Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'CAMCO FINANCIAL CORP | ' |
Entity Central Index Key | '0000016614 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 14,167,698 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $15,022 | $13,815 |
Interest-bearing deposits in other financial institutions | 2,163 | 44,564 |
Cash and cash equivalents | 17,185 | 58,379 |
Securities available for sale, at market | 101,211 | 85,298 |
Securities held to maturity, at cost | 725 | 903 |
Loans held for sale-at lower of cost or market | 1,831 | 6,544 |
Loans receivable-net | 577,003 | 554,575 |
Office premises and equipment-net | 7,813 | 8,105 |
Real estate acquired through foreclosure | 5,632 | 10,581 |
Federal Home Loan Bank stock-at cost | 9,888 | 9,888 |
Accrued interest receivable | 2,471 | 2,631 |
Mortgage servicing rights-at lower of cost or market | 4,106 | 3,245 |
Prepaid expenses and other assets | 11,668 | 3,525 |
Cash surrender value of life insurance | 21,066 | 20,585 |
Total assets | 760,599 | 764,259 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Deposits | 609,012 | 627,224 |
Other Borrowings | 11,931 | 10,923 |
Advances from the Federal Home Loan Bank | 59,477 | 53,297 |
Advances by borrowers for taxes and insurance | 1,718 | 2,635 |
Accounts payable and accrued liabilities | 11,181 | 10,453 |
Total liabilities | 693,319 | 704,532 |
Commitments | 0 | 0 |
Stockholders' equity: | ' | ' |
Preferred stock-$1 par value; authorized 100,000 shares; no shares outstanding | 0 | 0 |
Common stock-$1 par value; authorized 29,900,000 shares; 15,282,352 and 14,911,949 shares issued at September 30, 2013 and December 31, 2012 respectively | 15,282 | 14,912 |
Additional paid-in capital | 64,095 | 63,310 |
Warrants-2,601,468 at September 30, 2013 and 2,857,107 at December 31, 2012 | 1,285 | 1,411 |
Retained earnings | 11,893 | 4,513 |
Accumulated other comprehensive income (loss) | -871 | 100 |
Unearned compensation | -290 | -405 |
Treasury stock-1,678,913 shares at September 30, 2013 and December 31, 2012, at cost | -24,114 | -24,114 |
Total stockholders' equity | 67,280 | 59,727 |
Total liabilities and stockholders' equity | $760,599 | $764,259 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 29,900,000 | 29,900,000 |
Common stock, shares issued | 15,282,352 | 14,911,949 |
Warrants | 2,601,468 | 2,857,107 |
Treasury stock, shares | 1,678,913 | 1,678,913 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and dividend income | ' | ' | ' | ' |
Loans | $6,724 | $7,522 | $19,905 | $23,434 |
Investment securities | 194 | 131 | 483 | 350 |
Other interest-earning accounts | 108 | 112 | 379 | 330 |
Total interest and dividend income | 7,026 | 7,765 | 20,767 | 24,114 |
Interest Expense | ' | ' | ' | ' |
Deposits | 979 | 1,235 | 3,012 | 4,191 |
Borrowings | 386 | 545 | 1,241 | 1,836 |
Total interest expense | 1,365 | 1,780 | 4,253 | 6,027 |
Net interest income | 5,661 | 5,985 | 16,514 | 18,087 |
Provision for losses on loans | -609 | 457 | -509 | 1,599 |
Net interest income after provision for losses on loans | 6,270 | 5,528 | 17,023 | 16,488 |
Other income | ' | ' | ' | ' |
Late charges, rent and other | 223 | 321 | 692 | 872 |
Loan servicing fees | 287 | 283 | 836 | 849 |
Service charges and other fees on deposits | 501 | 515 | 1,480 | 1,513 |
Gain on sale of loans | 251 | 633 | 1,486 | 1,714 |
Mortgage servicing rights - net | 405 | -117 | 861 | -78 |
Gain on sale of investments | 0 | 0 | 61 | 1 |
Loss on sale of fixed assets | 0 | 0 | -7 | -3 |
Income on cash surrender value of life insurance | 214 | 216 | 633 | 642 |
Total other income | 1,881 | 1,851 | 6,042 | 5,510 |
General, administrative and other expenses | ' | ' | ' | ' |
Employee compensation and benefits | 3,777 | 2,996 | 10,804 | 9,392 |
Occupancy and equipment | 718 | 725 | 2,182 | 2,192 |
Federal deposit insurance premiums | 428 | 457 | 1,310 | 1,380 |
Data and transaction processing | 427 | 479 | 1,377 | 1,449 |
Advertising | 133 | 101 | 405 | 296 |
Franchise taxes | 218 | 199 | 675 | 583 |
Postage, supplies and office expenses | 235 | 248 | 714 | 755 |
Travel, training and insurance | 95 | 86 | 229 | 207 |
Professional services | 372 | 468 | 1,089 | 1,357 |
Real estate owned and other expenses | 704 | 959 | 2,153 | 2,195 |
Loan expenses | 146 | 230 | 450 | 891 |
Total general, administrative and other expense | 7,253 | 6,948 | 21,388 | 20,697 |
Earnings before federal income taxes | 898 | 431 | 1,677 | 1,301 |
Federal income taxes | 171 | -53 | -5,703 | -78 |
NET EARNINGS | $727 | $484 | $7,380 | $1,379 |
EARNINGS PER SHARE | ' | ' | ' | ' |
Basic | $0.05 | $0.07 | $0.55 | $0.19 |
Diluted | $0.05 | $0.07 | $0.50 | $0.19 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Earnings | $727 | $484 | $7,380 | $1,379 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Unrealized holding gains (losses) on securities during the period, net of tax effects of $(479) and $78, $161 and $53 for the respective periods | 312 | 102 | -931 | 152 |
Reclassification adjustment for realized gains included in net earnings, net of taxes of $(21) and $0, and $0 and $0 for the respective periods | 0 | 0 | -40 | -1 |
Comprehensive income | $1,039 | $586 | $6,409 | $1,530 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Taxes on unrealized holding losses on securities | $161 | $53 | ($479) | $78 |
Adjustment for realized gains included in net earnings | $0 | $0 | ($21) | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net earnings for the period | $7,380 | $1,379 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ' | ' |
Amortization of deferred loan origination fees | -137 | -115 |
Amortization of premiums and discounts on investment and mortgage-backed securities - net | -19 | 21 |
Amortization of mortgage servicing rights | 102 | 868 |
Change in valuation of capitalized mortgage servicing rights | -861 | 78 |
Depreciation and amortization | 941 | 1,042 |
Provision for losses on loans | -509 | 1,599 |
Deferred taxes | 165 | -57 |
Net stock based compensation expense | 607 | 287 |
Provisions for losses on REO | 526 | 910 |
(Gain)/loss on sale of real estate acquired through foreclosure | 405 | -99 |
Gain on sale of investments | -61 | -1 |
Gain on sale of loans | -1,486 | -1,714 |
Loss on sale of assets | 7 | 3 |
Loans originated for sale in the secondary market | -78,622 | -77,424 |
Proceeds from sale of loans in the secondary market | 84,821 | 80,887 |
Net increase in cash surrender value of life insurance | -481 | -504 |
Increase (decrease) in cash due to changes in: | ' | ' |
Accrued interest receivable | 160 | 203 |
Prepaid expenses and other assets | -2,104 | 259 |
Accrued other liabilities | -4,975 | 728 |
Net cash provided by operating activities | 5,859 | 8,350 |
Cash flows provided by (used in) investing activities: | ' | ' |
Principal repayments, maturities on securities held to maturity | 176 | 2,141 |
Principal repayments, maturities on securities available for sale | 31,130 | 14,506 |
Purchases of investment securities designated as available for sale | -72,464 | -76,166 |
Proceeds from sale of investments | 24,031 | 8 |
Loan principal repayments | 158,633 | 207,291 |
Loan disbursements | -179,960 | -154,659 |
Proceeds from sale of office premises and equipment | 0 | 19 |
Additions to office premises and equipment | -953 | -485 |
Proceeds from sale of real estate acquired through foreclosure | 3,758 | 2,862 |
Net cash used in investing activities | -35,649 | -4,483 |
Net cash provided by (used in) operating and investing activities (balance carried forward) | -29,790 | 3,867 |
Net cash provided by (used in) operating and investing activities (balance brought forward) | -29,790 | 3,867 |
Cash flows used in financing activities: | ' | ' |
Net increase (decrease) in deposits | -18,212 | 1,045 |
Proceeds from Federal Home Loan Bank advances and other borrowings | 106,537 | 113,401 |
Repayment of Federal Home Loan Bank advances and other borrowings | -99,349 | -129,220 |
Net proceeds from exercised warrants | 537 | 0 |
Decrease in advances by borrowers for taxes and insurance | -917 | -547 |
Net cash used in financing activities | -11,404 | -15,321 |
Decrease in cash and cash equivalents | -41,194 | -11,454 |
Cash and cash equivalents at beginning of period | 58,379 | 38,374 |
Cash and cash equivalents at end of period | 17,185 | 26,920 |
Cash paid during the period for: | ' | ' |
Interest on deposits and borrowings | 4,123 | 6,015 |
Income taxes paid | 25 | 25 |
Transfers from loans to real estate acquired through foreclosure | $2,360 | $4,671 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Warrants [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned Compensation [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||||
Beginning balance, Amount at Dec. 31, 2011 | $45,605 | $8,885 | $60,528 | $0 | $350 | ($13) | ($31) | ($24,114) |
Beginning balance, Shares at Dec. 31, 2011 | 7,205,595 | ' | ' | ' | ' | ' | ' | ' |
Stock Option Expense | 75 | 0 | 75 | 0 | 0 | 0 | 0 | 0 |
Net earnings for the period | 1,379 | 0 | 0 | 0 | 1,379 | 0 | 0 | 0 |
Restricted shares granted (less forfeits), Shares | 259,968 | ' | ' | ' | ' | ' | ' | ' |
Restricted shares granted (less forfeits), Amount | 15 | 259 | 379 | 0 | 0 | 0 | -623 | 0 |
Restricted shares expense, Amount | 197 | 0 | 0 | 0 | 0 | 0 | 197 | 0 |
Restricted shares expense, Shares | 0 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 151 | 0 | 0 | 0 | 0 | 151 | 0 | 0 |
Ending balance, Amount at Sep. 30, 2012 | 47,422 | 9,144 | 60,982 | 0 | 1,729 | 138 | -457 | -24,114 |
Ending balance, Shares at Sep. 30, 2012 | 7,465,563 | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Amount at Dec. 31, 2012 | 59,727 | 14,912 | 63,310 | 1,411 | 4,513 | 100 | -405 | -24,114 |
Beginning balance, Shares at Dec. 31, 2012 | 13,233,036 | ' | ' | ' | ' | ' | ' | ' |
Stock Option Expense | 93 | 0 | 93 | 0 | 0 | 0 | 0 | 0 |
Stock issued related to exercise of warrants, Amount | 537 | 255 | 408 | -126 | 0 | 0 | 0 | 0 |
Stock issued related to exercise of warrants, Shares | 255,639 | ' | ' | ' | ' | ' | ' | ' |
Net earnings for the period | 7,380 | 0 | 0 | 0 | 7,380 | 0 | 0 | 0 |
Restricted shares granted (less forfeits), Shares | 114,763 | ' | ' | ' | ' | ' | ' | ' |
Restricted shares granted (less forfeits), Amount | 38 | 115 | 284 | 0 | 0 | 0 | -361 | 0 |
Restricted shares expense, Amount | 476 | 0 | 0 | 0 | 0 | 0 | 476 | 0 |
Restricted shares expense, Shares | 0 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -971 | 0 | 0 | 0 | 0 | -971 | 0 | 0 |
Ending balance, Amount at Sep. 30, 2013 | $67,280 | $15,282 | $64,095 | $1,285 | $11,893 | ($871) | ($290) | ($24,114) |
Ending balance, Shares at Sep. 30, 2013 | 13,603,438 | ' | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all the information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). Accordingly, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Camco Financial Corporation (“Camco” or the “Corporation”) included in Camco’s Annual Report on Form 10-K for the year ended December 31, 2012. However, all adjustments (consisting only of normal recurring accruals) that, in the opinion of management, are necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the nine-month period ended September 30, 2013, are not necessarily indicative of the results which may be expected for the entire year. |
Plan_of_Merger
Plan of Merger | 9 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Plan of Merger | ' | |
2 | Plan of Merger | |
On October 9, 2013, Camco and Huntington Bancshares Incorporated (“Huntington”) entered into an Agreement and Plan of Merger (“Merger Agreement”) pursuant to which Camco will merge into Huntington. Immediately following the merger of Camco into Huntington, Advantage Bank, an Ohio bank wholly-owned by Camco (“Advantage” or the “Bank”), will be merged into The Huntington National Bank, a national bank wholly-owned by Huntington, with The Huntington National Bank as the surviving institution. | ||
Under the terms of the Merger Agreement, Camco stockholders will be entitled to receive either 0.7264 shares of Huntington common stock or $6.00 in cash for each share of Camco common stock, subject to proration provisions specified in the Merger Agreement that provide for targeted aggregate split of total consideration of 80% common stock and 20% cash. | ||
The transaction is expected to close in the first half of 2014, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of Camco stockholders. |
Principles_of_Consolidation
Principles of Consolidation | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Principles of Consolidation | ' | |
3 | Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Camco and Advantage. All significant intercompany balances and transactions have been eliminated. |
Critical_Accounting_Policies
Critical Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Critical Accounting Policies | ' | |
4 | Critical Accounting Policies | |
The preparation of these financial statements requires Camco to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of mortgage servicing rights, the valuation of deferred tax assets and other real estate owned. | ||
Several factors are considered in determining whether or not a policy is critical in the preparation of financial statements. These factors include, among other things, whether the estimates are significant to the financial statements, the nature of the estimates, the ability to readily validate the estimates with other information including third parties or available prices, and sensitivity of the estimates to changes in economic conditions and whether alternative accounting methods may be utilized under US GAAP. | ||
We believe the accounting estimates related to the allowance for loan losses, the capitalization, amortization, and valuation of mortgage servicing rights, deferred income taxes and other real estate owned are “critical accounting estimates” because: (1) the estimates are highly susceptible to change from period to period because they require us to make assumptions concerning the changes in the types and volumes of the portfolios, rates of future prepayments, and anticipated economic conditions, and (2) the impact of recognizing an impairment or loan loss could have a material effect on Camco’s assets reported on the balance sheet as well as its net earnings. | ||
Allowance for Loan Losses | ||
The procedures for assessing the adequacy of the allowance for loan losses reflect management’s evaluation of credit risk after careful consideration of all information available to management. In developing this assessment, management must rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown such as economic factors, developments affecting companies in specific industries and issues with respect to single borrowers. Depending on changes in circumstances, future assessments of credit risk may yield materially different results, which may require an increase or a decrease in the allowance for loan losses. | ||
Each quarter, management analyzes the adequacy of the allowance for loan losses based on a review of the loans in the portfolio along with an analysis of external factors (including current housing price depreciation and homeowners’ loss of equity,) and historical delinquency and loss trends. The allowance is developed through specific components: 1) the specific allowance for loans subject to individual analysis, 2) the allowance for classified loans not otherwise subject to individual analysis and 3) the allowance for non-classified loans (primarily homogenous). | ||
Classified loans with indication or acknowledgment of deterioration are subject to individual analysis. Loan classifications are those used by regulators consisting of Special Mention, Substandard, Doubtful and Loss. In evaluating these loans for impairment, the measure of expected loss is based on the present value of the expected future cash flows discounted at the loan’s effective interest rate, a loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. All other classified assets and non-classified assets are combined with the homogenous loan pools and segregated into loan segments. The segmentation is based on grouping loans with similar risk characteristics (one-to-four family, home equity, etc.). Loss rate factors are developed for each loan segment which is used to estimate losses and determine an allowance. The loss factors for each segment are derived from historical delinquency, classification, and charge-off rates and adjusted for economic factors and an estimated loss scenario. | ||
The allowance is reviewed by management to determine whether the amount is considered adequate to absorb probable, incurred losses inherent in the loan portfolio. Management’s evaluation of the adequacy of the allowance is an estimate based on management’s current judgment about the credit quality of the loan portfolio. This evaluation includes specific loss estimates on certain individually reviewed loans, statistical loss estimates for loan pools that are based on historical loss experience, and general loss estimates that are based upon the size, quality, and concentration characteristics of the various loan portfolios, adverse situations that may affect a borrower’s ability to repay, and current economic and industry conditions. Also considered as part of that judgment is a review of the Bank’s trends in delinquencies and loan losses, as well as trends in delinquencies and losses for the region and nationally, and economic factors. While the Corporation strives to reflect all known risk factors in its evaluations, judgment errors may occur. | ||
Mortgage Servicing Rights | ||
To determine the fair value of its mortgage servicing rights (“MSRs”) each reporting quarter, the Corporation provides information to a third party valuation firm, representing loan information in each pooling period accompanied by escrow amounts. The third party then evaluates the possible impairment of MSRs as described below. | ||
MSRs are recognized as separate assets or liabilities when loans are sold with servicing retained. A pooling methodology, in which loans with similar characteristics are “pooled” together, is utilized. Once pooled, each grouping of loans is evaluated on a discounted earnings basis to determine the present value of future earnings that the Bank could expect to realize from the portfolio. Earnings are projected from a variety of sources including loan service fees, net interest earned on escrow balances, miscellaneous income and costs to service the loans. The present value of future earnings is the estimated fair value for the pool, calculated using consensus assumptions that a third party purchaser would utilize in evaluating a potential acquisition of the MSRs. | ||
Events that may significantly affect the estimates used are changes in interest rates and the related impact on mortgage loan prepayment speeds and the payment performance of the underlying loans. The interest rate for net interest earned on escrow balances, which is supplied by management, takes into consideration the investment portfolio average yield as well as current short duration investment yields. Management believes this methodology provides a reasonable estimate. Mortgage loan prepayment speeds are calculated by the third party provider utilizing the Economic Outlook as published by the Office of Chief Economist of Freddie Mac in estimating prepayment speeds and provides a specific scenario with each evaluation. Based on the assumptions discussed, pre-tax projections are prepared for each pool of loans serviced. These earnings are used to calculate the approximate cash flow that could be received from the servicing portfolio. Valuation results are presented quarterly to management. At that time, management reviews the information and MSRs are marked to lower of amortized cost or fair value for the current quarter. | ||
Deferred Income Taxes | ||
Camco recognizes expense for federal income taxes currently payable as well as for deferred federal taxes for estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the consolidated balance sheets. Realization of a deferred tax asset is dependent upon generating sufficient taxable income in either the carry forward or carry back periods to cover future tax deductions generated by the reversal of temporary differences. A valuation allowance is provided by way of a charge to income tax expense if it is determined that it is more likely than not that some or all of the deferred tax asset will not be realized. If different assumptions and conditions were to prevail, the valuation allowance may not be adequate to absorb unrealized deferred taxes and the amount of income taxes payable may need to be adjusted by way of a charge to expense. Accrual of income taxes payable and valuation allowances against deferred tax assets are estimates subject to change based upon the outcome of future events. | ||
The Corporation reversed a $5.9 million valuation allowance on its deferred tax asset (“DTA”) in the second quarter of 2013. This reversal was the result of an analysis performed to determine the extent to which realization of future tax benefits could be considered “more likely than not”. The analysis considered projected future core earnings under various scenarios, possible tax planning strategies, and consideration of the expected timing of the reversal of existing temporary differences. As a result of the assessment, management decided to eliminate the entire valuation allowance. The difference from the Corporation’s effective tax benefits for the nine month periods ended September 30, 2013, as compared to the Corporation’s statutory tax rate of 34% is primarily due to the release of the valuation allowance on the deferred tax asset. | ||
Income tax returns are subject to audit by the IRS. Income tax expense for current and prior periods is subject to adjustment based upon the outcome of such audits. During 2011, the IRS began an examination of the Corporation’s tax returns for the year ended December 31, 2009. The IRS has taken the position the Corporation took bad debt deductions prematurely. The Corporation disagrees. The matter was not resolved at the examination level, therefore, the Corporation contested the matter to the IRS Office of Appeals. Management believes it is more likely than not that the Corporation will be successful in the appeals process. If the IRS prevails, the Corporation may be required to repay approximately $1.57 million of tax refunds it had received as a result of a carryback of a net operating loss and the Corporation will increase its net operating loss tax carry forward by the same amount as the disallowed deduction. | ||
