Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 07, 2013 | Nov. 07, 2013 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Trading Symbol | 'NBBC | ' | ' |
Entity Registrant Name | 'NEWBRIDGE BANCORP | ' | ' |
Entity Central Index Key | '0000714530 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,291,568 | 3,186,748 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $32,313 | $30,785 |
Interest-bearing bank balances | 24,583 | 9,006 |
Loans held for sale | 3,744 | 9,464 |
Available for sale investment securities | 304,311 | 393,815 |
Held to maturity investment securities (market value $52,401 at September 30, 2013) | 53,226 | 0 |
Loans | 1,266,361 | 1,155,421 |
Less allowance for credit losses | -25,385 | -26,630 |
Net loans | 1,240,976 | 1,128,791 |
Premises and equipment | 34,399 | 35,570 |
Real estate acquired in settlement of loans | 2,695 | 5,355 |
Bank-owned life insurance | 46,411 | 45,262 |
Deferred tax assets | 36,908 | 29,538 |
Other assets | 22,776 | 21,121 |
Total assets | 1,802,342 | 1,708,707 |
Liabilities | ' | ' |
Noninterest-bearing deposits | 241,246 | 206,023 |
NOW deposits | 413,268 | 424,720 |
Savings and money market deposits | 382,885 | 367,776 |
Time deposits | 374,611 | 333,974 |
Total deposits | 1,412,010 | 1,332,493 |
Borrowings from the Federal Home Loan Bank | 162,700 | 113,000 |
Other borrowings | 46,774 | 46,774 |
Accrued expenses and other liabilities | 18,012 | 20,426 |
Total liabilities | 1,639,496 | 1,512,693 |
Shareholdersb Equity | ' | ' |
Common stock, $5.00 par value per share at 12/31/2012 - Authorized 50,000,000 shares; issued and outstanding - 15,655,868 at 12/31/2012 | 210,153 | 78,279 |
Paid-in capital | 0 | 83,259 |
Directorsb deferred compensation plan | -468 | -468 |
Accumulated deficit | -58,068 | -75,697 |
Accumulated other comprehensive income (loss) | -3,752 | 2,284 |
Total shareholdersb equity | 162,846 | 196,014 |
Total liabilities and shareholdersb equity | 1,802,342 | 1,708,707 |
Preferred Stock SeriesA | ' | ' |
Shareholdersb Equity | ' | ' |
Preferred stock - Authorized 30,000,000 shares no par value at 9/30/2013 and10,000,000 shares $.01 par value per share at 12/31/2012 | 14,981 | 52,089 |
Total shareholdersb equity | 14,981 | 52,089 |
Preferred Stock SeriesB | ' | ' |
Shareholdersb Equity | ' | ' |
Preferred stock - Authorized 30,000,000 shares no par value at 9/30/2013 and10,000,000 shares $.01 par value per share at 12/31/2012 | 0 | 42,246 |
Total shareholdersb equity | 0 | 42,246 |
Preferred Stock SeriesC | ' | ' |
Shareholdersb Equity | ' | ' |
Preferred stock - Authorized 30,000,000 shares no par value at 9/30/2013 and10,000,000 shares $.01 par value per share at 12/31/2012 | 0 | 14,022 |
Total shareholdersb equity | $0 | $14,022 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock, par value (in dollars per share) | $0 | $0.01 |
Preferred stock, shares authorized | 30,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | ' | $5 |
Common stock, shares authorized | ' | 50,000,000 |
Common stock, shares issued | ' | 15,655,868 |
Common stock, shares outstanding | ' | 15,655,868 |
Held to maturity investment securities at market value | $52,401 | ' |
Preferred Stock SeriesA | ' | ' |
Preferred stock, shares issued | 15,000 | 52,372 |
Preferred stock, shares outstanding | 15,000 | 52,372 |
Preferred Stock, Capital Shares Reserved for Future Issuance | 52,372 | 52,372 |
Preferred stock, liquidation preference | $1,000 | $1,000 |
Preferred Stock SeriesB | ' | ' |
Preferred stock, shares issued | ' | 422,456 |
Preferred stock, shares outstanding | ' | 422,456 |
Convertible Preferred Stock, Shares Reserved for Future Issuance | 1,000,000 | 1,000,000 |
Preferred stock, liquidation preference | $100 | $100 |
Preferred Stock SeriesC | ' | ' |
