securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Available-for-Sale Fair Value | ||
Fair Value | $ 73,894 | $ 76,032 |
Held-to-Maturity Amortized Cost Basis | ||
Held-to-maturity Securities | 45,438 | 45,559 |
Held-to-Maturity Fair Value | ||
Fair Value | 47,614 | $ 47,435 |
Available-for-Sale | ||
Available-for-Sale Fair Value | ||
Due within one year | 101 | |
Due after one year through five years | 3,438 | |
Due after five years through ten years | 536 | |
Due after ten years | 4,360 | |
Government mortgage-backed securities | 52,551 | |
Asset-backed securities | 2,528 | |
Fair Value | 63,514 | |
Held-to-Maturity | ||
Held-to-Maturity Amortized Cost Basis | ||
Due within one year | 90 | |
Due after one year through five years | 2,302 | |
Due after five years through ten years | 5,289 | |
Due after ten years | 37,757 | |
Held-to-maturity Securities | 45,438 | |
Held-to-Maturity Fair Value | ||
Due within one year | 90 | |
Due after one year through five years | 2,374 | |
Due after five years through ten years | 5,499 | |
Due after ten years | 39,651 | |
Fair Value | $ 47,614 |
Investment Securities (Detail27
Investment Securities (Details 3) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 1,509 | $ 3,181 |
Unrealized Loss, Less than 12 Months | 112 | 120 |
Fair Value, 12 Months or More | 16,460 | 22,221 |
Unrealized Loss, 12 Months or More | 337 | 694 |
Fair Value, Total | 17,969 | 22,757 |
Unrealized Loss, Total | $ 449 | $ 814 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | ||
Unrealized Loss, Less than 12 Months | ||
Fair Value, 12 Months or More | $ 1,926 | $ 5,847 |
Unrealized Loss, 12 Months or More | 17 | 64 |
Fair Value, Total | 1,926 | 5,847 |
Unrealized Loss, Total | $ 17 | $ 64 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | ||
Unrealized Loss, Less than 12 Months | ||
Fair Value, 12 Months or More | $ 2,528 | $ 2,645 |
Unrealized Loss, 12 Months or More | 48 | $ 87 |
Fair Value, Total | 2,528 | |
Unrealized Loss, Total | 48 | $ 87 |
Government mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 81 | 2,472 |
Unrealized Loss, Less than 12 Months | 4 | |
Fair Value, 12 Months or More | $ 10,707 | 12,518 |
Unrealized Loss, 12 Months or More | 123 | 195 |
Fair Value, Total | 10,788 | 14,990 |
Unrealized Loss, Total | $ 123 | 199 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 26 | |
Unrealized Loss, Less than 12 Months | 36 | |
Fair Value, 12 Months or More | $ 1,193 | 1,096 |
Unrealized Loss, 12 Months or More | 137 | 344 |
Fair Value, Total | 1,193 | 1,122 |
Unrealized Loss, Total | 137 | 380 |
Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 1,428 | 683 |
Unrealized Loss, Less than 12 Months | 112 | 80 |
Fair Value, 12 Months or More | 106 | 115 |
Unrealized Loss, 12 Months or More | 12 | 4 |
Fair Value, Total | 1,534 | 798 |
Unrealized Loss, Total | $ 124 | $ 84 |
Loans (Details)
Loans (Details) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, Amount | $ 501,221 | $ 501,790 | ||
Gross loans, Percent | 100.00% | 100.00% | ||
Allowance for loan losses | $ (7,395) | $ (7,224) | $ (6,477) | $ (6,077) |
Deferred loan fees, net | (369) | (383) | ||
Net loans | 493,457 | 494,183 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, Amount | $ 264,316 | $ 249,691 | ||
Gross loans, Percent | 52.73% | 49.76% | ||
Allowance for loan losses | $ (3,814) | $ (3,500) | (2,927) | (3,207) |
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, Amount | $ 98,077 | $ 97,589 | ||
Gross loans, Percent | 19.57% | 19.45% | ||
Allowance for loan losses | $ (2,002) | $ (1,751) | (2,021) | (1,331) |
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, Amount | $ 100,913 | $ 104,568 | ||
Gross loans, Percent | 20.13% | 20.84% | ||
Allowance for loan losses | $ (559) | $ (560) | (703) | (725) |
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, Amount | $ 35,410 | $ 47,079 | ||
Gross loans, Percent | 7.07% | 9.38% | ||
Allowance for loan losses | $ (582) | $ (872) | (447) | (363) |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, Amount | $ 2,505 | $ 2,863 | ||
Gross loans, Percent | 0.50% | 0.57% | ||
Allowance for loan losses | $ (172) | $ (184) | $ (167) | $ (206) |
Loans (Details 1)
Loans (Details 1) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 7,224 | $ 6,077 | $ 6,077 |
Charge-offs | (109) | (14) | |
Recoveries | 2 | 25 | |
Provision (benefit) | 278 | 389 | |
Total allowance for loan losses ending balance | 7,395 | 6,477 | $ 7,224 |
Ending balance: | |||
Individually evaluated for impairment | 514 | 62 | |
Collectively evaluated for impairment | 6,881 | 7,162 | |
Total allowance for loan losses ending balance | 7,395 | 6,477 | 7,224 |
Loans: | |||
Individually evaluated for impairment | 5,964 | 5,318 | |
Collectively evaluated for impairment | 495,257 | 496,472 | |
Total loans ending balance | 501,221 | 501,790 | |
Commercial Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 3,500 | $ 3,207 | $ 3,207 |
Charge-offs | |||
Recoveries | |||
Provision (benefit) | $ 314 | $ (280) | |
Total allowance for loan losses ending balance | $ 3,814 | 2,927 | $ 3,500 |