Other Real Estate | ||
Assets acquired through or instead of foreclosure, primarily other real estate owned, are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. New real estate appraisals are generally obtained at the time of foreclosure and are used to establish fair value. If fair value declines, a valuation allowance is recorded through expense. Estimating the initial and ongoing fair value of these properties involves a number of factors and judgments including holding time, costs to complete, holding costs, discount rate, absorption and other factors. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
5 | Earnings Per Share | ||||||||||||||||
Basic earnings per common share is computed based upon the weighted-average number of common shares outstanding during the year. Diluted earnings per common share is computed including the dilutive effect of additional potential common shares issuable under outstanding stock options and warrants. Diluted earnings per share is not computed for periods in which an operating loss is sustained. The computations were as follows for the periods ended September 30: | |||||||||||||||||
For the nine months ended | For the three months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In thousands except earnings per share) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
BASIC: | |||||||||||||||||
Net Earnings | $ | 7,380 | $ | 1,379 | $ | 727 | $ | 484 | |||||||||
Weighted average common shares outstanding | 13,506 | 7,385 | 13,584 | 7,467 | |||||||||||||
Basic earnings per share | $ | 0.55 | $ | 0.19 | $ | 0.05 | $ | 0.07 | |||||||||
DILUTED: | |||||||||||||||||
Net Earnings | $ | 7,380 | $ | 1,379 | $ | 727 | $ | 484 | |||||||||
Weighted average common shares outstanding | 13,506 | 7,385 | 13,584 | 7,467 | |||||||||||||
Dilutive effect of warrants | 1,059 | 0 | 1,251 | 0 | |||||||||||||
Dilutive effect of stock options | 153 | 3 | 193 | 16 | |||||||||||||
Total common shares and dilutive potential common shares | 14,718 | 7,388 | 15,028 | 7,473 | |||||||||||||
Diluted earnings per share | $ | 0.5 | $ | 0.19 | $ | 0.05 | $ | 0.07 | |||||||||
Anti-dilutive options to purchase 94,683 and 424,480 shares of common stock with respective weighted-average exercise prices of $13.73 and $5.54 were outstanding at September 30, 2013 and 2012, respectively, but were excluded from the computation of common share equivalents for each of the three and nine month periods, because the exercise prices were greater than the average market price of the common shares. | |||||||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||||||||||||||||
6 | Stock Based Compensation | ||||||||||||||||||||||||||||||
The Corporation follows a fair-value based method for valuing stock-based compensation that measures compensation cost at the grant date based on the fair value of the award. | |||||||||||||||||||||||||||||||
The fair value of each option granted was estimated on the date of grant using the modified Black-Scholes options-pricing model. | |||||||||||||||||||||||||||||||
In 2012 and 2013, no options were granted as the Corporation awarded restricted shares in lieu of options related to goals achieved within the 2011 and 2012 officer incentive plan. | |||||||||||||||||||||||||||||||
A summary of the status of the Corporation’s stock option plans as of September 30, 2013 and December 31, 2012, and changes during the periods ending on those dates is presented below: | |||||||||||||||||||||||||||||||
Nine Months ended | Year ended | ||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||||||||||
average | average | ||||||||||||||||||||||||||||||
exercise price | exercise price | ||||||||||||||||||||||||||||||
Outstanding at beginning of period | 581,888 | $ | 4.62 | 587,342 | $ | 4.68 | |||||||||||||||||||||||||
Granted | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Exercised | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Forfeited | (587 | ) | 2.4 | (5,454 | ) | 10.63 | |||||||||||||||||||||||||
Expired | (16,518 | ) | 16.13 | 0 | 0 | ||||||||||||||||||||||||||
Outstanding at end of period | 564,783 | $ | 4.29 | 581,888 | $ | 4.62 | |||||||||||||||||||||||||
Options exercisable at period end | 456,473 | $ | 4.76 | 395,233 | $ | 5.7 | |||||||||||||||||||||||||
Weighted-average fair value of options granted during the period | $ | N/A | $ | N/A | |||||||||||||||||||||||||||
The following information applies to options outstanding at September 30, 2013: | |||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||||
Range of | Number | Weighted- | Aggregate | Weighted- | Number | Aggregate | Weighted- | ||||||||||||||||||||||||
Exercise | Outstanding | Average | Intrinsic | Average | Exercisable | Intrinsic | Average | ||||||||||||||||||||||||
Prices | Remaining | Value | Exercise | Value | Exercise | ||||||||||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||||||||||||
Life (Years) | |||||||||||||||||||||||||||||||
$1.90 – $2.51 | 470,100 | 6.6 | $ | 2.39 | 361,790 | $ | 2.41 | ||||||||||||||||||||||||
$8.92 | 18,877 | 4.3 | 8.92 | 18,877 | 8.92 | ||||||||||||||||||||||||||
$11.36 – $12.35 | 43,473 | 2.6 | 13.69 | 43,473 | 13.69 | ||||||||||||||||||||||||||
$16.51 – $17.17 | 32,333 | 1.2 | 16.6 | 32,333 | 16.6 | ||||||||||||||||||||||||||
564,783 | 5.9 | $ | 773,157 | $ | 4.29 | 456,473 | $ | 586,638 | $ | 4.76 | |||||||||||||||||||||
(1) | The intrinsic value is based on the difference of Camco’s stock price on the grant date and the stock price at September 30, 2013. | ||||||||||||||||||||||||||||||
A summary of unvested options as of, and changes during the period ended, September 30, 2013, were as follows: | |||||||||||||||||||||||||||||||
Unvested options: | Number | Intrinsic Value | |||||||||||||||||||||||||||||
Beginning of period | 186,655 | $ | 193,447 | ||||||||||||||||||||||||||||
Granted | 0 | ||||||||||||||||||||||||||||||
Forfeited | (271 | ) | |||||||||||||||||||||||||||||
Vested during the period | (78,074 | ) | |||||||||||||||||||||||||||||
Unvested options at September 30, 2013 | 108,310 | $ | 186,519 | ||||||||||||||||||||||||||||
The total intrinsic value of options exercised during the nine months ended September 30, 2013 and for the year ended December 31, 2012, was $0 as no options were exercised. | |||||||||||||||||||||||||||||||
As of September 30, 2013, there was $77,000 of total unrecognized compensation cost related to non-vested stock options. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.25 years. | |||||||||||||||||||||||||||||||
In 2009, Camco granted 50,000 restricted shares of stock out of the current authorized common stock related to an employment agreement. The issuance of restricted stock vested in four equal annual increments beginning in 2010. | |||||||||||||||||||||||||||||||
In March 2012, Camco granted 262,492 shares of restricted stock with an impact to unearned/deferred compensation of $625,000. The stock was granted under the Camco Financial Corporation 2010 Equity Plan to officers based on 2011 performance. The restricted stock vests over three years, 20% vested on the date of the award, 20% vested on the date that the Compensation Committee certified Camco’s 2012 financial results and 60% will vest on the date that the Compensation Committee certifies Camco’s 2013 financial results (such results are expected to be certified in the first quarter of 2014). However, if Camco’s pre-tax earnings for the fiscal year ended December 31, 2013 are not equal to or greater than the pre-tax earnings for the fiscal year ended December 31, 2011, the participant will forfeit 25% of the equity award that is to vest on that date. The fair value per share of restricted stock is the stock price at close on the grant date, which value is expensed on a straight-line basis during the vesting period. | |||||||||||||||||||||||||||||||
In October 2012, Camco granted 53,187 shares of restricted stock with an impact to unearned/deferred compensation of $94,150. The stock was granted under the Camco Financial Corporation 2010 Equity Plan based on achievement of a 2012 performance goal. The restricted stock vested immediately. | |||||||||||||||||||||||||||||||
In February 2013, Camco granted 90,428 shares of restricted stock with an impact to unearned/deferred compensation of $313,785 of which $62,760 was expensed in the prior year related to shares which immediately vested. The stock was granted under the Camco Financial Corporation 2010 Equity Plan to officers based on 2012 performance. Of the 90,428 shares granted, 7,378 shares were withheld for the payment of taxes. The restricted stock vests over three years, 20%, which equated to 10,700 shares, vested on the date of the award, 20% will vest on the date that the Compensation Committee certifies Camco’s 2013 financial results and 60% will vest on the date that the Compensation Committee certifies Camco’s 2014 financial results (such results are expected to be certified in the first quarter of 2014 and 2015, respectively). However, if Camco’s pre-tax earnings for the fiscal year ending December 31, 2013 or 2014 are not equal to or greater than the budgeted pre-tax earnings for the fiscal year ended December 31, 2012, the participant will forfeit 25% of the equity award that is to vest on such date. Additionally, the shares may not be transferred for one year after vesting except for settlement of taxes. The fair value per share of restricted stock is the stock price at close on the grant date, which value is expensed on a straight-line basis during the vesting period. | |||||||||||||||||||||||||||||||
In February 2013, Camco granted 81,391 shares of restricted stock with an impact to unearned/deferred compensation of $282,427 of which $141,212 was expensed in the prior year related to shares which immediately vested. The stock was granted under the Camco Financial Corporation 2010 Equity Plan based on 2012 performance and 29,331 shares of the 81,391 shares granted were withheld for tax purposes related to an 83B election. The restricted stock vested 50%, or 11,364 shares, on the date of the award and 50% on the date that the Compensation Committee certifies Camco’s 2013 financial results. | |||||||||||||||||||||||||||||||
The shares represented by restricted stock awards are considered outstanding at the grant date, as the recipients are entitled to voting rights and dividends, if declared. A summary of restricted stock award activity for the period is presented below: | |||||||||||||||||||||||||||||||
Non-vested Number of | Weighted Average Grant | ||||||||||||||||||||||||||||||
Shares | Date Fair Value | ||||||||||||||||||||||||||||||
Non-vested balance at December 31, 2012 | 219,989 | $ | 2.39 | ||||||||||||||||||||||||||||
Granted | 171,819 | $ | 3.47 | ||||||||||||||||||||||||||||
Vested | (123,134 | ) | $ | 2.91 | |||||||||||||||||||||||||||
Forfeited | (951 | ) | $ | 3.09 | |||||||||||||||||||||||||||
Non-vested balance at September 30, 2013 | 267,723 | $ | 2.84 | ||||||||||||||||||||||||||||
At September 30, 2013, there was approximately $276,000 of compensation cost that had not been recognized related to restricted stock awards. That cost is expected to be recognized over the next 15 months. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||
7 | Fair Value | ||||||||||||||||||||
The fair value framework as disclosed in the Fair Value Measurements and Disclosure Topic of FASB ASC Topic 825, Financial Instruments (Fair Value Topic) includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2), and the lowest priority to unobservable inputs (Level 3). When determining the fair value measurements for assets and liabilities, the Corporation looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, the Corporation looks to observable market data for similar assets and liabilities and classifies such items as Level 2. Certain assets and liabilities are not actively traded in observable markets and the Corporation must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. | |||||||||||||||||||||
As a financial services corporation, the carrying value of certain financial assets and liabilities is impacted by the application of fair value measurements, either directly or indirectly. In certain cases, an asset or liability is measured and reported at fair value on a recurring basis, such as available-for-sale investment securities. In other cases, management must rely on estimates or judgments to determine if an asset or liability not measured at fair value warrants an impairment write-down or whether a valuation reserve should be established. Given the inherent volatility, the use of fair value measurements may have a significant impact on the carrying value of assets or liabilities, or result in material changes to the financial statements, from period to period. | |||||||||||||||||||||
Listed below are three levels of inputs that Camco uses to measure fair value: | |||||||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||||||
Level 2: Quoted prices on identical assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” used to value debt securities absent the exclusive use of quoted prices. | |||||||||||||||||||||
Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting, etc. | |||||||||||||||||||||
The following methods, assumptions, and valuation techniques were used by the Corporation to measure different financial assets and liabilities at fair value and in estimating its fair value disclosures for financial instruments. | |||||||||||||||||||||
Cash and Cash Equivalents: The carrying amount reported in the consolidated statements of financial condition for cash and cash equivalents is deemed to approximate fair value and are classified as Level 1 of the fair value hierarchy. | |||||||||||||||||||||
Investment Securities: Fair values for investment securities are determined by quoted market prices if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using matrix pricing, which is a mathematical technique widely used in the industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities (Level 2). Any investment securities not valued based upon the methods above is considered Level 3. | |||||||||||||||||||||
The Corporation utilizes information provided by a third-party investment securities portfolio manager in analyzing the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic. The portfolio manager’s evaluation of investment security portfolio pricing is performed using a combination of prices and data from other sources, along with internally developed matrix pricing models. The third-party’s month-end pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, previous evaluation prices, and between the various pricing services. These processes produce a series of quality assurance reports on which price exceptions are identified, reviewed and where appropriate, securities are re-priced. In the event of a materially different price, the third party will report the variance and review the pricing methodology in detail. The results of the quality assurance process are incorporated into the selection of pricing providers by the third party. | |||||||||||||||||||||
Loans Held for Sale: Mortgage loans held for sale are classified as Level 2 and are estimated using fair value which is determined using quoted prices and if available the contracted sales price of loans committed for delivery, which is determined on the date of sale commitment. Gains and losses on the sale of loans are recorded as net gains from sales of loans within noninterest income in the Consolidated Statements of Earnings. | |||||||||||||||||||||
Loans Receivable: The loan portfolio has been segregated into categories with similar characteristics, such as one- to four-family residential real estate, multi-family residential real estate, installment and other. These loan categories were further delineated into fixed-rate and adjustable-rate loans. The fair values for the resultant loan categories were computed via discounted cash flow analysis, using current interest rates offered for loans with similar terms to borrowers of similar credit quality. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price and due to the significant judgment involved in evaluating credit quality, loans are classified within Level 3 classification. | |||||||||||||||||||||
Federal Home Loan Bank Stock: The carrying amount presented in the consolidated statements of financial condition is deemed to approximate fair value. | |||||||||||||||||||||
Accrued Interest Receivable: The fair value for accrued interest approximates its carrying amounts due. The valuation is a Level 3 classification that is consistent with its underlying asset or liability. | |||||||||||||||||||||
Deposits: The fair values of deposits with no stated maturity, such as money market demand deposits, savings and NOW accounts have been analyzed by management and assigned estimated maturities and cash flows which are then discounted to derive a value. The fair value of fixed-rate certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. The Corporation classifies the estimated fair value of deposit liabilities as Level 2 in the fair value hierarchy. | |||||||||||||||||||||
Advances from the Federal Home Loan Bank: The fair value of these advances is estimated using the rates currently offered for similar advances of similar remaining maturities or, when available, quoted market prices. | |||||||||||||||||||||
Repurchase Agreements: The fair value of repurchase agreements is based on the discounted value of contractual cash flows using rates currently offered for similar maturities. The Corporation classifies the estimated fair value of short-term borrowings as Level 2 of the fair value hierarchy. | |||||||||||||||||||||
Subordinated Debentures: The fair value of subordinated debentures is based on the discounted value of contractual cash flows using rates currently offered for smaller maturities. | |||||||||||||||||||||
Advances by Borrowers for Taxes and Insurance: The fair value of advances by borrowers for taxes and insurance approximates its carrying amounts due to the short duration before collection. The valuation is a Level 3 classification which is consistent with its underlying asset. | |||||||||||||||||||||
Accrued interest payable: The fair value of accrued interest payable approximates its carrying amounts due. The valuation is a Level 3 classification which is consistent with its underlying asset. | |||||||||||||||||||||
Commitments to Extend Credit: For fixed-rate and adjustable-rate loan commitments, the fair value estimate considers the difference between current levels of interest rates and committed rates. At September 30, 2013 and December 31, 2012, the fair value of loan commitments was not material. | |||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or transfer a liability between market participants at the balance sheet date. When possible, the Corporation looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Corporation looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Camco must use other valuation methods to develop a fair value. The fair value of impaired loans is based on the fair value of the underlying collateral, which is estimated through third party appraisals or internal estimates of collateral values. | |||||||||||||||||||||
Based on the foregoing methods and assumptions, the carrying value and fair value of the Corporation’s financial instruments are as follows: | |||||||||||||||||||||
Carrying | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
value | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 17,185 | $ | 17,185 | $ | 17,185 | $ | 0 | $ | 0 | |||||||||||
Investment securities available for sale | 101,211 | 101,211 | 0 | 101,168 | 43 | ||||||||||||||||
Investment securities held to maturity | 725 | 760 | 0 | 760 | 0 | ||||||||||||||||
Loans held for sale | 1,831 | 1,903 | 0 | 1,903 | 0 | ||||||||||||||||
Loans receivable | 577,003 | 581,629 | 0 | 0 | 581,629 | ||||||||||||||||
Federal Home Loan Bank stock | 9,888 | 9,888 | 0 | 0 | 9,888 | ||||||||||||||||
Accrued interest receivable | 2,471 | 2,471 | 0 | 0 | 2,471 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | 609,012 | $ | 580,194 | $ | 0 | $ | 580,194 | $ | 0 | |||||||||||
Advances from the Federal Home Loan Bank | 59,477 | 61,249 | 0 | 61,249 | 0 | ||||||||||||||||
Repurchase agreements | 6,931 | 6,931 | 0 | 6,931 | 0 | ||||||||||||||||
Subordinated debentures | 5,000 | 4,863 | 0 | 0 | 4,863 | ||||||||||||||||
Advances by borrowers for taxes and insurance | 1,718 | 1,718 | 0 | 0 | 1,718 | ||||||||||||||||
Accrued interest payable | 1,823 | 1,823 | 0 | 0 | 1,823 | ||||||||||||||||
Carrying | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
value | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 58,379 | $ | 58,379 | $ | 58,379 | $ | 0 | $ | 0 | |||||||||||
Investment securities available for sale | 85,298 | 85,298 | 0 | 85,254 | 44 | ||||||||||||||||
Investment securities held to maturity | 903 | 957 | 0 | 957 | 0 | ||||||||||||||||
Loans held for sale | 6,544 | 6,759 | 0 | 6,759 | 0 | ||||||||||||||||
Loans receivable | 554,575 | 544,655 | 0 | 0 | 544,655 | ||||||||||||||||
Federal Home Loan Bank stock | 9,888 | 9,888 | 0 | 0 | 9,888 | ||||||||||||||||
Accrued interest receivable | 2,631 | 2,631 | 0 | 0 | 2,631 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | 627,224 | $ | 622,186 | $ | 0 | $ | 622,186 | $ | 0 | |||||||||||
Advances from the Federal Home Loan Bank | 53,297 | 56,310 | 0 | 56,310 | 0 | ||||||||||||||||
Repurchase agreements | 5,923 | 5,923 | 0 | 5,923 | 0 | ||||||||||||||||
Subordinated debentures | 5,000 | 4,976 | 0 | 0 | 4,976 | ||||||||||||||||
Advances by borrowers for taxes and insurance | 2,635 | 2,635 | 0 | 0 | 2,635 | ||||||||||||||||
Accrued interest payable | 1,692 | 1,692 | 0 | 0 | 1,692 | ||||||||||||||||
The following table presents financial assets and liabilities measured on a recurring basis: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
Reporting Date Using | |||||||||||||||||||||