Preferred stock, shares issued | ' | 140,217 |
Preferred stock, shares outstanding | ' | 140,217 |
Convertible Preferred Stock, Shares Reserved for Future Issuance | 500,000 | 500,000 |
Preferred stock, liquidation preference | $100 | $100 |
Common Class A [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0 | ' |
Common stock, shares authorized | 90,000,000 | ' |
Common stock, shares issued | 25,291,568 | ' |
Common stock, shares outstanding | 25,291,568 | ' |
Common Class B [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0 | ' |
Common stock, shares authorized | 10,000,000 | ' |
Common stock, shares issued | 3,186,748 | ' |
Common stock, shares outstanding | 3,186,748 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income | ' | ' | ' | ' |
Interest and fees on loans | $13,969 | $14,084 | $41,135 | $43,587 |
Interest on investment securities | ' | ' | ' | ' |
Taxable | 2,975 | 3,061 | 8,546 | 9,994 |
Tax exempt | 196 | 186 | 576 | 571 |
Interest bearing bank balances and federal funds sold | 2 | 10 | 15 | 30 |
Total interest income | 17,142 | 17,341 | 50,272 | 54,182 |
Interest Expense | ' | ' | ' | ' |
Deposits | 737 | 1,088 | 2,247 | 4,217 |
Borrowings from the Federal Home Loan Bank | 271 | 232 | 768 | 760 |
Other borrowings | 338 | 343 | 994 | 1,032 |
Total interest expense | 1,346 | 1,663 | 4,009 | 6,009 |
Net interest income | 15,796 | 15,678 | 46,263 | 48,173 |
Provision for credit losses | 33 | 28,881 | 2,049 | 34,684 |
Net interest income after provision for credit losses | 15,763 | -13,203 | 44,214 | 13,489 |
Noninterest Income | ' | ' | ' | ' |
Retail banking | 2,614 | 2,308 | 7,592 | 6,888 |
Mortgage banking services | 302 | 732 | 1,347 | 1,848 |
Wealth management services | 682 | 645 | 1,932 | 1,800 |
Gain on sales of investment securities | 458 | 3 | 736 | 3 |
Bank-owned life insurance | 317 | 326 | 1,107 | 1,171 |
Other | 124 | 171 | 671 | 468 |
Total noninterest income | 4,497 | 4,185 | 13,385 | 12,178 |
Noninterest Expense | ' | ' | ' | ' |
Personnel | 8,052 | 7,513 | 23,387 | 21,800 |
Occupancy | 1,034 | 2,155 | 3,073 | 4,183 |
Furniture and equipment | 840 | 832 | 2,510 | 2,495 |
Technology and data processing | 1,032 | 1,039 | 3,071 | 3,074 |
Legal and professional | 603 | 858 | 2,031 | 2,219 |
FDIC insurance | 444 | 444 | 1,329 | 1,326 |
Real estate acquired in settlement of loans | 152 | 11,066 | -285 | 15,573 |
Other | 2,254 | 3,225 | 6,878 | 7,786 |
Total noninterest expense | 14,411 | 27,132 | 41,994 | 58,456 |
Income (Loss) before income taxes | 5,849 | -36,150 | 15,605 | -32,789 |
Income tax expense (benefit) | 2,861 | -3,700 | -3,740 | -2,771 |
Net Income (Loss) | 2,988 | -32,450 | 19,345 | -30,018 |
Dividends and accretion on preferred stock | -208 | -729 | -1,616 | -2,188 |
Net Income (Loss) available to common shareholders | $2,780 | ($33,179) | $17,729 | ($32,206) |
Earnings per share | ' | ' | ' | ' |
Basic (in dollar per share) | $0.10 | ($2.12) | $0.68 | ($2.06) |
Diluted (in dollar per share) | $0.10 | ($2.12) | $0.61 | ($2.06) |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic (in shares) | 28,478,316 | 15,655,868 | 26,025,601 | 15,655,868 |
Diluted (in shares) | 28,572,565 | 15,655,868 | 29,203,192 | 15,655,868 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income (Loss) | $2,988 | ($32,450) | $19,345 | ($30,018) |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during period, net of tax of $(242), $1,867, $(3,541), and $5,087, respectively | -372 | 2,863 | -5,428 | 7,797 |
Reclassification adjustment for (gains) losses included in net income, net of tax of $181, $1, $291, and $1, respectively | -277 | -2 | -445 | -2 |
Defined benefit pension plans: | ' | ' | ' | ' |
Amortization of post retirement benefit, net of tax of $6, $6, $18 and $18, respectively | -9 | -9 | -28 | -29 |