Ending balance: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 3,814 | $ 3,500 | |
Total allowance for loan losses ending balance | 3,814 | 2,927 | 3,500 |
Loans: | |||
Individually evaluated for impairment | 4,090 | 4,276 | |
Collectively evaluated for impairment | 260,226 | 245,415 | |
Total loans ending balance | 264,316 | 249,691 | |
Construction and Land Development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 872 | $ 363 | $ 363 |
Charge-offs | |||
Recoveries | |||
Provision (benefit) | $ (290) | $ 84 | |
Total allowance for loan losses ending balance | $ 582 | 447 | $ 872 |
Ending balance: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 582 | $ 872 | |
Total allowance for loan losses ending balance | $ 582 | 447 | $ 872 |
Loans: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 35,410 | $ 47,079 | |
Total loans ending balance | 35,410 | 47,079 | |
Residential Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 560 | $ 725 | $ 725 |
Charge-offs | |||
Recoveries | $ 24 | ||
Provision (benefit) | $ (1) | (46) | |
Total allowance for loan losses ending balance | $ 559 | 703 | $ 560 |
Ending balance: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 559 | $ 560 | |
Total allowance for loan losses ending balance | 559 | 703 | 560 |
Loans: | |||
Individually evaluated for impairment | 254 | 221 | |
Collectively evaluated for impairment | 100,659 | 104,347 | |
Total loans ending balance | 100,913 | 104,568 | |
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,751 | $ 1,331 | $ 1,331 |
Charge-offs | $ (103) | ||
Recoveries | |||
Provision (benefit) | $ 354 | $ 690 | |
Total allowance for loan losses ending balance | 2,002 | 2,021 | $ 1,751 |
Ending balance: | |||
Individually evaluated for impairment | 514 | 62 | |
Collectively evaluated for impairment | 1,488 | 1,689 | |
Total allowance for loan losses ending balance | 2,002 | 2,021 | 1,751 |
Loans: | |||
Individually evaluated for impairment | 1,620 | 821 | |
Collectively evaluated for impairment | 96,457 | 96,768 | |
Total loans ending balance | 98,077 | 97,589 | |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 184 | 206 | $ 206 |
Charge-offs | (6) | (14) | |
Recoveries | 2 | 1 | |
Provision (benefit) | (8) | (26) | |
Total allowance for loan losses ending balance | $ 172 | 167 | $ 184 |
Ending balance: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 171 | $ 184 | |
Total allowance for loan losses ending balance | $ 172 | 167 | $ 184 |
Loans: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 2,505 | $ 2,863 | |
Total loans ending balance | 2,505 | 2,863 | |
Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 357 | $ 245 | $ 245 |
Charge-offs | |||
Recoveries | |||
Provision (benefit) | $ (91) | $ (33) | |
Total allowance for loan losses ending balance | $ 266 | 212 | $ 357 |
Ending balance: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 267 | $ 357 | |
Total allowance for loan losses ending balance | $ 266 | $ 212 | $ 357 |
Loans: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | |||
Total loans ending balance |
Loans (Details 2)
Loans (Details 2) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 1,226 | $ 2,048 |
Total Current | 499,995 | 499,742 |
Total Loans | $ 501,221 | $ 501,790 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | $ 5,528 | $ 5,082 |
30 - 59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 646 | 268 |
60 - 89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 644 | |
90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 580 | 1,136 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 178 | 827 |
Total Current | 100,735 | 103,741 |
Total Loans | $ 100,913 | $ 104,568 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | $ 1,420 | $ 1,564 |
Residential real estate | 30 - 59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 152 | |
Residential real estate | 60 - 89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 404 | |
Residential real estate | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 26 | 423 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 421 | 605 |
Total Current | 263,895 | 249,086 |
Total Loans | $ 264,316 | $ 249,691 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | $ 2,822 | $ 3,002 |
Commercial real estate | 30 - 59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 58 | 110 |
Commercial real estate | 60 - 89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 132 | |
Commercial real estate | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 363 | $ 363 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
Total Current | $ 35,410 | $ 47,079 |
Total Loans | $ 35,410 | $ 47,079 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | ||
Construction and land development | 30 - 59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
Construction and land development | 60 - 89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
Construction and land development | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 625 | $ 607 |
Total Current | 97,452 | 96,982 |
Total Loans | $ 98,077 | $ 97,589 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | $ 1,286 | $ 516 |