(in thousands) | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 101,100 | $ | 0 | $ | 101,100 | $ | 0 | |||||||||||||
Corporate equity securities | 43 | 0 | 0 | 43 | |||||||||||||||||
Mortgage-backed securities | 68 | 0 | 68 | 0 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 84,071 | $ | 0 | $ | 84,071 | $ | 0 | |||||||||||||
Corporate equity securities | 44 | 0 | 0 | 44 | |||||||||||||||||
Mortgage-backed securities | 1,183 | 0 | 1,183 | 0 | |||||||||||||||||
The following table presents financial assets and liabilities measured on a non-recurring basis: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
Reporting Date Using | |||||||||||||||||||||
(in thousands) | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Impaired loans | $ | 22,262 | $ | 0 | $ | 0 | $ | 22,262 | |||||||||||||
Real estate acquired through foreclosure | 5,632 | 0 | 0 | 5,632 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Impaired loans | $ | 22,727 | $ | 0 | $ | 0 | $ | 22,727 | |||||||||||||
Real estate acquired through foreclosure | 10,581 | 0 | 0 | 10,581 | |||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable the Corporation will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the original loan agreement. Loan impairment is measured using the present value of the loan’s expected cash flows discounted at the loan’s effective interest rate, using the loan’s observable market value, or using the fair value of the collateral less costs to sell if the loan is collateral-dependent. Collateral may be in the form of real estate and/or business assets such as accounts receivable, inventory or business equipment. The majority of collateral is real estate. The value of real estate is based on observable market prices and market values provided by independent, licensed or certified appraisers. Collateral values may be discounted based on management’s historical knowledge of the property and/or changes in market conditions from the time of valuation. | |||||||||||||||||||||
Fair value for real estate acquired through foreclosure is generally determined by obtaining recent appraisals on the properties. Other types of valuing include broker price opinions and valuations pertaining to the current and anticipated deterioration in the regional economy and real estate market, as evidenced by, among other things, a net out migration of the local population, unemployment rates, increasing vacancy rates, borrower delinquencies, declining property values and rental prices, differences between foreclosure appraisals and real estate owned sales prices, and an increase in concessions and other forms of discounting or other items approved by our asset classification committee. The fair value under such appraisals is determined by using one of the following valuation techniques: income, cost or comparable sales. The fair value is then reduced by management’s estimate for the direct costs expected to be incurred in order to sell the property. Holding costs or maintenance expenses are recorded as period costs when incurred and are not included in the fair value estimate. |
Allowance_for_Loan_Losses
Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
8 | Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
The allowance for loan losses is a reserve established through a provision that is charged to expense and represents management’s best estimate of probable losses that could be incurred within the existing portfolio of loans. The allowance is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The Corporation’s allowance for possible loan loss methodology is based on historical loss experience by type of credit and internal risk grade, specific homogeneous risk pools and specific loss allocations, with adjustments for current events and conditions. The provision for possible loan losses reflects loan quality trends, including the levels of and trends related to non-accrual loans, past due loans, potential problem loans, criticized loans and net charge-offs or recoveries, among other factors. The amount of the provision reflects not only the necessary allowance for possible loan losses related to newly identified criticized loans, but it also reflects actions taken related to other loans including, among other things, any necessary increases or decreases in required allowances for specific loans or loan pools. While management utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Corporation’s control, including, among other things, changes in market interest rates and other factors in the local economies that we serve, such as unemployment rates and real estate market values. | |||||||||||||||||||||||||||||||||
The current level of the allowance is directionally consistent with classified assets, non-accrual and delinquency. While management utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Corporation’s control, including, among other things, the performance of the Corporation’s loan portfolio, the economy, changes in interest rates and comments of the regulatory authorities toward loan classifications. | |||||||||||||||||||||||||||||||||
The Corporation’s allowance for possible loan losses consists of three elements: (i) specific valuation allowances on probable losses on specific loans; (ii) historical valuation allowances based on historical loan loss experience for similar loans with similar characteristics and trends, adjusted, as necessary, to reflect the impact of current conditions; and (iii) general valuation allowances based on general economic conditions and other qualitative risk factors both internal and external to the Corporation. | |||||||||||||||||||||||||||||||||
Although we believe that the allowance for loan losses at September 30, 2013 is adequate to cover losses inherent in the loan portfolio at that date based upon the available facts and circumstances, there can be no assurance that additions to the allowance for loan losses will not be necessary in future periods, which could adversely affect our results of operations. Ohio in general has experienced higher unemployment and some decreases in home values over the past five years like many regions in the U.S., but has improved over the last year which should comparatively mitigate losses on loans. Nonetheless, these factors, compounded by a very uncertain national economic outlook, may continue to increase the level of future losses beyond our current expectations. | |||||||||||||||||||||||||||||||||
Loans identified as losses by management are charged-off. Furthermore, consumer loan accounts are charged-off automatically based on regulatory requirements. | |||||||||||||||||||||||||||||||||
Allowance for loan losses for the three and nine months period ending of September 30, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Construction | Land, Farm | Residential | Commercial | Consumer | Commercial | Multi- | Total | |||||||||||||||||||||||||
& Ag Loans | & Non- | & Industrial | Family | ||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Beginning balance December 31, 2012 | $ | 115 | $ | 373 | $ | 6,980 | $ | 2,011 | $ | 162 | $ | 1,075 | $ | 1,431 | $ | 12,147 | |||||||||||||||||
Charge-offs | 0 | (9 | ) | (1,854 | ) | (293 | ) | (394 | ) | 0 | (5 | ) | (2,555 | ) | |||||||||||||||||||
Recoveries | 0 | 10 | 480 | 9 | 83 | 6 | 0 | 588 | |||||||||||||||||||||||||
Provision | 49 | (77 | ) | (220 | ) | 11 | 504 | (667 | ) | (109 | ) | (509 | ) | ||||||||||||||||||||
Ending balance September 30, 2013 | $ | 164 | $ | 297 | $ | 5,386 | $ | 1,738 | $ | 355 | $ | 414 | $ | 1,317 | $ | 9,671 | |||||||||||||||||
Beginning balance June 30, 2013 | $ | 86 | $ | 585 | $ | 5,880 | $ | 2,063 | $ | 299 | $ | 379 | $ | 1,264 | $ | 10,556 | |||||||||||||||||
Charge-offs | 0 | (9 | ) | (425 | ) | (2 | ) | (99 | ) | 0 | 0 | (535 | ) | ||||||||||||||||||||
Recoveries | 0 | 8 | 244 | 7 | 0 | 0 | 0 | 259 | |||||||||||||||||||||||||
Provision | 78 | (287 | ) | (313 | ) | (330 | ) | 155 | 35 | 53 | (609 | ) | |||||||||||||||||||||
Ending balance September 30, 2013 | $ | 164 | $ | 297 | $ | 5,386 | $ | 1,738 | $ | 355 | $ | 414 | $ | 1,317 | $ | 9,671 | |||||||||||||||||
Beginning balance December 31, 2011 | $ | 35 | $ | 554 | $ | 8,277 | $ | 2,565 | $ | 80 | $ | 537 | $ | 2,484 | $ | 14,532 | |||||||||||||||||
Charge-offs | 0 | (358 | ) | (1,931 | ) | (79 | ) | (130 | ) | (58 | ) | (11 | ) | (2,567 | ) | ||||||||||||||||||
Recoveries | 0 | 5 | 164 | 684 | 17 | 65 | 9 | 944 | |||||||||||||||||||||||||
Provision | 502 | 273 | (168 | ) | 406 | 134 | 861 | (409 | ) | 1,599 | |||||||||||||||||||||||
Ending balance September 30, 2012 | $ | 537 | $ | 474 | $ | 6,342 | $ | 3,576 | $ | 101 | $ | 1,405 | $ | 2,073 | $ | 14,508 | |||||||||||||||||
Beginning balance June 30, 2012 | $ | 554 | $ | 768 | $ | 6,396 | $ | 4,118 | $ | 49 | $ | 612 | $ | 1,688 | $ | 14,185 | |||||||||||||||||
Charge-offs | 0 | (2 | ) | (704 | ) | (14 | ) | (128 | ) | (7 | ) | 0 | (855 | ) | |||||||||||||||||||
Recoveries | 0 | 2 | 54 | 648 | 16 | 1 | 0 | 721 | |||||||||||||||||||||||||
Provision | (17 | ) | (294 | ) | 596 | (1,176 | ) | 164 | (799 | ) | 385 | 457 | |||||||||||||||||||||
Ending balance September 30, 2012 | $ | 537 | $ | 474 | $ | 6,342 | $ | 3,576 | $ | 101 | $ | 1,405 | $ | 2,073 | $ | 14,508 | |||||||||||||||||
Allocation of the allowance for loan loss by segment to loans individually and collectively evaluated for impairment as follows: | |||||||||||||||||||||||||||||||||
Ending balance September 30, 2013 | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 32 | $ | 608 | $ | 246 | $ | 113 | $ | 8 | $ | 708 | $ | 1,715 | |||||||||||||||||
Collectively evaluated for impairment | 164 | 265 | 4,778 | 1,492 | 242 | 406 | 609 | 7,956 | |||||||||||||||||||||||||
Portfolio balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||||||||
With no related allowance | $ | 10 | $ | 458 | $ | 127 | $ | 36 | $ | 0 | $ | 32 | $ | 0 | $ | 663 | |||||||||||||||||
With related allowance | 0 | 273 | 11,369 | 3,232 | 392 | 82 | 6,643 | 21,991 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 22,255 | 16,377 | 257,773 | 136,270 | 4,979 | 54,756 | 71,610 | 564,020 | |||||||||||||||||||||||||
Ending balance September 30, 2013 | $ | 22,266 | $ | 17,108 | $ | 269,267 | $ | 139,538 | $ | 5,371 | $ | 54,871 | $ | 78,253 | $ | 586,674 | |||||||||||||||||
Ending balance September 30, 2012 | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1 | $ | 100 | $ | 595 | $ | 524 | $ | 39 | $ | 34 | $ | 406 | $ | 1,699 | |||||||||||||||||
Collectively evaluated for impairment | 537 | 374 | 5,747 | 3,052 | 62 | 1,371 | 1,666 | 12,809 | |||||||||||||||||||||||||
Portfolio balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||||||||
With no related allowance | 0 | 0 | 589 | 1,143 | 0 | 66 | 0 | 1,798 | |||||||||||||||||||||||||
With related allowance | 16 | 900 | 10,825 | 5,949 | 526 | 492 | 4,565 | 23,273 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 29,635 | 13,241 | 272,680 | 143,589 | 3,550 | 38,092 | 68,172 | 568,959 | |||||||||||||||||||||||||
Ending balance September 30, 2012 | $ | 29,651 | $ | 14,141 | $ | 284,094 | $ | 150,681 | $ | 4,076 | $ | 38,650 | $ | 72,737 | $ | 594,030 | |||||||||||||||||
Non-accrual and Past Due Loans. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when the loan is more than three payments past due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is recognized when the loan is returned to accrual status and all the principal and interest amounts contractually due are brought current (minimum of six months), or future payments are reasonably assured. Future payments interest income will be recognized while the previous payments of interest (during non-accrual status) will be recognized over the life of the loan. | |||||||||||||||||||||||||||||||||
The following table details non-accrual loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Construction | $ | 10 | $ | 14 | |||||||||||||||||||||||||||||
Land, Farmland, Agriculture | 607 | 709 | |||||||||||||||||||||||||||||||
Residential / prime | 6,215 | 7,152 | |||||||||||||||||||||||||||||||
Residential / subprime | 6,519 | 9,195 | |||||||||||||||||||||||||||||||
Commercial and non-residential | 1,080 | 1,967 | |||||||||||||||||||||||||||||||
Consumer | 395 | 491 | |||||||||||||||||||||||||||||||
Commercial and industrial | 34 | 66 | |||||||||||||||||||||||||||||||
Multi Family | 0 | 0 | |||||||||||||||||||||||||||||||
Total | $ | 14,860 | $ | 19,594 | |||||||||||||||||||||||||||||
An age analysis of past due loans, segregated by class of loans were as follows: | |||||||||||||||||||||||||||||||||
September 30, 2013 | Loans | Loans | Loans | Total | Current | Total | Accruing | ||||||||||||||||||||||||||
(in thousands) | 30 - 59 | 60 - 89 | 90+ | Past Due | Loans | Loans 90 | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Days Past | ||||||||||||||||||||||||||||||
Due | Past | Due | Due | ||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||
Construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 22,266 | $ | 22,266 | $ | 0 | |||||||||||||||||||
Land, Farmland, Ag Loans | 31 | 0 | 0 | 31 | 17,077 | 17,108 | 0 | ||||||||||||||||||||||||||
Residential/prime | 1,233 | 648 | 3,584 | 5,465 | 211,237 | 216,702 | 0 | ||||||||||||||||||||||||||
Residential/subprime | 1,606 | 533 | 3,554 | 5,693 | 46,872 | 52,565 | 0 | ||||||||||||||||||||||||||
Commercial and non-residential | 58 | 0 | 778 | 836 | 138,702 | 139,538 | 0 | ||||||||||||||||||||||||||
Consumer | 36 | 1 | 7 | 44 | 5,327 | 5,371 | 0 | ||||||||||||||||||||||||||
Commercial and industrial | 7 | 0 | 2 | 9 | 54,862 | 54,871 | 0 | ||||||||||||||||||||||||||
Multi Family | 614 | 0 | 0 | 614 | 77,639 | 78,253 | 0 | ||||||||||||||||||||||||||
Total | $ | 3,585 | $ | 1,182 | $ | 7,925 | $ | 12,692 | $ | 573,982 | $ | 586,674 | $ | 0 | |||||||||||||||||||
December 31, 2012 | Loans | Loans | Loans | Total | Current | Total | Accruing | ||||||||||||||||||||||||||
(in thousands) | 30 - 59 | 60 - 89 | 90+ | Past Due | Loans | Loans 90 | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Days Past | ||||||||||||||||||||||||||||||
Due | Past | Due | Due | ||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||
Construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 13,815 | $ | 13,815 | $ | 0 | |||||||||||||||||||
Land, Farmland, Ag Loans | 65 | 32 | 119 | 216 | 13,786 | 14,002 | 0 | ||||||||||||||||||||||||||
Residential / prime | 2,316 | 906 | 5,212 | 8,434 | 210,217 | 218,651 | 0 | ||||||||||||||||||||||||||
Residential / subprime | 2,509 | 1,181 | 4,562 | 8,252 | 48,993 | 57,245 | 0 | ||||||||||||||||||||||||||
Commercial and non-residential | 0 | 0 | 1,095 | 1,095 | 135,784 | 136,879 | 0 | ||||||||||||||||||||||||||
Consumer | 100 | 1 | 28 | 129 | 3,919 | 4,048 | 0 | ||||||||||||||||||||||||||
Commercial and industrial | 0 | 0 | 66 | 66 | 42,028 | 42,094 | 0 | ||||||||||||||||||||||||||
Multi Family | 227 | 0 | 0 | 227 | 79,761 | 79,988 | 0 | ||||||||||||||||||||||||||
Total | $ | 5,217 | $ | 2,120 | $ | 11,082 | $ | 18,419 | $ | 548,303 | $ | 566,722 | $ | 0 | |||||||||||||||||||
Impaired loans. Loans are considered impaired when, based on current information and events, it is probable Advantage will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other larger commercial credits. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, of collateral if payment is expected solely from the collateral or at the present value of estimated future cash flows using the loan’s existing rate or at the loan’s fair sale value. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured in which case interest is recognized on an accrual basis. Impaired loans or portions of loans are charged off when deemed uncollectible. | |||||||||||||||||||||||||||||||||
We have included the following information with respect to impairment measurements relating to loans for better understanding of our process and procedures relating to fair value of financial instruments: | |||||||||||||||||||||||||||||||||
• Based on policy, a loan is typically deemed impaired (non-performing) once it has gone over three payments or 90 days delinquent or is considered a Troubled Debt Restructuring (“TDR”). See the Modifications section below. Our management of the troubled credit will vary as will the timing of valuations, loan loss provision and charge offs based on a multitude of factors such as, cash flow of the business/borrower, responsiveness of the borrower, communication with the commercial banker, property inspections, property deterioration, and delinquency. Typically, a nonperforming, non-homogeneous collateral dependent loan will be valued and adjusted (if needed) within a time frame as short as 30 days or as many as 180 days after determination of impairment. If impaired, the collateral is then evaluated and an updated appraisal is most typically ordered. Upon receipt of an appraisal or other valuation, we complete an analysis to determine if the impaired loan requires a specific reserve or to be charged down to estimated net realizable value. The time frame may be as short as 30 days or as much as 180 days, when an appraisal is ordered. | |||||||||||||||||||||||||||||||||
• Camco’s credit risk management process consistently monitors key performance metrics across both the performing and non-performing assets to identify any further degradation of credit quality. Additionally, impaired credits are monitored in weekly loan committee asset quality discussions, monthly Asset Classification Committee meetings and quarterly loan loss reserve reviews. Strategy documents and exposure projections are completed on a monthly basis to ensure that the current status of the troubled asset is clearly understood and reported. | |||||||||||||||||||||||||||||||||
• The Asset Classification Committee oversees the management of all impaired loans and any subsequent loss provision or charge off that is considered. When a loan is deemed impaired, the valuation is obtained to determine any existing loss that may be present as of the valuation date. Policy dictates that any differences from fair market value, less costs to sell, are to be recognized as loss during the current period (loan loss provision or charge off). Any deviations from this policy will be identified by amount and contributing reasons for the policy departure during our quarterly reporting process. | |||||||||||||||||||||||||||||||||
• Camco’s policies dictate that an impaired loan subject to a possible charge off will remain in a nonperforming status until it is paid current and completes a period of on-time payments that demonstrate that the loan can perform and/or there is some certainty payments will continue. Camco monitors through various system reports any loan whose terms have been modified. These reports identify troubled debt restructures, modifications, and renewals. | |||||||||||||||||||||||||||||||||
• When circumstances do not allow for an updated appraisal or Camco determines that an appraisal is not needed, the underlying collateral’s fair market value is estimated in the following ways: | |||||||||||||||||||||||||||||||||
• | Camco’s personnel property inspections combined with an internally or externally prepared valuation, | ||||||||||||||||||||||||||||||||
• | Broker price opinions, or | ||||||||||||||||||||||||||||||||
• | Various on-line fair market value estimation programs (i.e. Freddie Mac, Fannie Mae, etc). | ||||||||||||||||||||||||||||||||
Impaired loans are set forth in the following table: | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
(in thousands) | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 11 | $ | 11 | $ | 0 | $ | 14 | $ | 14 | $ | 0 | |||||||||||||||||||||
Land, Farmland, Ag Loans | 458 | 872 | 0 | 558 | 972 | 0 | |||||||||||||||||||||||||||
Residential | 126 | 172 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Commercial and non-residential | 36 | 222 | 0 | 1,572 | 1,619 | 0 | |||||||||||||||||||||||||||
Commercial and industrial | 32 | 32 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Multi Family | 0 | 661 | 0 | 1 | 661 | 0 | |||||||||||||||||||||||||||
Total | $ | 663 | $ | 1,970 | $ | 0 | $ | 2,145 | $ | 3,266 | $ | 0 | |||||||||||||||||||||
With a related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Land, Farmland, Ag Loans | $ | 273 | $ | 273 | $ | 32 | $ | 230 | $ | 230 | $ | 68 | |||||||||||||||||||||
Residential | 11,369 | 11,552 | 608 | 11,107 | 11,473 | 500 | |||||||||||||||||||||||||||
Commercial and non-residential | 3,232 | 3,281 | 246 | 3,674 | 3,700 | 369 | |||||||||||||||||||||||||||
Consumer | 392 | 392 | 113 | 491 | 518 | 40 | |||||||||||||||||||||||||||
Commercial and industrial | 82 | 82 | 8 | 539 | 539 | 25 | |||||||||||||||||||||||||||
Multi Family | 6,643 | 6,643 | 708 | 4,541 | 4,541 | 416 | |||||||||||||||||||||||||||
Total | $ | 21,991 | $ | 22,223 | $ | 1,715 | $ | 20,582 | $ | 21,001 | $ | 1,418 | |||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||
(in thousands) | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 11 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Land, Farmland, Ag Loans | 458 | 7 | 0 | 0 | |||||||||||||||||||||||||||||
Residential | 138 | 0 | 619 | 1 | |||||||||||||||||||||||||||||
Commercial and non-residential | 153 | 0 | 1,170 | 36 | |||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Commercial and industrial | 49 | 0 | 66 | 0 | |||||||||||||||||||||||||||||
Multi Family | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total | $ | 809 | $ | 0 | $ | 1,855 | $ | 37 | |||||||||||||||||||||||||
With a related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 0 | $ | 0 | $ | 16 | $ | 0 | |||||||||||||||||||||||||
Land, Farmland, Ag Loans | 275 | 3 | 902 | 25 | |||||||||||||||||||||||||||||
Residential | 11,494 | 107 | 10,954 | 186 | |||||||||||||||||||||||||||||
Commercial and non-residential | 3,249 | 36 | 5,544 | 163 | |||||||||||||||||||||||||||||
Consumer | 397 | 1 | 553 | 12 | |||||||||||||||||||||||||||||
Commercial and industrial | 86 | 2 | 308 | 4 | |||||||||||||||||||||||||||||
Multi Family | 6,667 | 75 | 4,577 | 107 | |||||||||||||||||||||||||||||
Total | $ | 22,168 | $ | 224 | $ | 22,854 | $ | 497 | |||||||||||||||||||||||||
Average | Interest | Average | Investment | ||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||