Adjustment to deferred tax asset resulting from North Carolina State income tax rate reduction | -135 | 0 | -135 | 0 |
Total other comprehensive income (loss) | -793 | 2,852 | -6,036 | 7,766 |
Comprehensive Income (Loss) | $2,195 | ($29,598) | $13,309 | ($22,252) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Unrealized holding gains (losses) arising during period, Net of tax | ($242) | $1,867 | ($3,541) | $5,087 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 181 | 1 | 291 | 1 |
Other Comprehensive Income (Loss) Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans Tax | $6 | $6 | $18 | $18 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Preferred Stock SeriesA | Preferred Stock SeriesB | Preferred Stock SeriesC | Common Class A [Member] | Common Class B [Member] | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Directors' Deferred Compensation Plan [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Dec. 31, 2011 | $163,387 | $51,789 | $0 | $0 | ' | ' | $78,279 | $87,190 | ($47,525) | ($575) | ($5,771) |
Balance (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | 15,655,868 | 0 | ' | ' | ' | ' | ' |
Net Income (Loss) | -30,018 | ' | ' | ' | ' | ' | ' | ' | -30,018 | ' | ' |
Change in accumulated other comprehensive income (loss) net of deferred income taxes | 7,766 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,766 |
Redemption of preferred stock | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends and accretion on preferred stock | -1,963 | 225 | ' | ' | ' | ' | ' | ' | -2,188 | ' | ' |
Repurchase of stock warrant | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock distributed | 107 | ' | ' | ' | ' | ' | ' | ' | ' | 107 | ' |
Stock-based compensation | 86 | ' | ' | ' | ' | ' | ' | 86 | ' | ' | ' |
Balance at Sep. 30, 2012 | 139,365 | 52,014 | 0 | 0 | ' | ' | 78,279 | 87,276 | -79,731 | -468 | 1,995 |
Balance (in shares) at Sep. 30, 2012 | ' | ' | ' | ' | 15,655,868 | 0 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 196,014 | 52,089 | 42,246 | 14,022 | ' | ' | 78,279 | 83,259 | -75,697 | -468 | 2,284 |
Balance (in shares) at Dec. 31, 2012 | ' | ' | ' | ' | 15,655,868 | 0 | ' | ' | ' | ' | ' |
Net Income (Loss) | 19,345 | ' | ' | ' | ' | ' | ' | ' | 19,345 | ' | ' |
Change in accumulated other comprehensive income (loss) net of deferred income taxes | -6,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,036 |
Conversion of preferred stock | -117 | ' | -42,246 | -14,022 | ' | ' | 139,410 | -83,259 | ' | ' | ' |
Conversion of preferred stock (in shares) | ' | ' | ' | ' | 9,601,262 | 3,186,748 | ' | ' | ' | ' | ' |
Redemption of preferred stock | -37,472 | -37,372 | ' | ' | ' | ' | ' | ' | -100 | ' | ' |
Dividends and accretion on preferred stock | -1,352 | 264 | ' | ' | ' | ' | ' | ' | -1,616 | ' | ' |
Repurchase of stock warrant | -7,779 | ' | ' | ' | ' | ' | -7,779 | ' | ' | ' | ' |
Common stock distributed | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issuance pursuant to RSUs (in shares) | ' | ' | ' | ' | 34,438 | ' | ' | ' | ' | ' | ' |
Stock issuance pursuant to RSUs | -52 | ' | ' | ' | ' | ' | -52 | ' | ' | ' | ' |
Stock-based compensation | 295 | ' | ' | ' | ' | ' | 295 | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $162,846 | $14,981 | $0 | $0 | ' | ' | $210,153 | $0 | ($58,068) | ($468) | ($3,752) |
Balance (in shares) at Sep. 30, 2013 | ' | ' | ' | ' | 25,291,568 | 3,186,748 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow from operating activities | ' | ' |
Net Income (Loss) | $19,345 | ($30,018) |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 2,746 | 2,585 |
Securities premium amortization and discount accretion, net | 336 | 162 |
(Gain) loss on sales of securities | -736 | -3 |
Mortgage banking services | -1,347 | -1,848 |
