Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'COLONY BANKCORP INC | ' |
Entity Central Index Key | '0000711669 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 8,439,258 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents | ' | ' |
Cash and Due from Banks | $20,592 | $25,692 |
Federal Funds Sold | 18,183 | 20,495 |
Cash and Cash Equivalents | 38,775 | 46,187 |
Interest-Bearing Deposits | 22,401 | 21,960 |
Investment Securities | ' | ' |
Available for Sale, at Fair Value | 278,957 | 263,258 |
Held to Maturity, at Cost (Fair Value of $38 and $37, as of March 31,2014 and December 31, 2013, Respectively) | 38 | 37 |
Investment Securities | 278,995 | 263,295 |
Federal Home Loan Bank Stock, at Cost | 2,831 | 3,164 |
Loans | 738,194 | 751,218 |
Allowance for Loan Losses | -11,710 | -11,806 |
Unearned Interest and Fees | -359 | -360 |
Loans, net | 726,125 | 739,052 |
Premises and Equipment | 24,637 | 24,876 |
Other Real Estate (Net of Allowance of $4,404 and $3,986 as of March 31, 2014 and December 31, 2013, Respectively) | 14,227 | 15,502 |
Other Intangible Assets | 179 | 188 |
Other Assets | 33,666 | 34,327 |
Total Assets | 1,141,836 | 1,148,551 |
Deposits | ' | ' |
Noninterest-Bearing | 119,984 | 115,261 |
Interest-Bearing | 856,870 | 872,269 |
Deposits | 976,854 | 987,530 |
Borrowed Money | ' | ' |
Subordinated Debentures | 24,229 | 24,229 |
Other Borrowed Money | 40,000 | 40,000 |
Borrowed Money | 64,229 | 64,229 |
Other Liabilities | 8,405 | 6,838 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred Stock, Stated Value $1,000 a Share; Authorized 10,000,000 Shares, Issued 28,000 Shares | 28,000 | 28,000 |
Common Stock, Par Value $1 a Share; Authorized 20,000,000 Shares, Issued 8,439,258 Shares as of March 31, 2014 and December 31, 2013 | 8,439 | 8,439 |
Paid-In Capital | 29,145 | 29,145 |
Retained Earnings | 34,259 | 33,445 |
Accumulated Other Comprehensive (Loss), Net of Tax | -7,495 | -9,075 |
Stockholders' Equity | 92,348 | 89,954 |
Total Liabilities and Stockholders' Equity | $1,141,836 | $1,148,551 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investment Securities | ' | ' |
Held to Maturity, Fair Value | $38 | $37 |
Real estate owned, valuation allowance | $4,404 | $3,986 |
Stockholders' Equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $1,000 | $1,000 |
Preferred Stock, Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Issued (in shares) | 28,000 | 28,000 |
Common Stock, Par Value (in dollars per share) | $1 | $1 |
Common Stock, Authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, Issued (in shares) | 8,439,258 | 8,439,258 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Income | ' | ' |
Loans, Including Fees | $9,689 | $10,361 |
Federal Funds Sold | 9 | 14 |
Deposits with Other Banks | 13 | 11 |
Investment Securities | ' | ' |
U.S. Government Agencies | 1,184 | 712 |
State, County and Municipal | 28 | 33 |
Corporate Obligations and Asset-Backed Securities | 0 | 14 |
Dividends on Other Investments | 30 | 19 |
Interest Income | 10,953 | 11,164 |
Interest Expense | ' | ' |
Deposits | 1,321 | 1,686 |
Borrowed Money | 438 | 432 |
Interest Expense | 1,759 | 2,118 |
Net Interest Income | 9,194 | 9,046 |
Provision for Loan Losses | 327 | 1,500 |
Net Interest Income After Provision for Loan Losses | 8,867 | 7,546 |
Noninterest Income | ' | ' |
Service Charges on Deposits | 1,067 | 1,101 |
Other Service Charges, Commissions and Fees | 581 | 404 |
Mortgage Fee Income | 67 | 119 |
Other | 347 | 594 |
Noninterest Income | 2,062 | 2,218 |
Noninterest Expenses | ' | ' |
Salaries and Employee Benefits | 4,412 | 4,169 |
Occupancy and Equipment | 1,020 | 933 |
Securities Losses | 0 | 8 |
Other | 3,434 | 3,290 |
Noninterest Expense | 8,866 | 8,400 |
Income Before Income Taxes | 2,063 | 1,364 |
Income Taxes | 606 | 427 |
Net Income | 1,457 | 937 |
Preferred Stock Dividends | 643 | 370 |
Net Income Available to Common Stockholders | $814 | $567 |
Net Income Per Share of Common Stock | ' | ' |
Basic (in dollars per share) | $0.10 | $0.07 |
Diluted (in dollars per share) | $0.10 | $0.07 |
Cash Dividends Declared Per Share of Common Stock (in dollars per share) | $0 | $0 |
Weighted Average Basic Shares Outstanding (in shares) | 8,439,258 | 8,439,258 |
Weighted Average Diluted Shares Outstanding (in shares) | 8,439,258 | 8,439,258 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ' | ' |
Net Income | $1,457 | $937 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' |
Gains (Losses) on Securities Arising During the Year, Net of Tax Effect of $814 and ($461), Respectively | 1,580 | -894 |
Realized Gains on Sale of AFS Securities, Net of Tax Effect of $0 and $3, Respectively | 0 | 5 |
Change in Net Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effect | 1,580 | -889 |
Comprehensive Income (Loss) | $3,037 | $48 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' |
Gains (Losses) on Securities Arising During the Year, Tax | $814 | ($461) |
Realized Gains (Losses) on Sale of AFS Securities, Tax | $0 | $3 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | $1,457 | $937 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' |
Depreciation | 410 | 387 |
Provision for Loan Losses | 327 | 1,500 |
Securities Losses | 0 | 8 |
Amortization and Accretion | 306 | 939 |
(Gains) Losses on Sale of Other Real Estate and Repossessions | 24 | -94 |
Provision for Losses on Other Real Estate | 642 | 500 |
Increase in Cash Surrender Value of Life Insurance | -157 | -53 |
Other Prepaids, Deferrals and Accruals, Net | 895 | 1,176 |
Cash Flow from Operating Activities | 3,904 | 5,300 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of Investment Securities Available for Sale | -20,727 | -68,394 |
Proceeds from Maturities, Calls, and Paydowns of Investment Securities: | ' | ' |
Available for Sale | 7,136 | 15,764 |
Proceeds from Sale of Investment Securities Available for Sale | 0 | 30,418 |
Interest-Bearing Deposits in Other Banks | -441 | 13,089 |
Net Loans to Customers | 11,465 | 3,474 |
Purchase of Premises and Equipment | -171 | -541 |
Proceeds from Sale of Other Real Estate and Repossessions | 1,765 | 2,129 |
Proceeds from Sale of Federal Home Loan Bank Stock | 333 | 200 |
Cash Flow from Investing Activities | -640 | -3,861 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Noninterest-Bearing Customer Deposits | 4,723 | -2,046 |
Interest-Bearing Customer Deposits | -15,399 | -24,065 |
Proceeds from Other Borrowed Money | 0 | 5,000 |
Net Cash Flows from Financing Activities | -10,676 | -21,111 |
Net Decrease in Cash and Cash Equivalents | -7,412 | -19,672 |
Cash and Cash Equivalents at Beginning of Period | 46,187 | 49,246 |
Cash and Cash Equivalents at End of Period | $38,775 | $29,574 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||
Summary of Significant Accounting Policies | ' | ||||
-1 | Summary of Significant Accounting Policies | ||||
Presentation | |||||
Colony Bankcorp, Inc. (the Company) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of Colony Bankcorp, Inc. and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia. All significant intercompany accounts have been eliminated in consolidation. The accounting and reporting policies of Colony Bankcorp, Inc. conform to generally accepted accounting principles and practices utilized in the commercial banking industry. | |||||
All dollars in notes to consolidated financial statements are rounded to the nearest thousand. | |||||
The consolidated financial statements in this report are unaudited, except for the December 31, 2013 consolidated balance sheet. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. The results of operations for the three months ended March 31, 2014, are not necessarily indicative of the results which may be expected for the entire year. | |||||
Nature of Operations | |||||
The Bank provides a full range of retail and commercial banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. Colony Bank is headquartered in Fitzgerald, Georgia with banking offices in Albany, Ashburn, Broxton, Centerville, Chester, Columbus, Cordele, Douglas, Eastman, Fitzgerald, Leesburg, Moultrie, Pitts, Quitman, Rochelle, Savannah, Soperton, Sylvester, Thomaston, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network. | |||||
Use of Estimates | |||||
In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly 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 and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. | |||||
Reclassifications | |||||
In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to statement presentations selected for 2014. Such reclassifications had no effect on previously reported stockholders’ equity or net income. | |||||
Concentrations of Credit Risk | |||||
Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries, or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk, particularly with the current economic downturn in the real estate market. At March 31, 2014, approximately 88 percent of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Declining collateral real estate values that secure land development, construction and speculative real estate loans in the Company’s larger MSA markets have resulted in high loan loss provisions in recent years. In addition, a large portion of the Company’s foreclosed assets are also located in these same geographic markets, making the recovery of the carrying amount of foreclosed assets susceptible to changes in market conditions. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis. | |||||
The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of Colony depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment. | |||||
At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit rating is monitored by management to minimize credit risk. | |||||
Investment Securities | |||||
The Company classifies its investment securities as trading, available for sale or held to maturity. Securities that are held principally for resale in the near term are classified as trading. Trading securities are carried at fair value, with realized and unrealized gains and losses included in noninterest income. Currently, no securities are classified as trading. Securities acquired with both the intent and ability to be held to maturity are classified as held to maturity and reported at amortized cost. All securities not classified as trading or held to maturity are considered available for sale. Securities available for sale are reported at estimated fair value. Unrealized gains and losses on securities available for sale are excluded from earnings and are reported, net of deferred taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity. Gains and losses from sales of securities available for sale are computed using the specific identification method. Securities available for sale includes securities, which may be sold to meet liquidity needs arising from unanticipated deposit and loan fluctuations, changes in regulatory capital requirements, or unforeseen changes in market conditions. | |||||
The Company evaluates each held to maturity and available for sale security in a loss position for other-than-temporary impairment (OTTI). In estimating other-than-temporary impairment losses, management considers such factors as the length of time and the extent to which the market value has been below cost, the financial condition of the issuer and the Company’s intent to sell and whether it is more likely than not that the Company will be required to sell the security before anticipated recovery of the amortized cost basis. If the Company intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery, the OTTI write-down is recognized in earnings. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings and an amount related to all other factors, which is recognized in other comprehensive income (loss). | |||||
Federal Home Loan Bank Stock | |||||
Investment in stock of a Federal Home Loan Bank (FHLB) is required for every federally insured institution that utilizes its services. FHLB stock is considered restricted, as defined in the accounting standards. The FHLB stock is reported in the consolidated financial statements at cost. Dividend income is recognized when earned. | |||||
Loans | |||||
Loans that the Company has the ability and intent to hold for the foreseeable future or until maturity are recorded at their principal amount outstanding, net of unearned interest and fees. Loan origination fees, net of certain direct origination costs, are deferred and amortized over the estimated terms of the loans using the straight-line method. Interest income on loans is recognized using the effective interest method. | |||||
A loan is considered to be delinquent when payments have not been made according to contractual terms, typically evidenced by nonpayment of a monthly installment by the due date. | |||||
When management believes there is sufficient doubt as to the collectibility of principal or interest on any loan or generally when loans are 90 days or more past due, the accrual of applicable interest is discontinued and the loan is designated as nonaccrual, unless the loan is well secured and in the process of collection. Interest payments received on nonaccrual loans are either applied against principal or reported as income, according to management’s judgment as to the collectibility of principal. Loans are returned to an accrual status when factors indicating doubtful collectibility on a timely basis no longer exist. | |||||
Loans Modified in a Troubled Debt Restructuring (TDR) | |||||
Loans are considered to have been modified in a TDR when due to a borrower’s financial difficulty, the Company makes certain concessions to the borrower that it would not otherwise consider for new debt with similar risk characteristics. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of the collateral. Generally, a non-accrual loan that has been modified in a TDR remains on non-accrual status for a period of 6 months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. Once a loan is modified in a troubled debt restructuring it is accounted for as an impaired loan, regardless of its accrual status, until the loan is paid in full, sold or charged off. | |||||
Allowance for Loan Losses | |||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. | |||||
The allowance consists of specific, historical and general components. The specific component relates to loans that are classified as either doubtful, substandard or special mention. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The historical component covers nonclassified loans and is based on historical loss experience adjusted for qualitative factors. A general component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and historical losses in the portfolio. General valuation allowances are based on internal and external qualitative risk factors such as (i) changes in the composition of the loan portfolio, (ii) the extent of loan concentrations within the portfolio, (iii) the effectiveness of the Company’s lending policies, procedures and internal controls, (iv) the experience, ability and effectiveness of the Company’s lending management and staff, and (v) national and local economics and business conditions. | |||||
Loans identified as losses by management, internal loan review and/or regulatory agencies are charged off. | |||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. | |||||
A significant portion of the Company’s impaired loans are deemed to be collateral dependent. Management therefore measures impairment on these loans based on the fair value of the collateral. Collateral values are determined based on appraisals performed by qualified licensed appraisers hired by the Company or by senior members of the Company’s credit administration staff. The decision whether or not to obtain an external third-party appraisal usually depends on the type of property being evaluated. External appraisals are usually obtained on more complex, income producing properties such as hotels, shopping centers and businesses. Less complex properties such as residential lots, farm land and single family houses may be evaluated internally by senior credit administration staff. | |||||
When the Company does obtain appraisals from external third-parties, the values utilized in the impairment calculation are “as is” or current market values. The appraisals, whether prepared internally or externally, may utilize a single valuation approach or a combination of approaches including the comparable sales, income and cost approach. Appraised amounts used in the impairment calculation are typically discounted 10 percent to account for selling and marketing costs, if the repayment of the loan is to come from the sale of the collateral. Although appraisals are not obtained each year on all impaired loans, the collateral values used in the impairment calculations are evaluated quarterly by management. Based on management’s knowledge of the collateral and the current real estate market conditions, appraised values may be further discounted to reflect facts and circumstances known to management since the initial appraisal was performed. | |||||
Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a level 3 classification of the inputs for determining fair value. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions, we consider the fair value of impaired loans to be highly sensitive to changes in market conditions. | |||||
Premises and Equipment | |||||
Premises and equipment are recorded at acquisition cost net of accumulated depreciation. | |||||
Depreciation is charged to operations over the estimated useful lives of the assets. The estimated useful lives and methods of depreciation are as follows: | |||||
Description | Life in Years | Method | |||
Banking Premises | 15-40 | Straight-Line and Accelerated | |||
Furniture and Equipment | 10-May | Straight-Line and Accelerated | |||
Expenditures for major renewals and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. When property and equipment are retired or sold, the cost and accumulated depreciation are removed from the respective accounts and any gain or loss is reflected in other income or expense. | |||||
Intangible Assets | |||||
Intangible assets consist of core deposit intangibles acquired in connection with a business combination. The core deposit intangible is initially recognized based on a valuation performed as of the consummation date. The core deposit intangible is amortized by the straight-line method over the average remaining life of the acquired customer deposits. | |||||
Transfers of Financial Assets | |||||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |||||
Statement of Cash Flows | |||||
For reporting cash flows, cash and cash equivalents include cash on hand, noninterest-bearing amounts due from banks and federal funds sold. Cash flows from demand deposits, interest-bearing checking accounts, savings accounts, loans and certificates of deposit are reported net. | |||||
Advertising Costs | |||||
The Company expenses the cost of advertising in the periods in which those costs are incurred. | |||||
Income Taxes | |||||
The provision for income taxes is based upon income for financial statement purposes, adjusted for nontaxable income and nondeductible expenses. Deferred income taxes have been provided when different accounting methods have been used in determining income for income tax purposes and for financial reporting purposes. | |||||
Deferred tax assets and liabilities are recognized based on future tax consequences attributable to differences arising from the financial statement carrying values of assets and liabilities and their tax bases. The differences relate primarily to depreciable assets (use of different depreciation methods for financial statement and income tax purposes) and allowance for loan losses (use of the allowance method for financial statement purposes and the direct write-off method for tax purposes). In the event of changes in the tax laws, deferred tax assets and liabilities are adjusted in the period of the enactment of those changes, with effects included in the income tax provision. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company and its subsidiary file a consolidated federal income tax return. The subsidiary pays its proportional share of federal income taxes to the Company based on its taxable income. | |||||
Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the consolidated statement of income. | |||||
Other Real Estate | |||||
Other real estate generally represents real estate acquired through foreclosure and is initially recorded at estimated fair value at the date of acquisition less the cost of disposal. Losses from the acquisition of property in full or partial satisfaction of debt are recorded as loan losses. Properties are evaluated regularly to ensure the recorded amounts are supported by current fair values, and valuation allowances are recorded as necessary to reduce the carrying amount to fair value less estimated cost of disposal. Routine holding costs and gains or losses upon disposition are included in other noninterest expense. | |||||
Bank-Owned Life Insurance | |||||
The Company has purchased life insurance on the lives of certain key members of management and directors. The life insurance policies are recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement, if applicable. Increases in the cash surrender value are recorded as other income in the consolidated statements of income. The cash surrender value of the insurance contracts is recorded in other assets on the consolidated balance sheets in the amount of $14,097 and $13,940 as of March 31, 2014 and December 31, 2013, respectively. | |||||
Comprehensive Income | |||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities available for sale, represent equity changes from economic events of the period other than transactions with owners and are not reported in the consolidated statements of operations but as a separate component of the equity section of the consolidated balance sheets. Such items are considered components of other comprehensive income (loss). Accounting standards codification requires the presentation in the consolidated financial statements of net income and all items of other comprehensive income (loss) as total comprehensive income (loss). | |||||
Off-Balance Sheet Credit Related Financial Instruments | |||||
In the ordinary course of business, the Company has entered into commitments to extend credit, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. | |||||
Changes in Accounting Principles and Effects of New Accounting Pronouncements | |||||
Adoption of New Accounting Standards | |||||
In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, ASU No. 2014-04 requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's Consolidated Financial Statements. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
-2 | Investment Securities | ||||||||||||||||||||||||
Investment securities as of March 31, 2014 and December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||
31-Mar-14 | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
Mortgage-Backed | $ | 286,438 | $ | 209 | $ | (11,524 | ) | $ | 275,123 | ||||||||||||||||
State, County & Municipal | 3,875 | 11 | (52 | ) | 3,834 | ||||||||||||||||||||
$ | 290,313 | $ | 220 | $ | (11,576 | ) | $ | 278,957 | |||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
State, County and Municipal | $ | 38 | $ | -- | $ | -- | $ | 38 | |||||||||||||||||
31-Dec-13 | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
Mortgage-Backed | $ | 273,029 | $ | 119 | $ | (13,800 | ) | $ | 259,348 | ||||||||||||||||
State, County & Municipal | 3,979 | 15 | (84 | ) | 3,910 | ||||||||||||||||||||
$ | 277,008 | $ | 134 | $ | (13,884 | ) | $ | 263,258 | |||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
State, County and Municipal | $ | 37 | $ | -- | $ | -- | $ | 37 | |||||||||||||||||
The amortized cost and fair value of investment securities as of March 31, 2014, by contractual maturity, are shown hereafter. Expected maturities will differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below. | |||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due In One Year or Less | $ | 779 | $ | 782 | $ | -- | $ | -- | |||||||||||||||||