(in thousands) | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 11 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Land, Farmland, Ag Loans | 483 | 10 | 0 | 0 | |||||||||||||||||||||||||||||
Residential | 129 | 1 | 551 | 0 | |||||||||||||||||||||||||||||
Commercial and non-residential | 95 | 0 | 504 | 0 | |||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Commercial and industrial | 33 | 0 | 102 | 0 | |||||||||||||||||||||||||||||
Multi Family | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total | $ | 751 | $ | 11 | $ | 1,157 | $ | 0 | |||||||||||||||||||||||||
With a related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 0 | $ | 0 | $ | 18 | $ | 0 | |||||||||||||||||||||||||
Land, Farmland, Ag Loans | 276 | 10 | 243 | 9 | |||||||||||||||||||||||||||||
Residential | 11,468 | 339 | 11,756 | 194 | |||||||||||||||||||||||||||||
Commercial and non-residential | 3,256 | 104 | 8,361 | 253 | |||||||||||||||||||||||||||||
Consumer | 433 | 5 | 280 | 8 | |||||||||||||||||||||||||||||
Commercial and industrial | 88 | 4 | 377 | 12 | |||||||||||||||||||||||||||||
Multi Family | 6,670 | 252 | 4,611 | 107 | |||||||||||||||||||||||||||||
Total | $ | 22,191 | $ | 714 | $ | 25,646 | $ | 583 | |||||||||||||||||||||||||
The Corporation categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans and leases individually by classifying the loans and leases as to credit risk. The loans monitored utilizing the risk categories listed below refer to commercial, commercial and industrial, construction, land, farmland and agriculture loans. All non-homogeneous loans are monitored through delinquency reporting. This analysis is performed on a quarterly basis. The Corporation uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||||||
• | Pass (Grade 1-3) | ||||||||||||||||||||||||||||||||
Uncriticized assets exhibit no material problems, credit deficiencies or payment problems. These assets generally are well protected by the current net worth and paying capacity of the obligor or by the value of the asset or underlying collateral. Such credits are graded as follows: Excellent (1), Good (2) or Satisfactory (3). | |||||||||||||||||||||||||||||||||
• | Watch (Grade 4) | ||||||||||||||||||||||||||||||||
Watch rated credits are of acceptable credit quality, but exhibit one or more characteristics which merit closer monitoring or enhanced structure. Such characteristics include higher leverage, lower debt service coverage, industry issues or a construction loan without preleasing commitments (generally multifamily projects). | |||||||||||||||||||||||||||||||||
• | Special Mention Assets (Grade 5) | ||||||||||||||||||||||||||||||||
Special Mention Assets have potential weaknesses or pose financial risk that deserves management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. Special Mention Assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. | |||||||||||||||||||||||||||||||||
• | Substandard Assets (Grade 6) | ||||||||||||||||||||||||||||||||
An asset classified Substandard is protected inadequately by the current net worth and paying capacity of the obligor, or by the collateral pledged, if any. Assets so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. The possibility that liquidation would not be timely requires a substandard classification even if there is little likelihood of total loss. | |||||||||||||||||||||||||||||||||
Assets classified as Substandard may exhibit one or more of the following weaknesses: | |||||||||||||||||||||||||||||||||
• | The primary source of repayment is gone or severely impaired and the Bank may have to rely upon a secondary source. | ||||||||||||||||||||||||||||||||
• | Loss does not seem likely but sufficient problems have arisen to cause the Bank to go to abnormal lengths to protect its position in order to maintain a high probability of repayment. | ||||||||||||||||||||||||||||||||
• | Obligors are unable to generate enough cash flow for debt reduction. | ||||||||||||||||||||||||||||||||
• | Collateral has deteriorated. | ||||||||||||||||||||||||||||||||
• | The collateral is not subject to adequate inspection and verification of value (if the collateral is expected to be the source of repayment). | ||||||||||||||||||||||||||||||||
• | Flaws in documentation leave the Bank in a subordinated or unsecured position if the collateral is needed for the repayment of the loan. | ||||||||||||||||||||||||||||||||
• | For assets secured by real estate, the appraisal does not conform to FDIC appraisal standards or the assumptions underlying the appraisal are demonstrably incorrect. | ||||||||||||||||||||||||||||||||
• | Doubtful Assets (Grade 7) | ||||||||||||||||||||||||||||||||
An asset classified Doubtful has all the weaknesses inherent in one classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||
• | Loss Assets (Grade 8) | ||||||||||||||||||||||||||||||||
An asset, or portion thereof, classified loss is considered uncollectible and of such little value that its continuance on the books is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value; rather, it is not practical or desirable to defer writing off an essentially worthless asset (or portion thereof), even though partial recovery may occur in the future. | |||||||||||||||||||||||||||||||||
Loans and leases not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans and leases. | |||||||||||||||||||||||||||||||||
Based on the most recent analysis performed, the risk category of non-homogenous loans and leases is as follows: | |||||||||||||||||||||||||||||||||
(In Thousands) | Pass | Watch | Special | Substandard | Total(1) | ||||||||||||||||||||||||||||
September 30, 2013 | Mention | ||||||||||||||||||||||||||||||||
Construction | $ | 16,760 | $ | 5,496 | $ | 0 | $ | 10 | $ | 22,266 | |||||||||||||||||||||||
Land, Farmland, Ag Loans | 15,570 | 775 | 0 | 763 | 17,108 | ||||||||||||||||||||||||||||
Commercial/Non Residential | 115,793 | 11,951 | 7,563 | 4,231 | 139,538 | ||||||||||||||||||||||||||||
Commercial and industrial | 54,741 | 14 | 0 | 116 | 54,871 | ||||||||||||||||||||||||||||
Multi Family | 68,977 | 4,352 | 1,516 | 3,408 | 78,253 | ||||||||||||||||||||||||||||
Total | $ | 271,841 | $ | 22,588 | $ | 9,079 | $ | 8,528 | $ | 312,036 | |||||||||||||||||||||||
December 31, 2012 | Pass | Watch | Special | Substandard | Total(1) | ||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||
Construction | $ | 10,586 | $ | 3,215 | $ | 0 | $ | 14 | $ | 13,815 | |||||||||||||||||||||||
Land, Farmland, Ag Loans | 13,063 | 0 | 0 | 939 | 14,002 | ||||||||||||||||||||||||||||
Commercial/Non Residential | 107,065 | 17,137 | 6,479 | 6,198 | 136,879 | ||||||||||||||||||||||||||||
Commercial and industrial | 39,666 | 2,256 | 0 | 172 | 42,094 | ||||||||||||||||||||||||||||
Multi Family | 65,142 | 7,762 | 3,409 | 3,675 | 79,988 | ||||||||||||||||||||||||||||
Total | $ | 235,522 | $ | 30,370 | $ | 9,888 | $ | 10,998 | $ | 286,778 | |||||||||||||||||||||||
(1) | There were no doubtful loans as of September 30, 2013 or December 31, 2012. | ||||||||||||||||||||||||||||||||
Homogeneous loans are monitored at 60+ days delinquent. See the above schedule on page 20 related to change in allowance for loans which includes all classes of loans, including the loans related to residential and consumer. | |||||||||||||||||||||||||||||||||
Modifications. | |||||||||||||||||||||||||||||||||
A modification of a loan constitutes a TDR when a borrower is experiencing financial difficulty and the modification constitutes a concession. The Corporation offers various types of concessions when modifying a loan, however, forgiveness of principal is rarely granted. Commercial and industrial loans modified in a TDR often involve temporary interest-only payments, term extensions, and converting revolving credit lines to term loans. Additional collateral and/or guarantors may be requested. | |||||||||||||||||||||||||||||||||
Commercial mortgage and construction loans modified in a TDR often involve a temporary or permanent interest rate reduction, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, and/or substituting or adding a new borrower or guarantor. Construction loans modified in a TDR may also involve extending the interest-only payment period. Residential mortgage loans modified in a TDR are primarily comprised of loans where monthly payments are lowered to accommodate the borrowers’ financial needs. This is accomplished by temporary interest only payment periods, temporarily lowering the interest rate, extending the maturity date or a combination of these strategies. The accrual status of modified residential mortgages is dependent on the delinquency status before, during and after the modification process. Home equity modifications are uniquely designed to meet the specific needs of each borrower. Modified terms for home equity loans include renewal of an interest only payment stream, extending the maturity date, converting to a principal and interest payment, amortizing the balance due, or a combination of these strategies. Automobile loans are typically not modified. | |||||||||||||||||||||||||||||||||
Loans modified in a TDR may be in accrual status, non-accrual status, partial charge-offs, not delinquent, delinquent or any combination of these criteria. As a result, loans modified in a TDR for the Corporation may have the financial effect of increasing the specific allowance associated with individual loans. An allowance for impaired consumer and commercial loans that have been modified in a TDR is measured based either on the present value of expected future cash flows discounted at the loan’s original effective interest rate, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent. Management exercises significant judgment in developing these estimates. | |||||||||||||||||||||||||||||||||
The following presents by class, information related to loans modified in a TDR during the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | Loans Modified as a TDR for the | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (1) | Number of | Recorded Investment | Number of | Recorded Investment | |||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | (as of period end)(1) | Contracts | (as of period end) (1) | |||||||||||||||||||||||||||||
Land, Farmland, Ag Loans | 0 | $ | 0 | 3 | $ | 576 | |||||||||||||||||||||||||||
Residential—prime | 6 | 376 | 11 | 1,253 | |||||||||||||||||||||||||||||
Residential—subprime | 4 | 171 | 11 | 1,159 | |||||||||||||||||||||||||||||
Commercial | 2 | 591 | 3 | 798 | |||||||||||||||||||||||||||||
C Consumer Other | 0 | 0 | 2 | 15 | |||||||||||||||||||||||||||||
C Commercial and Industrial | 1 | 7 | 1 | 7 | |||||||||||||||||||||||||||||
Multi Family (2) | 0 | 0 | 2 | 3,371 | |||||||||||||||||||||||||||||
Total | 13 | $ | 1,145 | 33 | $ | 7,179 | |||||||||||||||||||||||||||
(1) | The period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||||||
(2) | Renewals of existing TDRSs. | ||||||||||||||||||||||||||||||||
The following presents by class, information related to loans modified in a TDR during the three and nine months ended September 30, 2012. | |||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | Loans Modified as a TDR for the | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2012 | 2012 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (1) | Number of | Recorded Investment | Number of | Recorded Investment | |||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | (as of period end) (1) | Contracts | (as of period end) (1) | |||||||||||||||||||||||||||||
Land, Farmland, Ag Loans | 0 | $ | 0 | 2 | $ | 732 | |||||||||||||||||||||||||||
Residential—prime | 6 | 503 | 54 | 3,281 | |||||||||||||||||||||||||||||
Residential—subprime | 2 | 187 | 10 | 966 | |||||||||||||||||||||||||||||
Commercial | 0 | 0 | 4 | 1,711 | |||||||||||||||||||||||||||||
C Consumer Other | 5 | 223 | 10 | 417 | |||||||||||||||||||||||||||||
Multi Family | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total | 13 | $ | 913 | 80 | $ | 7,107 | |||||||||||||||||||||||||||
(1) | The period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||||||
The following presents by class, loans modified in a TDR from October 1, 2012 through September 30, 2013 that subsequently defaulted (i.e., 60 days or more past due following a modification) during the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||||||||||
Loans Modified as a TDR | Loans Modified as a TDR | ||||||||||||||||||||||||||||||||
Within the Previous Twelve Months | Within the Previous Twelve Months | ||||||||||||||||||||||||||||||||
That Subsequently Defaulted During the | That Subsequently Defaulted During the | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Number of | Investment | Number of | Investment | ||||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | (as of period end) (1) | Contracts | (as of period end) (1) | |||||||||||||||||||||||||||||
Residential—prime | 1 | $ | 40 | 1 | $ | 40 | |||||||||||||||||||||||||||
Residential – subprime | 1 | 75 | 1 | 75 | |||||||||||||||||||||||||||||
Consumer | 1 | 7 | 1 | 7 | |||||||||||||||||||||||||||||
Total | 3 | $ | 122 | 3 | $ | 122 | |||||||||||||||||||||||||||
(1) | The period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||||||
The following presents by class, loans modified in a TDR from October 1, 2011 through September 30, 2012 that subsequently defaulted (i.e., 60 days or more past due following a modification) during the three and six months ended September 30, 2012. | |||||||||||||||||||||||||||||||||
Loans Modified as a TDR | Loans Modified as a TDR | ||||||||||||||||||||||||||||||||
Within the Previous Twelve Months | Within the Previous Twelve Months | ||||||||||||||||||||||||||||||||
That Subsequently Defaulted During the | That Subsequently Defaulted During the | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Number of | Investment | Number of | Investment | ||||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | (as of period end) (1) | Contracts | (as of period end) (1) | |||||||||||||||||||||||||||||
Residential—prime | 1 | $ | 98 | 2 | $ | 166 | |||||||||||||||||||||||||||
Residential—subprime | 3 | 153 | 3 | 153 | |||||||||||||||||||||||||||||
Consumer | 1 | 20 | 1 | 20 | |||||||||||||||||||||||||||||
Total | 5 | $ | 271 | 6 | $ | 339 | |||||||||||||||||||||||||||
(1) | The period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged-off, or foreclosed upon by period end are not reported. |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
9 | Investment Securities | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
cost | unrealized | unrealized | fair | ||||||||||||||||||||||
gains | losses | value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 102,423 | $ | 2 | $ | 1,325 | $ | 101,100 | |||||||||||||||||
Corporate equity securities | 44 | 0 | 1 | 43 | |||||||||||||||||||||
Mortgage-backed securities | 65 | 3 | 0 | 68 | |||||||||||||||||||||
Total investment securities available for sale | $ | 102,532 | $ | 5 | $ | 1,326 | $ | 101,211 | |||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 725 | $ | 35 | $ | 0 | $ | 760 | |||||||||||||||||
Total investment securities held to maturity | $ | 725 | $ | 35 | $ | 0 | $ | 760 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
cost | unrealized | unrealized | fair | ||||||||||||||||||||||
gains | losses | value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 83,956 | $ | 118 | $ | 3 | $ | 84,071 | |||||||||||||||||
Corporate equity securities | 44 | 0 | 0 | 44 | |||||||||||||||||||||
Mortgage-backed securities | 1,146 | 37 | 0 | 1,183 | |||||||||||||||||||||
Total investment securities available for sale | $ | 85,146 | $ | 155 | $ | 3 | $ | 85,298 | |||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 903 | 54 | 0 | 957 | ||||||||||||||||||||
Total investment securities held to maturity | $ | 903 | $ | 54 | $ | 0 | $ | 957 | |||||||||||||||||
The amortized cost and estimated fair value of investment securities at September 30, 2013 by contractual term to maturity are shown below. | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
cost | fair | cost | fair | ||||||||||||||||||||||
value | value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Due after one year through five years | 96,424 | 95,297 | 0 | 0 | |||||||||||||||||||||
Due after five years through ten years | 5,999 | 5,803 | 0 | 0 | |||||||||||||||||||||
Due after ten years | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Subtotal | 102,423 | 101,100 | 0 | 0 | |||||||||||||||||||||
Mortgage-backed securities | 65 | 68 | 725 | 760 | |||||||||||||||||||||
Corporate equity securities | 44 | 43 | 0 | 0 | |||||||||||||||||||||
Total | $ | 102,532 | $ | 101,211 | $ | 725 | $ | 760 | |||||||||||||||||
Proceeds from sales of investment securities during the nine months ended September 30, 2013, totaled $24.0 million, resulting in gross realized gains of $61,000, and for the nine months ended September 30, 2012, proceeds from sales totaled $8,000, resulting in gross realized gains of $1,000. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, there were $90.1 million and $3.0 million securities in an unrealized loss position less than twelve months and no securities in an unrealized loss position more than twelve months, respectively. The table below indicates the length of time individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | ||||||||||||||||||||||||
(In thousands) | Fair | Unrealized | No. of | Fair | Unrealized | No. of | |||||||||||||||||||
value | losses | Securities | value | losses | Securities | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 90,101 | $ | 1,325 | 43 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||
Corporate equity securities | 43 | 1 | 1 | 0 | 0 | 0 | |||||||||||||||||||
Total | $ | 90,145 | $ | 1,326 | 44 | $ | 0 | $ | 0 | 0 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | ||||||||||||||||||||||||
(In thousands) | Fair | Unrealized | No. of | Fair | Unrealized | No. of | |||||||||||||||||||
value | losses | Securities | value | losses | Securities | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 2,995 | $ | 3 | 1 | $ | 0 | $ | 0 | 0 | |||||||||||||||
Total | $ | 2,995 | $ | 3 | 1 | $ | 0 | $ | 0 | 0 | |||||||||||||||
Management has the intent and ability to hold these securities for the foreseeable future and the decline in the fair value is primarily due to an increase in market interest rates. The fair values are expected to recover as securities approach maturity dates. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012 approximately $11.4 and $10.0 million, respectively, of investment securities were pledged in accordance with federal and state requirements to secure deposits and repurchase agreements. |
Federal_Income_Taxes
Federal Income Taxes | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Federal Income Taxes | ' | ||||||||||||||||
10 | Federal Income Taxes – | ||||||||||||||||
The provision for income taxes consists of the following: | |||||||||||||||||
3 months ended | 9 months ended | ||||||||||||||||
(In thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income Taxes: | |||||||||||||||||
Federal deferred expense (benefit) | $ | 171 | $ | (63 | ) | $ | 165 | $ | (57 | ) | |||||||
Current tax expense | 0 | 0 | 0 | 0 | |||||||||||||
Valuation allowance | 0 | 10 | (5,868 | ) | (21 | ) | |||||||||||
Total Income Tax (Benefit) | $ | 171 | $ | (53 | ) | $ | (5,703 | ) | $ | (78 | ) | ||||||
A reconciliation of the rate of taxes at the federal statutory rate are summarized as follows: | |||||||||||||||||
3 months ended | 9 months ended | ||||||||||||||||
(In thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Federal income taxes computed at the expected statutory rate | $ | 305 | $ | 146 | $ | 570 | $ | 442 | |||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
Nontaxable dividend and interest income | 0 | (1 | ) | 0 | (15 | ) | |||||||||||
Increase in cash surrender value of life insurance – net | (53 | ) | (128 | ) | (160 | ) | (237 | ) | |||||||||
Valuation allowance for deferred tax assets | 0 | 10 | (5,868 | ) | (21 | ) | |||||||||||
Other | (81 | ) | (80 | ) | (245 | ) | (247 | ) | |||||||||
Federal income tax provision per consolidated financial statements | $ | 171 | $ | (53 | ) | $ | (5,703 | ) | $ | (78 | ) | ||||||
The components of the Corporation’s net deferred tax asset (liability) at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
Taxes (payable) refundable on temporary | |||||||||||||||||
differences at statutory rate: | |||||||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | |||||||||||||||
Deferred tax assets: | |||||||||||||||||
General loan loss allowance | $ | 3,288 | $ | 4,130 | |||||||||||||
Deferred loan fees | 208 | 184 | |||||||||||||||
Deferred compensation | 1,421 | 1,046 | |||||||||||||||
Other assets | 1,281 | 1,357 | |||||||||||||||
Non-accrual interest | 208 | 163 | |||||||||||||||
Unrealized loss on securities designated as available for sale | 449 | 0 | |||||||||||||||
Tax credits and low income housing credits | 2,429 | 2,134 | |||||||||||||||
NOL carry forward | 2,080 | 1,341 | |||||||||||||||
Total deferred tax assets | 11,364 | 10,355 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
FHLB stock dividends | $ | (1,659 | ) | $ | (1,660 | ) | |||||||||||
Mortgage servicing rights | (1,396 | ) | (1,103 | ) | |||||||||||||
Book versus tax depreciation | (687 | ) | (697 | ) | |||||||||||||
Original issue discount | (673 | ) | (708 | ) | |||||||||||||
Unrealized gain on securities designated as available for sale | 0 | (51 | ) | ||||||||||||||
Prepaid expense for FHLB advance restructure | (618 | ) | (140 | ) | |||||||||||||
Purchase price adjustments | (128 | ) | (128 | ) | |||||||||||||
Total deferred tax liabilities | (5,161 | ) | (4,487 | ) | |||||||||||||
Valuation Allowance | $ | 0 | $ | (5,868 | ) | ||||||||||||
Net deferred tax asset (liability) | $ | 6,203 | $ | 0 | |||||||||||||
Income tax returns are subject to audit by the IRS. Income tax expense for current and prior periods is subject to adjustment based upon the outcome of such audits. During 2011, the IRS began an examination of the Corporation’s tax returns for the year ended December 31, 2009. The examination is near completion. The IRS has taken the position the Corporation took bad debt deductions prematurely. The Corporation disagrees. The matter has not been resolved at the examination level; therefore, the Corporation has contested the matter at the IRS Office of Appeals. Management believes it is more likely than not that the Corporation will be successful in the appeals process. If the IRS prevails, the Corporation may be required to repay approximately $1.57 million of tax refunds it had received as a result of a carryback of a net operating loss and the Corporation will increase their net operating loss tax carry forward by the same amount as the disallowed deduction. |