Originations of loans held for sale | -72,975 | -114,385 |
Proceeds from sales of loans held for sale | 80,042 | 117,081 |
Deferred income tax expense (benefit) | -3,740 | -2,789 |
Writedowns and (gains) losses on sales of real estate acquired in settlement of loans, net | -742 | 14,571 |
Provision for credit losses | 2,049 | 34,684 |
Stock-based compensation | 295 | 86 |
(Increase) decrease in income taxes receivable | 0 | -153 |
(Increase) decrease in interest earned but not received | -39 | 190 |
Increase (decrease) in interest accrued but not paid | -32 | -195 |
Net (increase) decrease in other assets | -2,038 | -730 |
Net increase (decrease) in other liabilities | -2,428 | 2,002 |
Net cash provided by (used in) operating activities | 20,736 | 21,240 |
Cash Flow from investing activities | ' | ' |
Purchases of securities available for sale | -81,914 | -171,379 |
Purchases of securities held to maturity | -53,296 | 0 |
Proceeds from sales of securities available for sale | 65,711 | 6,724 |
Proceeds from maturities, prepayments and calls of securities available for sale | 96,390 | 127,812 |
Proceeds from maturities, prepayments and calls of securities held to maturity | 82 | 0 |
Net (increase) decrease in loans | -117,554 | -4,618 |
Net (increase) decrease in bank-owned life insurance | -1,149 | -1,183 |
Purchases of premises and equipment | -1,727 | -2,686 |
Proceeds from sales of premises and equipment | 709 | 159 |
Proceeds from sales of real estate acquired in settlement of loans | 6,672 | 12,977 |
Net cash provided by (used in) investing activities | -86,076 | -32,194 |
Cash Flow from financing activities | ' | ' |
Net increase (decrease) in demand deposits and NOW accounts | 23,771 | 1,090 |
Net increase (decrease) in savings and money market accounts | 15,109 | -16,470 |
Net increase (decrease) in time deposits | 40,637 | -13,561 |
Net increase (decrease) in borrowings from FHLB | 49,700 | 30,500 |
Dividends paid | -1,352 | -1,963 |
Redemption of preferred stock and related expense | -37,472 | 0 |
Repurchase of stock warrant | -7,779 | 0 |
Cash paid in lieu of issuing shares pursuant to restricted stock units | -78 | 0 |
Tax windfall on shares issued pursuant to restricted stock units | 26 | 0 |
Common stock distributed | 0 | 107 |
Expense of stock issuance | -117 | 0 |
Net cash provided by (used in) financing activities | 82,445 | -297 |
Increase (decrease) in cash and cash equivalents | 17,105 | -11,251 |
Cash and cash equivalents at the beginning of the period | 39,791 | 53,992 |
Cash and cash equivalents at the end of the period | 56,896 | 42,741 |
Cash paid during the periods for: | ' | ' |
Interest | 4,041 | 6,204 |
Income Taxes | 0 | 250 |
Supplemental disclosures of noncash transactions | ' | ' |
Transfer of loans to real estate acquired in settlement of loans | 3,270 | 7,426 |
Unrealized gains (losses) on securities available for sale: | ' | ' |
Change in securities available for sale | -9,705 | 12,881 |
Change in deferred income taxes | 3,832 | -5,086 |
Change in shareholdersb equity | 5,873 | -7,795 |
Conversion of preferred stock | $56,268 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation | ' |
Basis of Presentation | ' |
Note 1 – Basis of Presentation | |
The accompanying interim unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and provisions for credit losses considered necessary for a fair presentation have been included. The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. Operating results for the three-month and nine-month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
NewBridge Bancorp (the “Company”) is a bank holding company incorporated under the laws of North Carolina and registered under the Bank Holding Company Act of 1956, as amended. The Company’s principal asset is stock of its banking subsidiary, NewBridge Bank (the “Bank”). Accordingly, throughout this Quarterly Report on Form 10-Q, there are frequent references to the Bank. | |