Due After One Year Through Five Years | 1,245 | 1,252 | 38 | 38 | |||||||||||||||||||||
Due After Five Years Through Ten Years | 1,198 | 1,174 | -- | -- | |||||||||||||||||||||
Due After Ten Years | 653 | 626 | -- | -- | |||||||||||||||||||||
3,875 | 3,834 | 38 | 38 | ||||||||||||||||||||||
Mortgage-Backed Securities | 286,438 | 275,123 | -- | -- | |||||||||||||||||||||
$ | 290,313 | $ | 278,957 | $ | 38 | $ | 38 | ||||||||||||||||||
Proceeds from the sale of investments available for sale during the first three months of 2014 totaled $0 compared to $30,418 for the first three months of 2013. The sale of investments available for sale during the first three months of 2014 resulted in gross realized gains of $0 and losses of $0. The sale of investments available for sale during the first three months of 2013 resulted in gross realized gains of $125 and losses of $(133). | |||||||||||||||||||||||||
Investment securities having a carry value approximating $113,418 and $112,913 as of March 31, 2014 and December 31, 2013, respectively, were pledged to secure public deposits and for other purposes. | |||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at March 31, 2014 and December 31, 2013 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
Mortgage-Backed | $ | 141,975 | $ | (4,715 | ) | $ | 115,624 | $ | (6,809 | ) | $ | 257,599 | $ | (11,524 | ) | ||||||||||
State, County and Municipal | 953 | (25 | ) | 626 | (27 | ) | 1,579 | (52 | ) | ||||||||||||||||
$ | 142,928 | $ | (4,740 | ) | $ | 116,250 | $ | (6,836 | ) | $ | 259,178 | $ | (11,576 | ) | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
Mortgage-Backed | $ | 190,064 | $ | (9,441 | ) | $ | 63,194 | $ | (4,359 | ) | $ | 253,258 | $ | (13,800 | ) | ||||||||||
State, County and Municipal | 1,647 | (84 | ) | -- | -- | 1,647 | (84 | ) | |||||||||||||||||
$ | 191,711 | $ | (9,525 | ) | $ | 63,194 | $ | (4,359 | ) | $ | 254,905 | $ | (13,884 | ) | |||||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||
At March 31, 2014, the debt securities with unrealized losses have depreciated 4.28 percent from the Company’s amortized cost basis. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other than temporary. |
Loans
Loans | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
-3 | Loans | ||||||||||||||||||||||||
The following table presents the composition of loans segregated by class of loans, as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 43,979 | $ | 48,107 | |||||||||||||||||||||
Agricultural | 12,654 | 10,666 | |||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 54,608 | 52,739 | |||||||||||||||||||||||
Residential Construction | 9,779 | 6,549 | |||||||||||||||||||||||
Commercial | 337,835 | 341,783 | |||||||||||||||||||||||
Residential | 202,159 | 206,258 | |||||||||||||||||||||||
Farmland | 47,886 | 47,035 | |||||||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 23,693 | 25,676 | |||||||||||||||||||||||
Other | 5,601 | 12,405 | |||||||||||||||||||||||
Total Loans | $ | 738,194 | $ | 751,218 | |||||||||||||||||||||
Commercial and industrial loans are extended to a diverse group of businesses within the Company’s market area. These loans are often underwritten based on the borrower’s ability to service the debt from income from the business. Real estate construction loans often require loan funds to be advanced prior to completion of the project. Due to uncertainties inherent in estimating construction costs, changes in interest rates and other economic conditions, these loans often pose a higher risk than other types of loans. Consumer loans are originated at the bank level. These loans are generally smaller loan amounts spread across many individual borrowers to help minimize risk. | |||||||||||||||||||||||||
Credit Quality Indicators. As part of the ongoing monitoring of the credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk grade assigned to commercial and consumer loans, (ii) the level of classified commercial loans, (iii) net charge-offs, (iv) nonperforming loans, and (v) the general economic conditions in the Company’s geographic markets. | |||||||||||||||||||||||||
The Company uses a risk grading matrix to assign a risk grade to each of its loans. Loans are graded on a scale of 1 to 8. A description of the general characteristics of the grades is as follows: | |||||||||||||||||||||||||
· | Grades 1 and 2 – Borrowers with these assigned grades range in risk from virtual absence of risk to minimal risk. Such loans may be secured by Company-issued and controlled certificates of deposit or properly margined equity securities or bonds. Other loans comprising these grades are made to companies that have been in existence for a long period of time with many years of consecutive profits and strong equity, good liquidity, excellent debt service ability and unblemished past performance, or to exceptionally strong individuals with collateral of unquestioned value that fully secures the loans. Loans in this category fall into the “pass” classification. | ||||||||||||||||||||||||
· | Grades 3 and 4 – Loans assigned these “pass” risk grades are made to borrowers with acceptable credit quality and risk. The risk ranges from loans with no significant weaknesses in repayment capacity and collateral protection to acceptable loans with one or more risk factors considered to be more than average. | ||||||||||||||||||||||||
· | Grade 5 – This grade includes “special mention” loans on management’s watch list and is intended to be used on a temporary basis for pass grade loans where risk-modifying action is intended in the short-term. | ||||||||||||||||||||||||
· | Grade 6 – This grade includes “substandard” loans in accordance with regulatory guidelines. This category includes borrowers with well-defined weaknesses that jeopardize the payment of the debt in accordance with the agreed terms. Loans considered to be impaired are assigned this grade, and these loans often have assigned loss allocations as part of the allowance for loan and lease losses. Generally, loans on which interest accrual has been stopped would be included in this grade. | ||||||||||||||||||||||||
· | Grades 7 and 8 – These grades correspond to regulatory classification definitions of “doubtful” and “loss,” respectively. In practice, any loan with these grades would be for a very short period of time, and generally the Company has no loans with these assigned grades. Management manages the Company’s problem loans in such a way that uncollectible loans or uncollectible portions of loans are charged off immediately with any residual, collectible amounts assigned a risk grade of 6. | ||||||||||||||||||||||||
The following table presents the loan portfolio by credit quality indicator (risk grade) as of March 31, 2014 and December 31, 2013. Those loans with a risk grade of 1, 2, 3 or 4 have been combined in the pass column for presentation purposes. | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 37,721 | $ | 2,705 | $ | 3,553 | $ | 43,979 | |||||||||||||||||
Agricultural | 12,475 | 13 | 166 | 12,654 | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 44,861 | 1,523 | 8,224 | 54,608 | |||||||||||||||||||||
Residential Construction | 9,679 | 100 | -- | 9,779 | |||||||||||||||||||||
Commercial | 312,175 | 9,154 | 16,506 | 337,835 | |||||||||||||||||||||
Residential | 179,656 | 13,630 | 8,873 | 202,159 | |||||||||||||||||||||
Farmland | 45,644 | 528 | 1,714 | 47,886 | |||||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 22,810 | 260 | 623 | 23,693 | |||||||||||||||||||||
Other | 5,363 | -- | 238 | 5,601 | |||||||||||||||||||||
Total Loans | $ | 670,384 | $ | 27,913 | $ | 39,897 | $ | 738,194 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 41,759 | $ | 2,770 | $ | 3,578 | $ | 48,107 | |||||||||||||||||
Agricultural | 10,638 | 17 | 11 | 10,666 | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 42,669 | 1,512 | 8,558 | 52,739 | |||||||||||||||||||||
Residential Construction | 6,341 | 208 | -- | 6,549 | |||||||||||||||||||||
Commercial | 317,567 | 10,760 | 13,456 | 341,783 | |||||||||||||||||||||
Residential | 182,977 | 13,524 | 9,757 | 206,258 | |||||||||||||||||||||
Farmland | 44,777 | 507 | 1,751 | 47,035 | |||||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 24,609 | 320 | 747 | 25,676 | |||||||||||||||||||||
Other | 12,355 | 1 | 49 | 12,405 | |||||||||||||||||||||
Total Loans | $ | 683,692 | $ | 29,619 | $ | 37,907 | $ | 751,218 | |||||||||||||||||
A loan’s risk grade is assigned at the inception of the loan and is based on the financial strength of the borrower and the type of collateral. Loan risk grades are subject to reassessment at various times throughout the year as part of the Company’s ongoing loan review process. Loans with an assigned risk grade of 6 or below and an outstanding balance of $250,000 or more are reassessed on a quarterly basis. During this reassessment process individual reserves may be identified and placed against certain loans which are not considered impaired. | |||||||||||||||||||||||||
In assessing the overall economic condition of the markets in which it operates, the Company monitors the unemployment rates for its major service areas. The unemployment rates are reviewed on a quarterly basis as part of the allowance for loan loss determination. | |||||||||||||||||||||||||
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, loans are placed on nonaccrual status if principal or interest payments become 90 days past due or when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provision. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. | |||||||||||||||||||||||||
The following table represents an age analysis of past due loans and nonaccrual loans, segregated by class of loans, as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||
30-89 Days | or More | Total Accruing | Nonaccrual | ||||||||||||||||||||||
Past Due | Past Due | Loans Past Due | Loans | Current Loans | Total Loans | ||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 709 | $ | -- | $ | 709 | $ | 1,976 | $ | 41,294 | $ | 43,979 | |||||||||||||
Agricultural | 86 | -- | 86 | 51 | 12,517 | 12,654 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 441 | -- | 441 | 7,824 | 46,343 | 54,608 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | 9,779 | 9,779 | |||||||||||||||||||
Commercial | 6,176 | -- | 6,176 | 9,128 | 322,531 | 337,835 | |||||||||||||||||||
Residential | 2,941 | -- | 2,941 | 3,814 | 195,404 | 202,159 | |||||||||||||||||||
Farmland | 94 | -- | 94 | 1,672 | 46,120 | 47,886 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 332 | 15 | 347 | 252 | 23,094 | 23,693 | |||||||||||||||||||
Other | -- | -- | -- | 203 | 5,398 | 5,601 | |||||||||||||||||||
Total Loans | $ | 10,779 | $ | 15 | $ | 10,794 | $ | 24,920 | $ | 702,480 | $ | 738,194 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||
30-89 Days | or More | Total Accruing | Nonaccrual | ||||||||||||||||||||||
Past Due | Past Due | Loans Past Due | Loans | Current Loans | Total Loans | ||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 581 | $ | -- | $ | 581 | $ | 1,646 | $ | 45,880 | $ | 48,107 | |||||||||||||
Agricultural | 81 | -- | 81 | -- | 10,585 | 10,666 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 140 | -- | 140 | 8,222 | 44,377 | 52,739 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | 6,549 | 6,549 | |||||||||||||||||||
Commercial | 2,287 | -- | 2,287 | 7,367 | 332,129 | 341,783 | |||||||||||||||||||
Residential | 5,274 | -- | 5,274 | 4,933 | 196,051 | 206,258 | |||||||||||||||||||
Farmland | 351 | -- | 351 | 1,630 | 45,054 | 47,035 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 454 | 4 | 458 | 307 | 24,911 | 25,676 | |||||||||||||||||||
Other | 198 | -- | 198 | 9 | 12,198 | 12,405 | |||||||||||||||||||
Total Loans | $ | 9,366 | $ | 4 | $ | 9,370 | $ | 24,114 | $ | 717,734 | $ | 751,218 | |||||||||||||
The following table details impaired loan data as of March 31, 2014: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Contractual | Average | Interest | Interest | ||||||||||||||||||||||
Principal | Impaired | Related | Recorded | Income | Income | ||||||||||||||||||||
Balance | Balance | Allowance | Investment | Recognized | Collected | ||||||||||||||||||||
With No Related | |||||||||||||||||||||||||
Allowance Recorded | |||||||||||||||||||||||||
Commercial | $ | 599 | $ | 599 | $ | -- | $ | 599 | $ | 5 | $ | 13 | |||||||||||||
Agricultural | 56 | 51 | -- | 51 | (9 | ) | -- | ||||||||||||||||||
Commercial Construction | 7,460 | 4,354 | -- | 4,354 | 8 | 8 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 21,196 | 20,686 | -- | 20,686 | 130 | 132 | |||||||||||||||||||
Residential Real Estate | 7,113 | 5,642 | -- | 5,642 | 46 | 46 | |||||||||||||||||||
Farmland | 349 | 348 | -- | 348 | (2 | ) | 1 | ||||||||||||||||||
Consumer | 256 | 251 | -- | 251 | 4 | 5 | |||||||||||||||||||
Other | 203 | 203 | -- | 203 | 2 | 2 | |||||||||||||||||||
37,232 | 32,134 | -- | 32,134 | 184 | 207 | ||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||
Commercial | 1,380 | 1,380 | 423 | 1,380 | -- | -- | |||||||||||||||||||
Agricultural | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Construction | 5,922 | 3,470 | 1,548 | 3,470 | -- | -- | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 6,466 | 6,109 | 407 | 6,109 | 46 | 46 | |||||||||||||||||||
Residential Real Estate | 962 | 954 | 289 | 954 | 11 | 15 | |||||||||||||||||||
Farmland | 1,324 | 1,324 | 233 | 1,324 | -- | -- | |||||||||||||||||||
Consumer | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
16,054 | 13,237 | 2,900 | 13,237 | 57 | 61 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | 1,979 | 1,979 | 423 | 1,979 | 5 | 13 | |||||||||||||||||||
Agricultural | 56 | 51 | -- | 51 | (9 | ) | -- | ||||||||||||||||||
Commercial Construction | 13,382 | 7,824 | 1,548 | 7,824 | 8 | 8 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 27,662 | 26,795 | 407 | 26,795 | 176 | 178 | |||||||||||||||||||
Residential Real Estate | 8,075 | 6,596 | 289 | 6,596 | 57 | 61 | |||||||||||||||||||
Farmland | 1,673 | 1,672 | 233 | 1,672 | (2 | ) | 1 | ||||||||||||||||||
Consumer | 256 | 251 | -- | 251 | 4 | 5 | |||||||||||||||||||
Other | 203 | 203 | -- | 203 | 2 | 2 | |||||||||||||||||||
$ | 53,286 | $ | 45,371 | $ | 2,900 | $ | 45,371 | $ | 241 | $ | 268 | ||||||||||||||
The following table details impaired loan data as of December 31, 2013: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Contractual | Average | Interest | Interest | ||||||||||||||||||||||
Principal | Impaired | Related | Recorded | Income | Income | ||||||||||||||||||||
Balance | Balance | Allowance | Investment | Recognized | Collected | ||||||||||||||||||||
With No Related | |||||||||||||||||||||||||
Allowance Recorded | |||||||||||||||||||||||||
Commercial | $ | 305 | $ | 305 | $ | -- | $ | 216 | $ | 24 | $ | 25 | |||||||||||||
Agricultural | -- | -- | -- | 10 | -- | -- | |||||||||||||||||||
Commercial Construction | 7,856 | 4,750 | -- | 4,106 | 35 | 41 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 20,121 | 19,253 | -- | 13,199 | 494 | 504 | |||||||||||||||||||
Residential Real Estate | 7,837 | 6,362 | -- | 4,564 | 224 | 209 | |||||||||||||||||||
Farmland | 303 | 303 | -- | 1,859 | 1 | 1 | |||||||||||||||||||
Consumer | 313 | 307 | -- | 253 | 18 | 21 | |||||||||||||||||||
Other | 9 | 9 | -- | 2 | 1 | 1 | |||||||||||||||||||
36,744 | 31,289 | -- | 24,209 | 797 | 802 | ||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||
Commercial | 1,453 | 1,453 | 434 | 1,689 | 15 | 21 | |||||||||||||||||||
Agricultural | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Construction | 5,923 | 3,472 | 830 | 5,025 | -- | -- | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 5,874 | 5,874 | 424 | 11,072 | 157 | 148 | |||||||||||||||||||
Residential Real Estate | 1,949 | 1,849 | 526 | 3,662 | 26 | 24 | |||||||||||||||||||
Farmland | 1,327 | 1,327 | 85 | 664 | 45 | 47 | |||||||||||||||||||
Consumer | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
16,526 | 13,975 | 2,299 | 22,112 | 243 | 240 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | 1,758 | 1,758 | 434 | 1,905 | 39 | 46 | |||||||||||||||||||
Agricultural | -- | -- | -- | 10 | -- | -- | |||||||||||||||||||
Commercial Construction | 13,779 | 8,222 | 830 | 9,131 | 35 | 41 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 25,995 | 25,127 | 424 | 24,271 | 651 | 652 | |||||||||||||||||||
Residential Real Estate | 9,786 | 8,211 | 526 | 8,226 | 250 | 233 | |||||||||||||||||||
Farmland | 1,630 | 1,630 | 85 | 2,523 | 46 | 48 | |||||||||||||||||||
Consumer | 313 | 307 | -- | 253 | 18 | 21 | |||||||||||||||||||
Other | 9 | 9 | -- | 2 | 1 | 1 | |||||||||||||||||||
$ | 53,270 | $ | 45,264 | $ | 2,299 | $ | 46,321 | $ | 1,040 | $ | 1,042 | ||||||||||||||
The following table details impaired loan data as of March 31, 2013: | |||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Contractual | Average | Interest | Interest | ||||||||||||||||||||||
Principal | Impaired | Related | Recorded | Income | Income | ||||||||||||||||||||
Balance | Balance | Allowance | Investment | Recognized | Collected | ||||||||||||||||||||
With No Related | |||||||||||||||||||||||||
Allowance Recorded | |||||||||||||||||||||||||
Commercial | $ | 264 | $ | 122 | $ | -- | $ | 122 | $ | 3 | $ | 4 | |||||||||||||
Agricultural | 39 | 39 | -- | 39 | -- | -- | |||||||||||||||||||
Commercial Construction | 9,002 | 4,962 | -- | 4,962 | 4 | 5 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 15,405 | 15,331 | -- | 15,331 | 102 | 129 | |||||||||||||||||||
Residential Real Estate | 2,726 | 2,382 | -- | 2,382 | 10 | 18 | |||||||||||||||||||
Farmland | 2,590 | 2,548 | -- | 2,548 | (1 | ) | 3 | ||||||||||||||||||
Consumer | 229 | 217 | -- | 217 | -- | 2 | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
30,255 | 25,601 | -- | 25,601 | 118 | 161 | ||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||
Commercial | 1,465 | 1,465 | 456 | 1,465 | 20 | 17 | |||||||||||||||||||
Agricultural | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Construction | 5,339 | 4,690 | 1,493 | 4,690 | -- | 1 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 10,077 | 9,917 | 1,426 | 9,917 | 73 | 91 | |||||||||||||||||||
Residential Real Estate | 6,959 | 5,916 | 1,118 | 5,916 | 40 | 36 | |||||||||||||||||||
Farmland | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Consumer | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
23,840 | 21,988 | 4,493 | 21,988 | 133 | 145 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | 1,729 | 1,587 | 456 | 1,587 | 23 | 21 | |||||||||||||||||||
Agricultural | 39 | 39 | -- | 39 | -- | -- | |||||||||||||||||||
Commercial Construction | 14,341 | 9,652 | 1,493 | 9,652 | 4 | 6 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 25,482 | 25,248 | 1,426 | 25,248 | 175 | 220 | |||||||||||||||||||
Residential Real Estate | 9,685 | 8,298 | 1,118 | 8,298 | 50 | 54 | |||||||||||||||||||
Farmland | 2,590 | 2,548 | -- | 2,548 | (1 | ) | 3 | ||||||||||||||||||
Consumer | 229 | 217 | -- | 217 | -- | 2 | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
$ | 54,095 | $ | 47,589 | $ | 4,493 | $ | 47,589 | $ | 251 | $ | 306 | ||||||||||||||
Troubled Debt Restructurings (TDRs) are troubled loans on which the original terms of the loan have been modified in favor of the borrower due to deterioration in the borrower’s financial condition. Each potential loan modification is reviewed individually and the terms of the loan are modified to meet the borrower’s specific circumstances at a point in time. Not all loan modifications are TDRs. Loan modifications are reviewed and approved by the Company’s senior lending staff, who then determine whether the loan meets the criteria for a TDR. Generally, the types of concessions granted to borrowers that are evaluated in determining whether a loan is classified as a TDR include: | |||||||||||||||||||||||||
· | Interest rate reductions – Occur when the stated interest rate is reduced to a nonmarket rate or a rate the borrower would not be able to obtain elsewhere under similar circumstances. | ||||||||||||||||||||||||
· | Amortization or maturity date changes – Result when the amortization period of the loan is extended beyond what is considered a normal amortization period for loans of similar type with similar collateral. | ||||||||||||||||||||||||
· | Principal reductions – These are often the result of commercial real estate loan workouts where two new notes are created. The primary note is underwritten based upon our normal underwriting standards and is structured so that the projected cash flows are sufficient to repay the contractual principal and interest of the newly restructured note. The terms of the secondary note vary by situation and often involve that note being charged-off, or the principal and interest payments being deferred until after the primary note has been repaid. In situations where a portion of the note is charged-off during modification there is often no specific reserve allocated to those loans. This is due to the fact that the amount of the charge-off usually represents the excess of the original loan balance over the collateral value and the Company has determined there is no additional exposure on those loans. | ||||||||||||||||||||||||
As discussed in Note 1, Summary of Significant Accounting Policies, once a loan is identified as a TDR, it is accounted for as an impaired loan. The Company had no unfunded commitments to lend to a customer that has a troubled debt restructured loan as of March 31, 2014. The following tables present the number of loan contracts restructured during the three month period ended March 31, 2014 and 2013. It shows the pre- and post-modification recorded investment as well as the number of contracts and the recorded investment for those TDRs modified during the previous twelve months which subsequently defaulted during the period. Loans modified in a troubled debt restructuring are considered to be in default once the loan becomes 90 days past due. | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
# of Contracts | Pre-Modification | Post-Modification | |||||||||||||||||||||||
Commercial RE | 2 | $ | 1,771 | $ | 1,775 | ||||||||||||||||||||
Total Loans | 2 | $ | 1,771 | $ | 1,775 | ||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
# of Contracts | Pre-Modification | Post-Modification | |||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 84 | $ | 81 | ||||||||||||||||||||
Residential Real Estate | 2 | 1,024 | 1,001 | ||||||||||||||||||||||
Total Loans | 3 | $ | 1,108 | $ | 1,082 | ||||||||||||||||||||
The company did not have any TDRs that subsequently defaulted for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
At March 31, 2014 all restructured loans were performing as agreed. |
Allowance_for_Loan_Losses
Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||
-4 | Allowance for Loan Losses | ||||||||||||||||||||||||
The following tables detail activity in the allowance for loan losses, segregated by class of loan, for the three month period ended March 31, 2014 and March 31, 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories. | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||
Balance | Charge-Offs | Recoveries | Provision | Balance | |||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 1,017 | $ | (27 | ) | $ | 14 | $ | 7 | $ | 1,011 | ||||||||||||||
Agricultural | 294 | -- | 1 | 2 | 297 | ||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 1,782 | -- | 182 | 125 | 2,089 | ||||||||||||||||||||
Residential Construction | 138 | -- | -- | -- | 138 | ||||||||||||||||||||
Commercial | 4,379 | (236 | ) | 6 | 131 | 4,280 | |||||||||||||||||||
Residential | 3,278 | (293 | ) | 6 | 38 | 3,029 | |||||||||||||||||||
Farmland | 312 | -- | -- | 1 | 313 | ||||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 243 | (102 | ) | 25 | 23 | 189 | |||||||||||||||||||
Other | 363 | -- | 1 | -- | 364 | ||||||||||||||||||||
$ | 11,806 | $ | (658 | ) | $ | 235 | $ | 327 | $ | 11,710 | |||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||
Balance | Charge-Offs | Recoveries | Provision | Balance | |||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 981 | $ | (31 | ) | $ | 18 | $ | 39 | $ | 1,007 | ||||||||||||||