Commercial | 30 - 59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 434 | 149 |
Commercial | 60 - 89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 108 | |
Commercial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 191 | 350 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2 | 9 |
Total Current | 2,503 | 2,854 |
Total Loans | $ 2,505 | $ 2,863 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | ||
Consumer | 30 - 59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 2 | $ 9 |
Consumer | 60 - 89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | ||
Consumer | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due |
Loans (Details 3)
Loans (Details 3) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
With no related allowance recorded: | ||
Recorded Investment | $ 4,857 | $ 5,003 |
Unpaid Principal Balance | 4,857 | 5,003 |
Average Recorded Investment | 4,959 | 3,808 |
Interest Income Recognized | 44 | 205 |
With an allowance recorded: | ||
Recorded Investment | 1,107 | 315 |
Unpaid Principal Balance | 1,111 | 318 |
Related Allowance | 514 | 62 |
Average Recorded Investment | $ 791 | 607 |
Interest Income Recognized | 12 | |
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | $ 5,964 | 5,318 |
Unpaid Principal Balance | 5,968 | 5,321 |
Related Allowance | 514 | 62 |
Average Recorded Investment | 5,750 | 4,415 |
Interest Income Recognized | 44 | 217 |
Residential real estate | ||
With no related allowance recorded: | ||
Recorded Investment | 254 | 221 |
Unpaid Principal Balance | 254 | 221 |
Average Recorded Investment | 243 | 368 |
Interest Income Recognized | $ 4 | $ 24 |
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | $ 254 | $ 221 |
Unpaid Principal Balance | $ 254 | $ 221 |
Related Allowance | ||
Average Recorded Investment | $ 243 | $ 368 |
Interest Income Recognized | 4 | 24 |
Commercial real estate | ||
With no related allowance recorded: | ||
Recorded Investment | 4,090 | 4,276 |
Unpaid Principal Balance | 4,090 | 4,276 |
Average Recorded Investment | 4,152 | 3,070 |
Interest Income Recognized | $ 33 | $ 161 |
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | $ 279 | |
Interest Income Recognized | ||
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | $ 4,090 | $ 4,276 |
Unpaid Principal Balance | $ 4,090 | $ 4,276 |
Related Allowance | ||
Average Recorded Investment | $ 4,152 | $ 3,349 |
Interest Income Recognized | $ 33 | $ 161 |
Construction and land development | ||
With no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Commercial | ||
With no related allowance recorded: | ||
Recorded Investment | $ 513 | $ 506 |
Unpaid Principal Balance | 513 | 506 |
Average Recorded Investment | 564 | 370 |
Interest Income Recognized | 7 | 20 |
With an allowance recorded: | ||
Recorded Investment | 1,107 | 315 |
Unpaid Principal Balance | 1,111 | 318 |
Related Allowance | 514 | 62 |
Average Recorded Investment | $ 791 | 328 |
Interest Income Recognized | 12 | |
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | $ 1,620 | 821 |
Unpaid Principal Balance | 1,624 | 824 |
Related Allowance | 514 | 62 |
Average Recorded Investment | 1,355 | 698 |
Interest Income Recognized | $ 7 | $ 32 |
Consumer | ||
With no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized |
Loans (Details 4)
Loans (Details 4) - 3 months ended Mar. 31, 2015 - Loans Receivable $ in Thousands | USD ($)Contract |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Contracts | Contract | 2 |
Pre- Modification Outstanding Recorded Investment | $ 991 |
Post-Modification Outstanding Recorded Investment | $ 991 |
Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Contracts | Contract | 1 |
Pre- Modification Outstanding Recorded Investment | $ 956 |
Post-Modification Outstanding Recorded Investment | $ 956 |
Residential Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Contracts | Contract | 1 |
Pre- Modification Outstanding Recorded Investment | $ 35 |
Post-Modification Outstanding Recorded Investment | $ 35 |
Loans (Details 5)
Loans (Details 5) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 501,221 | $ 501,790 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 366,620 | 363,825 |
Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 22,349 | 21,046 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,545 | $ 10,862 |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 956 | |
Not formally rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 101,751 | $ 106,057 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 100,913 | $ 104,568 |
Residential real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Residential real estate | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Residential real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 1,667 | $ 1,374 |
Residential real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Residential real estate | Not formally rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 99,246 | $ 103,194 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 264,316 | 249,691 |
Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 241,906 | 236,689 |