Through its branch network, the Bank provides a wide range of banking products to individuals, small to medium-sized businesses and other organizations in its market areas, including interest-bearing and noninterest-bearing checking accounts, certificates of deposit, individual retirement accounts, overdraft protection, personal and corporate trust services, safe deposit boxes, online banking, corporate cash management, brokerage, financial planning and asset management, mortgage loans and secured and unsecured loans. | |
The organization and business of the Company, accounting policies followed by the Company and other relevant information are contained in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2013 (SEC File No. 000-11448) (the “Annual Report”). This Quarterly Report should be read in conjunction with the Annual Report. | |
Recent accounting pronouncements | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This Update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and requires the entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. This Update does not change the current requirements for reporting net income or other comprehensive income in the financial statements. For public companies, this Update became effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted the new disclosure requirements in the first quarter. | |
Reclassification | |
Certain items for 2012 have been reclassified to conform to the 2013 presentation. Such reclassifications had no effect on net income, total assets or shareholders’ equity as previously reported. | |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Net Income Per Share | ' | |||||||||||||
Note 2 — Net Income Per Share | ||||||||||||||
Basic and diluted net income per share is computed based on the weighted average number of shares outstanding during each period. Diluted net income per share reflects the potential dilution that could occur if stock options or warrants were exercised, or restricted stock vested, resulting in the issuance of common stock sharing in the net income of the Company. A summary of basic and diluted net income per share follows (in thousands, except per share data): | ||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||
September 30 | September 30 | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Basic: | ||||||||||||||
Net income available to common shareholders | $ | 2,780 | $ | -33,179 | $ | 17,729 | $ | -32,206 | ||||||
Weighted average shares outstanding | 28,478,316 | 15,655,868 | 26,025,601 | 15,655,868 | ||||||||||
Net income per share, basic | $ | 0.1 | $ | -2.12 | $ | 0.68 | $ | -2.06 | ||||||
Diluted: | ||||||||||||||
Net income available to common shareholders | $ | 2,780 | $ | -33,179 | $ | 17,729 | $ | -32,206 | ||||||
Weighted average shares outstanding | 28,478,316 | 15,655,868 | 26,025,601 | 15,655,868 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options | 687 | - | 269 | - | ||||||||||
Restricted stock units | 93,562 | - | 85,524 | - | ||||||||||
Warrant | - | - | 655,987 | - | ||||||||||
Convertible preferred stock | - | - | 2,435,811 | - | ||||||||||
Weighted average shares outstanding and dilutive | 28,572,565 | 15,655,868 | 29,203,192 | 15,655,868 | ||||||||||
potential shares outstanding | ||||||||||||||
Net income per share, diluted | $ | 0.1 | $ | -2.12 | $ | 0.61 | $ | -2.06 | ||||||
The calculation of diluted net income (loss) per share for the 2012 periods excludes the effect of 50,472 restricted stock units and a warrant to purchase 791,539 shares for the three months and 33,054 restricted stock units and a warrant to purchase 732,867 shares for the nine months as these are antidilutive due to the net loss reported in these periods. There were no stock options in the 2012 periods that would have normally been dilutive. | ||||||||||||||