Agricultural | 296 | -- | 4 | -- | 300 | ||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 1,890 | (692 | ) | 80 | 511 | 1,789 | |||||||||||||||||||
Residential Construction | 138 | -- | -- | -- | 138 | ||||||||||||||||||||
Commercial | 5,163 | (485 | ) | 43 | 593 | 5,314 | |||||||||||||||||||
Residential | 3,406 | (187 | ) | 5 | 228 | 3,452 | |||||||||||||||||||
Farmland | 291 | (1 | ) | 11 | 1 | 302 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 228 | (101 | ) | 32 | 123 | 282 | |||||||||||||||||||
Other | 344 | (4 | ) | 1 | 5 | 346 | |||||||||||||||||||
$ | 12,737 | $ | (1,501 | ) | $ | 194 | $ | 1,500 | $ | 12,930 | |||||||||||||||
The loss history period used at March 31, 2014 was based on the loss rate from the eight quarters ended December 31, 2013. | |||||||||||||||||||||||||
During the third quarter 2013, management implemented a change to its methodology for calculating the allowance for loan losses. This change was intended to better reflect the current position of the loan portfolio. Prior to the third quarter, the allowance for loan loss calculation incorporated a qualitative factor related to improvements in credit administration. These improvements, which began in 2008, included organizational changes to credit administration, specifically related to managing past due loans, grading of loans, recognition of losses and underwriting of new loans. Primary among the organizational changes was the appointment of experienced lending officers to oversee the lending function, as well as the appointment of a chief credit officer. Management feels these organizational changes are now fully implemented, as evidenced by a lower charge-off rate, and therefore, the qualitative factor is no longer relevant. The removal of this qualitative factor did not result in a significant adjustment to the recorded allowance for loan loss balance. | |||||||||||||||||||||||||
The Company determines its individual reserves during its quarterly review of substandard loans. This process involves reviewing all loans with a risk grade of 6 or greater and an outstanding balance of $250,000 or more, regardless of the loans impairment classification. | |||||||||||||||||||||||||
Since not all loans in the substandard category are considered impaired, this quarterly review process may result in the identification of specific reserves on nonimpaired loans. Management considers those loans graded substandard, but not classified as impaired, to be higher risk loans and, therefore, makes specific allocations to the allowance for those loans if warranted. The total of such loans is $7.4 million and $10.6 million as of March 31, 2014 and 2013, respectively. Specific allowance allocations were made for these loans totaling $620 thousand and $645 thousand as of March 31, 2014 and 2013, respectively. Since these loans are not considered impaired, both the loan balance and related specific allocation are included in the “Collectively Evaluated for Impairment” column of the following tables. | |||||||||||||||||||||||||
At March 31, 2014, impaired loans totaling $3.99 million were below the $250,000 review threshold and were not individually reviewed for impairment. Those loans were subject to the bank’s general loan loss reserve methodology and are included in the “Collectively Evaluated for Impairment” column of the following tables. Likewise, at March 31, 2013, impaired loans totaling $1.97 million were below the $250,000 review threshold and were subject to the bank’s general loan loss reserve methodology and are included in the “Collectively Evaluated for Impairment” column of the following tables. | |||||||||||||||||||||||||
The following tables present breakdowns of the allowance for loan losses, segregated by impairment methodology for March 31, 2014 and 2013: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Ending Allowance Balance | Ending Loan Balance | ||||||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | Total | Impairment | Impairment | Total | ||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 423 | $ | 588 | $ | 1,011 | $ | 1,469 | $ | 42,510 | $ | 43,979 | |||||||||||||
Agricultural | -- | 297 | 297 | -- | 12,654 | 12,654 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 1,548 | 541 | 2,089 | 7,683 | 46,925 | 54,608 | |||||||||||||||||||
Residential Construction | -- | 138 | 138 | -- | 9,779 | 9,779 | |||||||||||||||||||
Commercial | 407 | 3,873 | 4,280 | 26,192 | 311,643 | 337,835 | |||||||||||||||||||
Residential | 289 | 2,740 | 3,029 | 4,412 | 197,747 | 202,159 | |||||||||||||||||||
Farmland | 233 | 80 | 313 | 1,614 | 46,272 | 47,886 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | -- | 189 | 189 | -- | 23,693 | 23,693 | |||||||||||||||||||
Other | -- | 364 | 364 | 9 | 5,592 | 5,601 | |||||||||||||||||||
Total End of Period Balance | $ | 2,900 | $ | 8,810 | $ | 11,710 | $ | 41,379 | $ | 696,815 | $ | 738,194 | |||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Ending Allowance Balance | Ending Loan Balance | ||||||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | Total | Impairment | Impairment | Total | ||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 456 | $ | 551 | $ | 1,007 | $ | 1,554 | $ | 51,352 | $ | 52,906 | |||||||||||||
Agricultural | -- | 300 | 300 | -- | 7,856 | 7,856 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 1,493 | 296 | 1,789 | 9,442 | 42,652 | 52,094 | |||||||||||||||||||
Residential Construction | -- | 138 | 138 | -- | 7,570 | 7,570 | |||||||||||||||||||
Commercial | 1,426 | 3,888 | 5,314 | 25,175 | 303,677 | 328,852 | |||||||||||||||||||
Residential | 1,118 | 2,334 | 3,452 | 7,173 | 197,485 | 204,658 | |||||||||||||||||||
Farmland | -- | 302 | 302 | 2,277 | 45,931 | 48,208 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | -- | 282 | 282 | -- | 28,379 | 28,379 | |||||||||||||||||||
Other | -- | 346 | 346 | -- | 6,297 | 6,297 | |||||||||||||||||||
Total End of Period Balance | $ | 4,493 | $ | 8,437 | $ | 12,930 | $ | 45,621 | $ | 691,199 | $ | 736,820 |
Other_Real_Estate_Owned
Other Real Estate Owned | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Real Estate Owned [Abstract] | ' | ||||||||
Other Real Estate Owned | ' | ||||||||
-5 | Other Real Estate Owned | ||||||||
The aggregate carrying amount of Other Real Estate Owned (OREO) at March 31, 2014 and December 31, 2013 was $14,227 and $15,502, respectively. All of the Company’s other real estate owned represents properties acquired through foreclosure or deed in lieu of foreclosure. The following table details the change in OREO for the three months ended March 31, 2014 and the year ended December 31, 2013. | |||||||||
Three Months | Twelve Months | ||||||||
Ended | Ended | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Balance, Beginning | $ | 15,502 | $ | 15,941 | |||||
Additions | 1,091 | 10,251 | |||||||
Sales of OREO | (1,700 | ) | (7,804 | ) | |||||
Gain (Loss) on Sale | (24 | ) | (1,564 | ) | |||||
Provision for Losses | (642 | ) | (1,322 | ) | |||||
Balance, Ending | $ | 14,227 | $ | 15,502 |
Deposits
Deposits | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deposits [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
-6 | Deposits | ||||||||
The aggregate amount of overdrawn deposit accounts reclassified as loan balances totaled $308 and $401 as of March 31, 2014 and December 31, 2013. | |||||||||
Components of interest-bearing deposits as of March 31, 2014 and December 31, 2013 are as follows: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Interest-Bearing Demand | $ | 344,827 | $ | 357,291 | |||||
Savings | 57,463 | 54,095 | |||||||
Time, $100,000 and Over | 220,692 | 220,673 | |||||||
Other Time | 233,888 | 240,210 | |||||||
$ | 856,870 | $ | 872,269 | ||||||
At March 31, 2014 and December 31, 2013, the Company had brokered deposits of $28,015 and $26,580, respectively. Of the $28,015 and $26,580 brokered deposits at March 31, 2014 and December 31, 2013, $28,015 and $26,580 represented Certificate of Deposits Account Registry Service (CDARS) reciprocal deposits in which customers placed core deposits into the CDARS program for FDIC insurance coverage and the Company received reciprocal brokered deposits in a like amount. Thus, brokered deposits less the reciprocal deposits totaled $0 at March 31, 2014 and December 31, 2013. The aggregate amount of short-term jumbo certificates of deposit, each with a minimum denomination of $100,000 was approximately $148,342 and $143,389 as of March 31, 2014 and December 31, 2013, respectively. | |||||||||
As of March 31, 2014 and December 31, 2013, the scheduled maturities of certificates of deposits are as follows: | |||||||||
Maturity | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
One Year and Under | $ | 326,656 | $ | 322,971 | |||||
One to Three Years | 97,490 | 106,946 | |||||||
Three Years and Over | 30,434 | 30,966 | |||||||
$ | 454,580 | $ | 460,883 |
Other_Borrowed_Money
Other Borrowed Money | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Borrowed Money [Abstract] | ' | ||||||||
Other Borrowed Money | ' | ||||||||
-7 | Other Borrowed Money | ||||||||
Other borrowed money at March 31, 2014 and December 31, 2013 is summarized as follows: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Federal Home Loan Bank Advances | $ | 40,000 | $ | 40,000 | |||||
Advances from the Federal Home Loan Bank (FHLB) have maturities ranging from 2017 to 2020 and interest rates ranging from 0.48 percent to 4.75 percent. As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans and commercial loans. At March 31, 2014 the book value of those loans pledged was approximately $93,618. At March 31, 2014 the Company had remaining credit availability from the FHLB of approximately $131,790. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. | |||||||||
The aggregate stated maturities of other borrowed money at March 31, 2014 are as follows: | |||||||||
Year | Amount | ||||||||
2017 | $ | 9,000 | |||||||
2018 | 20,500 | ||||||||
2019 | 8,000 | ||||||||
2020 | 2,500 | ||||||||
$ | 40,000 | ||||||||
The Company also has available federal funds lines of credit with various financial institutions totaling $43,000, none of which were outstanding at March 31, 2014. | |||||||||
The Company has the ability to borrow funds from the Federal Reserve Bank (FRB) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. At March 31, 2014, the Company had borrowing capacity available under this arrangement, with no outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement. | |||||||||
In addition, at March 31, 2014, the Company had an available repurchase agreement line of credit with a third party totaling $50,000. Use of this credit facility is subject to the underwriting and risk management policies of the third party in effect at the time of the request. Such policies may take into consideration current market conditions, the current financial condition of the Company and the ability of the Company to provide adequate securities as collateral for the transaction, among other factors. |
Preferred_Stock_and_Warrants
Preferred Stock and Warrants | 3 Months Ended | |
Mar. 31, 2014 | ||
Preferred Stock and Warrants [Abstract] | ' | |
Preferred Stock and Warrants | ' | |
-8 | Preferred Stock and Warrants | |
At March 31, 2014, the Company had 28,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the Preferred Stock) issued and outstanding with private investors. The Company also had a warrant (the Warrant) to purchase up to 500,000 shares of the Company’s common stock outstanding with private investors. Both the Preferred Stock and the Warrant originated in 2009 through transactions with the United States Department of the Treasury and were subsequently sold to the public through an auction process during 2013. | ||
The Preferred stock qualifies as Tier 1 capital and is nonvoting, other than class voting rights on certain matters that could adversely affect the Preferred Stock. The Preferred Stock may be redeemed by the Company at the liquidation preference of $1,000 per share, plus any accrued and unpaid dividends. The Warrant may be exercised on or before January 9, 2019 at an exercise price of $8.40 per share. No voting rights may be exercised with respect to the shares of the Warrant until the Warrant has been exercised. | ||
The Preferred Stock requires a cumulative cash dividend be paid quarterly at a rate of 9 percent per annum. Prior to January 9, 2014 the annual dividend rate for the Preferred Stock was 5 percent. On February 13, 2012, the Company announced the suspension of dividends on Preferred Stock. Unpaid dividends on the Preferred Stock must be declared and set aside for the benefit of the holders of the Preferred Stock before any dividend may be declared on common stock. At March 31, 2014 there were accumulated dividends in arrears of $3.76 million including accrued interest. |
Subordinated_Debentures_Trust_
Subordinated Debentures (Trust Preferred Securities) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Subordinated Debentures (Trust Preferred Securities) [Abstract] | ' | ||||||||||||||||||||
Subordinated Debentures (Trust Preferred Securities) | ' | ||||||||||||||||||||
-9 | Subordinated Debentures (Trust Preferred Securities) | ||||||||||||||||||||
3 Month | Added | Total | 5 Year | ||||||||||||||||||
Description | Date | Amount | Libor Rate | Points | Rate | Maturity | Call Option | ||||||||||||||
Colony Bankcorp Statutory Trust III | 6/17/04 | 4,500 | 0.23335 | 2.68 | 2.91335 | 6/14/34 | 6/17/09 | ||||||||||||||
Colony Bankcorp Capital Trust I | 4/13/06 | 5,000 | 0.2336 | 1.5 | 1.7336 | 4/13/36 | 4/13/11 | ||||||||||||||
Colony Bankcorp Capital Trust II | 3/12/07 | 9,000 | 0.2336 | 1.65 | 1.8836 | 3/12/37 | 3/12/12 | ||||||||||||||
Colony Bankcorp Capital Trust III | 9/14/07 | 5,000 | 0.2361 | 1.4 | 1.6361 | 9/14/37 | 9/14/12 | ||||||||||||||
The Trust Preferred Securities are recorded as subordinated debentures on the consolidated balance sheets, but subject to certain limitations, qualify as Tier 1 Capital for regulatory capital purposes. The proceeds from the offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the bank subsidiary. | |||||||||||||||||||||
On February 13, 2012, the Company announced the suspension of the quarterly interest payments on the Trust Preferred Securities. Under the terms of the trust documents, the Company may defer payments of interest for up to 20 consecutive quarterly periods without default or penalty. The regularly scheduled interest payments will continue to be accrued for payment in the future and reported as an expense in the current period. At March 31, 2014, accrued but unpaid interest expense totaled $1.2 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
-10 | Commitments and Contingencies | ||||||||
Credit-Related Financial Instruments. The Company is a party to credit related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. | |||||||||
The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. | |||||||||
At March 31, 2014 and December 31, 2013 the following financial instruments were outstanding whose contract amounts represent credit risk: | |||||||||
Contract Amount | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Loan Commitments | $ | 77,826 | $ | 65,688 | |||||
Letters of Credit | 1,591 | 1,411 | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. | |||||||||
Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. | |||||||||
Standby and performance letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. | |||||||||
Legal Contingencies. In the ordinary course of business, there are various legal proceedings pending against Colony and its subsidiary. The aggregate liabilities, if any, arising from such proceedings would not, in the opinion of management, have a material adverse effect on Colony’s consolidated financial position. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments and Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value of Financial Instruments and Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||||||
-11 | Fair Value of Financial Instruments and Fair Value Measurements | ||||||||||||||||||||
Generally accepted accounting standards in the U.S. require disclosure of fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The assumptions used in the estimation of the fair value of Colony Bankcorp, Inc. and Subsidiary’s financial instruments are detailed hereafter. Where quoted prices are not available, fair values are based on estimates using discounted cash flows and other valuation techniques. The use of discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. The following disclosures should not be considered a surrogate of the liquidation value of the Company, but rather a good-faith estimate of the increase or decrease in value of financial instruments held by the Company since purchase, origination or issuance. | |||||||||||||||||||||
Cash and Short-Term Investments – For cash, due from banks, bank-owned deposits and federal funds sold, the carrying amount is a reasonable estimate of fair value and is classified as Level 1. | |||||||||||||||||||||
Investment Securities – Fair values for investment securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable Instruments. If a comparable is not available, the investment securities are classified as level 3. | |||||||||||||||||||||
Federal Home Loan Bank Stock – The fair value of Federal Home Loan Bank stock approximates carrying value. | |||||||||||||||||||||
Loans – The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Bank-Owned Life Insurance – The carrying value of bank-owned life insurance policies approximate fair value. | |||||||||||||||||||||
Deposit Liabilities – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date and is classified as Level 1. The fair value of fixed maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities and is classified as Level 2. | |||||||||||||||||||||
Subordinated Debentures – Fair value approximates carrying value due to the variable interest rates of the subordinated debentures. | |||||||||||||||||||||
Other Borrowed Money – The fair value of other borrowed money is calculated by discounting contractual cash flows using an estimated interest rate based on current rates available to the Company for debt of similar remaining maturities and collateral terms. Other borrowed money is classified as Level 2 due to their expected maturities. | |||||||||||||||||||||
Disclosures of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis, are required in the financial statements. | |||||||||||||||||||||
The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Carrying | Estimated | Level | Level | Level | |||||||||||||||||
Value | Fair Value | 1 | 2 | 3 | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash and Short-Term Investments | $ | 61,176 | $ | 61,176 | $ | 61,176 | $ | --- | $ | --- | |||||||||||
Investment Securities Available for Sale | 278,957 | 278,957 | --- | 278,012 | 945 | ||||||||||||||||
Investment Securities Held to Maturity | 38 | 38 | --- | 38 | --- | ||||||||||||||||
Federal Home Loan Bank Stock | 2,831 | 2,831 | 2,831 | --- | --- | ||||||||||||||||
Loans, Net | 726,125 | 728,009 | --- | 717,672 | 10,337 | ||||||||||||||||
Bank-Owned Life Insurance | 10,260 | 10,260 | 10,260 | --- | --- | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits | 976,854 | 978,294 | 522,273 | 456,021 | --- | ||||||||||||||||
Subordinated Debentures | 24,229 | 24,229 | 24,229 | --- | --- | ||||||||||||||||
Other Borrowed Money | 40,000 | 42,065 | --- | 42,065 | --- | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Estimated | Level | Level | Level | |||||||||||||||||
Value | Fair Value | 1 | 2 | 3 | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash and Short-Term Investments | $ | 68,147 | $ | 68,147 | $ | 68,147 | $ | --- | $ | --- | |||||||||||
Investment Securities Available for Sale | 263,258 | 263,258 | --- | 262,317 | 941 | ||||||||||||||||
Investment Securities Held to Maturity | 37 | 37 | --- | 37 | --- | ||||||||||||||||
Federal Home Loan Bank Stock | 3,164 | 3,164 | 3,164 | --- | --- | ||||||||||||||||
Loans, Net | 739,052 | 741,112 | --- | 729,436 | 11,676 | ||||||||||||||||
Bank-Owned Life Insurance | 10,165 | 10,165 | 10,165 | --- | --- | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits | 987,529 | 989,101 | 526,646 | 462,455 | --- | ||||||||||||||||
Subordinated Debentures | 24,229 | 24,229 | 24,229 | --- | --- | ||||||||||||||||
Other Borrowed Money | 40,000 | 42,074 | --- | 42,074 | --- | ||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||||||
Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Generally accepted accounting principles related to Fair Value Measurements, defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurements and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |||||||||||||||||||||
· | Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||||||
· | Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||||||
· | Level 3 inputs to the valuation methodology are unobservable and represent the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||||||||||
Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Securities – Where quoted prices are available in an active market, securities are classified within level 1 of the valuation hierarchy. Level 1 inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Examples of such instruments, which would generally be classified within level 2 of the valuation hierarchy, include certain collateralized mortgage and debt obligations and certain high-yield debt securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within level 3 of the valuation hierarchy. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Company’s evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class. | |||||||||||||||||||||
Impaired Loans – Impaired loans are those loans which the Company has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Other Real Estate – Other real estate owned assets are adjusted to fair value less estimated selling costs upon transfer of the loans to other real estate owned. Typically, an external, third-party appraisal is performed on the collateral upon transfer into the other real estate owned account to determine the asset’s fair value. Subsequent adjustments to the collateral’s value may be based upon either updated third-party appraisals or management’s knowledge of the collateral and the current real estate market conditions. Appraised amounts used in determining the asset’s fair value, whether internally or externally prepared, are discounted 10 percent to account for selling and marketing costs. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a level 3 classification of the inputs for determining fair value. Because of the high degree of judgment required in estimating the fair value of other real estate owned assets and because of the relationship between fair value and general economic conditions, we consider the fair value of other real estate owned assets to be highly sensitive to changes in market conditions. | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis – The following table presents the recorded amount of the Company’s assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. The table below includes only impaired loans with a specific reserve and only other real estate properties with a valuation allowance at March 31, 2014. Those impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances. | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||||||
Total Fair | Identical Assets | Observable | Inputs | ||||||||||||||||||
31-Mar-14 | Value | (Level 1) | Inputs (Level 2) | (Level 3) | |||||||||||||||||
Recurring | |||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||
Mortgage-Backed | $ | 275,123 | $ | --- | $ | 275,123 | $ | --- | |||||||||||||
State, County and Municipal | 3,834 | --- | 2,889 | 945 | |||||||||||||||||
$ | 278,957 | $ | --- | $ | 278,012 | $ | 945 | ||||||||||||||
Nonrecurring | |||||||||||||||||||||
Impaired Loans | $ | 10,337 | $ | --- | $ | --- | $ | 10,337 | |||||||||||||
Other Real Estate | $ | 6,727 | $ | --- | $ | --- | $ | 6,727 | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||||||