Commercial real estate | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 14,958 | 5,336 |
Commercial real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 7,452 | $ 7,666 |
Commercial real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Commercial real estate | Not formally rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 35,410 | $ 47,079 |
Construction and land development | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 35,410 | 37,867 |
Construction and land development | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 9,212 | |
Construction and land development | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Construction and land development | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Construction and land development | Not formally rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 98,077 | $ 97,589 |
Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 89,304 | 89,269 |
Commercial | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 7,391 | 6,498 |
Commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 426 | $ 1,822 |
Commercial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 956 | |
Commercial | Not formally rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 2,505 | $ 2,863 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Consumer | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Consumer | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | ||
Consumer | Not formally rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 2,505 | $ 2,863 |
Federal Home Loan Bank Advanc34
Federal Home Loan Bank Advances (Details) $ in Thousands | Mar. 31, 2015USD ($) |
Advances from Federal Home Loan Banks [Abstract] | |
2,015 | $ 24,000 |
2,016 | 9,112 |
2,017 | 8,525 |
Total | $ 41,637 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 73,894 | $ 76,032 |
U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,077 | 2,083 |
State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 3,921 | 3,901 |
Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,108 | 1,114 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,528 | 2,646 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 52,551 | 54,853 |
Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,329 | 1,122 |
Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 10,380 | 10,313 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 73,894 | 76,032 |
Recurring basis | U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,077 | 2,084 |
Recurring basis | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 3,921 | 3,901 |
Recurring basis | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,108 | 1,114 |
Recurring basis | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,528 | 2,645 |
Recurring basis | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 52,551 | 54,853 |
Recurring basis | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,329 | 1,122 |
Recurring basis | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 10,380 | 10,313 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 10,380 | $ 10,313 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 10,380 | $ 10,313 |
Recurring basis | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 62,185 | 64,597 |
Recurring basis | Significant Other Observable Inputs Level 2 | U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,077 | 2,084 |
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 3,921 | 3,901 |
Recurring basis | Significant Other Observable Inputs Level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,108 | 1,114 |
Recurring basis | Significant Other Observable Inputs Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,528 | 2,645 |
Recurring basis | Significant Other Observable Inputs Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 52,551 | $ 54,853 |
Recurring basis | Significant Other Observable Inputs Level 2 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Other Observable Inputs Level 2 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 1,329 | $ 1,122 |
Recurring basis | Significant Unobservable Inputs Level 3 | U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 1,329 | $ 1,122 |
Recurring basis | Significant Unobservable Inputs Level 3 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals |
Fair Value Measurements (Deta36
Fair Value Measurements (Details 1) - Recurring basis - Level 3 - Available-for-Sale Securities - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance beginning | $ 1,122 | $ 1,329 |
Total gains or (losses) (realized/unrealized) | ||
Included in earnings | ||
Included in other comprehensive income | $ 207 | $ 221 |
Transfers out, net | ||
Ending balance | $ 1,329 | $ 1,613 |
Fair Value Measurements (Deta37
Fair Value Measurements (Details 2) - Nonrecurring basis - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 597 | $ 253 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 597 | $ 253 |
Fair Value Measurements (Deta38
Fair Value Measurements (Details 3) - Nonrecurring basis - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans Fair Value | $ 597 | $ 253 |
Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans Fair Value | $ 597 | $ 253 |