Investment_Securities
Investment Securities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investment Securities [Abstract] | ' | |||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||
Note 3 — Investment Securities | ||||||||||||||||||||
Investment securities consist of the following (dollars in thousands): | ||||||||||||||||||||
September 30, 2013 – Securities Available for Sale | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Average | Average | |||||||||||||||
Cost | Gains | Losses | Value | Yield | Duration(1) | |||||||||||||||
U.S. government agency securities | $ | 49,093 | $ | - | $ | -3,621 | $ | 45,472 | 2.07 | % | 7.86 | |||||||||
Agency mortgage backed securities | 15,336 | 1,392 | - | 16,728 | 5.27 | 2.21 | ||||||||||||||
Collateralized mortgage obligations | 7,248 | 175 | -7 | 7,416 | 5.67 | 1.62 | ||||||||||||||
Commercial mortgage backed securities | 38,597 | 1,256 | -49 | 39,804 | 3.32 | 3.54 | ||||||||||||||
Corporate bonds | 105,771 | 3,685 | -862 | 108,594 | 3.81 | 4.36 | ||||||||||||||
Covered bonds | 49,928 | 3,101 | -210 | 52,819 | 3.49 | 3.13 | ||||||||||||||
State and municipal obligations | 16,297 | 142 | -348 | 16,091 | 6.53 | -2 | 7.14 | |||||||||||||
Total debt securities | 282,270 | 9,751 | -5,097 | 286,924 | 3.67 | -2 | 4.62 | |||||||||||||
Federal Home Loan Bank stock | 9,370 | - | - | 9,370 | ||||||||||||||||
Other equity securities | 7,672 | 759 | -414 | 8,017 | ||||||||||||||||
Total | $ | 299,312 | $ | 10,510 | $ | -5,511 | $ | 304,311 | ||||||||||||
December 31, 2012 – Securities Available for Sale | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Average | Average | |||||||||||||||
Cost | Gains | Losses | Value | Yield | Duration(1) | |||||||||||||||
U.S. Treasury securities | $ | 10,000 | $ | - | $ | - | $ | 10,000 | 0.01 | % | 0.05 | |||||||||
U.S. government agency securities | 67,090 | 72 | -125 | 67,037 | 1.94 | 5.78 | ||||||||||||||
Agency mortgage backed securities | 21,607 | 2,153 | - | 23,760 | 5.3 | 2.3 | ||||||||||||||
Collateralized mortgage obligations | 10,417 | 254 | -3 | 10,668 | 5.54 | 2.78 | ||||||||||||||
Commercial mortgage backed securities | 43,046 | 2,318 | -82 | 45,282 | 3.21 | 3.52 | ||||||||||||||
Corporate bonds | 150,589 | 5,742 | -844 | 155,487 | 3.24 | 3.29 | ||||||||||||||
Covered bonds | 44,924 | 3,694 | - | 48,618 | 3.68 | 3.49 | ||||||||||||||
State and municipal obligations | 17,978 | 734 | - | 18,712 | 6.21 | -2 | 4.09 | |||||||||||||
Total debt securities | 365,651 | 14,967 | -1,054 | 379,564 | 3.3 | -2 | 3.68 | |||||||||||||
Federal Home Loan Bank stock | 7,685 | - | - | 7,685 | ||||||||||||||||
Other equity securities | 5,775 | 791 | - | 6,566 | ||||||||||||||||
Total | $ | 379,111 | $ | 15,758 | $ | -1,054 | $ | 393,815 | ||||||||||||
September 30, 2013 – Securities Held to Maturity | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Average | Average | |||||||||||||||
Cost | Gains | Losses | Value | Yield | Duration(1) | |||||||||||||||
U.S. government agency securities | $ | 27,763 | $ | 25 | $ | -1,271 | $ | 26,517 | 2.11 | % | 6.97 | |||||||||
Agency mortgage backed securities | 19,314 | 503 | - | 19,817 | 2.62 | 6.76 | ||||||||||||||
Corporate bonds | 5,000 | - | - | 5,000 | 7.63 | 9.86 | ||||||||||||||
State and municipal obligations | 1,149 | - | -82 | 1,067 | 4.24 | -2 | 13.78 | |||||||||||||
Total | $ | 53,226 | $ | 528 | $ | -1,353 | $ | 52,401 | 2.85 | -2 | 7.31 | |||||||||
(1) Average expected remaining duration to maturity, in years | ||||||||||||||||||||