Total Fair | Identical Assets | Observable | Inputs | ||||||||||||||||||
31-Dec-13 | Value | (Level 1) | Inputs (Level 2) | (Level 3) | |||||||||||||||||
Recurring | |||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||
Mortgage-Backed | $ | 259,348 | $ | --- | $ | 259,348 | $ | --- | |||||||||||||
State, County and Municipal | 3,910 | --- | 2,969 | 941 | |||||||||||||||||
$ | 263,258 | $ | --- | $ | 262,317 | $ | 941 | ||||||||||||||
Nonrecurring | |||||||||||||||||||||
Impaired Loans | $ | 11,676 | $ | --- | $ | --- | $ | 11,676 | |||||||||||||
Other Real Estate | $ | 7,020 | $ | --- | $ | --- | $ | 7,020 | |||||||||||||
Liabilities | |||||||||||||||||||||
The Company did not identify any liabilities that are required to be presented at fair value. | |||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at March 31, 2014 and 2013. This table is comprised primarily of collateral dependent impaired loans and other real estate owned: | |||||||||||||||||||||
Valuation | Unobservable | Range | |||||||||||||||||||
31-Mar-14 | Techniques | Inputs | Weighted Avg | ||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Commercial | $ | 957 | Sales Comparison | Adjustment for Differences | 0.00% - 15.00% | ||||||||||||||||
Between the Comparable Sales | 7.50% | ||||||||||||||||||||
Management Adjustments for | 10.00% - 50.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 30.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||
Commercial Construction | 1,922 | Sales Comparison | Adjustment for Differences | (16.00%) - 28.00% | |||||||||||||||||
Between the Comparable Sales | 6.00% | ||||||||||||||||||||
Management Adjustments for | 0.00% - 10.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 5.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Capitalization Rate | 8.50% | |||||||||||||||||||
Residential Real Estate | 665 | Sales Comparison | Adjustment for Differences | (7.00%) - 46.00% | |||||||||||||||||
Between the Comparable Sales | 19.50% | ||||||||||||||||||||
Management Adjustments for | 0.00% - 25.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 12.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Commercial Real Estate | 5,702 | Sales Comparison | Management Adjustments for | 0.00% - 10.00% | |||||||||||||||||
Age of Appraisals and/or Current | 5.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Capitalization Rate | 11.00% | |||||||||||||||||||
Farmland | 1,091 | Sales Comparison | Adjustment for Differences | (55.00%) - 388.00% | |||||||||||||||||
Between the Comparable Sales | 166.50% | ||||||||||||||||||||
Management Adjustment for | 10.00% - 35.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 22.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Other Real Estate Owned | 6,727 | Sales Comparison | Adjustment for Differences | (45.00%) - 955.90% | |||||||||||||||||
Between the Comparable Sales | 455.45% | ||||||||||||||||||||
Management Adjustment for | 3.23% - 77.34% | ||||||||||||||||||||
Age of Appraisals and/or Current | 36.52% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Discount Rate | 3.00% | |||||||||||||||||||
Capitalization Rate | 10.50% | ||||||||||||||||||||
Valuation | Unobservable | Range | |||||||||||||||||||
31-Dec-13 | Techniques | Inputs | Weighted Avg | ||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Commercial | $ | 1,019 | Sales Comparison | Adjustment for Differences | 0.00% - 15.00% | ||||||||||||||||
Between the Comparable Sales | 7.50% | ||||||||||||||||||||
Management Adjustments for | 10.00% - 50.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 30.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||
Commercial Construction | 2,641 | Sales Comparison | Adjustment for Differences | (16.00%) - 28.00% | |||||||||||||||||
Between the Comparable Sales | 6.00% | ||||||||||||||||||||
Management Adjustments for | 0.00% - 10.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 5.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Capitalization Rate | 8.50% | |||||||||||||||||||
Residential Real Estate | 1,323 | Sales Comparison | Adjustment for Differences | 0.00% - 46.00% | |||||||||||||||||
Between the Comparable Sales | 23.00% | ||||||||||||||||||||
Management Adjustments for | 0.00% - 25.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 12.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Commercial Real Estate | 5,451 | Sales Comparison | Adjustment for differences | (27.20%) - 216.80% | |||||||||||||||||
Between the comparable Sales | 94.80% | ||||||||||||||||||||
Management Adjustments for | 25.00% - 90.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 57.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Capitalization Rate | 11.00% | |||||||||||||||||||
Farmland | 1,242 | Sales Comparison | Adjustment for Differences | (55.00%) - 388.00% | |||||||||||||||||
Between the Comparable Sales | 166.5 | ||||||||||||||||||||
Management Adjustments for | 10.00% - 35.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 22.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Other Real Estate Owned | 7,020 | Sales Comparison | Adjustment for Differences | (10.00%) - 319.10% | |||||||||||||||||
Between the Comparable Sales | 154.55% | ||||||||||||||||||||
Management Adjustment for | 0.36% - 87.81% | ||||||||||||||||||||
Age of Appraisals and/or Current | 29.99% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Discount Rate | 10.00% | |||||||||||||||||||
The table below presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the three months ended March 31, 2014 and the twelve months ended December 31, 2013. | |||||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Balance, Beginning | $ | 941 | $ | 1,138 | |||||||||||||||||
Transfers into Level 3 | -- | -- | |||||||||||||||||||
Transfers out of Level 3 | -- | (42 | ) | ||||||||||||||||||
Securities Purchased During the Year | -- | -- | |||||||||||||||||||
Securities Called During the Year | -- | -- | |||||||||||||||||||
Loss on OTTI Impairment Included in Noninterest Income | -- | (367 | ) | ||||||||||||||||||
Unrealized Gains included in Other Comprehensive Income (Loss) | 4 | 212 | |||||||||||||||||||
Balance, Ending | $ | 945 | $ | 941 | |||||||||||||||||
The Company’s policy is to recognize transfers in and transfers out of levels 1, 2 and 3 as of the end of a reporting period. As of December 31, 2013, the Company transferred certain state, county and municipal securities out of level 3 and into level 2. The transfers out of level 3 were the result of increased market activity for these types of securities, as well as more current credit ratings on these securities. There were no transfers of securities between levels for the three months ended March 31, 2014. | |||||||||||||||||||||
The following table presents quantitative information about recurring level 3 fair value measurements as of March 31, 2014. | |||||||||||||||||||||
Valuation | Unobservable | Range | |||||||||||||||||||
Fair Value | Techniques | Inputs | Weighted Avg | ||||||||||||||||||
State, County and Municipal | $ | 945 | Discounted Cash Flow | Discount Rate | N/A | * | |||||||||||||||
* The Company relies on a third-party pricing service to value its municipal securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company. |
Regulatory_Capital_Matters
Regulatory Capital Matters | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Regulatory Capital Matters [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Capital Matters | ' | ||||||||||||||||||||||||
-12 | Regulatory Capital Matters | ||||||||||||||||||||||||
The amount of dividends payable to the parent company from the subsidiary bank is limited by various banking regulatory agencies. Upon approval by regulatory authorities, the Bank may pay cash dividends to the parent company in excess of regulatory limitations. Additionally, in the third quarter of 2009, the Company suspended the payment of dividends to common shareholders. At March 31, 2014, the Company is subject to certain regulatory restrictions that preclude the declaration of or payment of any dividends to its common stockholders, without prior approval from the Federal Reserve Bank. | |||||||||||||||||||||||||
The Company is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and, possibly, additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. The amounts and ratios as defined in regulations are presented hereafter. Management believes, as of March 31, 2014, the Company meets all capital adequacy requirements to which it is subject under the regulatory framework for prompt corrective action. In the opinion of management, there are no conditions or events since prior notification of capital adequacy from the regulators that have changed the institution’s category. | |||||||||||||||||||||||||
The following table summarizes regulatory capital information as of March 31, 2014 and December 31, 2013 on a consolidated basis and for each significant subsidiary, as defined. | |||||||||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
Consolidated | $ | 130,292 | 17.34 | % | $ | 60,112 | 8 | % | NA | NA | |||||||||||||||
Colony Bank | 132,571 | 17.68 | 59,992 | 8 | $ | 74,990 | 10 | % | |||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
Consolidated | 120,871 | 16.09 | 30,056 | 4 | NA | NA | |||||||||||||||||||
Colony Bank | 123,168 | 16.42 | 29,996 | 4 | 44,994 | 6 | |||||||||||||||||||
Tier 1 Capital to Average Assets | |||||||||||||||||||||||||
Consolidated | 120,871 | 10.62 | 45,546 | 4 | NA | NA | |||||||||||||||||||
Colony Bank | 123,168 | 10.84 | 45,460 | 4 | 56,825 | 5 | |||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
Consolidated | $ | 129,569 | 17.06 | % | $ | 60,791 | 8 | % | NA | NA | |||||||||||||||
Colony Bank | 131,024 | 17.29 | 60,638 | 8 | $ | 75,797 | 10 | % | |||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
Consolidated | 120,048 | 15.81 | 30,396 | 4 | NA | NA | |||||||||||||||||||
Colony Bank | 121,521 | 16.03 | 30,319 | 4 | 45,478 | 6 | |||||||||||||||||||
Tier 1 Capital to Average Assets | |||||||||||||||||||||||||
Consolidated | 120,048 | 10.57 | 45,419 | 4 | NA | NA | |||||||||||||||||||
Colony Bank | 121,521 | 10.72 | 45,333 | 4 | 56,666 | 5 | |||||||||||||||||||
At March 31, 2014, the Bank continued to be subject to a board resolution (BR) which requires, among other things, that the Bank maintain minimum capital ratios at specified levels higher than those otherwise required by applicable regulations as follows: Tier 1 capital to total average assets of 8% and total risk-based capital to total risk-weighted assets of 10% during the life of the BR. The BR also requires that, prior to declaring or paying any cash dividend to the Company, the Bank must obtain written consent of its regulators. | |||||||||||||||||||||||||
Basel III Capital Rules | |||||||||||||||||||||||||
In July 2013, the Federal Reserve Board released its final rules which will implement the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Act. These rules become effective January 1, 2015 for community banks and will increase both the quality and quantity of capital held by banks. The final rule implements strict eligibility criteria for regulatory capital instruments and improves the methodology for calculating risk-weighted assets to enhance risk sensitivity. Consistent with the international Basel framework, the final rule includes a new minimum ratio of common equity Tier I capital to risk-weighted assets of 4.5 percent and a common equity Tier I capital conservation buffer of 2.5 percent of risk-weighted assets. The conservation buffer will be phased in from 2016 through 2019. In addition, the final rule raises the minimum ratio of Tier I capital to risk-weighted assets from 4 percent to 6 percent and includes a minimum leverage ratio of 4 percent for all banking organizations. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
-13 | Earnings Per Share | ||||||||
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share reflects the potential dilution of restricted stock and common stock warrants. Net income available to common stockholders represents net income after preferred stock dividends. The following table presents earnings per share for the three month period ended March 31, 2014 and 2013: | |||||||||
Three Months Ended | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Numerator | |||||||||
Net Income Available to Common Stockholders | $ | 814 | $ | 567 | |||||
Denominator | |||||||||
Weighted Average Number of Common Shares | |||||||||
Outstanding for Basic Earnings Per Common Share | 8,439 | 8,439 | |||||||
Dilutive Effect of Potential Common Stock | |||||||||
Restricted Stock | -- | -- | |||||||
Stock Warrants | -- | -- | |||||||
Weighted-Average Number of Shares Outstanding for | |||||||||
Diluted Earnings Per Common Share | 8,439 | 8,439 | |||||||
Earnings Per Share - Basic | $ | 0.1 | $ | 0.07 | |||||
Earnings Per Share - Diluted | $ | 0.1 | $ | 0.07 | |||||
For the three months ended March 31, 2014 and 2013, respectively, the Company has excluded 500 shares of common stock equivalents because the strike price of the common stock equivalents would cause them to have an anti-dilutive effect. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||
Presentation | ' | ||||
Presentation | |||||
Colony Bankcorp, Inc. (the Company) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of Colony Bankcorp, Inc. and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia. All significant intercompany accounts have been eliminated in consolidation. The accounting and reporting policies of Colony Bankcorp, Inc. conform to generally accepted accounting principles and practices utilized in the commercial banking industry. | |||||
All dollars in notes to consolidated financial statements are rounded to the nearest thousand. | |||||
The consolidated financial statements in this report are unaudited, except for the December 31, 2013 consolidated balance sheet. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. The results of operations for the three months ended March 31, 2014, are not necessarily indicative of the results which may be expected for the entire year. | |||||
Nature of Operations | ' | ||||
Nature of Operations | |||||
The Bank provides a full range of retail and commercial banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. Colony Bank is headquartered in Fitzgerald, Georgia with banking offices in Albany, Ashburn, Broxton, Centerville, Chester, Columbus, Cordele, Douglas, Eastman, Fitzgerald, Leesburg, Moultrie, Pitts, Quitman, Rochelle, Savannah, Soperton, Sylvester, Thomaston, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network. | |||||
Use of Estimates | ' | ||||
Use of Estimates | |||||
In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly 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 and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. | |||||
Reclassifications | ' | ||||
Reclassifications | |||||
In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to statement presentations selected for 2014. Such reclassifications had no effect on previously reported stockholders’ equity or net income. | |||||
Concentrations of Credit Risk | ' | ||||
Concentrations of Credit Risk | |||||
Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries, or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk, particularly with the current economic downturn in the real estate market. At March 31, 2014, approximately 88 percent of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Declining collateral real estate values that secure land development, construction and speculative real estate loans in the Company’s larger MSA markets have resulted in high loan loss provisions in recent years. In addition, a large portion of the Company’s foreclosed assets are also located in these same geographic markets, making the recovery of the carrying amount of foreclosed assets susceptible to changes in market conditions. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis. | |||||
The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of Colony depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment. | |||||
At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit rating is monitored by management to minimize credit risk. | |||||
Investment Securities | ' | ||||
Investment Securities | |||||
The Company classifies its investment securities as trading, available for sale or held to maturity. Securities that are held principally for resale in the near term are classified as trading. Trading securities are carried at fair value, with realized and unrealized gains and losses included in noninterest income. Currently, no securities are classified as trading. Securities acquired with both the intent and ability to be held to maturity are classified as held to maturity and reported at amortized cost. All securities not classified as trading or held to maturity are considered available for sale. Securities available for sale are reported at estimated fair value. Unrealized gains and losses on securities available for sale are excluded from earnings and are reported, net of deferred taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity. Gains and losses from sales of securities available for sale are computed using the specific identification method. Securities available for sale includes securities, which may be sold to meet liquidity needs arising from unanticipated deposit and loan fluctuations, changes in regulatory capital requirements, or unforeseen changes in market conditions. | |||||
The Company evaluates each held to maturity and available for sale security in a loss position for other-than-temporary impairment (OTTI). In estimating other-than-temporary impairment losses, management considers such factors as the length of time and the extent to which the market value has been below cost, the financial condition of the issuer and the Company’s intent to sell and whether it is more likely than not that the Company will be required to sell the security before anticipated recovery of the amortized cost basis. If the Company intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery, the OTTI write-down is recognized in earnings. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings and an amount related to all other factors, which is recognized in other comprehensive income (loss). | |||||
Federal Home Loan Bank Stock | ' | ||||
Federal Home Loan Bank Stock | |||||
Investment in stock of a Federal Home Loan Bank (FHLB) is required for every federally insured institution that utilizes its services. FHLB stock is considered restricted, as defined in the accounting standards. The FHLB stock is reported in the consolidated financial statements at cost. Dividend income is recognized when earned. | |||||
Loans | ' | ||||
Loans | |||||
Loans that the Company has the ability and intent to hold for the foreseeable future or until maturity are recorded at their principal amount outstanding, net of unearned interest and fees. Loan origination fees, net of certain direct origination costs, are deferred and amortized over the estimated terms of the loans using the straight-line method. Interest income on loans is recognized using the effective interest method. | |||||
A loan is considered to be delinquent when payments have not been made according to contractual terms, typically evidenced by nonpayment of a monthly installment by the due date. | |||||
When management believes there is sufficient doubt as to the collectibility of principal or interest on any loan or generally when loans are 90 days or more past due, the accrual of applicable interest is discontinued and the loan is designated as nonaccrual, unless the loan is well secured and in the process of collection. Interest payments received on nonaccrual loans are either applied against principal or reported as income, according to management’s judgment as to the collectibility of principal. Loans are returned to an accrual status when factors indicating doubtful collectibility on a timely basis no longer exist. | |||||
Loans Modified in a Troubled Debt Restructuring (TDR) | ' | ||||
Loans Modified in a Troubled Debt Restructuring (TDR) | |||||
Loans are considered to have been modified in a TDR when due to a borrower’s financial difficulty, the Company makes certain concessions to the borrower that it would not otherwise consider for new debt with similar risk characteristics. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of the collateral. Generally, a non-accrual loan that has been modified in a TDR remains on non-accrual status for a period of 6 months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. Once a loan is modified in a troubled debt restructuring it is accounted for as an impaired loan, regardless of its accrual status, until the loan is paid in full, sold or charged off. | |||||
Allowance for Loan Losses | ' | ||||
Allowance for Loan Losses | |||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. | |||||
The allowance consists of specific, historical and general components. The specific component relates to loans that are classified as either doubtful, substandard or special mention. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The historical component covers nonclassified loans and is based on historical loss experience adjusted for qualitative factors. A general component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and historical losses in the portfolio. General valuation allowances are based on internal and external qualitative risk factors such as (i) changes in the composition of the loan portfolio, (ii) the extent of loan concentrations within the portfolio, (iii) the effectiveness of the Company’s lending policies, procedures and internal controls, (iv) the experience, ability and effectiveness of the Company’s lending management and staff, and (v) national and local economics and business conditions. | |||||
Loans identified as losses by management, internal loan review and/or regulatory agencies are charged off. | |||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. | |||||
A significant portion of the Company’s impaired loans are deemed to be collateral dependent. Management therefore measures impairment on these loans based on the fair value of the collateral. Collateral values are determined based on appraisals performed by qualified licensed appraisers hired by the Company or by senior members of the Company’s credit administration staff. The decision whether or not to obtain an external third-party appraisal usually depends on the type of property being evaluated. External appraisals are usually obtained on more complex, income producing properties such as hotels, shopping centers and businesses. Less complex properties such as residential lots, farm land and single family houses may be evaluated internally by senior credit administration staff. | |||||
When the Company does obtain appraisals from external third-parties, the values utilized in the impairment calculation are “as is” or current market values. The appraisals, whether prepared internally or externally, may utilize a single valuation approach or a combination of approaches including the comparable sales, income and cost approach. Appraised amounts used in the impairment calculation are typically discounted 10 percent to account for selling and marketing costs, if the repayment of the loan is to come from the sale of the collateral. Although appraisals are not obtained each year on all impaired loans, the collateral values used in the impairment calculations are evaluated quarterly by management. Based on management’s knowledge of the collateral and the current real estate market conditions, appraised values may be further discounted to reflect facts and circumstances known to management since the initial appraisal was performed. | |||||
Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a level 3 classification of the inputs for determining fair value. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions, we consider the fair value of impaired loans to be highly sensitive to changes in market conditions. | |||||
Premises and Equipment | ' | ||||
Premises and Equipment | |||||