Critical_Accounting_Policies_P
Critical Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Allowance for Loan Losses | ' |
Allowance for Loan Losses | |
The procedures for assessing the adequacy of the allowance for loan losses reflect management’s evaluation of credit risk after careful consideration of all information available to management. In developing this assessment, management must rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown such as economic factors, developments affecting companies in specific industries and issues with respect to single borrowers. Depending on changes in circumstances, future assessments of credit risk may yield materially different results, which may require an increase or a decrease in the allowance for loan losses. | |
Each quarter, management analyzes the adequacy of the allowance for loan losses based on a review of the loans in the portfolio along with an analysis of external factors (including current housing price depreciation and homeowners’ loss of equity,) and historical delinquency and loss trends. The allowance is developed through specific components: 1) the specific allowance for loans subject to individual analysis, 2) the allowance for classified loans not otherwise subject to individual analysis and 3) the allowance for non-classified loans (primarily homogenous). | |
Classified loans with indication or acknowledgment of deterioration are subject to individual analysis. Loan classifications are those used by regulators consisting of Special Mention, Substandard, Doubtful and Loss. In evaluating these loans for impairment, the measure of expected loss is based on the present value of the expected future cash flows discounted at the loan’s effective interest rate, a loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. All other classified assets and non-classified assets are combined with the homogenous loan pools and segregated into loan segments. The segmentation is based on grouping loans with similar risk characteristics (one-to-four family, home equity, etc.). Loss rate factors are developed for each loan segment which is used to estimate losses and determine an allowance. The loss factors for each segment are derived from historical delinquency, classification, and charge-off rates and adjusted for economic factors and an estimated loss scenario. | |
The allowance is reviewed by management to determine whether the amount is considered adequate to absorb probable, incurred losses inherent in the loan portfolio. Management’s evaluation of the adequacy of the allowance is an estimate based on management’s current judgment about the credit quality of the loan portfolio. This evaluation includes specific loss estimates on certain individually reviewed loans, statistical loss estimates for loan pools that are based on historical loss experience, and general loss estimates that are based upon the size, quality, and concentration characteristics of the various loan portfolios, adverse situations that may affect a borrower’s ability to repay, and current economic and industry conditions. Also considered as part of that judgment is a review of the Bank’s trends in delinquencies and loan losses, as well as trends in delinquencies and losses for the region and nationally, and economic factors. While the Corporation strives to reflect all known risk factors in its evaluations, judgment errors may occur. | |
Mortgage Servicing Rights | ' |
Mortgage Servicing Rights | |
To determine the fair value of its mortgage servicing rights (“MSRs”) each reporting quarter, the Corporation provides information to a third party valuation firm, representing loan information in each pooling period accompanied by escrow amounts. The third party then evaluates the possible impairment of MSRs as described below. | |
MSRs are recognized as separate assets or liabilities when loans are sold with servicing retained. A pooling methodology, in which loans with similar characteristics are “pooled” together, is utilized. Once pooled, each grouping of loans is evaluated on a discounted earnings basis to determine the present value of future earnings that the Bank could expect to realize from the portfolio. Earnings are projected from a variety of sources including loan service fees, net interest earned on escrow balances, miscellaneous income and costs to service the loans. The present value of future earnings is the estimated fair value for the pool, calculated using consensus assumptions that a third party purchaser would utilize in evaluating a potential acquisition of the MSRs. | |
Events that may significantly affect the estimates used are changes in interest rates and the related impact on mortgage loan prepayment speeds and the payment performance of the underlying loans. The interest rate for net interest earned on escrow balances, which is supplied by management, takes into consideration the investment portfolio average yield as well as current short duration investment yields. Management believes this methodology provides a reasonable estimate. Mortgage loan prepayment speeds are calculated by the third party provider utilizing the Economic Outlook as published by the Office of Chief Economist of Freddie Mac in estimating prepayment speeds and provides a specific scenario with each evaluation. Based on the assumptions discussed, pre-tax projections are prepared for each pool of loans serviced. These earnings are used to calculate the approximate cash flow that could be received from the servicing portfolio. Valuation results are presented quarterly to management. At that time, management reviews the information and MSRs are marked to lower of amortized cost or fair value for the current quarter. | |
Deferred Income Taxes | ' |
Deferred Income Taxes | |
Camco recognizes expense for federal income taxes currently payable as well as for deferred federal taxes for estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the consolidated balance sheets. Realization of a deferred tax asset is dependent upon generating sufficient taxable income in either the carry forward or carry back periods to cover future tax deductions generated by the reversal of temporary differences. A valuation allowance is provided by way of a charge to income tax expense if it is determined that it is more likely than not that some or all of the deferred tax asset will not be realized. If different assumptions and conditions were to prevail, the valuation allowance may not be adequate to absorb unrealized deferred taxes and the amount of income taxes payable may need to be adjusted by way of a charge to expense. Accrual of income taxes payable and valuation allowances against deferred tax assets are estimates subject to change based upon the outcome of future events. | |
The Corporation reversed a $5.9 million valuation allowance on its deferred tax asset (“DTA”) in the second quarter of 2013. This reversal was the result of an analysis performed to determine the extent to which realization of future tax benefits could be considered “more likely than not”. The analysis considered projected future core earnings under various scenarios, possible tax planning strategies, and consideration of the expected timing of the reversal of existing temporary differences. As a result of the assessment, management decided to eliminate the entire valuation allowance. The difference from the Corporation’s effective tax benefits for the nine month periods ended September 30, 2013, as compared to the Corporation’s statutory tax rate of 34% is primarily due to the release of the valuation allowance on the deferred tax asset. | |
Income tax returns are subject to audit by the IRS. Income tax expense for current and prior periods is subject to adjustment based upon the outcome of such audits. During 2011, the IRS began an examination of the Corporation’s tax returns for the year ended December 31, 2009. The IRS has taken the position the Corporation took bad debt deductions prematurely. The Corporation disagrees. The matter was not resolved at the examination level, therefore, the Corporation contested the matter to the IRS Office of Appeals. Management believes it is more likely than not that the Corporation will be successful in the appeals process. If the IRS prevails, the Corporation may be required to repay approximately $1.57 million of tax refunds it had received as a result of a carryback of a net operating loss and the Corporation will increase its net operating loss tax carry forward by the same amount as the disallowed deduction. | |
Other Real Estate | ' |
Other Real Estate | |
Assets acquired through or instead of foreclosure, primarily other real estate owned, are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. New real estate appraisals are generally obtained at the time of foreclosure and are used to establish fair value. If fair value declines, a valuation allowance is recorded through expense. Estimating the initial and ongoing fair value of these properties involves a number of factors and judgments including holding time, costs to complete, holding costs, discount rate, absorption and other factors. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Earnings Per Share | ' | ||||||||||||||||
The computations were as follows for the periods ended September 30: | |||||||||||||||||
For the nine months ended | For the three months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In thousands except earnings per share) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
BASIC: | |||||||||||||||||
Net Earnings | $ | 7,380 | $ | 1,379 | $ | 727 | $ | 484 | |||||||||
Weighted average common shares outstanding | 13,506 | 7,385 | 13,584 | 7,467 | |||||||||||||
Basic earnings per share | $ | 0.55 | $ | 0.19 | $ | 0.05 | $ | 0.07 | |||||||||
DILUTED: | |||||||||||||||||
Net Earnings | $ | 7,380 | $ | 1,379 | $ | 727 | $ | 484 | |||||||||
Weighted average common shares outstanding | 13,506 | 7,385 | 13,584 | 7,467 | |||||||||||||
Dilutive effect of warrants | 1,059 | 0 | 1,251 | 0 | |||||||||||||
Dilutive effect of stock options | 153 | 3 | 193 | 16 | |||||||||||||
Total common shares and dilutive potential common shares | 14,718 | 7,388 | 15,028 | 7,473 | |||||||||||||
Diluted earnings per share | $ | 0.5 | $ | 0.19 | $ | 0.05 | $ | 0.07 |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||||
Summary of Status of Stock Option Plans | ' | ||||||||||||||||||||||||||||||
A summary of the status of the Corporation’s stock option plans as of September 30, 2013 and December 31, 2012, and changes during the periods ending on those dates is presented below: | |||||||||||||||||||||||||||||||
Nine Months ended | Year ended | ||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||||||||||
average | average | ||||||||||||||||||||||||||||||
exercise | exercise | ||||||||||||||||||||||||||||||
price | price | ||||||||||||||||||||||||||||||
Outstanding at beginning of period | 581,888 | $ | 4.62 | 587,342 | $ | 4.68 | |||||||||||||||||||||||||
Granted | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Exercised | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Forfeited | (587 | ) | 2.4 | (5,454 | ) | 10.63 | |||||||||||||||||||||||||
Expired | (16,518 | ) | 16.13 | 0 | 0 | ||||||||||||||||||||||||||
Outstanding at end of period | 564,783 | $ | 4.29 | 581,888 | $ | 4.62 | |||||||||||||||||||||||||
Options exercisable at period end | 456,473 | $ | 4.76 | 395,233 | $ | 5.7 | |||||||||||||||||||||||||
Weighted-average fair value of options granted during the period | $ | N/A | $ | N/A | |||||||||||||||||||||||||||
Summary of Options Outstanding | ' | ||||||||||||||||||||||||||||||
The following information applies to options outstanding at September 30, 2013: | |||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||||
Range of | Number | Weighted- | Aggregate | Weighted- | Number | Aggregate | Weighted- | ||||||||||||||||||||||||
Exercise | Outstanding | Average | Intrinsic | Average | Exercisable | Intrinsic | Average | ||||||||||||||||||||||||
Prices | Remaining | Value | Exercise | Value | Exercise | ||||||||||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||||||||||||
Life (Years) | |||||||||||||||||||||||||||||||
$1.90 – $2.51 | 470,100 | 6.6 | $ | 2.39 | 361,790 | $ | 2.41 | ||||||||||||||||||||||||
$8.92 | 18,877 | 4.3 | 8.92 | 18,877 | 8.92 | ||||||||||||||||||||||||||
$11.36 – $12.35 | 43,473 | 2.6 | 13.69 | 43,473 | 13.69 | ||||||||||||||||||||||||||
$16.51 – $17.17 | 32,333 | 1.2 | 16.6 | 32,333 | 16.6 | ||||||||||||||||||||||||||
564,783 | 5.9 | $ | 773,157 | $ | 4.29 | 456,473 | $ | 586,638 | $ | 4.76 | |||||||||||||||||||||
(1) | The intrinsic value is based on the difference of Camco’s stock price on the grant date and the stock price at September 30, 2013. | ||||||||||||||||||||||||||||||
Summary of Unvested Options and Changes During the Year | ' | ||||||||||||||||||||||||||||||
A summary of unvested options as of, and changes during the period ended, September 30, 2013, were as follows: | |||||||||||||||||||||||||||||||
Unvested options: | Number | Intrinsic Value | |||||||||||||||||||||||||||||
Beginning of period | 186,655 | $ | 193,447 | ||||||||||||||||||||||||||||
Granted | 0 | ||||||||||||||||||||||||||||||
Forfeited | (271 | ) | |||||||||||||||||||||||||||||
Vested during the period | (78,074 | ) | |||||||||||||||||||||||||||||
Unvested options at September 30, 2013 | 108,310 | $ | 186,519 | ||||||||||||||||||||||||||||
Summary of Restricted Stock Award Activity | ' | ||||||||||||||||||||||||||||||
A summary of restricted stock award activity for the period is presented below: | |||||||||||||||||||||||||||||||
Non-vested Number of | Weighted Average Grant | ||||||||||||||||||||||||||||||
Shares | Date Fair Value | ||||||||||||||||||||||||||||||
Non-vested balance at December 31, 2012 | 219,989 | $ | 2.39 | ||||||||||||||||||||||||||||
Granted | 171,819 | $ | 3.47 | ||||||||||||||||||||||||||||
Vested | (123,134 | ) | $ | 2.91 | |||||||||||||||||||||||||||
Forfeited | (951 | ) | $ | 3.09 | |||||||||||||||||||||||||||
Non-vested balance at September 30, 2013 | 267,723 | $ | 2.84 | ||||||||||||||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Carrying and Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Based on the foregoing methods and assumptions, the carrying value and fair value of the Corporation’s financial instruments are as follows: | |||||||||||||||||||||
Carrying | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
value | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 17,185 | $ | 17,185 | $ | 17,185 | $ | 0 | $ | 0 | |||||||||||
Investment securities available for sale | 101,211 | 101,211 | 0 | 101,168 | 43 | ||||||||||||||||
Investment securities held to maturity | 725 | 760 | 0 | 760 | 0 | ||||||||||||||||
Loans held for sale | 1,831 | 1,903 | 0 | 1,903 | 0 | ||||||||||||||||
Loans receivable | 577,003 | 581,629 | 0 | 0 | 581,629 | ||||||||||||||||
Federal Home Loan Bank stock | 9,888 | 9,888 | 0 | 0 | 9,888 | ||||||||||||||||
Accrued interest receivable | 2,471 | 2,471 | 0 | 0 | 2,471 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | 609,012 | $ | 580,194 | $ | 0 | $ | 580,194 | $ | 0 | |||||||||||
Advances from the Federal Home Loan Bank | 59,477 | 61,249 | 0 | 61,249 | 0 | ||||||||||||||||
Repurchase agreements | 6,931 | 6,931 | 0 | 6,931 | 0 | ||||||||||||||||
Subordinated debentures | 5,000 | 4,863 | 0 | 0 | 4,863 | ||||||||||||||||
Advances by borrowers for taxes and insurance | 1,718 | 1,718 | 0 | 0 | 1,718 | ||||||||||||||||
Accrued interest payable | 1,823 | 1,823 | 0 | 0 | 1,823 | ||||||||||||||||
Carrying | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
value | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 58,379 | $ | 58,379 | $ | 58,379 | $ | 0 | $ | 0 | |||||||||||
Investment securities available for sale | 85,298 | 85,298 | 0 | 85,254 | 44 | ||||||||||||||||
Investment securities held to maturity | 903 | 957 | 0 | 957 | 0 | ||||||||||||||||
Loans held for sale | 6,544 | 6,759 | 0 | 6,759 | 0 | ||||||||||||||||
Loans receivable | 554,575 | 544,655 | 0 | 0 | 544,655 | ||||||||||||||||
Federal Home Loan Bank stock | 9,888 | 9,888 | 0 | 0 | 9,888 | ||||||||||||||||
Accrued interest receivable | 2,631 | 2,631 | 0 | 0 | 2,631 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | 627,224 | $ | 622,186 | $ | 0 | $ | 622,186 | $ | 0 | |||||||||||
Advances from the Federal Home Loan Bank | 53,297 | 56,310 | 0 | 56,310 | 0 | ||||||||||||||||
Repurchase agreements | 5,923 | 5,923 | 0 | 5,923 | 0 | ||||||||||||||||
Subordinated debentures | 5,000 | 4,976 | 0 | 0 | 4,976 | ||||||||||||||||
Advances by borrowers for taxes and insurance | 2,635 | 2,635 | 0 | 0 | 2,635 | ||||||||||||||||
Accrued interest payable | 1,692 | 1,692 | 0 | 0 | 1,692 | ||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis | ' | ||||||||||||||||||||
The following table presents financial assets and liabilities measured on a recurring basis: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
Reporting Date Using | |||||||||||||||||||||
(in thousands) | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 101,100 | $ | 0 | $ | 101,100 | $ | 0 | |||||||||||||
Corporate equity securities | 43 | 0 | 0 | 43 | |||||||||||||||||
Mortgage-backed securities | 68 | 0 | 68 | 0 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
U.S. government sponsored enterprises | $ | 84,071 | $ | 0 | $ | 84,071 | $ | 0 | |||||||||||||
Corporate equity securities | 44 | 0 | 0 | 44 | |||||||||||||||||
Mortgage-backed securities | 1,183 | 0 | 1,183 | 0 | |||||||||||||||||
The following table presents financial assets and liabilities measured on a non-recurring basis: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
Reporting Date Using | |||||||||||||||||||||
(in thousands) | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Impaired loans | $ | 22,262 | $ | 0 | $ | 0 | $ | 22,262 | |||||||||||||
Real estate acquired through foreclosure | 5,632 | 0 | 0 | 5,632 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Impaired loans | $ | 22,727 | $ | 0 | $ | 0 | $ | 22,727 | |||||||||||||
Real estate acquired through foreclosure | 10,581 | 0 | 0 | 10,581 |
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Allowance for loan losses for the three and nine months period ending of September 30, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | Construction | Land, Farm | Residential | Commercial | Consumer | Commercial | Multi- | Total | |||||||||||||||||||||||||
& Ag Loans | & Non- | & Industrial | Family | ||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Beginning balance December 31, 2012 | $ | 115 | $ | 373 | $ | 6,980 | $ | 2,011 | $ | 162 | $ | 1,075 | $ | 1,431 | $ | 12,147 | |||||||||||||||||
Charge-offs | 0 | (9 | ) | (1,854 | ) | (293 | ) | (394 | ) | 0 | (5 | ) | (2,555 | ) | |||||||||||||||||||
Recoveries | 0 | 10 | 480 | 9 | 83 | 6 | 0 | 588 | |||||||||||||||||||||||||
Provision | 49 | (77 | ) | (220 | ) | 11 | 504 | (667 | ) | (109 | ) | (509 | ) | ||||||||||||||||||||
Ending balance September 30, 2013 | $ | 164 | $ | 297 | $ | 5,386 | $ | 1,738 | $ | 355 | $ | 414 | $ | 1,317 | $ | 9,671 | |||||||||||||||||
Beginning balance June 30, 2013 | $ | 86 | $ | 585 | $ | 5,880 | $ | 2,063 | $ | 299 | $ | 379 | $ | 1,264 | $ | 10,556 | |||||||||||||||||
Charge-offs | 0 | (9 | ) | (425 | ) | (2 | ) | (99 | ) | 0 | 0 | (535 | ) | ||||||||||||||||||||
Recoveries | 0 | 8 | 244 | 7 | 0 | 0 | 0 | 259 | |||||||||||||||||||||||||
Provision | 78 | (287 | ) | (313 | ) | (330 | ) | 155 | 35 | 53 | (609 | ) | |||||||||||||||||||||
Ending balance September 30, 2013 | $ | 164 | $ | 297 | $ | 5,386 | $ | 1,738 | $ | 355 | $ | 414 | $ | 1,317 | $ | 9,671 | |||||||||||||||||
Beginning balance December 31, 2011 | $ | 35 | $ | 554 | $ | 8,277 | $ | 2,565 | $ | 80 | $ | 537 | $ | 2,484 | $ | 14,532 | |||||||||||||||||
Charge-offs | 0 | (358 | ) | (1,931 | ) | (79 | ) | (130 | ) | (58 | ) | (11 | ) | (2,567 | ) | ||||||||||||||||||
Recoveries | 0 | 5 | 164 | 684 | 17 | 65 | 9 | 944 | |||||||||||||||||||||||||
Provision | 502 | 273 | (168 | ) | 406 | 134 | 861 | (409 | ) | 1,599 | |||||||||||||||||||||||
Ending balance September 30, 2012 | $ | 537 | $ | 474 | $ | 6,342 | $ | 3,576 | $ | 101 | $ | 1,405 | $ | 2,073 | $ | 14,508 | |||||||||||||||||
Beginning balance June 30, 2012 | $ | 554 | $ | 768 | $ | 6,396 | $ | 4,118 | $ | 49 | $ | 612 | $ | 1,688 | $ | 14,185 | |||||||||||||||||
Charge-offs | 0 | (2 | ) | (704 | ) | (14 | ) | (128 | ) | (7 | ) | 0 | (855 | ) | |||||||||||||||||||
Recoveries | 0 | 2 | 54 | 648 | 16 | 1 | 0 | 721 | |||||||||||||||||||||||||
Provision | (17 | ) | (294 | ) | 596 | (1,176 | ) | 164 | (799 | ) | 385 | 457 | |||||||||||||||||||||
Ending balance September 30, 2012 | $ | 537 | $ | 474 | $ | 6,342 | $ | 3,576 | $ | 101 | $ | 1,405 | $ | 2,073 | $ | 14,508 | |||||||||||||||||
Allocation of the allowance for loan loss by segment to loans individually and collectively evaluated for impairment as follows: | |||||||||||||||||||||||||||||||||
Ending balance September 30, 2013 | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 32 | $ | 608 | $ | 246 | $ | 113 | $ | 8 | $ | 708 | $ | 1,715 | |||||||||||||||||
Collectively evaluated for impairment | 164 | 265 | 4,778 | 1,492 | 242 | 406 | 609 | 7,956 | |||||||||||||||||||||||||
Portfolio balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||||||||
With no related allowance | $ | 10 | $ | 458 | $ | 127 | $ | 36 | $ | 0 | $ | 32 | $ | 0 | $ | 663 | |||||||||||||||||
With related allowance | 0 | 273 | 11,369 | 3,232 | 392 | 82 | 6,643 | 21,991 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 22,255 | 16,377 | 257,773 | 136,270 | 4,979 | 54,756 | 71,610 | 564,020 | |||||||||||||||||||||||||
Ending balance September 30, 2013 | $ | 22,266 | $ | 17,108 | $ | 269,267 | $ | 139,538 | $ | 5,371 | $ | 54,871 | $ | 78,253 | $ | 586,674 | |||||||||||||||||