Valuation Technique | Real estate appraisals | Real estate appraisals |
Unobservable Input | Discount for dated appraisals | Discount for dated appraisals |
Minimum | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 6.00% | 6.00% |
Maximum | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financial assets: | ||||
Cash and cash equivalents | $ 16,410 | $ 9,558 | $ 14,388 | $ 15,356 |
Available-for-sale securities | 73,894 | 76,032 | ||
Held-to-maturity securities | 45,438 | 45,559 | ||
Federal Home Loan Bank of Boston stock | 3,642 | 3,642 | ||
Accrued interest receivable | 2,065 | 2,056 | ||
Carrying Amount | ||||
Financial assets: | ||||
Cash and cash equivalents | 16,409 | 9,558 | ||
Available-for-sale securities | 73,894 | 76,032 | ||
Held-to-maturity securities | 45,438 | 45,559 | ||
Federal Home Loan Bank of Boston stock | 3,642 | 3,642 | ||
Loans, net | 493,457 | 494,183 | ||
Accrued interest receivable | 2,065 | 2,056 | ||
Financial liabilities: | ||||
Deposits | 538,203 | 536,934 | ||
Federal Home Loan Bank advances | 41,637 | 39,237 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents | 16,409 | 9,558 | ||
Available-for-sale securities | $ 10,380 | $ 10,313 | ||
Held-to-maturity securities | ||||
Federal Home Loan Bank of Boston stock | $ 3,642 | $ 3,642 | ||
Loans, net | ||||
Accrued interest receivable | ||||
Financial liabilities: | ||||
Deposits | ||||
Federal Home Loan Bank advances | ||||
Level 2 | ||||
Financial assets: | ||||
Cash and cash equivalents | ||||
Available-for-sale securities | $ 62,185 | $ 64,597 | ||
Held-to-maturity securities | $ 47,614 | $ 47,435 | ||
Federal Home Loan Bank of Boston stock | ||||
Loans, net | ||||
Accrued interest receivable | $ 2,065 | $ 2,056 | ||
Financial liabilities: | ||||
Deposits | ||||
Federal Home Loan Bank advances | $ 42,398 | $ 40,020 | ||
Level 3 | ||||
Financial assets: | ||||
Cash and cash equivalents | ||||
Available-for-sale securities | $ 1,329 | $ 1,122 | ||
Held-to-maturity securities | ||||
Federal Home Loan Bank of Boston stock | ||||
Loans, net | $ 501,587 | $ 501,049 | ||
Accrued interest receivable | ||||
Financial liabilities: | ||||
Deposits | $ 538,582 | $ 537,281 | ||
Federal Home Loan Bank advances | ||||
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | $ 16,409 | $ 9,558 | ||
Available-for-sale securities | 73,894 | 76,032 | ||
Held-to-maturity securities | 47,614 | 47,435 | ||
Federal Home Loan Bank of Boston stock | 3,642 | 3,642 | ||
Loans, net | 501,587 | 501,049 | ||
Accrued interest receivable | 2,065 | 2,056 | ||
Financial liabilities: | ||||
Deposits | 538,582 | 537,281 | ||
Federal Home Loan Bank advances | $ 42,398 | $ 40,020 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Total Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 82,144 | $ 81,229 |
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio | 15.50% | 15.40% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 42,400 | $ 42,273 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 53,001 | $ 52,841 |
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 74,215 | $ 73,282 |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio | 14.00% | 13.90% |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 31,800 | $ 21,136 |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Tier I Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 42,400 | $ 31,705 |
Tier I Capital to Risk-Weighted AssetsTo be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 74,215 | |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Ratio | 14.00% | |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 23,850 | |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 34,450 | |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Tier I Capital to Average Assets, Actual Capital, Amount | $ 74,215 | $ 73,282 |
Tier I Capital to Average Assets, Actual Capital, Ratio | 11.40% | 11.30% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 26,134 | $ 25,915 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 32,668 | $ 32,393 |
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Regulatory Capital (Detail Text
Regulatory Capital (Detail Textuals) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Banking and Thrift [Abstract] | ||
Common equity Tier 1 ("CETI") capital ratio | 4.50% | |
Minimum Tier 1 capital to risk-weighted assets ratio | 6.00% | 4.00% |
Minimum total capital to risk-weighted assets ratio | 8.00% | 8.00% |
Minimum Tier 1 leverage ratio | 4.00% | 4.00% |
CETI capital ratio | 6.50% | |
Tier 1 ratio | 8.00% | 6.00% |
Total risk based capital ratio | 10.00% | 10.00% |
Tier 1 leverage ratio | 5.00% | |
Capital conservation buffer above required capital ratios in beginning January 1, 2016 | 0.625% | |
Capital conservation buffer fully phased | 2.50% | |
90 days past due or on non-accrual status | 150.00% | 100.00% |
Non cancellable credit conversion factor for unused portion of commitments | 20.00% | 0.00% |
Risk weight for mortgage servicing rights and deferred tax assets | 250.00% | 100.00% |
Risk weight for equity exposures | 600.00% | 0.00% |