Premises and equipment are recorded at acquisition cost net of accumulated depreciation. | |||||
Depreciation is charged to operations over the estimated useful lives of the assets. The estimated useful lives and methods of depreciation are as follows: | |||||
Description | Life in Years | Method | |||
Banking Premises | 15-40 | Straight-Line and Accelerated | |||
Furniture and Equipment | 10-May | Straight-Line and Accelerated | |||
Expenditures for major renewals and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. When property and equipment are retired or sold, the cost and accumulated depreciation are removed from the respective accounts and any gain or loss is reflected in other income or expense. | |||||
Intangible Assets | ' | ||||
Intangible Assets | |||||
Intangible assets consist of core deposit intangibles acquired in connection with a business combination. The core deposit intangible is initially recognized based on a valuation performed as of the consummation date. The core deposit intangible is amortized by the straight-line method over the average remaining life of the acquired customer deposits. | |||||
Transfers of Financial Assets | ' | ||||
Transfers of Financial Assets | |||||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |||||
Statement of Cash Flows | ' | ||||
Statement of Cash Flows | |||||
For reporting cash flows, cash and cash equivalents include cash on hand, noninterest-bearing amounts due from banks and federal funds sold. Cash flows from demand deposits, interest-bearing checking accounts, savings accounts, loans and certificates of deposit are reported net. | |||||
Advertising Costs | ' | ||||
Advertising Costs | |||||
The Company expenses the cost of advertising in the periods in which those costs are incurred. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
The provision for income taxes is based upon income for financial statement purposes, adjusted for nontaxable income and nondeductible expenses. Deferred income taxes have been provided when different accounting methods have been used in determining income for income tax purposes and for financial reporting purposes. | |||||
Deferred tax assets and liabilities are recognized based on future tax consequences attributable to differences arising from the financial statement carrying values of assets and liabilities and their tax bases. The differences relate primarily to depreciable assets (use of different depreciation methods for financial statement and income tax purposes) and allowance for loan losses (use of the allowance method for financial statement purposes and the direct write-off method for tax purposes). In the event of changes in the tax laws, deferred tax assets and liabilities are adjusted in the period of the enactment of those changes, with effects included in the income tax provision. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company and its subsidiary file a consolidated federal income tax return. The subsidiary pays its proportional share of federal income taxes to the Company based on its taxable income. | |||||
Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the consolidated statement of income. | |||||
Other Real Estate | ' | ||||
Other Real Estate | |||||
Other real estate generally represents real estate acquired through foreclosure and is initially recorded at estimated fair value at the date of acquisition less the cost of disposal. Losses from the acquisition of property in full or partial satisfaction of debt are recorded as loan losses. Properties are evaluated regularly to ensure the recorded amounts are supported by current fair values, and valuation allowances are recorded as necessary to reduce the carrying amount to fair value less estimated cost of disposal. Routine holding costs and gains or losses upon disposition are included in other noninterest expense. | |||||
Bank-Owned Life Insurance | ' | ||||
Bank-Owned Life Insurance | |||||
The Company has purchased life insurance on the lives of certain key members of management and directors. The life insurance policies are recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement, if applicable. Increases in the cash surrender value are recorded as other income in the consolidated statements of income. The cash surrender value of the insurance contracts is recorded in other assets on the consolidated balance sheets in the amount of $14,097 and $13,940 as of March 31, 2014 and December 31, 2013, respectively. | |||||
Comprehensive Income | ' | ||||
Comprehensive Income | |||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities available for sale, represent equity changes from economic events of the period other than transactions with owners and are not reported in the consolidated statements of operations but as a separate component of the equity section of the consolidated balance sheets. Such items are considered components of other comprehensive income (loss). Accounting standards codification requires the presentation in the consolidated financial statements of net income and all items of other comprehensive income (loss) as total comprehensive income (loss). | |||||
Off-Balance Sheet Credit Related Financial Instruments | ' | ||||
Off-Balance Sheet Credit Related Financial Instruments | |||||
In the ordinary course of business, the Company has entered into commitments to extend credit, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. | |||||
Changes in Accounting Principles and Effects of New Accounting Pronouncements | ' | ||||
Changes in Accounting Principles and Effects of New Accounting Pronouncements | |||||
Adoption of New Accounting Standards | |||||
In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, ASU No. 2014-04 requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's Consolidated Financial Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||
Estimated useful lives and methods of depreciation | ' | ||||
The estimated useful lives and methods of depreciation are as follows: | |||||
Description | Life in Years | Method | |||
Banking Premises | 15-40 | Straight-Line and Accelerated | |||
Furniture and Equipment | 10-May | Straight-Line and Accelerated |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment securities | ' | ||||||||||||||||||||||||
Investment securities as of March 31, 2014 and December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||
31-Mar-14 | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
Mortgage-Backed | $ | 286,438 | $ | 209 | $ | (11,524 | ) | $ | 275,123 | ||||||||||||||||
State, County & Municipal | 3,875 | 11 | (52 | ) | 3,834 | ||||||||||||||||||||
$ | 290,313 | $ | 220 | $ | (11,576 | ) | $ | 278,957 | |||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
State, County and Municipal | $ | 38 | $ | -- | $ | -- | $ | 38 | |||||||||||||||||
31-Dec-13 | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
Mortgage-Backed | $ | 273,029 | $ | 119 | $ | (13,800 | ) | $ | 259,348 | ||||||||||||||||
State, County & Municipal | 3,979 | 15 | (84 | ) | 3,910 | ||||||||||||||||||||
$ | 277,008 | $ | 134 | $ | (13,884 | ) | $ | 263,258 | |||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
State, County and Municipal | $ | 37 | $ | -- | $ | -- | $ | 37 | |||||||||||||||||
Amortized cost and fair value of investment securities by contractual maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of investment securities as of March 31, 2014, by contractual maturity, are shown hereafter. Expected maturities will differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below. | |||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due In One Year or Less | $ | 779 | $ | 782 | $ | -- | $ | -- | |||||||||||||||||
Due After One Year Through Five Years | 1,245 | 1,252 | 38 | 38 | |||||||||||||||||||||
Due After Five Years Through Ten Years | 1,198 | 1,174 | -- | -- | |||||||||||||||||||||
Due After Ten Years | 653 | 626 | -- | -- | |||||||||||||||||||||
3,875 | 3,834 | 38 | 38 | ||||||||||||||||||||||
Mortgage-Backed Securities | 286,438 | 275,123 | -- | -- | |||||||||||||||||||||
$ | 290,313 | $ | 278,957 | $ | 38 | $ | 38 | ||||||||||||||||||
Invested securities in a continuous unrealized loss position | ' | ||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at March 31, 2014 and December 31, 2013 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
Mortgage-Backed | $ | 141,975 | $ | (4,715 | ) | $ | 115,624 | $ | (6,809 | ) | $ | 257,599 | $ | (11,524 | ) | ||||||||||
State, County and Municipal | 953 | (25 | ) | 626 | (27 | ) | 1,579 | (52 | ) | ||||||||||||||||
$ | 142,928 | $ | (4,740 | ) | $ | 116,250 | $ | (6,836 | ) | $ | 259,178 | $ | (11,576 | ) | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||||||
Mortgage-Backed | $ | 190,064 | $ | (9,441 | ) | $ | 63,194 | $ | (4,359 | ) | $ | 253,258 | $ | (13,800 | ) | ||||||||||
State, County and Municipal | 1,647 | (84 | ) | -- | -- | 1,647 | (84 | ) | |||||||||||||||||
$ | 191,711 | $ | (9,525 | ) | $ | 63,194 | $ | (4,359 | ) | $ | 254,905 | $ | (13,884 | ) |
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||||||||||
Loans segregated by class of loans | ' | ||||||||||||||||||||||||
The following table presents the composition of loans segregated by class of loans, as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 43,979 | $ | 48,107 | |||||||||||||||||||||
Agricultural | 12,654 | 10,666 | |||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 54,608 | 52,739 | |||||||||||||||||||||||
Residential Construction | 9,779 | 6,549 | |||||||||||||||||||||||
Commercial | 337,835 | 341,783 | |||||||||||||||||||||||
Residential | 202,159 | 206,258 | |||||||||||||||||||||||
Farmland | 47,886 | 47,035 | |||||||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 23,693 | 25,676 | |||||||||||||||||||||||
Other | 5,601 | 12,405 | |||||||||||||||||||||||
Total Loans | $ | 738,194 | $ | 751,218 | |||||||||||||||||||||
Loan portfolio by credit quality indicator (risk grade) | ' | ||||||||||||||||||||||||
The following table presents the loan portfolio by credit quality indicator (risk grade) as of March 31, 2014 and December 31, 2013. Those loans with a risk grade of 1, 2, 3 or 4 have been combined in the pass column for presentation purposes. | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 37,721 | $ | 2,705 | $ | 3,553 | $ | 43,979 | |||||||||||||||||
Agricultural | 12,475 | 13 | 166 | 12,654 | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 44,861 | 1,523 | 8,224 | 54,608 | |||||||||||||||||||||
Residential Construction | 9,679 | 100 | -- | 9,779 | |||||||||||||||||||||
Commercial | 312,175 | 9,154 | 16,506 | 337,835 | |||||||||||||||||||||
Residential | 179,656 | 13,630 | 8,873 | 202,159 | |||||||||||||||||||||
Farmland | 45,644 | 528 | 1,714 | 47,886 | |||||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 22,810 | 260 | 623 | 23,693 | |||||||||||||||||||||
Other | 5,363 | -- | 238 | 5,601 | |||||||||||||||||||||
Total Loans | $ | 670,384 | $ | 27,913 | $ | 39,897 | $ | 738,194 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 41,759 | $ | 2,770 | $ | 3,578 | $ | 48,107 | |||||||||||||||||
Agricultural | 10,638 | 17 | 11 | 10,666 | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 42,669 | 1,512 | 8,558 | 52,739 | |||||||||||||||||||||
Residential Construction | 6,341 | 208 | -- | 6,549 | |||||||||||||||||||||
Commercial | 317,567 | 10,760 | 13,456 | 341,783 | |||||||||||||||||||||
Residential | 182,977 | 13,524 | 9,757 | 206,258 | |||||||||||||||||||||
Farmland | 44,777 | 507 | 1,751 | 47,035 | |||||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 24,609 | 320 | 747 | 25,676 | |||||||||||||||||||||
Other | 12,355 | 1 | 49 | 12,405 | |||||||||||||||||||||
Total Loans | $ | 683,692 | $ | 29,619 | $ | 37,907 | $ | 751,218 | |||||||||||||||||
Age analysis of past due loans and nonaccrual loans, segregated by class of loans | ' | ||||||||||||||||||||||||
The following table represents an age analysis of past due loans and nonaccrual loans, segregated by class of loans, as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||
30-89 Days | or More | Total Accruing | Nonaccrual | ||||||||||||||||||||||
Past Due | Past Due | Loans Past Due | Loans | Current Loans | Total Loans | ||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 709 | $ | -- | $ | 709 | $ | 1,976 | $ | 41,294 | $ | 43,979 | |||||||||||||
Agricultural | 86 | -- | 86 | 51 | 12,517 | 12,654 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 441 | -- | 441 | 7,824 | 46,343 | 54,608 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | 9,779 | 9,779 | |||||||||||||||||||
Commercial | 6,176 | -- | 6,176 | 9,128 | 322,531 | 337,835 | |||||||||||||||||||
Residential | 2,941 | -- | 2,941 | 3,814 | 195,404 | 202,159 | |||||||||||||||||||
Farmland | 94 | -- | 94 | 1,672 | 46,120 | 47,886 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 332 | 15 | 347 | 252 | 23,094 | 23,693 | |||||||||||||||||||
Other | -- | -- | -- | 203 | 5,398 | 5,601 | |||||||||||||||||||
Total Loans | $ | 10,779 | $ | 15 | $ | 10,794 | $ | 24,920 | $ | 702,480 | $ | 738,194 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||
30-89 Days | or More | Total Accruing | Nonaccrual | ||||||||||||||||||||||
Past Due | Past Due | Loans Past Due | Loans | Current Loans | Total Loans | ||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 581 | $ | -- | $ | 581 | $ | 1,646 | $ | 45,880 | $ | 48,107 | |||||||||||||
Agricultural | 81 | -- | 81 | -- | 10,585 | 10,666 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 140 | -- | 140 | 8,222 | 44,377 | 52,739 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | 6,549 | 6,549 | |||||||||||||||||||
Commercial | 2,287 | -- | 2,287 | 7,367 | 332,129 | 341,783 | |||||||||||||||||||
Residential | 5,274 | -- | 5,274 | 4,933 | 196,051 | 206,258 | |||||||||||||||||||
Farmland | 351 | -- | 351 | 1,630 | 45,054 | 47,035 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 454 | 4 | 458 | 307 | 24,911 | 25,676 | |||||||||||||||||||
Other | 198 | -- | 198 | 9 | 12,198 | 12,405 | |||||||||||||||||||
Total Loans | $ | 9,366 | $ | 4 | $ | 9,370 | $ | 24,114 | $ | 717,734 | $ | 751,218 | |||||||||||||
Impaired loan data | ' | ||||||||||||||||||||||||
The following table details impaired loan data as of March 31, 2014: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Contractual | Average | Interest | Interest | ||||||||||||||||||||||
Principal | Impaired | Related | Recorded | Income | Income | ||||||||||||||||||||
Balance | Balance | Allowance | Investment | Recognized | Collected | ||||||||||||||||||||
With No Related | |||||||||||||||||||||||||
Allowance Recorded | |||||||||||||||||||||||||
Commercial | $ | 599 | $ | 599 | $ | -- | $ | 599 | $ | 5 | $ | 13 | |||||||||||||
Agricultural | 56 | 51 | -- | 51 | (9 | ) | -- | ||||||||||||||||||
Commercial Construction | 7,460 | 4,354 | -- | 4,354 | 8 | 8 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 21,196 | 20,686 | -- | 20,686 | 130 | 132 | |||||||||||||||||||
Residential Real Estate | 7,113 | 5,642 | -- | 5,642 | 46 | 46 | |||||||||||||||||||
Farmland | 349 | 348 | -- | 348 | (2 | ) | 1 | ||||||||||||||||||
Consumer | 256 | 251 | -- | 251 | 4 | 5 | |||||||||||||||||||
Other | 203 | 203 | -- | 203 | 2 | 2 | |||||||||||||||||||
37,232 | 32,134 | -- | 32,134 | 184 | 207 | ||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||
Commercial | 1,380 | 1,380 | 423 | 1,380 | -- | -- | |||||||||||||||||||
Agricultural | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Construction | 5,922 | 3,470 | 1,548 | 3,470 | -- | -- | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 6,466 | 6,109 | 407 | 6,109 | 46 | 46 | |||||||||||||||||||
Residential Real Estate | 962 | 954 | 289 | 954 | 11 | 15 | |||||||||||||||||||
Farmland | 1,324 | 1,324 | 233 | 1,324 | -- | -- | |||||||||||||||||||
Consumer | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
16,054 | 13,237 | 2,900 | 13,237 | 57 | 61 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | 1,979 | 1,979 | 423 | 1,979 | 5 | 13 | |||||||||||||||||||
Agricultural | 56 | 51 | -- | 51 | (9 | ) | -- | ||||||||||||||||||
Commercial Construction | 13,382 | 7,824 | 1,548 | 7,824 | 8 | 8 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 27,662 | 26,795 | 407 | 26,795 | 176 | 178 | |||||||||||||||||||
Residential Real Estate | 8,075 | 6,596 | 289 | 6,596 | 57 | 61 | |||||||||||||||||||
Farmland | 1,673 | 1,672 | 233 | 1,672 | (2 | ) | 1 | ||||||||||||||||||
Consumer | 256 | 251 | -- | 251 | 4 | 5 | |||||||||||||||||||
Other | 203 | 203 | -- | 203 | 2 | 2 | |||||||||||||||||||
$ | 53,286 | $ | 45,371 | $ | 2,900 | $ | 45,371 | $ | 241 | $ | 268 | ||||||||||||||
The following table details impaired loan data as of December 31, 2013: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Contractual | Average | Interest | Interest | ||||||||||||||||||||||
Principal | Impaired | Related | Recorded | Income | Income | ||||||||||||||||||||
Balance | Balance | Allowance | Investment | Recognized | Collected | ||||||||||||||||||||
With No Related | |||||||||||||||||||||||||
Allowance Recorded | |||||||||||||||||||||||||
Commercial | $ | 305 | $ | 305 | $ | -- | $ | 216 | $ | 24 | $ | 25 | |||||||||||||
Agricultural | -- | -- | -- | 10 | -- | -- | |||||||||||||||||||
Commercial Construction | 7,856 | 4,750 | -- | 4,106 | 35 | 41 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 20,121 | 19,253 | -- | 13,199 | 494 | 504 | |||||||||||||||||||
Residential Real Estate | 7,837 | 6,362 | -- | 4,564 | 224 | 209 | |||||||||||||||||||
Farmland | 303 | 303 | -- | 1,859 | 1 | 1 | |||||||||||||||||||
Consumer | 313 | 307 | -- | 253 | 18 | 21 | |||||||||||||||||||
Other | 9 | 9 | -- | 2 | 1 | 1 | |||||||||||||||||||
36,744 | 31,289 | -- | 24,209 | 797 | 802 | ||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||
Commercial | 1,453 | 1,453 | 434 | 1,689 | 15 | 21 | |||||||||||||||||||
Agricultural | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Construction | 5,923 | 3,472 | 830 | 5,025 | -- | -- | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 5,874 | 5,874 | 424 | 11,072 | 157 | 148 | |||||||||||||||||||
Residential Real Estate | 1,949 | 1,849 | 526 | 3,662 | 26 | 24 | |||||||||||||||||||
Farmland | 1,327 | 1,327 | 85 | 664 | 45 | 47 | |||||||||||||||||||
Consumer | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
16,526 | 13,975 | 2,299 | 22,112 | 243 | 240 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | 1,758 | 1,758 | 434 | 1,905 | 39 | 46 | |||||||||||||||||||
Agricultural | -- | -- | -- | 10 | -- | -- | |||||||||||||||||||
Commercial Construction | 13,779 | 8,222 | 830 | 9,131 | 35 | 41 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 25,995 | 25,127 | 424 | 24,271 | 651 | 652 | |||||||||||||||||||
Residential Real Estate | 9,786 | 8,211 | 526 | 8,226 | 250 | 233 | |||||||||||||||||||
Farmland | 1,630 | 1,630 | 85 | 2,523 | 46 | 48 | |||||||||||||||||||
Consumer | 313 | 307 | -- | 253 | 18 | 21 | |||||||||||||||||||
Other | 9 | 9 | -- | 2 | 1 | 1 | |||||||||||||||||||
$ | 53,270 | $ | 45,264 | $ | 2,299 | $ | 46,321 | $ | 1,040 | $ | 1,042 | ||||||||||||||
The following table details impaired loan data as of March 31, 2013: | |||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Contractual | Average | Interest | Interest | ||||||||||||||||||||||
Principal | Impaired | Related | Recorded | Income | Income | ||||||||||||||||||||
Balance | Balance | Allowance | Investment | Recognized | Collected | ||||||||||||||||||||
With No Related | |||||||||||||||||||||||||
Allowance Recorded | |||||||||||||||||||||||||
Commercial | $ | 264 | $ | 122 | $ | -- | $ | 122 | $ | 3 | $ | 4 | |||||||||||||
Agricultural | 39 | 39 | -- | 39 | -- | -- | |||||||||||||||||||
Commercial Construction | 9,002 | 4,962 | -- | 4,962 | 4 | 5 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 15,405 | 15,331 | -- | 15,331 | 102 | 129 | |||||||||||||||||||
Residential Real Estate | 2,726 | 2,382 | -- | 2,382 | 10 | 18 | |||||||||||||||||||
Farmland | 2,590 | 2,548 | -- | 2,548 | (1 | ) | 3 | ||||||||||||||||||
Consumer | 229 | 217 | -- | 217 | -- | 2 | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
30,255 | 25,601 | -- | 25,601 | 118 | 161 | ||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||
Commercial | 1,465 | 1,465 | 456 | 1,465 | 20 | 17 | |||||||||||||||||||
Agricultural | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Construction | 5,339 | 4,690 | 1,493 | 4,690 | -- | 1 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 10,077 | 9,917 | 1,426 | 9,917 | 73 | 91 | |||||||||||||||||||
Residential Real Estate | 6,959 | 5,916 | 1,118 | 5,916 | 40 | 36 | |||||||||||||||||||
Farmland | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Consumer | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
23,840 | 21,988 | 4,493 | 21,988 | 133 | 145 | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
Commercial | 1,729 | 1,587 | 456 | 1,587 | 23 | 21 | |||||||||||||||||||
Agricultural | 39 | 39 | -- | 39 | -- | -- | |||||||||||||||||||
Commercial Construction | 14,341 | 9,652 | 1,493 | 9,652 | 4 | 6 | |||||||||||||||||||
Residential Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Commercial Real Estate | 25,482 | 25,248 | 1,426 | 25,248 | 175 | 220 | |||||||||||||||||||
Residential Real Estate | 9,685 | 8,298 | 1,118 | 8,298 | 50 | 54 | |||||||||||||||||||
Farmland | 2,590 | 2,548 | -- | 2,548 | (1 | ) | 3 | ||||||||||||||||||
Consumer | 229 | 217 | -- | 217 | -- | 2 | |||||||||||||||||||
Other | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
$ | 54,095 | $ | 47,589 | $ | 4,493 | $ | 47,589 | $ | 251 | $ | 306 | ||||||||||||||
Loans modified in troubled debt restructuring | ' | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
# of Contracts | Pre-Modification | Post-Modification | |||||||||||||||||||||||
Commercial RE | 2 | $ | 1,771 | $ | 1,775 | ||||||||||||||||||||
Total Loans | 2 | $ | 1,771 | $ | 1,775 | ||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
# of Contracts | Pre-Modification | Post-Modification | |||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 84 | $ | 81 | ||||||||||||||||||||
Residential Real Estate | 2 | 1,024 | 1,001 | ||||||||||||||||||||||
Total Loans | 3 | $ | 1,108 | $ | 1,082 |
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||
Allowance for loan losses | ' | ||||||||||||||||||||||||
The following tables detail activity in the allowance for loan losses, segregated by class of loan, for the three month period ended March 31, 2014 and March 31, 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories. | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||
Balance | Charge-Offs | Recoveries | Provision | Balance | |||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 1,017 | $ | (27 | ) | $ | 14 | $ | 7 | $ | 1,011 | ||||||||||||||
Agricultural | 294 | -- | 1 | 2 | 297 | ||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 1,782 | -- | 182 | 125 | 2,089 | ||||||||||||||||||||
Residential Construction | 138 | -- | -- | -- | 138 | ||||||||||||||||||||
Commercial | 4,379 | (236 | ) | 6 | 131 | 4,280 | |||||||||||||||||||
Residential | 3,278 | (293 | ) | 6 | 38 | 3,029 | |||||||||||||||||||
Farmland | 312 | -- | -- | 1 | 313 | ||||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 243 | (102 | ) | 25 | 23 | 189 | |||||||||||||||||||
Other | 363 | -- | 1 | -- | 364 | ||||||||||||||||||||
$ | 11,806 | $ | (658 | ) | $ | 235 | $ | 327 | $ | 11,710 | |||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Beginning | Ending | ||||||||||||||||||||||||
Balance | Charge-Offs | Recoveries | Provision | Balance | |||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 981 | $ | (31 | ) | $ | 18 | $ | 39 | $ | 1,007 | ||||||||||||||
Agricultural | 296 | -- | 4 | -- | 300 | ||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 1,890 | (692 | ) | 80 | 511 | 1,789 | |||||||||||||||||||
Residential Construction | 138 | -- | -- | -- | 138 | ||||||||||||||||||||
Commercial | 5,163 | (485 | ) | 43 | 593 | 5,314 | |||||||||||||||||||
Residential | 3,406 | (187 | ) | 5 | 228 | 3,452 | |||||||||||||||||||
Farmland | 291 | (1 | ) | 11 | 1 | 302 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | 228 | (101 | ) | 32 | 123 | 282 | |||||||||||||||||||
Other | 344 | (4 | ) | 1 | 5 | 346 | |||||||||||||||||||