Ending balance September 30, 2012 | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1 | $ | 100 | $ | 595 | $ | 524 | $ | 39 | $ | 34 | $ | 406 | $ | 1,699 | |||||||||||||||||
Collectively evaluated for impairment | 537 | 374 | 5,747 | 3,052 | 62 | 1,371 | 1,666 | 12,809 | |||||||||||||||||||||||||
Portfolio balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||||||||
With no related allowance | 0 | 0 | 589 | 1,143 | 0 | 66 | 0 | 1,798 | |||||||||||||||||||||||||
With related allowance | 16 | 900 | 10,825 | 5,949 | 526 | 492 | 4,565 | 23,273 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 29,635 | 13,241 | 272,680 | 143,589 | 3,550 | 38,092 | 68,172 | 568,959 | |||||||||||||||||||||||||
Ending balance September 30, 2012 | $ | 29,651 | $ | 14,141 | $ | 284,094 | $ | 150,681 | $ | 4,076 | $ | 38,650 | $ | 72,737 | $ | 594,030 | |||||||||||||||||
Non Accrual Loans | ' | ||||||||||||||||||||||||||||||||
The following table details non-accrual loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Construction | $ | 10 | $ | 14 | |||||||||||||||||||||||||||||
Land, Farmland, Agriculture | 607 | 709 | |||||||||||||||||||||||||||||||
Residential / prime | 6,215 | 7,152 | |||||||||||||||||||||||||||||||
Residential / subprime | 6,519 | 9,195 | |||||||||||||||||||||||||||||||
Commercial and non-residential | 1,080 | 1,967 | |||||||||||||||||||||||||||||||
Consumer | 395 | 491 | |||||||||||||||||||||||||||||||
Commercial and industrial | 34 | 66 | |||||||||||||||||||||||||||||||
Multi Family | 0 | 0 | |||||||||||||||||||||||||||||||
Total | $ | 14,860 | $ | 19,594 | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans | ' | ||||||||||||||||||||||||||||||||
An age analysis of past due loans, segregated by class of loans were as follows: | |||||||||||||||||||||||||||||||||
September 30, 2013 | Loans | Loans | Loans | Total | Current | Total | Accruing | ||||||||||||||||||||||||||
(in thousands) | 30 - 59 | 60 - 89 | 90+ | Past Due | Loans | Loans 90 | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Days Past | ||||||||||||||||||||||||||||||
Due | Past | Due | Due | ||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||
Construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 22,266 | $ | 22,266 | $ | 0 | |||||||||||||||||||
Land, Farmland, Ag Loans | 31 | 0 | 0 | 31 | 17,077 | 17,108 | 0 | ||||||||||||||||||||||||||
Residential/prime | 1,233 | 648 | 3,584 | 5,465 | 211,237 | 216,702 | 0 | ||||||||||||||||||||||||||
Residential/subprime | 1,606 | 533 | 3,554 | 5,693 | 46,872 | 52,565 | 0 | ||||||||||||||||||||||||||
Commercial and non-residential | 58 | 0 | 778 | 836 | 138,702 | 139,538 | 0 | ||||||||||||||||||||||||||
Consumer | 36 | 1 | 7 | 44 | 5,327 | 5,371 | 0 | ||||||||||||||||||||||||||
Commercial and industrial | 7 | 0 | 2 | 9 | 54,862 | 54,871 | 0 | ||||||||||||||||||||||||||
Multi Family | 614 | 0 | 0 | 614 | 77,639 | 78,253 | 0 | ||||||||||||||||||||||||||
Total | $ | 3,585 | $ | 1,182 | $ | 7,925 | $ | 12,692 | $ | 573,982 | $ | 586,674 | $ | 0 | |||||||||||||||||||
December 31, 2012 | Loans | Loans | Loans | Total | Current | Total | Accruing | ||||||||||||||||||||||||||
(in thousands) | 30 - 59 | 60 - 89 | 90+ | Past Due | Loans | Loans 90 | |||||||||||||||||||||||||||
Days Past | Days | Days Past | Days Past | ||||||||||||||||||||||||||||||
Due | Past | Due | Due | ||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||
Construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 13,815 | $ | 13,815 | $ | 0 | |||||||||||||||||||
Land, Farmland, Ag Loans | 65 | 32 | 119 | 216 | 13,786 | 14,002 | 0 | ||||||||||||||||||||||||||
Residential / prime | 2,316 | 906 | 5,212 | 8,434 | 210,217 | 218,651 | 0 | ||||||||||||||||||||||||||
Residential / subprime | 2,509 | 1,181 | 4,562 | 8,252 | 48,993 | 57,245 | 0 | ||||||||||||||||||||||||||
Commercial and non-residential | 0 | 0 | 1,095 | 1,095 | 135,784 | 136,879 | 0 | ||||||||||||||||||||||||||
Consumer | 100 | 1 | 28 | 129 | 3,919 | 4,048 | 0 | ||||||||||||||||||||||||||
Commercial and industrial | 0 | 0 | 66 | 66 | 42,028 | 42,094 | 0 | ||||||||||||||||||||||||||
Multi Family | 227 | 0 | 0 | 227 | 79,761 | 79,988 | 0 | ||||||||||||||||||||||||||
Total | $ | 5,217 | $ | 2,120 | $ | 11,082 | $ | 18,419 | $ | 548,303 | $ | 566,722 | $ | 0 | |||||||||||||||||||
Impaired Loans | ' | ||||||||||||||||||||||||||||||||
Impaired loans are set forth in the following table: | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
(in thousands) | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 11 | $ | 11 | $ | 0 | $ | 14 | $ | 14 | $ | 0 | |||||||||||||||||||||
Land, Farmland, Ag Loans | 458 | 872 | 0 | 558 | 972 | 0 | |||||||||||||||||||||||||||
Residential | 126 | 172 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Commercial and non-residential | 36 | 222 | 0 | 1,572 | 1,619 | 0 | |||||||||||||||||||||||||||
Commercial and industrial | 32 | 32 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Multi Family | 0 | 661 | 0 | 1 | 661 | 0 | |||||||||||||||||||||||||||
Total | $ | 663 | $ | 1,970 | $ | 0 | $ | 2,145 | $ | 3,266 | $ | 0 | |||||||||||||||||||||
With a related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Land, Farmland, Ag Loans | $ | 273 | $ | 273 | $ | 32 | $ | 230 | $ | 230 | $ | 68 | |||||||||||||||||||||
Residential | 11,369 | 11,552 | 608 | 11,107 | 11,473 | 500 | |||||||||||||||||||||||||||
Commercial and non-residential | 3,232 | 3,281 | 246 | 3,674 | 3,700 | 369 | |||||||||||||||||||||||||||
Consumer | 392 | 392 | 113 | 491 | 518 | 40 | |||||||||||||||||||||||||||
Commercial and industrial | 82 | 82 | 8 | 539 | 539 | 25 | |||||||||||||||||||||||||||
Multi Family | 6,643 | 6,643 | 708 | 4,541 | 4,541 | 416 | |||||||||||||||||||||||||||
Total | $ | 21,991 | $ | 22,223 | $ | 1,715 | $ | 20,582 | $ | 21,001 | $ | 1,418 | |||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||
(in thousands) | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 11 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Land, Farmland, Ag Loans | 458 | 7 | 0 | 0 | |||||||||||||||||||||||||||||
Residential | 138 | 0 | 619 | 1 | |||||||||||||||||||||||||||||
Commercial and non-residential | 153 | 0 | 1,170 | 36 | |||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Commercial and industrial | 49 | 0 | 66 | 0 | |||||||||||||||||||||||||||||
Multi Family | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total | $ | 809 | $ | 0 | $ | 1,855 | $ | 37 | |||||||||||||||||||||||||
With a related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 0 | $ | 0 | $ | 16 | $ | 0 | |||||||||||||||||||||||||
Land, Farmland, Ag Loans | 275 | 3 | 902 | 25 | |||||||||||||||||||||||||||||
Residential | 11,494 | 107 | 10,954 | 186 | |||||||||||||||||||||||||||||
Commercial and non-residential | 3,249 | 36 | 5,544 | 163 | |||||||||||||||||||||||||||||
Consumer | 397 | 1 | 553 | 12 | |||||||||||||||||||||||||||||
Commercial and industrial | 86 | 2 | 308 | 4 | |||||||||||||||||||||||||||||
Multi Family | 6,667 | 75 | 4,577 | 107 | |||||||||||||||||||||||||||||
Total | $ | 22,168 | $ | 224 | $ | 22,854 | $ | 497 | |||||||||||||||||||||||||
Average | Interest | Average | Investment | ||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||
(in thousands) | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 11 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Land, Farmland, Ag Loans | 483 | 10 | 0 | 0 | |||||||||||||||||||||||||||||
Residential | 129 | 1 | 551 | 0 | |||||||||||||||||||||||||||||
Commercial and non-residential | 95 | 0 | 504 | 0 | |||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Commercial and industrial | 33 | 0 | 102 | 0 | |||||||||||||||||||||||||||||
Multi Family | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total | $ | 751 | $ | 11 | $ | 1,157 | $ | 0 | |||||||||||||||||||||||||
With a related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Construction | $ | 0 | $ | 0 | $ | 18 | $ | 0 | |||||||||||||||||||||||||
Land, Farmland, Ag Loans | 276 | 10 | 243 | 9 | |||||||||||||||||||||||||||||
Residential | 11,468 | 339 | 11,756 | 194 | |||||||||||||||||||||||||||||
Commercial and non-residential | 3,256 | 104 | 8,361 | 253 | |||||||||||||||||||||||||||||
Consumer | 433 | 5 | 280 | 8 | |||||||||||||||||||||||||||||
Commercial and industrial | 88 | 4 | 377 | 12 | |||||||||||||||||||||||||||||
Multi Family | 6,670 | 252 | 4,611 | 107 | |||||||||||||||||||||||||||||
Total | $ | 22,191 | $ | 714 | $ | 25,646 | $ | 583 | |||||||||||||||||||||||||
Non Homogenous Loans and Leases | ' | ||||||||||||||||||||||||||||||||
Based on the most recent analysis performed, the risk category of non-homogenous loans and leases is as follows: | |||||||||||||||||||||||||||||||||
(In Thousands) | Pass | Watch | Special | Substandard | Total(1) | ||||||||||||||||||||||||||||
September 30, 2013 | Mention | ||||||||||||||||||||||||||||||||
Construction | $ | 16,760 | $ | 5,496 | $ | 0 | $ | 10 | $ | 22,266 | |||||||||||||||||||||||
Land, Farmland, Ag Loans | 15,570 | 775 | 0 | 763 | 17,108 | ||||||||||||||||||||||||||||
Commercial/Non Residential | 115,793 | 11,951 | 7,563 | 4,231 | 139,538 | ||||||||||||||||||||||||||||
Commercial and industrial | 54,741 | 14 | 0 | 116 | 54,871 | ||||||||||||||||||||||||||||
Multi Family | 68,977 | 4,352 | 1,516 | 3,408 | 78,253 | ||||||||||||||||||||||||||||
Total | $ | 271,841 | $ | 22,588 | $ | 9,079 | $ | 8,528 | $ | 312,036 | |||||||||||||||||||||||
December 31, 2012 | Pass | Watch | Special | Substandard | Total(1) | ||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||
Construction | $ | 10,586 | $ | 3,215 | $ | 0 | $ | 14 | $ | 13,815 | |||||||||||||||||||||||
Land, Farmland, Ag Loans | 13,063 | 0 | 0 | 939 | 14,002 | ||||||||||||||||||||||||||||
Commercial/Non Residential | 107,065 | 17,137 | 6,479 | 6,198 | 136,879 | ||||||||||||||||||||||||||||
Commercial and industrial | 39,666 | 2,256 | 0 | 172 | 42,094 | ||||||||||||||||||||||||||||
Multi Family | 65,142 | 7,762 | 3,409 | 3,675 | 79,988 | ||||||||||||||||||||||||||||
Total | $ | 235,522 | $ | 30,370 | $ | 9,888 | $ | 10,998 | $ | 286,778 | |||||||||||||||||||||||
(1) | There were no doubtful loans as of September 30, 2013 or December 31, 2012. | ||||||||||||||||||||||||||||||||
Loans Modified in TDR | ' | ||||||||||||||||||||||||||||||||
The following presents by class, information related to loans modified in a TDR during the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | Loans Modified as a TDR for the | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (1) | Number of | Recorded Investment | Number of | Recorded Investment | |||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | (as of period end)(1) | Contracts | (as of period end) (1) | |||||||||||||||||||||||||||||
Land, Farmland, Ag Loans | 0 | $ | 0 | 3 | $ | 576 | |||||||||||||||||||||||||||
Residential—prime | 6 | 376 | 11 | 1,253 | |||||||||||||||||||||||||||||
Residential—subprime | 4 | 171 | 11 | 1,159 | |||||||||||||||||||||||||||||
Commercial | 2 | 591 | 3 | 798 | |||||||||||||||||||||||||||||
C Consumer Other | 0 | 0 | 2 | 15 | |||||||||||||||||||||||||||||
C Commercial and Industrial | 1 | 7 | 1 | 7 | |||||||||||||||||||||||||||||
Multi Family (2) | 0 | 0 | 2 | 3,371 | |||||||||||||||||||||||||||||
Total | 13 | $ | 1,145 | 33 | $ | 7,179 | |||||||||||||||||||||||||||
(1) | The period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||||||
(2) | Renewals of existing TDRSs. | ||||||||||||||||||||||||||||||||
The following presents by class, information related to loans modified in a TDR during the three and nine months ended September 30, 2012. | |||||||||||||||||||||||||||||||||
Loans Modified as a TDR for the | Loans Modified as a TDR for the | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2012 | 2012 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (1) | Number of | Recorded Investment | Number of | Recorded Investment | |||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | (as of period end) (1) | Contracts | (as of period end) (1) | |||||||||||||||||||||||||||||
Land, Farmland, Ag Loans | 0 | $ | 0 | 2 | $ | 732 | |||||||||||||||||||||||||||
Residential—prime | 6 | 503 | 54 | 3,281 | |||||||||||||||||||||||||||||
Residential—subprime | 2 | 187 | 10 | 966 | |||||||||||||||||||||||||||||
Commercial | 0 | 0 | 4 | 1,711 | |||||||||||||||||||||||||||||
C Consumer Other | 5 | 223 | 10 | 417 | |||||||||||||||||||||||||||||
Multi Family | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total | 13 | $ | 913 | 80 | $ | 7,107 | |||||||||||||||||||||||||||
(1) | The period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||||||
The following presents by class, loans modified in a TDR from October 1, 2012 through September 30, 2013 that subsequently defaulted (i.e., 60 days or more past due following a modification) during the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||||||||||
Loans Modified as a TDR | Loans Modified as a TDR | ||||||||||||||||||||||||||||||||
Within the Previous Twelve Months | Within the Previous Twelve Months | ||||||||||||||||||||||||||||||||
That Subsequently Defaulted During the | That Subsequently Defaulted During the | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Number of | Investment | Number of | Investment | ||||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | (as of period end) (1) | Contracts | (as of period end) (1) | |||||||||||||||||||||||||||||
Residential—prime | 1 | $ | 40 | 1 | $ | 40 | |||||||||||||||||||||||||||
Residential – subprime | 1 | 75 | 1 | 75 | |||||||||||||||||||||||||||||
Consumer | 1 | 7 | 1 | 7 | |||||||||||||||||||||||||||||
Total | 3 | $ | 122 | 3 | $ | 122 | |||||||||||||||||||||||||||
(1) | The period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||||||
The following presents by class, loans modified in a TDR from October 1, 2011 through September 30, 2012 that subsequently defaulted (i.e., 60 days or more past due following a modification) during the three and six months ended September 30, 2012. | |||||||||||||||||||||||||||||||||
Loans Modified as a TDR | Loans Modified as a TDR | ||||||||||||||||||||||||||||||||
Within the Previous Twelve Months | Within the Previous Twelve Months | ||||||||||||||||||||||||||||||||
That Subsequently Defaulted During the | That Subsequently Defaulted During the | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Number of | Investment | Number of | Investment | ||||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | (as of period end) (1) | Contracts | (as of period end) (1) | |||||||||||||||||||||||||||||
Residential—prime | 1 | $ | 98 | 2 | $ | 166 | |||||||||||||||||||||||||||
Residential—subprime | 3 | 153 | 3 | 153 | |||||||||||||||||||||||||||||
Consumer | 1 | 20 | 1 | 20 | |||||||||||||||||||||||||||||
Total | 5 | $ | 271 | 6 | $ | 339 | |||||||||||||||||||||||||||
(1) | The period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged-off, or foreclosed upon by period end are not reported. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Estimated Fair Values of Investment Securities | ' | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
cost | unrealized | unrealized | fair | ||||||||||||||||||||||
gains | losses | value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 102,423 | $ | 2 | $ | 1,325 | $ | 101,100 | |||||||||||||||||
Corporate equity securities | 44 | 0 | 1 | 43 | |||||||||||||||||||||
Mortgage-backed securities | 65 | 3 | 0 | 68 | |||||||||||||||||||||
Total investment securities available for sale | $ | 102,532 | $ | 5 | $ | 1,326 | $ | 101,211 | |||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 725 | $ | 35 | $ | 0 | $ | 760 | |||||||||||||||||
Total investment securities held to maturity | $ | 725 | $ | 35 | $ | 0 | $ | 760 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
cost | unrealized | unrealized | fair | ||||||||||||||||||||||
gains | losses | value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 83,956 | $ | 118 | $ | 3 | $ | 84,071 | |||||||||||||||||
Corporate equity securities | 44 | 0 | 0 | 44 | |||||||||||||||||||||
Mortgage-backed securities | 1,146 | 37 | 0 | 1,183 | |||||||||||||||||||||
Total investment securities available for sale | $ | 85,146 | $ | 155 | $ | 3 | $ | 85,298 | |||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 903 | 54 | 0 | 957 | ||||||||||||||||||||
Total investment securities held to maturity | $ | 903 | $ | 54 | $ | 0 | $ | 957 | |||||||||||||||||
Fair Value of Investment Securities by Contractual Term Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities at September 30, 2013 by contractual term to maturity are shown below. | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
cost | fair | cost | fair | ||||||||||||||||||||||
value | value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Due after one year through five years | 96,424 | 95,297 | 0 | 0 | |||||||||||||||||||||
Due after five years through ten years | 5,999 | 5,803 | 0 | 0 | |||||||||||||||||||||
Due after ten years | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Subtotal | 102,423 | 101,100 | 0 | 0 | |||||||||||||||||||||
Mortgage-backed securities | 65 | 68 | 725 | 760 | |||||||||||||||||||||
Corporate equity securities | 44 | 43 | 0 | 0 | |||||||||||||||||||||
Total | $ | 102,532 | $ | 101,211 | $ | 725 | $ | 760 | |||||||||||||||||
Length of Time Individual Securities have been in a Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | ||||||||||||||||||||||||
(In thousands) | Fair | Unrealized | No. of | Fair | Unrealized | No. of | |||||||||||||||||||
value | losses | Securities | value | losses | Securities | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 90,101 | $ | 1,325 | 43 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||
Corporate equity securities | 43 | 1 | 1 | 0 | 0 | 0 | |||||||||||||||||||
Total | $ | 90,145 | $ | 1,326 | 44 | $ | 0 | $ | 0 | 0 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | ||||||||||||||||||||||||
(In thousands) | Fair | Unrealized | No. of | Fair | Unrealized | No. of | |||||||||||||||||||
value | losses | Securities | value | losses | Securities | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 2,995 | $ | 3 | 1 | $ | 0 | $ | 0 | 0 | |||||||||||||||
Total | $ | 2,995 | $ | 3 | 1 | $ | 0 | $ | 0 | 0 | |||||||||||||||
Federal_Income_Taxes_Tables
Federal Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Provision for Income Taxes | ' | ||||||||||||||||
The provision for income taxes consists of the following: | |||||||||||||||||
3 months ended | 9 months ended | ||||||||||||||||
(In thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income Taxes: | |||||||||||||||||
Federal deferred expense (benefit) | $ | 171 | $ | (63 | ) | $ | 165 | $ | (57 | ) | |||||||
Current tax expense | 0 | 0 | 0 | 0 | |||||||||||||
Valuation allowance | 0 | 10 | (5,868 | ) | (21 | ) | |||||||||||
Total Income Tax (Benefit) | $ | 171 | $ | (53 | ) | $ | (5,703 | ) | $ | (78 | ) | ||||||
Summary of Reconciliation of Rate of Taxes Payable at Federal Statutory Rate | ' | ||||||||||||||||
A reconciliation of the rate of taxes at the federal statutory rate are summarized as follows: | |||||||||||||||||
3 months ended | 9 months ended | ||||||||||||||||
(In thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Federal income taxes computed at the expected statutory rate | $ | 305 | $ | 146 | $ | 570 | $ | 442 | |||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
Nontaxable dividend and interest income | 0 | (1 | ) | 0 | (15 | ) | |||||||||||
Increase in cash surrender value of life insurance – net | (53 | ) | (128 | ) | (160 | ) | (237 | ) | |||||||||
Valuation allowance for deferred tax assets | 0 | 10 | (5,868 | ) | (21 | ) | |||||||||||
Other | (81 | ) | (80 | ) | (245 | ) | (247 | ) | |||||||||
Federal income tax provision per consolidated financial statements | $ | 171 | $ | (53 | ) | $ | (5,703 | ) | $ | (78 | ) | ||||||
Components of Net Deferred Tax Asset (Liability) | ' | ||||||||||||||||
The components of the Corporation’s net deferred tax asset (liability) at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
Taxes (payable) refundable on temporary | |||||||||||||||||
differences at statutory rate: | |||||||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | |||||||||||||||
Deferred tax assets: | |||||||||||||||||
General loan loss allowance | $ | 3,288 | $ | 4,130 | |||||||||||||
Deferred loan fees | 208 | 184 | |||||||||||||||
Deferred compensation | 1,421 | 1,046 | |||||||||||||||
Other assets | 1,281 | 1,357 | |||||||||||||||
Non-accrual interest | 208 | 163 | |||||||||||||||
Unrealized loss on securities designated as available for sale | 449 | 0 | |||||||||||||||
Tax credits and low income housing credits | 2,429 | 2,134 | |||||||||||||||
NOL carry forward | 2,080 | 1,341 | |||||||||||||||
Total deferred tax assets | 11,364 | 10,355 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
FHLB stock dividends | $ | (1,659 | ) | $ | (1,660 | ) | |||||||||||
Mortgage servicing rights | (1,396 | ) | (1,103 | ) | |||||||||||||
Book versus tax depreciation | (687 | ) | (697 | ) | |||||||||||||
Original issue discount | (673 | ) | (708 | ) | |||||||||||||
Unrealized gain on securities designated as available for sale | 0 | (51 | ) | ||||||||||||||
Prepaid expense for FHLB advance restructure | (618 | ) | (140 | ) | |||||||||||||
Purchase price adjustments | (128 | ) | (128 | ) | |||||||||||||
Total deferred tax liabilities | (5,161 | ) | (4,487 | ) | |||||||||||||
Valuation Allowance | $ | 0 | $ | (5,868 | ) | ||||||||||||
Net deferred tax asset (liability) | $ | 6,203 | $ | 0 |
Plan_of_Merger_Additional_Info
Plan of Merger - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended |
Oct. 09, 2013 | |
Subsequent Event [Member] | ' |
Merger Related Items [Line Items] | ' |
Agreement date of merger | 9-Oct-13 |
Share conversion ratio | 0.7264 |
Cash paid for each share of common stock of Camco after merger | $6 |
Percentage of common stock consideration to be given as a result of merger | 80.00% |
Percentage of cash consideration to be given as a result of merger | 20.00% |
Critical_Accounting_Policies_A
Critical Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 |
Regulatory Assets [Abstract] | ' | ' |
Valuation allowance | $5.90 | ' |
Statutory tax rate | ' | 34.00% |
Possible income tax charge due to tax examination | ' | $1.57 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Earnings | $727 | $484 | $7,380 | $1,379 |
Weighted average common shares outstanding | 13,584,000 | 7,467,000 | 13,506,000 | 7,385,000 |
Basic earnings per share | $0.05 | $0.07 | $0.55 | $0.19 |
Net Earnings | $727 | $484 | $7,380 | $1,379 |
Weighted average common shares outstanding | 13,584,000 | 7,467,000 | 13,506,000 | 7,385,000 |
Stock issued related to exercise of warrants | 1,251,000 | 0 | 1,059,000 | 0 |
Dilutive effect of stock options | 193,000 | 16,000 | 153,000 | 3,000 |
Total common shares and dilutive potential common shares | 15,028,000 | 7,473,000 | 14,718,000 | 7,388,000 |
Diluted earnings per share | $0.05 | $0.07 | $0.50 | $0.19 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive shares not included in computation of earnings per common share | 94,683 | 424,480 | 94,683 | 424,480 |
Weighted-average exercise prices | $13.73 | $5.54 | $13.73 | $5.54 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
Feb. 28, 2013 | Oct. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Mar. 31, 2012 | Feb. 28, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2009 | Feb. 28, 2013 | Feb. 28, 2013 | Mar. 31, 2012 | Feb. 28, 2013 | Oct. 30, 2012 | Feb. 28, 2013 | Feb. 28, 2013 | |
Officer [Member] | Officer [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Vested Restricted Stock [Member] | Vested Restricted Stock [Member] | |||||
Increment | 2010 Equity Plan [Member] | Officer [Member] | Officer [Member] | Officer [Member] | James E Huston [Member] | 2010 Equity Plan [Member] | Officer [Member] | |||||||||||
2010 Equity Plan [Member] | 2010 Equity Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
No of options were granted as the Corporation awarded restricted shares | ' | ' | 114,763 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost not yet been recognized related to non-vested stock options | ' | ' | $77,000 | ' | ' | ' | ' | ' | $276,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options exercised | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost weighted-average recognition period | ' | ' | '1 year 3 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares of stock granted | 81,391 | ' | ' | ' | ' | ' | ' | ' | 171,819 | ' | 50,000 | ' | 90,428 | 262,492 | ' | 53,187 | ' | ' |
Restricted shares of stock vested increment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation, expensed in prior year related to vested restricted stock | $282,427 | $94,150 | ' | ' | $313,785 | $625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $141,212 | $62,760 |
Restricted stock vesting period | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vesting percentage year 1 | 50.00% | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vesting percentage year 2 | 50.00% | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vesting percentage year 3 | ' | ' | ' | ' | ' | ' | 60.00% | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeiture percentage of equity award | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vested shares withheld for tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,331 | 7,378 |
Number of restricted stock shares vested on award date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,364 | ' | ' | 10,700 | ' | ' | ' |
Share transfer period after vesting | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected period of cost recognized | ' | ' | 'Cost is expected to be recognized over the next 15 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Status of Stock Option Plans (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward] | ' | ' |
Outstanding at beginning of period, shares | 581,888 | 587,342 |
Granted, shares | 0 | 0 |
Exercised, shares | 0 | 0 |
Forfeited, shares | -587 | -5,454 |
Expired, shares | -16,518 | 0 |
Outstanding at end of period, shares | 564,783 | 581,888 |
Options exercisable at period end, shares | 456,473 | 395,233 |
Weighted-average fair value of options granted during the period, shares | ' | ' |
Outstanding at beginning of period, weighted-average exercise price | $4.62 | $4.68 |
Granted, weighted-average exercise price | $0 | $0 |
Exercised, weighted-average exercise price | $0 | $0 |
Forfeited, weighted-average exercise price | $2.40 | $10.63 |
Expired, weighted-average exercise price | $16.13 | $0 |
Outstanding at end of period, weighted-average exercise price | $4.29 | $4.62 |
Options exercisable at period end, weighted-average exercise price | $4.76 | $5.70 |
Stock_Based_Compensation_Summa1
Stock Based Compensation - Summary of Options Outstanding (Detail) (USD $) | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options Outstanding, Number Outstanding | 564,783 | 581,888 | 587,342 |
Weighted- Average Remaining Contractual Life (Years) | '5 years 10 months 24 days | ' | ' |
Options Outstanding, Aggregate intrinsic value | $773,157 | ' | ' |
Weighted-average exercise prices | $4.29 | $4.62 | $4.68 |
Options Exercisable, Number Exercisable | 456,473 | ' | ' |
Options Exercisable, Aggregate intrinsic value | 586,638 | ' | ' |
Options Exercisable, Weighted- Average Exercise Price | $4.76 | ' | ' |
Range One [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Range of Exercise Prices, lower limit | $1.90 | ' | ' |
Range of Exercise Prices, upper limit | $2.51 | ' | ' |
Options Outstanding, Number Outstanding | 470,100 | ' | ' |
Weighted- Average Remaining Contractual Life (Years) | '6 years 7 months 6 days | ' | ' |
Options Outstanding, Aggregate intrinsic value | ' | ' | ' |
Weighted-average exercise prices | $2.39 | ' | ' |
Options Exercisable, Number Exercisable | 361,790 | ' | ' |
Options Exercisable, Aggregate intrinsic value | ' | ' | ' |
Options Exercisable, Weighted- Average Exercise Price | $2.41 | ' | ' |
Range Two [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Range of Exercise Prices, upper limit | $8.92 | ' | ' |
Options Outstanding, Number Outstanding | 18,877 | ' | ' |
Weighted- Average Remaining Contractual Life (Years) | '4 years 3 months 18 days | ' | ' |
Options Outstanding, Aggregate intrinsic value | ' | ' | ' |
Weighted-average exercise prices | $8.92 | ' | ' |
Options Exercisable, Number Exercisable | 18,877 | ' | ' |
Options Exercisable, Aggregate intrinsic value | ' | ' | ' |
Options Exercisable, Weighted- Average Exercise Price | $8.92 | ' | ' |
Range Three [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Range of Exercise Prices, lower limit | $11.36 | ' | ' |
Range of Exercise Prices, upper limit | $12.35 | ' | ' |
Options Outstanding, Number Outstanding | 43,473 | ' | ' |
Weighted- Average Remaining Contractual Life (Years) | '2 years 7 months 6 days | ' | ' |
Options Outstanding, Aggregate intrinsic value | ' | ' | ' |
Weighted-average exercise prices | $13.69 | ' | ' |
Options Exercisable, Number Exercisable | 43,473 | ' | ' |
Options Exercisable, Aggregate intrinsic value | ' | ' | ' |
Options Exercisable, Weighted- Average Exercise Price | $13.69 | ' | ' |
Range Four [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Range of Exercise Prices, lower limit | $16.51 | ' | ' |
Range of Exercise Prices, upper limit | $17.17 | ' | ' |
Options Outstanding, Number Outstanding | 32,333 | ' | ' |
Weighted- Average Remaining Contractual Life (Years) | '1 year 2 months 12 days | ' | ' |
Options Outstanding, Aggregate intrinsic value | ' | ' | ' |
Weighted-average exercise prices | $16.60 | ' | ' |
Options Exercisable, Number Exercisable | 32,333 | ' | ' |
Options Exercisable, Aggregate intrinsic value | ' | ' | ' |
Options Exercisable, Weighted- Average Exercise Price | $16.60 | ' | ' |
Stock_Based_Compensation_Summa2
Stock Based Compensation - Summary of Unvested Options and Changes During the Year (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2011 | |
Share Based Compensation Arrangement By Share Based Payment Award Non Vested Options Outstanding Roll Forward [Abstract] | ' | ' |
Outstanding at beginning of period, shares | 581,888 | 587,342 |
Granted | 114,763 | ' |
Outstanding at end of period, shares | 564,783 | 587,342 |
Intrinsic value, Beginning of period | $193,447 | ' |
Intrinsic Value, Granted | ' | ' |
Intrinsic Value, Forfeited | ' | ' |
Intrinsic Value, Vested during the period | ' | ' |
Intrinsic value, Unvested options at September 30, 2013 | $186,519 | ' |
Unvested Options [Member] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Non Vested Options Outstanding Roll Forward [Abstract] | ' | ' |
Outstanding at beginning of period, shares | 186,655 | ' |
Granted | 0 | ' |
Forfeited | -271 | ' |
Vested during the period | -78,074 | ' |
Outstanding at end of period, shares | 108,310 | ' |
Stock_Based_Compensation_Summa3
Stock Based Compensation - Summary of Restricted Stock Award Activity (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2009 | |
Restricted Stock [Member] | Restricted Stock [Member] | ||
Restricted Stock Award Activity [Abstract] | ' | ' | ' |
Beginning Balance | ' | 219,989 | ' |
Non-vested Number of Shares, Granted | 81,391 | 171,819 | 50,000 |
Non-vested Number of Shares, Vested | ' | -123,134 | ' |
Non-vested Number of Shares, Forfeited | ' | -951 | ' |
Ending Balance | ' | 267,723 | ' |
Weighted Average Grant Date Fair Value, Beginning Balance | ' | $2.39 | ' |
Weighted Average Grant Date Fair Value, Granted | ' | $3.47 | ' |
Weighted Average Grant Date Fair Value, Vested | ' | $2.91 | ' |
Weighted Average Grant Date Fair Value, Forfeited | ' | $3.09 | ' |
Weighted Average Grant Date Fair Value, Ending Balance | ' | $2.84 | ' |
Fair_Value_Carrying_and_Fair_V
Fair Value - Carrying and Fair Value of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | $101,211 | $85,298 |
Investment securities held to maturity | 725 | 903 |
Loans held for sale | 1,831 | 6,544 |
Loans receivable | 577,003 | 554,575 |
Federal Home Loan Bank stock | 9,888 | 9,888 |
Accrued interest receivable | 2,471 | 2,631 |
Deposits | 609,012 | 627,224 |
Advances from the Federal Home Loan Bank | 59,477 | 53,297 |
Advances by borrowers for taxes and insurance | 1,718 | 2,635 |
Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 17,185 | 58,379 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Advances from the Federal Home Loan Bank | 0 | 0 |
Repurchase agreements | 0 | 0 |
Subordinated debentures | 0 | 0 |
Advances by borrowers for taxes and insurance | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 101,168 | 85,254 |
Investment securities held to maturity | 760 | 957 |
Loans held for sale | 1,903 | 6,759 |
Loans receivable | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 580,194 | 622,186 |
Advances from the Federal Home Loan Bank | 61,249 | 56,310 |
Repurchase agreements | 6,931 | 5,923 |
Subordinated debentures | 0 | 0 |
Advances by borrowers for taxes and insurance | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 43 | 44 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable | 581,629 | 544,655 |
Federal Home Loan Bank stock | 9,888 | 9,888 |
Accrued interest receivable | 2,471 | 2,631 |
Deposits | 0 | 0 |
Advances from the Federal Home Loan Bank | 0 | 0 |
Repurchase agreements | 0 | 0 |
Subordinated debentures | 4,863 | 4,976 |
Advances by borrowers for taxes and insurance | 1,718 | 2,635 |
Accrued interest payable | 1,823 | 1,692 |
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 17,185 | 58,379 |
Investment securities available for sale | 101,211 | 85,298 |
Investment securities held to maturity | 725 | 903 |
Loans held for sale | 1,831 | 6,544 |
Loans receivable | 577,003 | 554,575 |
Federal Home Loan Bank stock | 9,888 | 9,888 |
Accrued interest receivable | 2,471 | 2,631 |
Deposits | 609,012 | 627,224 |
Advances from the Federal Home Loan Bank | 59,477 | 53,297 |
Repurchase agreements | 6,931 | 5,923 |
Subordinated debentures | 5,000 | 5,000 |
Advances by borrowers for taxes and insurance | 1,718 | 2,635 |
Accrued interest payable | 1,823 | 1,692 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 17,185 | 58,379 |
Investment securities available for sale | 101,211 | 85,298 |
Investment securities held to maturity | 760 | 957 |
Loans held for sale | 1,903 | 6,759 |
Loans receivable | 581,629 | 544,655 |
Federal Home Loan Bank stock | 9,888 | 9,888 |
Accrued interest receivable | 2,471 | 2,631 |
Deposits | 580,194 | 622,186 |
Advances from the Federal Home Loan Bank | 61,249 | 56,310 |
Repurchase agreements | 6,931 | 5,923 |
Subordinated debentures | 4,863 | 4,976 |
Advances by borrowers for taxes and insurance | 1,718 | 2,635 |
Accrued interest payable | $1,823 | $1,692 |
Fair_Value_Fair_Value_of_Asset
Fair Value - Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | $101,211 | $85,298 |
Real estate acquired through foreclosure | 5,632 | 10,581 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 101,100 | 84,071 |
Fair Value, Measurements, Recurring [Member] | Corporate Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 43 | 44 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 68 | 1,183 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 22,262 | 22,727 |
Real estate acquired through foreclosure | 5,632 | 10,581 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Real estate acquired through foreclosure | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 101,168 | 85,254 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 101,100 | 84,071 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 68 | 1,183 |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Real estate acquired through foreclosure | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 43 | 44 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 43 | 44 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 22,262 | 22,727 |
Real estate acquired through foreclosure | $5,632 | $10,581 |
Allowance_for_Loan_Losses_Allo
Allowance for Loan Losses - Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for Credit Losses, Beginning Balance | $10,556 | $14,185 | $12,147 | $14,532 | ' |
Charge-offs | -535 | -855 | -2,555 | -2,567 | ' |
Recoveries | 259 | 721 | 588 | 944 | ' |
Provision | -609 | 457 | -509 | 1,599 | ' |
Allowance for Credit Losses, Ending Balance | 9,671 | 14,508 | 9,671 | 14,508 | ' |
Individually evaluated for impairment | 1,715 | 1,699 | 1,715 | 1,699 | ' |
Collectively evaluated for impairment | 7,956 | 12,809 | 7,956 | 12,809 | ' |
Ending balance | 586,674 | 594,030 | 586,674 | 594,030 | 566,722 |
Portfolio Balance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 564,020 | 568,959 | 564,020 | 568,959 | ' |
With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 663 | 1,798 | 663 | 1,798 | ' |
With Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 21,991 | 23,273 | 21,991 | 23,273 | ' |
Construction [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for Credit Losses, Beginning Balance | 86 | 554 | 115 | 35 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision | 78 | -17 | 49 | 502 | ' |
Allowance for Credit Losses, Ending Balance | 164 | 537 | 164 | 537 | ' |
Individually evaluated for impairment | 0 | 1 | 0 | 1 | ' |
Collectively evaluated for impairment | 164 | 537 | 164 | 537 | ' |
Ending balance | 22,266 | 29,651 | 22,266 | 29,651 | ' |
Construction [Member] | Portfolio Balance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 22,255 | 29,635 | 22,255 | 29,635 | ' |
Construction [Member] | With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 10 | 0 | 10 | 0 | ' |
Construction [Member] | With Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 16 | 0 | 16 | ' |
Land, Farmland, Agriculture [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for Credit Losses, Beginning Balance | 585 | 768 | 373 | 554 | ' |
Charge-offs | -9 | -2 | -9 | -358 | ' |
Recoveries | 8 | 2 | 10 | 5 | ' |
Provision | -287 | -294 | -77 | 273 | ' |
Allowance for Credit Losses, Ending Balance | 297 | 474 | 297 | 474 | ' |
Individually evaluated for impairment | 32 | 100 | 32 | 100 | ' |
Collectively evaluated for impairment | 265 | 374 | 265 | 374 | ' |
Ending balance | 17,108 | 14,141 | 17,108 | 14,141 | ' |
Land, Farmland, Agriculture [Member] | Portfolio Balance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 16,377 | 13,241 | 16,377 | 13,241 | ' |
Land, Farmland, Agriculture [Member] | With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 458 | 0 | 458 | 0 | ' |
Land, Farmland, Agriculture [Member] | With Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 273 | 900 | 273 | 900 | ' |
Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for Credit Losses, Beginning Balance | 5,880 | 6,396 | 6,980 | 8,277 | ' |
Charge-offs | -425 | -704 | -1,854 | -1,931 | ' |
Recoveries | 244 | 54 | 480 | 164 | ' |
Provision | -313 | 596 | -220 | -168 | ' |
Allowance for Credit Losses, Ending Balance | 5,386 | 6,342 | 5,386 | 6,342 | ' |
Individually evaluated for impairment | 608 | 595 | 608 | 595 | ' |
Collectively evaluated for impairment | 4,778 | 5,747 | 4,778 | 5,747 | ' |
Ending balance | 269,267 | 284,094 | 269,267 | 284,094 | ' |
Residential [Member] | Portfolio Balance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 257,773 | 272,680 | 257,773 | 272,680 | ' |
Residential [Member] | With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 127 | 589 | 127 | 589 | ' |
Residential [Member] | With Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 11,369 | 10,825 | 11,369 | 10,825 | ' |
Commercial and Non-Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for Credit Losses, Beginning Balance | 2,063 | 4,118 | 2,011 | 2,565 | ' |
Charge-offs | -2 | -14 | -293 | -79 | ' |
Recoveries | 7 | 648 | 9 | 684 | ' |
Provision | -330 | -1,176 | 11 | 406 | ' |
Allowance for Credit Losses, Ending Balance | 1,738 | 3,576 | 1,738 | 3,576 | ' |
Individually evaluated for impairment | 246 | 524 | 246 | 524 | ' |
Collectively evaluated for impairment | 1,492 | 3,052 | 1,492 | 3,052 | ' |
Ending balance | 139,538 | 150,681 | 139,538 | 150,681 | ' |
Commercial and Non-Residential [Member] | Portfolio Balance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 136,270 | 143,589 | 136,270 | 143,589 | ' |
Commercial and Non-Residential [Member] | With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 36 | 1,143 | 36 | 1,143 | ' |
Commercial and Non-Residential [Member] | With Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,232 | 5,949 | 3,232 | 5,949 | ' |
Consumer [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for Credit Losses, Beginning Balance | 299 | 49 | 162 | 80 | ' |
Charge-offs | -99 | -128 | -394 | -130 | ' |
Recoveries | 0 | 16 | 83 | 17 | ' |
Provision | 155 | 164 | 504 | 134 | ' |
Allowance for Credit Losses, Ending Balance | 355 | 101 | 355 | 101 | ' |
Individually evaluated for impairment | 113 | 39 | 113 | 39 | ' |
Collectively evaluated for impairment | 242 | 62 | 242 | 62 | ' |
Ending balance | 5,371 | 4,076 | 5,371 | 4,076 | ' |
Consumer [Member] | Portfolio Balance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 4,979 | 3,550 | 4,979 | 3,550 | ' |
Consumer [Member] | With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Consumer [Member] | With Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 392 | 526 | 392 | 526 | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for Credit Losses, Beginning Balance | 379 | 612 | 1,075 | 537 | ' |
Charge-offs | 0 | -7 | 0 | -58 | ' |
Recoveries | 0 | 1 | 6 | 65 | ' |
Provision | 35 | -799 | -667 | 861 | ' |
Allowance for Credit Losses, Ending Balance | 414 | 1,405 | 414 | 1,405 | ' |
Individually evaluated for impairment | 8 | 34 | 8 | 34 | ' |
Collectively evaluated for impairment | 406 | 1,371 | 406 | 1,371 | ' |
Ending balance | 54,871 | 38,650 | 54,871 | 38,650 | ' |
Commercial and Industrial [Member] | Portfolio Balance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 54,756 | 38,092 | 54,756 | 38,092 | ' |
Commercial and Industrial [Member] | With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 32 | 66 | 32 | 66 | ' |
Commercial and Industrial [Member] | With Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 82 | 492 | 82 | 492 | ' |
Multi Family [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Allowance for Credit Losses, Beginning Balance | 1,264 | 1,688 | 1,431 | 2,484 | ' |
Charge-offs | 0 | 0 | -5 | -11 | ' |
Recoveries | 0 | 0 | 0 | 9 | ' |
Provision | 53 | 385 | -109 | -409 | ' |
Allowance for Credit Losses, Ending Balance | 1,317 | 2,073 | 1,317 | 2,073 | ' |
Individually evaluated for impairment | 708 | 406 | 708 | 406 | ' |
Collectively evaluated for impairment | 609 | 1,666 | 609 | 1,666 | ' |
Ending balance | 78,253 | 72,737 | 78,253 | 72,737 | ' |
Multi Family [Member] | Portfolio Balance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 71,610 | 68,172 | 71,610 | 68,172 | ' |
Multi Family [Member] | With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Multi Family [Member] | With Related Allowance [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $6,643 | $4,565 | $6,643 | $4,565 | ' |
Allowance_for_Loan_Losses_Addi
Allowance for Loan Losses - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' |
Minimum period of valuation and adjustment of nonperforming and non-homogeneous collateral dependent loan | '30 days |
Maximum period of valuation and adjustment of nonperforming and non-homogeneous collateral dependent loan | '180 days |
Delinquent period of homogeneous loans monitored | 'More than 60 days |
Minimum [Member] | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' |
Principal and interest amounts contractually due brought current period | '6 months |
Impaired Loans, Number of days for which the amount is due | '90 days |
Number of days past due following modification in a Troubled Debt Restructuring | '60 days |
Allowance_for_Loan_Losses_Non_
Allowance for Loan Losses - Non Accrual Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | $14,860 | $19,594 |
Construction [Member] | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | 10 | 14 |
Land, Farmland, Agriculture [Member] | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | 607 | 709 |
Residential / Prime [Member] | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | 6,215 | 7,152 |
Residential / Subprime [Member] | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | 6,519 | 9,195 |
Commercial and Non-Residential [Member] | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | 1,080 | 1,967 |
Consumer [Member] | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | 395 | 491 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | 34 | 66 |
Multi Family [Member] | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Abstract] | ' | ' |