$ | 12,737 | $ | (1,501 | ) | $ | 194 | $ | 1,500 | $ | 12,930 | |||||||||||||||
Allowance for loan losses, segregated by impairment methodology | ' | ||||||||||||||||||||||||
The following tables present breakdowns of the allowance for loan losses, segregated by impairment methodology for March 31, 2014 and 2013: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Ending Allowance Balance | Ending Loan Balance | ||||||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | Total | Impairment | Impairment | Total | ||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 423 | $ | 588 | $ | 1,011 | $ | 1,469 | $ | 42,510 | $ | 43,979 | |||||||||||||
Agricultural | -- | 297 | 297 | -- | 12,654 | 12,654 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 1,548 | 541 | 2,089 | 7,683 | 46,925 | 54,608 | |||||||||||||||||||
Residential Construction | -- | 138 | 138 | -- | 9,779 | 9,779 | |||||||||||||||||||
Commercial | 407 | 3,873 | 4,280 | 26,192 | 311,643 | 337,835 | |||||||||||||||||||
Residential | 289 | 2,740 | 3,029 | 4,412 | 197,747 | 202,159 | |||||||||||||||||||
Farmland | 233 | 80 | 313 | 1,614 | 46,272 | 47,886 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | -- | 189 | 189 | -- | 23,693 | 23,693 | |||||||||||||||||||
Other | -- | 364 | 364 | 9 | 5,592 | 5,601 | |||||||||||||||||||
Total End of Period Balance | $ | 2,900 | $ | 8,810 | $ | 11,710 | $ | 41,379 | $ | 696,815 | $ | 738,194 | |||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Ending Allowance Balance | Ending Loan Balance | ||||||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | Total | Impairment | Impairment | Total | ||||||||||||||||||||
Commercial and Agricultural | |||||||||||||||||||||||||
Commercial | $ | 456 | $ | 551 | $ | 1,007 | $ | 1,554 | $ | 51,352 | $ | 52,906 | |||||||||||||
Agricultural | -- | 300 | 300 | -- | 7,856 | 7,856 | |||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Commercial Construction | 1,493 | 296 | 1,789 | 9,442 | 42,652 | 52,094 | |||||||||||||||||||
Residential Construction | -- | 138 | 138 | -- | 7,570 | 7,570 | |||||||||||||||||||
Commercial | 1,426 | 3,888 | 5,314 | 25,175 | 303,677 | 328,852 | |||||||||||||||||||
Residential | 1,118 | 2,334 | 3,452 | 7,173 | 197,485 | 204,658 | |||||||||||||||||||
Farmland | -- | 302 | 302 | 2,277 | 45,931 | 48,208 | |||||||||||||||||||
Consumer and Other | |||||||||||||||||||||||||
Consumer | -- | 282 | 282 | -- | 28,379 | 28,379 | |||||||||||||||||||
Other | -- | 346 | 346 | -- | 6,297 | 6,297 | |||||||||||||||||||
Total End of Period Balance | $ | 4,493 | $ | 8,437 | $ | 12,930 | $ | 45,621 | $ | 691,199 | $ | 736,820 |
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Real Estate Owned [Abstract] | ' | ||||||||
Change in other real estate owned | ' | ||||||||
The following table details the change in OREO for the three months ended March 31, 2014 and the year ended December 31, 2013. | |||||||||
Three Months Ended | Twelve Months Ended | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Balance, Beginning | $ | 15,502 | $ | 15,941 | |||||
Additions | 1,091 | 10,251 | |||||||
Sales of OREO | (1,700 | ) | (7,804 | ) | |||||
Gain (Loss) on Sale | (24 | ) | (1,564 | ) | |||||
Provision for Losses | (642 | ) | (1,322 | ) | |||||
Balance, Ending | $ | 14,227 | $ | 15,502 |
Deposits_Tables
Deposits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deposits [Abstract] | ' | ||||||||
Components of interest-bearing deposits | ' | ||||||||
Components of interest-bearing deposits as of March 31, 2014 and December 31, 2013 are as follows: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Interest-Bearing Demand | $ | 344,827 | $ | 357,291 | |||||
Savings | 57,463 | 54,095 | |||||||
Time, $100,000 and Over | 220,692 | 220,673 | |||||||
Other Time | 233,888 | 240,210 | |||||||
$ | 856,870 | $ | 872,269 | ||||||
Scheduled maturities of certificates of deposits | ' | ||||||||
As of March 31, 2014 and December 31, 2013, the scheduled maturities of certificates of deposits are as follows: | |||||||||
Maturity | 31-Mar-14 | 31-Dec-13 | |||||||
One Year and Under | $ | 326,656 | $ | 322,971 | |||||
One to Three Years | 97,490 | 106,946 | |||||||
Three Years and Over | 30,434 | 30,966 | |||||||
$ | 454,580 | $ | 460,883 |
Other_Borrowed_Money_Tables
Other Borrowed Money (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Borrowed Money [Abstract] | ' | ||||||||
Other borrowed money | ' | ||||||||
Other borrowed money at March 31, 2014 and December 31, 2013 is summarized as follows: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Federal Home Loan Bank Advances | $ | 40,000 | $ | 40,000 | |||||
Aggregate stated maturities of other borrowed money | ' | ||||||||
The aggregate stated maturities of other borrowed money at March 31, 2014 are as follows: | |||||||||
Year | Amount | ||||||||
2017 | $ | 9,000 | |||||||
2018 | 20,500 | ||||||||
2019 | 8,000 | ||||||||
2020 | 2,500 | ||||||||
$ | 40,000 | ||||||||
Subordinated_Debentures_Trust_1
Subordinated Debentures (Trust Preferred Securities) (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Subordinated Debentures (Trust Preferred Securities) [Abstract] | ' | ||||||||||||||||||||
Subordinated Debentures (Trust Preferred Securities) | ' | ||||||||||||||||||||
3 Month | Added | Total | 5 Year | ||||||||||||||||||
Description | Date | Amount | Libor Rate | Points | Rate | Maturity | Call Option | ||||||||||||||
Colony Bankcorp Statutory Trust III | 6/17/04 | 4,500 | 0.23335 | 2.68 | 2.91335 | 6/14/34 | 6/17/09 | ||||||||||||||
Colony Bankcorp Capital Trust I | 4/13/06 | 5,000 | 0.2336 | 1.5 | 1.7336 | 4/13/36 | 4/13/11 | ||||||||||||||
Colony Bankcorp Capital Trust II | 3/12/07 | 9,000 | 0.2336 | 1.65 | 1.8836 | 3/12/37 | 3/12/12 | ||||||||||||||
Colony Bankcorp Capital Trust III | 9/14/07 | 5,000 | 0.2361 | 1.4 | 1.6361 | 9/14/37 | 9/14/12 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||
Financial instrument outstanding with contract amount representing credit risk | ' | ||||||||
At March 31, 2014 and December 31, 2013 the following financial instruments were outstanding whose contract amounts represent credit risk: | |||||||||
Contract Amount | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Loan Commitments | $ | 77,826 | $ | 65,688 | |||||
Letters of Credit | 1,591 | 1,411 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value of Financial Instruments and Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Carrying amount and estimated fair values of financial instruments | ' | ||||||||||||||||||||
The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Carrying | Estimated | Level | Level | Level | |||||||||||||||||
Value | Fair Value | 1 | 2 | 3 | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash and Short-Term Investments | $ | 61,176 | $ | 61,176 | $ | 61,176 | $ | --- | $ | --- | |||||||||||
Investment Securities Available for Sale | 278,957 | 278,957 | --- | 278,012 | 945 | ||||||||||||||||
Investment Securities Held to Maturity | 38 | 38 | --- | 38 | --- | ||||||||||||||||
Federal Home Loan Bank Stock | 2,831 | 2,831 | 2,831 | --- | --- | ||||||||||||||||
Loans, Net | 726,125 | 728,009 | --- | 717,672 | 10,337 | ||||||||||||||||
Bank-Owned Life Insurance | 10,260 | 10,260 | 10,260 | --- | --- | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits | 976,854 | 978,294 | 522,273 | 456,021 | --- | ||||||||||||||||
Subordinated Debentures | 24,229 | 24,229 | 24,229 | --- | --- | ||||||||||||||||
Other Borrowed Money | 40,000 | 42,065 | --- | 42,065 | --- | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Estimated | Level | Level | Level | |||||||||||||||||
Value | Fair Value | 1 | 2 | 3 | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash and Short-Term Investments | $ | 68,147 | $ | 68,147 | $ | 68,147 | $ | --- | $ | --- | |||||||||||
Investment Securities Available for Sale | 263,258 | 263,258 | --- | 262,317 | 941 | ||||||||||||||||
Investment Securities Held to Maturity | 37 | 37 | --- | 37 | --- | ||||||||||||||||
Federal Home Loan Bank Stock | 3,164 | 3,164 | 3,164 | --- | --- | ||||||||||||||||
Loans, Net | 739,052 | 741,112 | --- | 729,436 | 11,676 | ||||||||||||||||
Bank-Owned Life Insurance | 10,165 | 10,165 | 10,165 | --- | --- | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits | 987,529 | 989,101 | 526,646 | 462,455 | --- | ||||||||||||||||
Subordinated Debentures | 24,229 | 24,229 | 24,229 | --- | --- | ||||||||||||||||
Other Borrowed Money | 40,000 | 42,074 | --- | 42,074 | --- | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring and non recurring basis | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis – The following table presents the recorded amount of the Company’s assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. The table below includes only impaired loans with a specific reserve and only other real estate properties with a valuation allowance at March 31, 2014. Those impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances. | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||||||
Total Fair | Identical Assets | Observable | Inputs | ||||||||||||||||||
31-Mar-14 | Value | (Level 1) | Inputs (Level 2) | (Level 3) | |||||||||||||||||
Recurring | |||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||
Mortgage-Backed | $ | 275,123 | $ | --- | $ | 275,123 | $ | --- | |||||||||||||
State, County and Municipal | 3,834 | --- | 2,889 | 945 | |||||||||||||||||
$ | 278,957 | $ | --- | $ | 278,012 | $ | 945 | ||||||||||||||
Nonrecurring | |||||||||||||||||||||
Impaired Loans | $ | 10,337 | $ | --- | $ | --- | $ | 10,337 | |||||||||||||
Other Real Estate | $ | 6,727 | $ | --- | $ | --- | $ | 6,727 | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||||||
Total Fair | Identical Assets | Observable | Inputs | ||||||||||||||||||
31-Dec-13 | Value | (Level 1) | Inputs (Level 2) | (Level 3) | |||||||||||||||||
Recurring | |||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||||
Mortgage-Backed | $ | 259,348 | $ | --- | $ | 259,348 | $ | --- | |||||||||||||
State, County and Municipal | 3,910 | --- | 2,969 | 941 | |||||||||||||||||
$ | 263,258 | $ | --- | $ | 262,317 | $ | 941 | ||||||||||||||
Nonrecurring | |||||||||||||||||||||
Impaired Loans | $ | 11,676 | $ | --- | $ | --- | $ | 11,676 | |||||||||||||
Other Real Estate | $ | 7,020 | $ | --- | $ | --- | $ | 7,020 | |||||||||||||
Quantitative information for financial instruments measured at fair value | ' | ||||||||||||||||||||
The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at March 31, 2014 and 2013. This table is comprised primarily of collateral dependent impaired loans and other real estate owned: | |||||||||||||||||||||
Valuation | Unobservable | Range | |||||||||||||||||||
31-Mar-14 | Techniques | Inputs | Weighted Avg | ||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Commercial | $ | 957 | Sales Comparison | Adjustment for Differences | 0.00% - 15.00% | ||||||||||||||||
Between the Comparable Sales | 7.50% | ||||||||||||||||||||
Management Adjustments for | 10.00% - 50.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 30.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||
Commercial Construction | 1,922 | Sales Comparison | Adjustment for Differences | (16.00%) - 28.00% | |||||||||||||||||
Between the Comparable Sales | 6.00% | ||||||||||||||||||||
Management Adjustments for | 0.00% - 10.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 5.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Capitalization Rate | 8.50% | |||||||||||||||||||
Residential Real Estate | 665 | Sales Comparison | Adjustment for Differences | (7.00%) - 46.00% | |||||||||||||||||
Between the Comparable Sales | 19.50% | ||||||||||||||||||||
Management Adjustments for | 0.00% - 25.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 12.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Commercial Real Estate | 5,702 | Sales Comparison | Management Adjustments for | 0.00% - 10.00% | |||||||||||||||||
Age of Appraisals and/or Current | 5.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Capitalization Rate | 11.00% | |||||||||||||||||||
Farmland | 1,091 | Sales Comparison | Adjustment for Differences | (55.00%) - 388.00% | |||||||||||||||||
Between the Comparable Sales | 166.50% | ||||||||||||||||||||
Management Adjustment for | 10.00% - 35.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 22.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Other Real Estate Owned | 6,727 | Sales Comparison | Adjustment for Differences | (45.00%) - 955.90% | |||||||||||||||||
Between the Comparable Sales | 455.45% | ||||||||||||||||||||
Management Adjustment for | 3.23% - 77.34% | ||||||||||||||||||||
Age of Appraisals and/or Current | 36.52% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Discount Rate | 3.00% | |||||||||||||||||||
Capitalization Rate | 10.50% | ||||||||||||||||||||
Valuation | Unobservable | Range | |||||||||||||||||||
31-Dec-13 | Techniques | Inputs | Weighted Avg | ||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Commercial | $ | 1,019 | Sales Comparison | Adjustment for Differences | 0.00% - 15.00% | ||||||||||||||||
Between the Comparable Sales | 7.50% | ||||||||||||||||||||
Management Adjustments for | 10.00% - 50.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 30.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Real Estate | |||||||||||||||||||||
Commercial Construction | 2,641 | Sales Comparison | Adjustment for Differences | (16.00%) - 28.00% | |||||||||||||||||
Between the Comparable Sales | 6.00% | ||||||||||||||||||||
Management Adjustments for | 0.00% - 10.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 5.00% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Capitalization Rate | 8.50% | |||||||||||||||||||
Residential Real Estate | 1,323 | Sales Comparison | Adjustment for Differences | 0.00% - 46.00% | |||||||||||||||||
Between the Comparable Sales | 23.00% | ||||||||||||||||||||
Management Adjustments for | 0.00% - 25.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 12.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Commercial Real Estate | 5,451 | Sales Comparison | Adjustment for differences | (27.20%) - 216.80% | |||||||||||||||||
Between the comparable Sales | 94.80% | ||||||||||||||||||||
Management Adjustments for | 25.00% - 90.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 57.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Capitalization Rate | 11.00% | |||||||||||||||||||
Farmland | 1,242 | Sales Comparison | Adjustment for Differences | (55.00%) - 388.00% | |||||||||||||||||
Between the Comparable Sales | 166.5 | ||||||||||||||||||||
Management Adjustments for | 10.00% - 35.00% | ||||||||||||||||||||
Age of Appraisals and/or Current | 22.50% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Other Real Estate Owned | 7,020 | Sales Comparison | Adjustment for Differences | (10.00%) - 319.10% | |||||||||||||||||
Between the Comparable Sales | 154.55% | ||||||||||||||||||||
Management Adjustment for | 0.36% - 87.81% | ||||||||||||||||||||
Age of Appraisals and/or Current | 29.99% | ||||||||||||||||||||
Market Conditions | |||||||||||||||||||||
Income Approach | Discount Rate | 10.00% | |||||||||||||||||||
Fair value measurement using significant unobservable inputs (Level 3) | ' | ||||||||||||||||||||
The table below presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the three months ended March 31, 2014 and the twelve months ended December 31, 2013. | |||||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Balance, Beginning | $ | 941 | $ | 1,138 | |||||||||||||||||
Transfers into Level 3 | -- | -- | |||||||||||||||||||
Transfers out of Level 3 | -- | (42 | ) | ||||||||||||||||||
Securities Purchased During the Year | -- | -- | |||||||||||||||||||
Securities Called During the Year | -- | -- | |||||||||||||||||||
Loss on OTTI Impairment Included in Noninterest Income | -- | (367 | ) | ||||||||||||||||||
Unrealized Gains included in Other Comprehensive Income (Loss) | 4 | 212 | |||||||||||||||||||
Balance, Ending | $ | 945 | $ | 941 | |||||||||||||||||
The Company’s policy is to recognize transfers in and transfers out of levels 1, 2 and 3 as of the end of a reporting period. As of December 31, 2013, the Company transferred certain state, county and municipal securities out of level 3 and into level 2. The transfers out of level 3 were the result of increased market activity for these types of securities, as well as more current credit ratings on these securities. There were no transfers of securities between levels for the three months ended March 31, 2014. | |||||||||||||||||||||
The following table presents quantitative information about recurring level 3 fair value measurements as of March 31, 2014. | |||||||||||||||||||||
Valuation | Unobservable | Range | |||||||||||||||||||
Fair Value | Techniques | Inputs | Weighted Avg | ||||||||||||||||||
State, County and Municipal | $ | 945 | Discounted Cash Flow | Discount Rate | N/A | * | |||||||||||||||
* The Company relies on a third-party pricing service to value its municipal securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company. |
Regulatory_Capital_Matters_Tab
Regulatory Capital Matters (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Regulatory Capital Matters [Abstract] | ' | ||||||||||||||||||||||||
Regulatory capital information | ' | ||||||||||||||||||||||||
The following table summarizes regulatory capital information as of March 31, 2014 and December 31, 2013 on a consolidated basis and for each significant subsidiary, as defined. | |||||||||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
Consolidated | $ | 130,292 | 17.34 | % | $ | 60,112 | 8 | % | NA | NA | |||||||||||||||
Colony Bank | 132,571 | 17.68 | 59,992 | 8 | $ | 74,990 | 10 | % | |||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
Consolidated | 120,871 | 16.09 | 30,056 | 4 | NA | NA | |||||||||||||||||||
Colony Bank | 123,168 | 16.42 | 29,996 | 4 | 44,994 | 6 | |||||||||||||||||||
Tier 1 Capital to Average Assets | |||||||||||||||||||||||||
Consolidated | 120,871 | 10.62 | 45,546 | 4 | NA | NA | |||||||||||||||||||
Colony Bank | 123,168 | 10.84 | 45,460 | 4 | 56,825 | 5 | |||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
Consolidated | $ | 129,569 | 17.06 | % | $ | 60,791 | 8 | % | NA | NA | |||||||||||||||
Colony Bank | 131,024 | 17.29 | 60,638 | 8 | $ | 75,797 | 10 | % | |||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||
Consolidated | 120,048 | 15.81 | 30,396 | 4 | NA | NA | |||||||||||||||||||
Colony Bank | 121,521 | 16.03 | 30,319 | 4 | 45,478 | 6 | |||||||||||||||||||
Tier 1 Capital to Average Assets | |||||||||||||||||||||||||
Consolidated | 120,048 | 10.57 | 45,419 | 4 | NA | NA | |||||||||||||||||||
Colony Bank | 121,521 | 10.72 | 45,333 | 4 | 56,666 | 5 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings per share | ' | ||||||||
The following table presents earnings per share for the three month period ended March 31, 2014 and 2013: | |||||||||
Three Months Ended | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Numerator | |||||||||
Net Income Available to Common Stockholders | $ | 814 | $ | 567 | |||||
Denominator | |||||||||
Weighted Average Number of Common Shares | |||||||||
Outstanding for Basic Earnings Per Common Share | 8,439 | 8,439 | |||||||
Dilutive Effect of Potential Common Stock | |||||||||
Restricted Stock | -- | -- | |||||||
Stock Warrants | -- | -- | |||||||
Weighted-Average Number of Shares Outstanding for | |||||||||
Diluted Earnings Per Common Share | 8,439 | 8,439 | |||||||
Earnings Per Share - Basic | $ | 0.1 | $ | 0.07 | |||||
Earnings Per Share - Diluted | $ | 0.1 | $ | 0.07 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Summary of Significant Accounting Policies [Abstract] | ' | ' |
Percentage of loan portfolio concentrated in loans secured by real estate (in hundredths) | 88.00% | ' |
Discounted percentage for selling and marketing cost (in hundredths) | 10.00% | ' |
Income Taxes [Abstract] | ' | ' |
Probability of uncertain tax positions of being realized upon settlement, minimum (in hundredths) | 50.00% | ' |
Bank-Owned Life Insurance [Abstract] | ' | ' |
Cash surrender value of insurance contracts | $14,097 | $13,940 |
Banking Premises [Member] | ' | ' |
Premises and equipment [Line Items] | ' | ' |
Methods | 'Straight-Line and Accelerated | ' |
Banking Premises [Member] | Minimum [Member] | ' | ' |
Premises and equipment [Line Items] | ' | ' |
Useful lives of the assets | '15 years | ' |
Banking Premises [Member] | Maximum [Member] | ' | ' |
Premises and equipment [Line Items] | ' | ' |
Useful lives of the assets | '40 years | ' |
Furniture and Equipment [Member] | ' | ' |
Premises and equipment [Line Items] | ' | ' |
Methods | 'Straight-Line and Accelerated | ' |
Furniture and Equipment [Member] | Minimum [Member] | ' | ' |
Premises and equipment [Line Items] | ' | ' |
Useful lives of the assets | '5 years | ' |
Furniture and Equipment [Member] | Maximum [Member] | ' | ' |
Premises and equipment [Line Items] | ' | ' |
Useful lives of the assets | '10 years | ' |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Securities Available for Sale [Abstract] | ' | ' | ' |
Amortized Cost | $290,313 | ' | $277,008 |
Gross Unrealized Gains | 220 | ' | 134 |
Gross Unrealized Losses | -11,576 | ' | -13,884 |
Fair Value | 278,957 | ' | 263,258 |
Securities Held to Maturity [Abstract] | ' | ' | ' |
Fair Value | 38 | ' | 37 |
Available-for-sale Amortized Cost [Abstract] | ' | ' | ' |
Due in One Year or Less | 779 | ' | ' |
Due After One Year Through Five Years | 1,245 | ' | ' |
Due After Five Years Through Ten Years | 1,198 | ' | ' |
Due After Ten Years | 653 | ' | ' |
Total | 3,875 | ' | ' |
Mortgage-Backed Securities | 286,438 | ' | ' |
Amortized Cost | 290,313 | ' | ' |
Available-for-sale Fair Value [Abstract] | ' | ' | ' |
Due in One Year or Less | 782 | ' | ' |
Due After One Year Through Five Years | 1,252 | ' | ' |
Due After Five Years Through Ten Years | 1,174 | ' | ' |
Due After Ten Years | 626 | ' | ' |
Total | 3,834 | ' | ' |
Mortgage-Backed Securities | 275,123 | ' | ' |
Fair Value | 278,957 | ' | ' |
Held-to-maturity Amortized Cost [Abstract] | ' | ' | ' |
Due in One Year or Less | 0 | ' | ' |
Due After One Year Through Five Years | 38 | ' | ' |
Due After Five Years Through Ten Years | 0 | ' | ' |
Due After Ten Years | 0 | ' | ' |
Total | 38 | ' | ' |
Mortgage-Backed Securities | 0 | ' | ' |
Amortized Cost | 38 | ' | ' |
Held-to-maturity Fair Value [Abstract] | ' | ' | ' |
Due in One Year or Less | 0 | ' | ' |
Due After One Year Through Five Years | 38 | ' | ' |
Due After Five Years Through Ten Years | 0 | ' | ' |
Due After Ten Years | 0 | ' | ' |
Total | 38 | ' | ' |
Mortgage-Backed Securities | 0 | ' | ' |
Fair Value | 38 | ' | ' |
Proceeds from sale of investment securities available for sale | 0 | 30,418 | ' |
Available-for-sale securities, gross realized gains | 0 | 125 | ' |
Available-for-sale securities, gross realized losses | 0 | -133 | ' |
Investment securities pledged | 113,418 | ' | 112,913 |
Continuous unrealized loss position [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair value | 142,928 | ' | 191,711 |
12 Months or Greater, Fair value | 116,250 | ' | 63,194 |
Total, Fair Value | 259,178 | ' | 254,905 |
Less Than 12 Months, Gross Unrealized Losses | -4,740 | ' | -9,525 |
12 Months or Greater, Gross Unrealized Losses | -6,836 | ' | -4,359 |
Total, Unrealized Losses | -11,576 | ' | -13,884 |
Debt securities with unrealized losses, depreciated (in hundredths) | 4.28% | ' | ' |
US Government Agencies Mortgage-Backed [Member] | ' | ' | ' |
Securities Available for Sale [Abstract] | ' | ' | ' |
Amortized Cost | 286,438 | ' | 273,029 |
Gross Unrealized Gains | 209 | ' | 119 |
Gross Unrealized Losses | -11,524 | ' | -13,800 |
Fair Value | 275,123 | ' | 259,348 |
Continuous unrealized loss position [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair value | 141,975 | ' | 190,064 |
12 Months or Greater, Fair value | 115,624 | ' | 63,194 |
Total, Fair Value | 257,599 | ' | 253,258 |
Less Than 12 Months, Gross Unrealized Losses | -4,715 | ' | -9,441 |
12 Months or Greater, Gross Unrealized Losses | -6,809 | ' | -4,359 |
Total, Unrealized Losses | -11,524 | ' | -13,800 |
State, County & Municipal [Member] | ' | ' | ' |
Securities Available for Sale [Abstract] | ' | ' | ' |
Amortized Cost | 3,875 | ' | 3,979 |
Gross Unrealized Gains | 11 | ' | 15 |
Gross Unrealized Losses | -52 | ' | -84 |
Fair Value | 3,834 | ' | 3,910 |
Securities Held to Maturity [Abstract] | ' | ' | ' |
Amortized Cost | 38 | ' | 37 |
Gross Unrealized Gains | 0 | ' | 0 |
Gross Unrealized Losses | 0 | ' | 0 |
Fair Value | 38 | ' | 37 |
Continuous unrealized loss position [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair value | 953 | ' | 1,647 |
12 Months or Greater, Fair value | 626 | ' | 0 |
Total, Fair Value | 1,579 | ' | 1,647 |
Less Than 12 Months, Gross Unrealized Losses | -25 | ' | -84 |
12 Months or Greater, Gross Unrealized Losses | -27 | ' | 0 |
Total, Unrealized Losses | ($52) | ' | ($84) |
Loans_Details
Loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | $738,194 | $751,218 | $736,820 |
Commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | 43,979 | 48,107 | 52,906 |
Agricultural [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | 12,654 | 10,666 | 7,856 |
Commercial Construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | 54,608 | 52,739 | 52,094 |
Residential Construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | 9,779 | 6,549 | 7,570 |
Commercial Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | 337,835 | 341,783 | 328,852 |
Residential Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | 202,159 | 206,258 | 204,658 |
Farmland [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | 47,886 | 47,035 | 48,208 |
Consumer [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | 23,693 | 25,676 | 28,379 |
Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans | $5,601 | $12,405 | $6,297 |
Loans_Credit_Quality_Indicator
Loans, Credit Quality Indicator (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | $738,194,000 | $751,218,000 | $736,820,000 |
Loan balance for reviewing high risk loans minimum | 250,000 | ' | ' |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 43,979,000 | 48,107,000 | 52,906,000 |
Agricultural [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 12,654,000 | 10,666,000 | 7,856,000 |
Commercial Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 54,608,000 | 52,739,000 | 52,094,000 |
Residential Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 9,779,000 | 6,549,000 | 7,570,000 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 337,835,000 | 341,783,000 | 328,852,000 |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 202,159,000 | 206,258,000 | 204,658,000 |
Farmland [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 47,886,000 | 47,035,000 | 48,208,000 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 23,693,000 | 25,676,000 | 28,379,000 |
Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 5,601,000 | 12,405,000 | 6,297,000 |
Pass [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 670,384,000 | 683,692,000 | ' |
Pass [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 37,721,000 | 41,759,000 | ' |
Pass [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 12,475,000 | 10,638,000 | ' |
Pass [Member] | Commercial Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 44,861,000 | 42,669,000 | ' |
Pass [Member] | Residential Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 9,679,000 | 6,341,000 | ' |
Pass [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 312,175,000 | 317,567,000 | ' |
Pass [Member] | Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 179,656,000 | 182,977,000 | ' |
Pass [Member] | Farmland [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 45,644,000 | 44,777,000 | ' |
Pass [Member] | Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 22,810,000 | 24,609,000 | ' |
Pass [Member] | Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 5,363,000 | 12,355,000 | ' |
Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 27,913,000 | 29,619,000 | ' |
Special Mention [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 2,705,000 | 2,770,000 | ' |
Special Mention [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 13,000 | 17,000 | ' |
Special Mention [Member] | Commercial Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 1,523,000 | 1,512,000 | ' |
Special Mention [Member] | Residential Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 100,000 | 208,000 | ' |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 9,154,000 | 10,760,000 | ' |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 13,630,000 | 13,524,000 | ' |
Special Mention [Member] | Farmland [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 528,000 | 507,000 | ' |
Special Mention [Member] | Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 260,000 | 320,000 | ' |
Special Mention [Member] | Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 0 | 1,000 | ' |
Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 39,897,000 | 37,907,000 | ' |
Substandard [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 3,553,000 | 3,578,000 | ' |
Substandard [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 166,000 | 11,000 | ' |
Substandard [Member] | Commercial Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 8,224,000 | 8,558,000 | ' |
Substandard [Member] | Residential Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 0 | 0 | ' |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 16,506,000 | 13,456,000 | ' |
Substandard [Member] | Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 8,873,000 | 9,757,000 | ' |
Substandard [Member] | Farmland [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 1,714,000 | 1,751,000 | ' |
Substandard [Member] | Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | 623,000 | 747,000 | ' |
Substandard [Member] | Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total Loans | $238,000 | $49,000 | ' |
Loans_Past_Due_Details
Loans, Past Due (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | $10,779 | $9,366 | ' |
Accruing Loans 90 Days or More Past Due | 15 | 4 | ' |
Total Accruing Loans Past Due | 10,794 | 9,370 | ' |
Nonaccrual Loans | 24,920 | 24,114 | ' |
Current Loans | 702,480 | 717,734 | ' |
Total Loans | 738,194 | 751,218 | 736,820 |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 709 | 581 | ' |
Accruing Loans 90 Days or More Past Due | 0 | 0 | ' |
Total Accruing Loans Past Due | 709 | 581 | ' |
Nonaccrual Loans | 1,976 | 1,646 | ' |
Current Loans | 41,294 | 45,880 | ' |
Total Loans | 43,979 | 48,107 | 52,906 |
Agricultural [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 86 | 81 | ' |
Accruing Loans 90 Days or More Past Due | 0 | 0 | ' |
Total Accruing Loans Past Due | 86 | 81 | ' |
Nonaccrual Loans | 51 | 0 | ' |
Current Loans | 12,517 | 10,585 | ' |
Total Loans | 12,654 | 10,666 | 7,856 |
Commercial Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 441 | 140 | ' |
Accruing Loans 90 Days or More Past Due | 0 | 0 | ' |
Total Accruing Loans Past Due | 441 | 140 | ' |
Nonaccrual Loans | 7,824 | 8,222 | ' |
Current Loans | 46,343 | 44,377 | ' |
Total Loans | 54,608 | 52,739 | 52,094 |
Residential Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 0 | 0 | ' |
Accruing Loans 90 Days or More Past Due | 0 | 0 | ' |
Total Accruing Loans Past Due | 0 | 0 | ' |
Nonaccrual Loans | 0 | 0 | ' |
Current Loans | 9,779 | 6,549 | ' |
Total Loans | 9,779 | 6,549 | 7,570 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 6,176 | 2,287 | ' |
Accruing Loans 90 Days or More Past Due | 0 | 0 | ' |
Total Accruing Loans Past Due | 6,176 | 2,287 | ' |
Nonaccrual Loans | 9,128 | 7,367 | ' |
Current Loans | 322,531 | 332,129 | ' |
Total Loans | 337,835 | 341,783 | 328,852 |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 2,941 | 5,274 | ' |
Accruing Loans 90 Days or More Past Due | 0 | 0 | ' |
Total Accruing Loans Past Due | 2,941 | 5,274 | ' |
Nonaccrual Loans | 3,814 | 4,933 | ' |
Current Loans | 195,404 | 196,051 | ' |
Total Loans | 202,159 | 206,258 | 204,658 |
Farmland [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 94 | 351 | ' |
Accruing Loans 90 Days or More Past Due | 0 | 0 | ' |
Total Accruing Loans Past Due | 94 | 351 | ' |
Nonaccrual Loans | 1,672 | 1,630 | ' |
Current Loans | 46,120 | 45,054 | ' |
Total Loans | 47,886 | 47,035 | 48,208 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 332 | 454 | ' |
Accruing Loans 90 Days or More Past Due | 15 | 4 | ' |
Total Accruing Loans Past Due | 347 | 458 | ' |
Nonaccrual Loans | 252 | 307 | ' |
Current Loans | 23,094 | 24,911 | ' |
Total Loans | 23,693 | 25,676 | 28,379 |
Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Accruing Loans 30 to 89 Days Past Dues | 0 | 198 | ' |
Accruing Loans 90 Days or More Past Due | 0 | 0 | ' |
Total Accruing Loans Past Due | 0 | 198 | ' |
Nonaccrual Loans | 203 | 9 | ' |
Current Loans | 5,398 | 12,198 | ' |
Total Loans | $5,601 | $12,405 | $6,297 |
Loans_Impaired_Financing_Recei
Loans, Impaired Financing Receivable (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | $37,232 | $30,255 | $36,744 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 16,054 | 23,840 | 16,526 |
Unpaid Contractual Principal Balance, Total | 53,286 | 54,095 | 53,270 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 32,134 | 25,601 | 31,289 |
Impaired Balance With An Allowance Recorded | 13,237 | 21,988 | 13,975 |
Impaired Balance, Total | 45,371 | 47,589 | 45,264 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 2,900 | 4,493 | 2,299 |
Related Allowance, Total | 2,900 | 4,493 | 2,299 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 32,134 | 25,601 | 24,209 |
Average Recorded Investment With An Allowance Recorded | 13,237 | 21,988 | 22,112 |
Average Recorded Investment, Total | 45,371 | 47,589 | 46,321 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | 184 | 118 | 797 |
Interest Income Recognized With An Allowance Recorded | 57 | 133 | 243 |
Interest Income Recognized, Total | 241 | 251 | 1,040 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 207 | 161 | 802 |
Interest Income Collected With An Allowance Recorded | 61 | 145 | 240 |
Interest Income Collected, Total | 268 | 306 | 1,042 |
Commercial [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 599 | 264 | 305 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 1,380 | 1,465 | 1,453 |
Unpaid Contractual Principal Balance, Total | 1,979 | 1,729 | 1,758 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 599 | 122 | 305 |
Impaired Balance With An Allowance Recorded | 1,380 | 1,465 | 1,453 |
Impaired Balance, Total | 1,979 | 1,587 | 1,758 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 423 | 456 | 434 |
Related Allowance, Total | 423 | 456 | 434 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 599 | 122 | 216 |
Average Recorded Investment With An Allowance Recorded | 1,380 | 1,465 | 1,689 |
Average Recorded Investment, Total | 1,979 | 1,587 | 1,905 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | 5 | 3 | 24 |
Interest Income Recognized With An Allowance Recorded | 0 | 20 | 15 |
Interest Income Recognized, Total | 5 | 23 | 39 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 13 | 4 | 25 |
Interest Income Collected With An Allowance Recorded | 0 | 17 | 21 |
Interest Income Collected, Total | 13 | 21 | 46 |
Agricultural [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 56 | 39 | 0 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 0 | 0 | 0 |
Unpaid Contractual Principal Balance, Total | 56 | 39 | 0 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 51 | 39 | 0 |
Impaired Balance With An Allowance Recorded | 0 | 0 | 0 |
Impaired Balance, Total | 51 | 39 | 0 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 0 | 0 | 0 |
Related Allowance, Total | 0 | 0 | 0 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 51 | 39 | 10 |
Average Recorded Investment With An Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment, Total | 51 | 39 | 10 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | -9 | 0 | 0 |
Interest Income Recognized With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Recognized, Total | -9 | 0 | 0 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 0 | 0 | 0 |
Interest Income Collected With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Collected, Total | 0 | 0 | 0 |
Commercial Construction [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 7,460 | 9,002 | 7,856 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 5,922 | 5,339 | 5,923 |
Unpaid Contractual Principal Balance, Total | 13,382 | 14,341 | 13,779 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 4,354 | 4,962 | 4,750 |
Impaired Balance With An Allowance Recorded | 3,470 | 4,690 | 3,472 |
Impaired Balance, Total | 7,824 | 9,652 | 8,222 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 1,548 | 1,493 | 830 |
Related Allowance, Total | 1,548 | 1,493 | 830 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 4,354 | 4,962 | 4,106 |
Average Recorded Investment With An Allowance Recorded | 3,470 | 4,690 | 5,025 |
Average Recorded Investment, Total | 7,824 | 9,652 | 9,131 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | 8 | 4 | 35 |
Interest Income Recognized With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Recognized, Total | 8 | 4 | 35 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 8 | 5 | 41 |
Interest Income Collected With An Allowance Recorded | 0 | 1 | 0 |
Interest Income Collected, Total | 8 | 6 | 41 |
Commercial Real Estate [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 21,196 | 15,405 | 20,121 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 6,466 | 10,077 | 5,874 |
Unpaid Contractual Principal Balance, Total | 27,662 | 25,482 | 25,995 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 20,686 | 15,331 | 19,253 |
Impaired Balance With An Allowance Recorded | 6,109 | 9,917 | 5,874 |
Impaired Balance, Total | 26,795 | 25,248 | 25,127 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 407 | 1,426 | 424 |
Related Allowance, Total | 407 | 1,426 | 424 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 20,686 | 15,331 | 13,199 |
Average Recorded Investment With An Allowance Recorded | 6,109 | 9,917 | 11,072 |
Average Recorded Investment, Total | 26,795 | 25,248 | 24,271 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | 130 | 102 | 494 |
Interest Income Recognized With An Allowance Recorded | 46 | 73 | 157 |
Interest Income Recognized, Total | 176 | 175 | 651 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 132 | 129 | 504 |
Interest Income Collected With An Allowance Recorded | 46 | 91 | 148 |
Interest Income Collected, Total | 178 | 220 | 652 |
Residential Real Estate [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 7,113 | 2,726 | 7,837 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 962 | 6,959 | 1,949 |
Unpaid Contractual Principal Balance, Total | 8,075 | 9,685 | 9,786 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 5,642 | 2,382 | 6,362 |
Impaired Balance With An Allowance Recorded | 954 | 5,916 | 1,849 |
Impaired Balance, Total | 6,596 | 8,298 | 8,211 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 289 | 1,118 | 526 |
Related Allowance, Total | 289 | 1,118 | 526 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 5,642 | 2,382 | 4,564 |
Average Recorded Investment With An Allowance Recorded | 954 | 5,916 | 3,662 |
Average Recorded Investment, Total | 6,596 | 8,298 | 8,226 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | 46 | 10 | 224 |
Interest Income Recognized With An Allowance Recorded | 11 | 40 | 26 |
Interest Income Recognized, Total | 57 | 50 | 250 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 46 | 18 | 209 |
Interest Income Collected With An Allowance Recorded | 15 | 36 | 24 |
Interest Income Collected, Total | 61 | 54 | 233 |
Farmland [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 349 | 2,590 | 303 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 1,324 | 0 | 1,327 |
Unpaid Contractual Principal Balance, Total | 1,673 | 2,590 | 1,630 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 348 | 2,548 | 303 |
Impaired Balance With An Allowance Recorded | 1,324 | 0 | 1,327 |
Impaired Balance, Total | 1,672 | 2,548 | 1,630 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 233 | 0 | 85 |
Related Allowance, Total | 233 | 0 | 85 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 348 | 2,548 | 1,859 |
Average Recorded Investment With An Allowance Recorded | 1,324 | 0 | 664 |
Average Recorded Investment, Total | 1,672 | 2,548 | 2,523 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | -2 | -1 | 1 |
Interest Income Recognized With An Allowance Recorded | 0 | 0 | 45 |
Interest Income Recognized, Total | -2 | -1 | 46 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 1 | 3 | 1 |
Interest Income Collected With An Allowance Recorded | 0 | 0 | 47 |
Interest Income Collected, Total | 1 | 3 | 48 |
Consumer [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 256 | 229 | 313 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 0 | 0 | 0 |
Unpaid Contractual Principal Balance, Total | 256 | 229 | 313 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 251 | 217 | 307 |
Impaired Balance With An Allowance Recorded | 0 | 0 | 0 |
Impaired Balance, Total | 251 | 217 | 307 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 0 | 0 | 0 |
Related Allowance, Total | 0 | 0 | 0 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 251 | 217 | 253 |
Average Recorded Investment With An Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment, Total | 251 | 217 | 253 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | 4 | 0 | 18 |
Interest Income Recognized With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Recognized, Total | 4 | 0 | 18 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 5 | 2 | 21 |
Interest Income Collected With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Collected, Total | 5 | 2 | 21 |
Other [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 203 | 0 | 9 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 0 | 0 | 0 |
Unpaid Contractual Principal Balance, Total | 203 | 0 | 9 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 203 | 0 | 9 |
Impaired Balance With An Allowance Recorded | 0 | 0 | 0 |
Impaired Balance, Total | 203 | 0 | 9 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 0 | 0 | 0 |
Related Allowance, Total | 0 | 0 | 0 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 203 | 0 | 2 |
Average Recorded Investment With An Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment, Total | 203 | 0 | 2 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | 2 | 0 | 1 |
Interest Income Recognized With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Recognized, Total | 2 | 0 | 1 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 2 | 0 | 1 |
Interest Income Collected With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Collected, Total | 2 | 0 | 1 |
Residential Construction [Member] | ' | ' | ' |
Unpaid Contractual Principal Balance [Abstract] | ' | ' | ' |
Unpaid Contractual Principal Balance With No Related Allowance Recorded | 0 | 0 | 0 |
Unpaid Contractual Principal Balance With An Allowance Recorded | 0 | 0 | 0 |
Unpaid Contractual Principal Balance, Total | 0 | 0 | 0 |
Impaired Balance [Abstract] | ' | ' | ' |
Impaired Balance With No Related Allowance Recorded | 0 | 0 | 0 |
Impaired Balance With An Allowance Recorded | 0 | 0 | 0 |
Impaired Balance, Total | 0 | 0 | 0 |
Related Allowance [Abstract] | ' | ' | ' |
Related Allowance With No Related Allowance Recorded | 0 | 0 | 0 |
Related Allowance With An Allowance Recorded | 0 | 0 | 0 |
Related Allowance, Total | 0 | 0 | 0 |
Average Recorded Investment [Abstract] | ' | ' | ' |
Average Recorded Investment With No Related Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment With An Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment, Total | 0 | 0 | 0 |
Interest Income Recognized [Abstract] | ' | ' | ' |
Interest Income Recognized With No Related Allowance Recorded | 0 | 0 | 0 |
Interest Income Recognized With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Recognized, Total | 0 | 0 | 0 |
Interest Income Collected [Abstract] | ' | ' | ' |
Interest Income Collected With No Related Allowance Recorded | 0 | 0 | 0 |
Interest Income Collected With An Allowance Recorded | 0 | 0 | 0 |
Interest Income Collected, Total | $0 | $0 | $0 |
Loans_Troubled_Debt_Restructur
Loans, Troubled Debt Restructuring (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Loan | Security |
Loan | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled Debt Restructurings, Number of Contracts | 2 | 3 |
Troubled Debt Restructurings, Pre-Modification | $1,771 | $1,108 |
Troubled Debt Restructurings, Post-Modification | 1,775 | 1,082 |
Troubled Debt Restructurings That Subsequently Defaulted, Number of Contracts | 0 | 0 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | 0 | 0 |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled Debt Restructurings That Subsequently Defaulted, Number of Contracts | 0 | 0 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | 0 | 0 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled Debt Restructurings, Number of Contracts | 2 | 1 |
Troubled Debt Restructurings, Pre-Modification | 1,771 | 84 |
Troubled Debt Restructurings, Post-Modification | 1,775 | 81 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled Debt Restructurings, Number of Contracts | ' | 2 |
Troubled Debt Restructurings, Pre-Modification | ' | 1,024 |
Troubled Debt Restructurings, Post-Modification | ' | 1,001 |
Troubled Debt Restructurings That Subsequently Defaulted, Number of Contracts | 0 | 0 |
Troubled Debt Restructurings That Subsequently Defaulted, Recorded Investment | $0 | $0 |
Allowance_for_Loan_Losses_by_c
Allowance for Loan Losses, by class of loan (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | $11,806,000 | $12,737,000 |
Charge-Offs | -658,000 | -1,501,000 |
Recoveries | 235,000 | 194,000 |
Provision | 327,000 | 1,500,000 |
Ending Balance | 11,710,000 | 12,930,000 |
Impaired loans below the $250,000 review threshold | 3,990,000 | 1,970,000 |
Substandard [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Substandard loans, not classified as impaired | 7,400,000 | 10,600,000 |
Specific allocation associated with Substandard loans | 620,000 | 645,000 |
Commercial [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 1,017,000 | 981,000 |
Charge-Offs | -27,000 | -31,000 |
Recoveries | 14,000 | 18,000 |
Provision | 7,000 | 39,000 |
Ending Balance | 1,011,000 | 1,007,000 |
Agricultural [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 294,000 | 296,000 |
Charge-Offs | 0 | 0 |
Recoveries | 1,000 | 4,000 |
Provision | 2,000 | 0 |
Ending Balance | 297,000 | 300,000 |
Commercial Construction [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 1,782,000 | 1,890,000 |
Charge-Offs | 0 | -692,000 |
Recoveries | 182,000 | 80,000 |
Provision | 125,000 | 511,000 |
Ending Balance | 2,089,000 | 1,789,000 |
Residential Construction [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 138,000 | 138,000 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | 0 |
Ending Balance | 138,000 | 138,000 |
Commercial Real Estate [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 4,379,000 | 5,163,000 |
Charge-Offs | -236,000 | -485,000 |
Recoveries | 6,000 | 43,000 |
Provision | 131,000 | 593,000 |
Ending Balance | 4,280,000 | 5,314,000 |
Residential Real Estate [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 3,278,000 | 3,406,000 |
Charge-Offs | -293,000 | -187,000 |
Recoveries | 6,000 | 5,000 |
Provision | 38,000 | 228,000 |
Ending Balance | 3,029,000 | 3,452,000 |
Farmland [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 312,000 | 291,000 |
Charge-Offs | 0 | -1,000 |
Recoveries | 0 | 11,000 |
Provision | 1,000 | 1,000 |
Ending Balance | 313,000 | 302,000 |
Consumer [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 243,000 | 228,000 |
Charge-Offs | -102,000 | -101,000 |
Recoveries | 25,000 | 32,000 |
Provision | 23,000 | 123,000 |
Ending Balance | 189,000 | 282,000 |
Other [Member] | ' | ' |
Activity in allowance for loan losses, segregated by class of loan [Roll Forward] | ' | ' |
Beginning Balance | 363,000 | 344,000 |
Charge-Offs | 0 | -4,000 |
Recoveries | 1,000 | 1,000 |
Provision | 0 | 5,000 |
Ending Balance | $364,000 | $346,000 |