Non-accrual loans | $0 | $0 |
Allowance_for_Loan_Losses_Age_
Allowance for Loan Losses - Age Analysis of Past Due Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | $3,585 | $5,217 | ' |
Loans 60 - 89 Days Past Due | 1,182 | 2,120 | ' |
Loans 90+ Days Past Due | 7,925 | 11,082 | ' |
Total Past Due | 12,692 | 18,419 | ' |
Current | 573,982 | 548,303 | ' |
Total Loans | 586,674 | 566,722 | 594,030 |
Accruing Loans 90 Days Past Due | 0 | 0 | ' |
Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | 0 | 0 | ' |
Loans 60 - 89 Days Past Due | 0 | 0 | ' |
Loans 90+ Days Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 22,266 | 13,815 | ' |
Total Loans | 22,266 | 13,815 | ' |
Accruing Loans 90 Days Past Due | 0 | 0 | ' |
Land, Farmland, Agriculture [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | 31 | 65 | ' |
Loans 60 - 89 Days Past Due | 0 | 32 | ' |
Loans 90+ Days Past Due | 0 | 119 | ' |
Total Past Due | 31 | 216 | ' |
Current | 17,077 | 13,786 | ' |
Total Loans | 17,108 | 14,002 | ' |
Accruing Loans 90 Days Past Due | 0 | 0 | ' |
Residential / Prime [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | 1,233 | 2,316 | ' |
Loans 60 - 89 Days Past Due | 648 | 906 | ' |
Loans 90+ Days Past Due | 3,584 | 5,212 | ' |
Total Past Due | 5,465 | 8,434 | ' |
Current | 211,237 | 210,217 | ' |
Total Loans | 216,702 | 218,651 | ' |
Accruing Loans 90 Days Past Due | 0 | 0 | ' |
Residential / Subprime [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | 1,606 | 2,509 | ' |
Loans 60 - 89 Days Past Due | 533 | 1,181 | ' |
Loans 90+ Days Past Due | 3,554 | 4,562 | ' |
Total Past Due | 5,693 | 8,252 | ' |
Current | 46,872 | 48,993 | ' |
Total Loans | 52,565 | 57,245 | ' |
Accruing Loans 90 Days Past Due | 0 | 0 | ' |
Commercial and Non-Residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | 58 | 0 | ' |
Loans 60 - 89 Days Past Due | 0 | 0 | ' |
Loans 90+ Days Past Due | 778 | 1,095 | ' |
Total Past Due | 836 | 1,095 | ' |
Current | 138,702 | 135,784 | ' |
Total Loans | 139,538 | 136,879 | ' |
Accruing Loans 90 Days Past Due | 0 | 0 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | 36 | 100 | ' |
Loans 60 - 89 Days Past Due | 1 | 1 | ' |
Loans 90+ Days Past Due | 7 | 28 | ' |
Total Past Due | 44 | 129 | ' |
Current | 5,327 | 3,919 | ' |
Total Loans | 5,371 | 4,048 | ' |
Accruing Loans 90 Days Past Due | 0 | 0 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | 7 | 0 | ' |
Loans 60 - 89 Days Past Due | 0 | 0 | ' |
Loans 90+ Days Past Due | 2 | 66 | ' |
Total Past Due | 9 | 66 | ' |
Current | 54,862 | 42,028 | ' |
Total Loans | 54,871 | 42,094 | ' |
Accruing Loans 90 Days Past Due | 0 | 0 | ' |
Multi Family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans 30-59 Days Past Due | 614 | 227 | ' |
Loans 60 - 89 Days Past Due | 0 | 0 | ' |
Loans 90+ Days Past Due | 0 | 0 | ' |
Total Past Due | 614 | 227 | ' |
Current | 77,639 | 79,761 | ' |
Total Loans | 78,253 | 79,988 | ' |
Accruing Loans 90 Days Past Due | $0 | $0 | ' |
Allowance_for_Loan_Losses_Impa
Allowance for Loan Losses - Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
With No Related Allowance [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | $663 | ' | $663 | ' | $2,145 |
Unpaid Principal Balance | 1,970 | ' | 1,970 | ' | 3,266 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 809 | 1,855 | 751 | 1,157 | ' |
Interest Income Recognized | 0 | 37 | 11 | 0 | ' |
With No Related Allowance [Member] | Construction [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 11 | ' | 11 | ' | 14 |
Unpaid Principal Balance | 11 | ' | 11 | ' | 14 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 11 | 0 | 11 | 0 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With No Related Allowance [Member] | Land, Farmland, Ag Loans [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 458 | ' | 458 | ' | 558 |
Unpaid Principal Balance | 872 | ' | 872 | ' | 972 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 458 | 0 | 483 | 0 | ' |
Interest Income Recognized | 7 | 0 | 10 | 0 | ' |
With No Related Allowance [Member] | Residential [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 126 | ' | 126 | ' | 0 |
Unpaid Principal Balance | 172 | ' | 172 | ' | 0 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 138 | 619 | 129 | 551 | ' |
Interest Income Recognized | 0 | 1 | 1 | 0 | ' |
With No Related Allowance [Member] | Commercial and Non-Residential [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 36 | ' | 36 | ' | 1,572 |
Unpaid Principal Balance | 222 | ' | 222 | ' | 1,619 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 153 | 1,170 | 95 | 504 | ' |
Interest Income Recognized | 0 | 36 | 0 | 0 | ' |
With No Related Allowance [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 32 | ' | 32 | ' | 0 |
Unpaid Principal Balance | 32 | ' | 32 | ' | 0 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 49 | 66 | 33 | 102 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With No Related Allowance [Member] | Multi Family [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 0 | ' | 0 | ' | 1 |
Unpaid Principal Balance | 661 | ' | 661 | ' | 661 |
Related Allowance | 0 | ' | 0 | ' | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With No Related Allowance [Member] | Consumer [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Average Recorded Investment | 0 | 0 | 0 | 0 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With Related Allowance [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 21,991 | ' | 21,991 | ' | 20,582 |
Unpaid Principal Balance | 22,223 | ' | 22,223 | ' | 21,001 |
Related Allowance | 1,715 | ' | 1,715 | ' | 1,418 |
Average Recorded Investment | 22,168 | 22,854 | 22,191 | 25,646 | ' |
Interest Income Recognized | 224 | 497 | 714 | 583 | ' |
With Related Allowance [Member] | Construction [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Average Recorded Investment | 0 | 16 | 0 | 18 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
With Related Allowance [Member] | Land, Farmland, Ag Loans [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 273 | ' | 273 | ' | 230 |
Unpaid Principal Balance | 273 | ' | 273 | ' | 230 |
Related Allowance | 32 | ' | 32 | ' | 68 |
Average Recorded Investment | 275 | 902 | 276 | 243 | ' |
Interest Income Recognized | 3 | 25 | 10 | 9 | ' |
With Related Allowance [Member] | Residential [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 11,369 | ' | 11,369 | ' | 11,107 |
Unpaid Principal Balance | 11,552 | ' | 11,552 | ' | 11,473 |
Related Allowance | 608 | ' | 608 | ' | 500 |
Average Recorded Investment | 11,494 | 10,954 | 11,468 | 11,756 | ' |
Interest Income Recognized | 107 | 186 | 339 | 194 | ' |
With Related Allowance [Member] | Commercial and Non-Residential [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 3,232 | ' | 3,232 | ' | 3,674 |
Unpaid Principal Balance | 3,281 | ' | 3,281 | ' | 3,700 |
Related Allowance | 246 | ' | 246 | ' | 369 |
Average Recorded Investment | 3,249 | 5,544 | 3,256 | 8,361 | ' |
Interest Income Recognized | 36 | 163 | 104 | 253 | ' |
With Related Allowance [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 82 | ' | 82 | ' | 539 |
Unpaid Principal Balance | 82 | ' | 82 | ' | 539 |
Related Allowance | 8 | ' | 8 | ' | 25 |
Average Recorded Investment | 86 | 308 | 88 | 377 | ' |
Interest Income Recognized | 2 | 4 | 4 | 12 | ' |
With Related Allowance [Member] | Multi Family [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 6,643 | ' | 6,643 | ' | 4,541 |
Unpaid Principal Balance | 6,643 | ' | 6,643 | ' | 4,541 |
Related Allowance | 708 | ' | 708 | ' | 416 |
Average Recorded Investment | 6,667 | 4,577 | 6,670 | 4,611 | ' |
Interest Income Recognized | 75 | 107 | 252 | 107 | ' |
With Related Allowance [Member] | Consumer [Member] | ' | ' | ' | ' | ' |
Impaired Financing Receivable [Abstract] | ' | ' | ' | ' | ' |
Recorded Investment | 392 | ' | 392 | ' | 491 |
Unpaid Principal Balance | 392 | ' | 392 | ' | 518 |
Related Allowance | 113 | ' | 113 | ' | 40 |
Average Recorded Investment | 397 | 553 | 433 | 280 | ' |
Interest Income Recognized | $1 | $12 | $5 | $8 | ' |
Allowance_for_Loan_Losses_Non_1
Allowance for Loan Losses - Non Homogenous Loans and Leases (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | $312,036 | $286,778 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 22,266 | 13,815 |
Land, Farmland, Ag Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 17,108 | 14,002 |
Commercial and Non-Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 139,538 | 136,879 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 54,871 | 42,094 |
Multi Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 78,253 | 79,988 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 271,841 | 235,522 |
Pass [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 16,760 | 10,586 |
Pass [Member] | Land, Farmland, Ag Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 15,570 | 13,063 |
Pass [Member] | Commercial and Non-Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 115,793 | 107,065 |
Pass [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 54,741 | 39,666 |
Pass [Member] | Multi Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 68,977 | 65,142 |
Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 22,588 | 30,370 |
Watch [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 5,496 | 3,215 |
Watch [Member] | Land, Farmland, Ag Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 775 | 0 |
Watch [Member] | Commercial and Non-Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 11,951 | 17,137 |
Watch [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 14 | 2,256 |
Watch [Member] | Multi Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 4,352 | 7,762 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 9,079 | 9,888 |
Special Mention [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 0 | 0 |
Special Mention [Member] | Land, Farmland, Ag Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 0 | 0 |
Special Mention [Member] | Commercial and Non-Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 7,563 | 6,479 |
Special Mention [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 0 | 0 |
Special Mention [Member] | Multi Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 1,516 | 3,409 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 8,528 | 10,998 |
Substandard [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 10 | 14 |
Substandard [Member] | Land, Farmland, Ag Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 763 | 939 |
Substandard [Member] | Commercial and Non-Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 4,231 | 6,198 |
Substandard [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | 116 | 172 |
Substandard [Member] | Multi Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-homogenous loans and leases | $3,408 | $3,675 |
Allowance_for_Loan_Losses_Non_2
Allowance for Loan Losses - Non Homogenous Loans and Leases (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Doubtful loans | $0 | $0 |
Allowance_for_Loan_Losses_Loan
Allowance for Loan Losses - Loans Modified in TDR (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | Contract | Contract | |
Non Default [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 13 | 13 | 33 | 80 |
Recorded Investment | $1,145 | $913 | $7,179 | $7,107 |
Non Default [Member] | Land, Farmland, Ag Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 3 | 2 |
Recorded Investment | 0 | 0 | 576 | 732 |
Non Default [Member] | Residential / Prime [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 6 | 6 | 11 | 54 |
Recorded Investment | 376 | 503 | 1,253 | 3,281 |
Non Default [Member] | Residential / Subprime [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 4 | 2 | 11 | 10 |
Recorded Investment | 171 | 187 | 1,159 | 966 |
Non Default [Member] | Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 2 | 0 | 3 | 4 |
Recorded Investment | 591 | 0 | 798 | 1,711 |
Non Default [Member] | Consumer Other [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 5 | 2 | 10 |
Recorded Investment | 0 | 223 | 15 | 417 |
Non Default [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 1 | ' | 1 | ' |
Recorded Investment | 7 | ' | 7 | ' |
Non Default [Member] | Multi Family [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 2 | 0 |
Recorded Investment | 0 | 0 | 3,371 | 0 |
Default [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 3 | 5 | 3 | 6 |
Recorded Investment | 122 | 271 | 122 | 339 |
Default [Member] | Residential / Prime [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 1 | 1 | 1 | 2 |
Recorded Investment | 40 | 98 | 40 | 166 |
Default [Member] | Residential / Subprime [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 1 | 3 | 1 | 3 |
Recorded Investment | 75 | 153 | 75 | 153 |
Default [Member] | Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Contracts | 1 | 1 | 1 | 1 |
Recorded Investment | $7 | $20 | $7 | $20 |
Investment_Securities_Estimate
Investment Securities - Estimated Fair Values of Investment Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total investment securities available for sale, Amortized cost | $102,532 | $85,146 |
Total investment securities available for sale, Gross unrealized gains | 5 | 155 |
Total investment securities available for sale, Gross unrealized losses | 1,326 | 3 |
Total investment securities available for sale, Estimated fair value | 101,211 | 85,298 |
Total investment securities held-to-maturity, Amortized cost | 725 | 903 |
Total investment securities held-to-maturity, Gross unrealized gains | 35 | 54 |
Total investment securities held-to-maturity, Gross unrealized losses | 0 | 0 |
Total investment securities held-to-maturity, Estimated fair value | 760 | 957 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total investment securities available for sale, Amortized cost | 102,423 | 83,956 |
Total investment securities available for sale, Gross unrealized gains | 2 | 118 |
Total investment securities available for sale, Gross unrealized losses | 1,325 | 3 |
Total investment securities available for sale, Estimated fair value | 101,100 | 84,071 |
Corporate Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total investment securities available for sale, Amortized cost | 44 | 44 |
Total investment securities available for sale, Gross unrealized gains | 0 | 0 |
Total investment securities available for sale, Gross unrealized losses | 1 | 0 |
Total investment securities available for sale, Estimated fair value | 43 | 44 |
Total investment securities held-to-maturity, Amortized cost | 0 | ' |
Total investment securities held-to-maturity, Estimated fair value | 0 | ' |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total investment securities available for sale, Amortized cost | 65 | 1,146 |
Total investment securities available for sale, Gross unrealized gains | 3 | 37 |
Total investment securities available for sale, Gross unrealized losses | 0 | 0 |
Total investment securities available for sale, Estimated fair value | 68 | 1,183 |
Total investment securities held-to-maturity, Amortized cost | 725 | 903 |
Total investment securities held-to-maturity, Gross unrealized gains | 35 | 54 |
Total investment securities held-to-maturity, Gross unrealized losses | 0 | 0 |
Total investment securities held-to-maturity, Estimated fair value | $760 | $957 |
Investment_Securities_Fair_Val
Investment Securities - Fair Value of Investment Securities by Contractual Term Maturity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale due in one year or less, Amortized cost | $0 | ' |
Available for sale due after one year through five years, Amortized cost | 96,424 | ' |
Available for sale due after five years through ten years, Amortized cost | 5,999 | ' |
Available for sale due after ten years, Amortized cost | 0 | ' |
Total investment securities available for sale, Amortized cost | 102,532 | 85,146 |
Available for sale due in one year or less, Estimated fair value | 0 | ' |
Available for sale due after one year through five years, Estimated fair value | 95,297 | ' |
Available for sale due after five years through ten years, Estimated fair value | 5,803 | ' |
Available for sale due after ten years, Estimated fair value | 0 | ' |
Total investment securities available for sale, Estimated fair value | 101,211 | 85,298 |
Held to maturity Due in one year or less, Amortized cost | 0 | ' |
Held to maturity Due after one year through five years, Amortized cost | 0 | ' |
Held to maturity Due after five years through ten years, Amortized cost | 0 | ' |
Held to maturity Due after ten years, Amortized cost | 0 | ' |
Total investment securities held-to-maturity, Amortized cost | 725 | 903 |
Due in one year or less, Estimated fair value | 0 | ' |
Due after one year through five years, Estimated fair value | 0 | ' |
Due after five years through ten years, Estimated fair value | 0 | ' |
Due after ten years, Estimated fair value | 0 | ' |
Total investment securities held to maturity, Estimated fair value | 760 | 957 |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total investment securities available for sale, Amortized cost | 102,423 | ' |
Total investment securities available for sale, Estimated fair value | 101,100 | ' |
Total investment securities held-to-maturity, Amortized cost | 0 | ' |
Total investment securities held to maturity, Estimated fair value | 0 | ' |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total investment securities available for sale, Amortized cost | 65 | 1,146 |
Total investment securities available for sale, Estimated fair value | 68 | 1,183 |
Total investment securities held-to-maturity, Amortized cost | 725 | 903 |
Total investment securities held to maturity, Estimated fair value | 760 | 957 |
Corporate Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total investment securities available for sale, Amortized cost | 44 | 44 |
Total investment securities available for sale, Estimated fair value | 43 | 44 |
Total investment securities held-to-maturity, Amortized cost | 0 | ' |
Total investment securities held to maturity, Estimated fair value | $0 | ' |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' | ' | ' | ' |
Proceeds From Sale of Investment | ' | ' | $24,031,000 | $8,000 | ' |
Gross Realized Gain from Sale of Investment | 0 | 0 | 61,000 | 1,000 | ' |
Unrealized Loss From Investment less than 12 months | 901,145,000 | ' | 901,145,000 | ' | 2,995,000 |
Unrealized Loss From Investment More than 12 months | 0 | ' | 0 | ' | 0 |
Investment Securities Pledged | $11,400,000 | ' | $11,400,000 | ' | $10,000,000 |
Investment_Securities_Length_o
Investment Securities - Length of Time Individual Securities have been in Continuous Unrealized Loss Position (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Securities | Securities |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale less than 12 months, Fair value | $901,145 | $2,995 |
Available for sale less than 12 months, Unrealized losses | 1,326 | 3 |
Available for sale less than 12 months, Number of Securities | 44 | 1 |
Available for sale more than 12 months, Fair value | 0 | 0 |
Available for sale more than 12 months, Unrealized losses | 0 | 0 |
Available for sale more than 12 months, Number of Securities | 0 | 0 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale less than 12 months, Fair value | 90,101 | 2,995 |
Available for sale less than 12 months, Unrealized losses | 1,325 | 3 |
Available for sale less than 12 months, Number of Securities | 43 | 1 |
Available for sale more than 12 months, Fair value | 0 | 0 |
Available for sale more than 12 months, Unrealized losses | 0 | 0 |
Available for sale more than 12 months, Number of Securities | 0 | 0 |
Corporate Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale less than 12 months, Fair value | 43 | ' |
Available for sale less than 12 months, Unrealized losses | 1 | ' |
Available for sale less than 12 months, Number of Securities | 1 | ' |
Available for sale more than 12 months, Fair value | 0 | ' |
Available for sale more than 12 months, Unrealized losses | $0 | ' |
Available for sale more than 12 months, Number of Securities | 0 | ' |
Federal_Income_Taxes_Provision
Federal Income Taxes - Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes: | ' | ' | ' | ' |
Federal deferred expense (benefit) | $171 | ($63) | $165 | ($57) |
Current tax expense | 0 | 0 | 0 | 0 |
Valuation allowance | 0 | 10 | -5,868 | -21 |
Federal income tax provision per consolidated financial statements | $171 | ($53) | ($5,703) | ($78) |
Federal_Income_Taxes_Summary_o
Federal Income Taxes - Summary of Reconciliation of Rate of Taxes Payable at Federal Statutory Rate (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Federal income taxes computed at the expected statutory rate | $305 | $146 | $570 | $442 |
Increase (decrease) in taxes resulting from: | ' | ' | ' | ' |
Nontaxable dividend and interest income | 0 | -1 | 0 | -15 |
Increase in cash surrender value of life insurance - net | -53 | -128 | -160 | -237 |
Valuation allowance for deferred tax assets | 0 | 10 | -5,868 | -21 |
Other | -81 | -80 | -245 | -247 |
Federal income tax provision per consolidated financial statements | $171 | ($53) | ($5,703) | ($78) |
Federal_Income_Taxes_Component
Federal Income Taxes - Components of Net Deferred Tax Asset (Liability) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
General loan loss allowance | $3,288 | $4,130 |
Deferred loan fees | 208 | 184 |
Deferred compensation | 1,421 | 1,046 |
Other assets | 1,281 | 1,357 |
Non-accrual interest | 208 | 163 |
Unrealized loss on securities designated as available for sale | 449 | 0 |
Tax credits and low income housing credits | 2,429 | 2,134 |
NOL carry forward | 2,080 | 1,341 |
Total deferred tax assets | 11,364 | 10,355 |
Deferred tax liabilities: | ' | ' |
FHLB stock dividends | -1,659 | -1,660 |
Mortgage servicing rights | -1,396 | -1,103 |
Book versus tax depreciation | -687 | -697 |
Original issue discount | -673 | -708 |
Unrealized gain on securities designated as available for sale | 0 | -51 |
Prepaid expense for FHLB advance restructure | -618 | -140 |
Purchase price adjustments | -128 | -128 |
Total deferred tax liabilities | -5,161 | -4,487 |
Valuation Allowance | 0 | -5,868 |
Net deferred tax asset (liability) | $6,203 | $0 |
Federal_Income_Taxes_Additiona
Federal Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' |
Income tax refunds | $1.57 |