Allowance_for_Loan_Losses_eval
Allowance for Loan Losses, evaluated for impairment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | $2,900 | ' | $4,493 | ' |
Collectively evaluated for impairment | 8,810 | ' | 8,437 | ' |
Total ending allowance balance | 11,710 | 11,806 | 12,930 | 12,737 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 41,379 | ' | 45,621 | ' |
Collectively evaluated for impairment | 696,815 | ' | 691,199 | ' |
Total Loans | 738,194 | 751,218 | 736,820 | ' |
Commercial [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 423 | ' | 456 | ' |
Collectively evaluated for impairment | 588 | ' | 551 | ' |
Total ending allowance balance | 1,011 | 1,017 | 1,007 | 981 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 1,469 | ' | 1,554 | ' |
Collectively evaluated for impairment | 42,510 | ' | 51,352 | ' |
Total Loans | 43,979 | 48,107 | 52,906 | ' |
Agricultural [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' |
Collectively evaluated for impairment | 297 | ' | 300 | ' |
Total ending allowance balance | 297 | 294 | 300 | 296 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' |
Collectively evaluated for impairment | 12,654 | ' | 7,856 | ' |
Total Loans | 12,654 | 10,666 | 7,856 | ' |
Commercial Construction [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 1,548 | ' | 1,493 | ' |
Collectively evaluated for impairment | 541 | ' | 296 | ' |
Total ending allowance balance | 2,089 | 1,782 | 1,789 | 1,890 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 7,683 | ' | 9,442 | ' |
Collectively evaluated for impairment | 46,925 | ' | 42,652 | ' |
Total Loans | 54,608 | 52,739 | 52,094 | ' |
Residential Construction [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' |
Collectively evaluated for impairment | 138 | ' | 138 | ' |
Total ending allowance balance | 138 | 138 | 138 | 138 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' |
Collectively evaluated for impairment | 9,779 | ' | 7,570 | ' |
Total Loans | 9,779 | 6,549 | 7,570 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 407 | ' | 1,426 | ' |
Collectively evaluated for impairment | 3,873 | ' | 3,888 | ' |
Total ending allowance balance | 4,280 | 4,379 | 5,314 | 5,163 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 26,192 | ' | 25,175 | ' |
Collectively evaluated for impairment | 311,643 | ' | 303,677 | ' |
Total Loans | 337,835 | 341,783 | 328,852 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 289 | ' | 1,118 | ' |
Collectively evaluated for impairment | 2,740 | ' | 2,334 | ' |
Total ending allowance balance | 3,029 | 3,278 | 3,452 | 3,406 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 4,412 | ' | 7,173 | ' |
Collectively evaluated for impairment | 197,747 | ' | 197,485 | ' |
Total Loans | 202,159 | 206,258 | 204,658 | ' |
Farmland [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 233 | ' | 0 | ' |
Collectively evaluated for impairment | 80 | ' | 302 | ' |
Total ending allowance balance | 313 | 312 | 302 | 291 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 1,614 | ' | 2,277 | ' |
Collectively evaluated for impairment | 46,272 | ' | 45,931 | ' |
Total Loans | 47,886 | 47,035 | 48,208 | ' |
Consumer [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' |
Collectively evaluated for impairment | 189 | ' | 282 | ' |
Total ending allowance balance | 189 | 243 | 282 | 228 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' |
Collectively evaluated for impairment | 23,693 | ' | 28,379 | ' |
Total Loans | 23,693 | 25,676 | 28,379 | ' |
Other [Member] | ' | ' | ' | ' |
Ending allowance balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' |
Collectively evaluated for impairment | 364 | ' | 346 | ' |
Total ending allowance balance | 364 | 363 | 346 | 344 |
Ending loan balance [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment | 9 | ' | 0 | ' |
Collectively evaluated for impairment | 5,592 | ' | 6,297 | ' |
Total Loans | $5,601 | $12,405 | $6,297 | ' |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Other Real Estate [Roll Forward] | ' | ' |
Balance, Beginning | $15,502 | $15,941 |
Additions | 1,091 | 10,251 |
Sales of OREO | -1,700 | -7,804 |
Gain (Loss) on Sale | -24 | -1,564 |
Provision for Losses | -642 | -1,322 |
Balance, Ending | $14,227 | $15,502 |
Deposits_Details
Deposits (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Aggregate amount of overdrawn deposit accounts reclassified as loan balances | $308 | $401 |
Components of interest-bearing deposits [Abstract] | ' | ' |
Interest-Bearing Demand | 344,827 | 357,291 |
Savings | 57,463 | 54,095 |
Time, $100,000 and Over | 220,692 | 220,673 |
Other Time | 233,888 | 240,210 |
Total Interest bearing Deposits | 856,870 | 872,269 |
Brokered deposits balances | 28,015 | 26,580 |
CDARS balances | 28,015 | 26,580 |
Brokered deposits less the reciprocal deposits | 0 | 0 |
Certificates of deposits, $100,000 or more | 148,342 | 143,389 |
Scheduled maturities of certificates of deposits [Abstract] | ' | ' |
One Year and Under | 326,656 | 322,971 |
One to Three Years | 97,490 | 106,946 |
Three Years and Over | 30,434 | 30,966 |
Total | $454,580 | $460,883 |
Other_Borrowed_Money_Details
Other Borrowed Money (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Borrowed Money [Abstract] | ' | ' |
Federal Home Loan Bank Advance | $40,000 | $40,000 |
Federal Home Loan Bank advances, earliest maturity | '2017 | ' |
Federal Home Loan Bank advances, last maturity | '2020 | ' |
Interest rate on Federal Home Loan Bank Advances, Minimum (in hundredths) | 0.48% | ' |
Interest rate on Federal Home Loan Bank Advances, Maximum (in hundredths) | 4.75% | ' |
Book value of loans pledged | 93,618 | ' |
Remaining credit availability from FHLB | 131,790 | ' |
Aggregate stated maturities of other borrowed money [Abstract] | ' | ' |
2017 | 9,000 | ' |
2018 | 20,500 | ' |
2019 | 8,000 | ' |
2020 | 2,500 | ' |
Federal Home Loan Bank Advance | 40,000 | 40,000 |
Federal funds lines of credit | 43,000 | ' |
Federal funds lines of credit outstanding | 0 | ' |
Federal Reserve Bank of Atlanta [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Borrowing outstanding | 0 | ' |
Repurchase Agreements [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Available repurchase agreement line of credit | $50,000 | ' |
Preferred_Stock_and_Warrants_D
Preferred Stock and Warrants (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Class of Stock [Line Items] | ' |
Warrants to purchase shares (in shares) | 500,000 |
Liquidation preference (in dollars per share) | $1,000 |
Exercise price (in dollars per unit) | $8.40 |
Preferred stock dividend rate for first five years (in hundredths) | 5.00% |
Preferred stock dividend rate thereafter five years (in hundredths) | 9.00% |
Accumulated dividends in arrears | $3.76 |
Cumulative Perpetual Preferred Stock, Series A [Member] | ' |
Class of Stock [Line Items] | ' |
Shares issued for cash during period (in shares) | 28,000 |
Subordinated_Debentures_Trust_2
Subordinated Debentures (Trust Preferred Securities) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Period | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
Number of deferred consecutive quarterly periods without default or penalty, maximum | 20 |
Accrued but unpaid interest expense | $1,200,000 |
Trust Preferred Securities [Member] | Colony Bankcorp Statutory Trust III [Member] | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
Date | 17-Jun-04 |
Amount | 4,500,000 |
Total Interest rate (in hundredths) | 2.91% |
Maturity | 14-Jun-34 |
5 Years Call Option | 17-Jun-09 |
Trust Preferred Securities [Member] | Colony Bankcorp Statutory Trust III [Member] | LIBOR [Member] | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
3 month Libor Rate (in hundredths) | 0.23% |
Added Points (in hundredths) | 2.68% |
Trust Preferred Securities [Member] | Colony Bankcorp Capital Trust I [Member] | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
Date | 13-Apr-06 |
Amount | 5,000,000 |
Total Interest rate (in hundredths) | 1.73% |
Maturity | 13-Apr-36 |
5 Years Call Option | 13-Apr-11 |
Trust Preferred Securities [Member] | Colony Bankcorp Capital Trust I [Member] | LIBOR [Member] | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
3 month Libor Rate (in hundredths) | 0.23% |
Added Points (in hundredths) | 1.50% |
Trust Preferred Securities [Member] | Colony Bankcorp Capital Trust II [Member] | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
Date | 12-Mar-07 |
Amount | 9,000,000 |
Total Interest rate (in hundredths) | 1.88% |
Maturity | 12-Mar-37 |
5 Years Call Option | 12-Mar-12 |
Trust Preferred Securities [Member] | Colony Bankcorp Capital Trust II [Member] | LIBOR [Member] | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
3 month Libor Rate (in hundredths) | 0.23% |
Added Points (in hundredths) | 1.65% |
Trust Preferred Securities [Member] | Colony Bankcorp Capital Trust III [Member] | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
Date | 14-Sep-07 |
Amount | $5,000,000 |
Total Interest rate (in hundredths) | 1.64% |
Maturity | 14-Sep-37 |
5 Years Call Option | 14-Sep-12 |
Trust Preferred Securities [Member] | Colony Bankcorp Capital Trust III [Member] | LIBOR [Member] | ' |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' |
3 month Libor Rate (in hundredths) | 0.24% |
Added Points (in hundredths) | 1.40% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Contract Amount [Abstract] | ' | ' |
Loan Commitments | $77,826 | $65,688 |
Letters of Credit | $1,591 | $1,411 |
Expiration period of letter of credit issued | '1 year | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments and Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities [Abstract] | ' | ' |
Discounted rate to account for selling and marketing costs (in hundredths) | 10.00% | ' |
Recurring [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Investment Securities Available for Sale | $278,957 | $263,258 |
Recurring [Member] | Carrying Amount [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and Short-Term Investments | 61,176 | 68,147 |
Investment Securities Available for Sale | 278,957 | 263,258 |
Investment Securities Held to Maturity | 38 | 37 |
Federal Home Loan Bank Stock | 2,831 | 3,164 |
Loans, Net | 726,125 | 739,052 |
Bank-Owned Life Insurance | 10,260 | 10,165 |
Liabilities [Abstract] | ' | ' |
Deposits | 976,854 | 987,529 |
Subordinated Debentures | 24,229 | 24,229 |
Other Borrowed Money | 40,000 | 40,000 |
Recurring [Member] | Estimated Fair Value [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and Short-Term Investments | 61,176 | 68,147 |
Investment Securities Available for Sale | 278,957 | 263,258 |
Investment Securities Held to Maturity | 38 | 37 |
Federal Home Loan Bank Stock | 2,831 | 3,164 |
Loans, Net | 728,009 | 741,112 |
Bank-Owned Life Insurance | 10,260 | 10,165 |
Liabilities [Abstract] | ' | ' |
Deposits | 978,294 | 989,101 |
Subordinated Debentures | 24,229 | 24,229 |
Other Borrowed Money | 42,065 | 42,074 |
Level 1 [Member] | Recurring [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and Short-Term Investments | 61,176 | 68,147 |
Investment Securities Available for Sale | 0 | 0 |
Investment Securities Held to Maturity | 0 | 0 |
Federal Home Loan Bank Stock | 2,831 | 3,164 |
Loans, Net | 0 | 0 |
Bank-Owned Life Insurance | 10,260 | 10,165 |
Liabilities [Abstract] | ' | ' |
Deposits | 522,273 | 526,646 |
Subordinated Debentures | 24,229 | 24,229 |
Other Borrowed Money | 0 | 0 |
Level 2 [Member] | Recurring [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and Short-Term Investments | 0 | 0 |
Investment Securities Available for Sale | 278,012 | 262,317 |
Investment Securities Held to Maturity | 38 | 37 |
Federal Home Loan Bank Stock | 0 | 0 |
Loans, Net | 717,672 | 729,436 |
Bank-Owned Life Insurance | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Deposits | 456,021 | 462,455 |
Subordinated Debentures | 0 | 0 |
Other Borrowed Money | 42,065 | 42,074 |
Level 3 [Member] | Recurring [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Cash and Short-Term Investments | 0 | 0 |
Investment Securities Available for Sale | 945 | 941 |
Investment Securities Held to Maturity | 0 | 0 |
Federal Home Loan Bank Stock | 0 | 0 |
Loans, Net | 10,337 | 11,676 |
Bank-Owned Life Insurance | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Deposits | 0 | 0 |
Subordinated Debentures | 0 | 0 |
Other Borrowed Money | $0 | $0 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments and Fair Value Measurements, Recurring and Nonrecurring Basis (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Available-for-Sale Securities [Member] | ' | ' |
Fair Value Measured Using Significant Unobservable Inputs (Level 3) [Roll Forward] | ' | ' |
Balance, Beginning | $941 | $1,138 |
Purchases, Sales, Issuances and Settlements | ' | ' |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | -42 |
Securities Purchased During the Year | 0 | 0 |
Securities Called During the Year | 0 | 0 |
Loss on OTTI Impairment Included in Noninterest Income | 0 | -367 |
Unrealized Gains included in Other Comprehensive Income (Loss) | 4 | 212 |
Balance, Ending | 945 | 941 |
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
U.S. Government Agencies Mortgage-Backed | 275,123 | 259,348 |
State, County and Municipal | 3,834 | 3,910 |
Securities Available for Sale | 278,957 | 263,258 |
Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
U.S. Government Agencies Mortgage-Backed | 0 | 0 |
State, County and Municipal | 0 | 0 |
Securities Available for Sale | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
U.S. Government Agencies Mortgage-Backed | 275,123 | 259,348 |
State, County and Municipal | 2,889 | 2,969 |
Securities Available for Sale | 278,012 | 262,317 |
Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
U.S. Government Agencies Mortgage-Backed | 0 | 0 |
State, County and Municipal | 945 | 941 |
Securities Available for Sale | 945 | 941 |
Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 10,337 | 11,676 |
Other Real Estate | 6,727 | 7,020 |
Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 10,337 | 11,676 |
Other Real Estate | $6,727 | $7,020 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments and Fair Value Measurements, Quantitative Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | |
Impaired Loans [Member] | Commercial [Member] | Nonrecurring [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Assets measured at fair value | 957 | 1,019 | |
Impaired Loans [Member] | Sales Comparison [Member] | Commercial [Member] | Nonrecurring [Member] | Minimum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 0.00% | 0.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 10.00% | 10.00% | |
Impaired Loans [Member] | Sales Comparison [Member] | Commercial [Member] | Nonrecurring [Member] | Maximum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 15.00% | 15.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 50.00% | 50.00% | |
Impaired Loans [Member] | Sales Comparison [Member] | Commercial [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 7.50% | 7.50% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 30.00% | 30.00% | |
Real Estate [Member] | Commercial Construction [Member] | Nonrecurring [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Assets measured at fair value | 1,922 | 2,641 | |
Real Estate [Member] | Residential Real Estate [Member] | Nonrecurring [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Assets measured at fair value | 665 | 1,323 | |
Real Estate [Member] | Commercial Real Estate [Member] | Nonrecurring [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Assets measured at fair value | 5,702 | 5,451 | |
Real Estate [Member] | Farmland [Member] | Nonrecurring [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Assets measured at fair value | 1,091 | 1,242 | |
Real Estate [Member] | Sales Comparison [Member] | Commercial Construction [Member] | Nonrecurring [Member] | Minimum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | -16.00% | -16.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 0.00% | 0.00% | |
Real Estate [Member] | Sales Comparison [Member] | Commercial Construction [Member] | Nonrecurring [Member] | Maximum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 28.00% | 28.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 10.00% | 10.00% | |
Real Estate [Member] | Sales Comparison [Member] | Commercial Construction [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 6.00% | 6.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 5.00% | 5.00% | |
Real Estate [Member] | Sales Comparison [Member] | Residential Real Estate [Member] | Nonrecurring [Member] | Minimum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | -7.00% | 0.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 0.00% | 0.00% | |
Real Estate [Member] | Sales Comparison [Member] | Residential Real Estate [Member] | Nonrecurring [Member] | Maximum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 46.00% | 46.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 25.00% | 25.00% | |
Real Estate [Member] | Sales Comparison [Member] | Residential Real Estate [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 19.50% | 23.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 12.50% | 12.50% | |
Real Estate [Member] | Sales Comparison [Member] | Commercial Real Estate [Member] | Nonrecurring [Member] | Minimum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | ' | -27.20% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 0.00% | 25.00% | |
Real Estate [Member] | Sales Comparison [Member] | Commercial Real Estate [Member] | Nonrecurring [Member] | Maximum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | ' | 216.80% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 10.00% | 90.00% | |
Real Estate [Member] | Sales Comparison [Member] | Commercial Real Estate [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | ' | 94.80% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 5.00% | 57.50% | |
Real Estate [Member] | Sales Comparison [Member] | Farmland [Member] | Nonrecurring [Member] | Minimum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | -55.00% | -55.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 10.00% | 10.00% | |
Real Estate [Member] | Sales Comparison [Member] | Farmland [Member] | Nonrecurring [Member] | Maximum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 388.00% | 388.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 35.00% | 35.00% | |
Real Estate [Member] | Sales Comparison [Member] | Farmland [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 166.50% | 166.50% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 22.50% | 22.50% | |
Real Estate [Member] | Income Approach [Member] | Commercial Construction [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Capitalization Rate (in hundredths) | 8.50% | 8.50% | |
Real Estate [Member] | Income Approach [Member] | Commercial Real Estate [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Capitalization Rate (in hundredths) | 11.00% | 11.00% | |
Other Real Estate Owned [Member] | Nonrecurring [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Assets measured at fair value | 6,727 | 7,020 | |
Other Real Estate Owned [Member] | Sales Comparison [Member] | Nonrecurring [Member] | Minimum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | -45.00% | -10.00% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 3.23% | 0.36% | |
Other Real Estate Owned [Member] | Sales Comparison [Member] | Nonrecurring [Member] | Maximum [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 955.90% | 319.10% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 77.34% | 87.81% | |
Other Real Estate Owned [Member] | Sales Comparison [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Adjustment for Differences Between the Comparable Sales (in hundredths) | 455.45% | 154.55% | |
Management Adjustments for Age of Appraisals and/or Current Market Conditions (in hundredths) | 36.52% | 29.99% | |
Other Real Estate Owned [Member] | Income Approach [Member] | Nonrecurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Capitalization Rate (in hundredths) | 10.50% | ' | |
Discount Rate (in hundredths) | 3.00% | 10.00% | |
State, County and Municipal [Member] | Recurring [Member] | ' | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Assets measured at fair value | 945 | ' | |
State, County and Municipal [Member] | Discounted Cash Flow Member] | Recurring [Member] | Weighted Average [Member] | ' | ' | |
Unobservable Inputs [Abstract] | ' | ' | |
Discount Rate (in hundredths) | ' | [1] | ' |
[1] | The Company relies on a third-party pricing service to value its municipal securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company. |
Regulatory_Capital_Matters_Det
Regulatory Capital Matters (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Ratios [Abstract] | ' | ' |
Tier 1 capital to total average assets (in hundredths) | 8.00% | ' |
Total risk-based capital to total risk-weighted assets (in hundredths) | 10.00% | ' |
Consolidated [Member] | ' | ' |
Total Capital to Risk-Weighted Assets [Abstract] | ' | ' |
Actual Amount | $130,292 | $129,569 |
For Capital Adequacy Purposes, Amount | 60,112 | 60,791 |
Amount [Abstract] | ' | ' |
Actual Amount | 120,871 | 120,048 |
For Capital Adequacy Purposes, Amount | 30,056 | 30,396 |
Ratios [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 17.34% | 17.06% |
For Capital Adequacy Purposes, Ratio (in hundredths) | 8.00% | 8.00% |
Actual Ratio (in hundredths) | 16.09% | 15.81% |
For Capital Adequacy Purposes, Ratio (in hundredths) | 4.00% | 4.00% |
Amount [Abstract] | ' | ' |
Actual Amount | 120,871 | 120,048 |
For Capital Adequacy Purposes, Amount | 45,546 | 45,419 |
Ratios [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 10.62% | 10.57% |
For Capital Adequacy Purposes, Ratio (in hundredths) | 4.00% | 4.00% |
Colony Bank [Member] | ' | ' |
Total Capital to Risk-Weighted Assets [Abstract] | ' | ' |
Actual Amount | 132,571 | 131,024 |
For Capital Adequacy Purposes, Amount | 59,992 | 60,638 |
To be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | 74,990 | 75,797 |
Amount [Abstract] | ' | ' |
Actual Amount | 123,168 | 121,521 |
For Capital Adequacy Purposes, Amount | 29,996 | 30,319 |
To be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | 44,994 | 45,478 |
Ratios [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 17.68% | 17.29% |
For Capital Adequacy Purposes, Ratio (in hundredths) | 8.00% | 8.00% |
To be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio (in hundredths) | 10.00% | 10.00% |
Actual Ratio (in hundredths) | 16.42% | 16.03% |
For Capital Adequacy Purposes, Ratio (in hundredths) | 4.00% | 4.00% |
To be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio (in hundredths) | 6.00% | 6.00% |
Amount [Abstract] | ' | ' |
Actual Amount | 123,168 | 121,521 |
For Capital Adequacy Purposes, Amount | 45,460 | 45,333 |
To be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $56,825 | $56,666 |
Ratios [Abstract] | ' | ' |
Actual Ratio (in hundredths) | 10.84% | 10.72% |
For Capital Adequacy Purposes, Ratio (in hundredths) | 4.00% | 4.00% |
To be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio (in hundredths) | 5.00% | 5.00% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator [Abstract] | ' | ' |
Net Income (Loss) Available to Common Stockholders | $814 | $567 |
Denominator [Abstract] | ' | ' |
Weighted Average Number of Common Shares Outstanding for Basic Earnings Per Common Share (in shares) | 8,439,258 | 8,439,258 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Weighted-Average Number of Shares Outstanding for Diluted Earnings Per Common Share (in shares) | 8,439,258 | 8,439,258 |
Earnings Per Share - Basic (in dollars per share) | $0.10 | $0.07 |
Earnings Per Share - Diluted (in dollars per share) | $0.10 | $0.07 |
Shares of common stock equivalents excluded from calculation of diluted earnings per share (in shares) | 500,000 | 500,000 |
Restricted Stock [Member] | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Dilutive Effect of Potential Common Stock (in shares) | 0 | 0 |
Stock Warrants [Member] | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Dilutive Effect of Potential Common Stock (in shares) | 0 | 0 |