(2) Fully taxable-equivalent basis | ||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, as of September 30, 2013 (in thousands): | ||||||||||||||||||||
Less than 1 Year | 1 Year or More | Total | ||||||||||||||||||
Market | Unrealized | Market | Unrealized | Market | Unrealized | |||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||
U.S. government agency securities | $ | 69,079 | $ | -4,892 | $ | - | $ | - | $ | 69,079 | $ | -4,892 | ||||||||
Collateralized mortgage obligations | 811 | -7 | - | - | 811 | -7 | ||||||||||||||
Commercial mortgage backed securities | 3,191 | -27 | 1,924 | -22 | 5,115 | -49 | ||||||||||||||
Corporate bonds | 19,440 | -671 | 13,296 | -191 | 32,736 | -862 | ||||||||||||||
Covered bonds | 4,768 | -210 | - | - | 4,768 | -210 | ||||||||||||||
State and municipal obligations | 9,477 | -430 | - | - | 9,477 | -430 | ||||||||||||||
Equity securities | 1,483 | -414 | - | - | 1,483 | -414 | ||||||||||||||
Total securities | $ | 108,249 | $ | -6,651 | $ | 15,220 | $ | -213 | $ | 123,469 | $ | -6,864 | ||||||||
Declines in the fair value of available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. | ||||||||||||||||||||
There were 44 securities in an unrealized loss position at September 30, 2013. Management does not intend to sell any of the securities classified as available for sale which have unrealized losses and believes that it is not likely that we will have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased and are not the result of deteriorated credit quality. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe such securities are other-than-temporarily impaired due to reasons of credit quality. | ||||||||||||||||||||
Investment securities with an amortized cost of $108,340,000 and $94,612,000, as of September 30, 2013, and December 31, 2012, respectively, were pledged to secure public deposits and for other purposes. The Bank has $50,000,000 in letters of credit, which are used in lieu of securities to pledge against public deposits. | ||||||||||||||||||||
Investment securities with a book value of $64,975,000 were sold during the nine months ended September 30, 2013. The Company recognized a net gain of $736,000 on the sale of those securities. During the first nine months of 2012, the Company sold $6,721,000 of investment securities for a net gain of $3,000. | ||||||||||||||||||||
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | ' | |||||||||||||||||||||||||||||||
Note 4 — Loans and Allowance for Credit Losses | ||||||||||||||||||||||||||||||||
Loans are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||
September 30 | December 31 | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Secured by owner-occupied nonfarm nonresidential properties | $ | 275,880 | $ | 247,628 | ||||||||||||||||||||||||||||
Secured by other nonfarm nonresidential properties | 231,518 | 186,864 | ||||||||||||||||||||||||||||||
Other commercial and industrial | 113,047 | 110,850 | ||||||||||||||||||||||||||||||
Total Commercial | 620,445 | 545,342 | ||||||||||||||||||||||||||||||
Construction loans – 1 to 4 family residential | 14,175 | 13,206 | ||||||||||||||||||||||||||||||
Other construction and land development | 79,081 | 62,460 | ||||||||||||||||||||||||||||||
Total Real estate – construction | 93,256 | 75,666 | ||||||||||||||||||||||||||||||
Closed-end loans secured by 1 to 4 family residential properties | 293,200 | 277,820 | ||||||||||||||||||||||||||||||
Lines of credit secured by 1 to 4 family residential properties | 194,210 | 200,465 | ||||||||||||||||||||||||||||||
Loans secured by 5 or more family residential properties | 36,848 | 23,116 | ||||||||||||||||||||||||||||||
Total Real estate – mortgage | 524,258 | 501,401 | ||||||||||||||||||||||||||||||
Credit cards | 7,613 | 7,610 | ||||||||||||||||||||||||||||||
Other revolving credit plans | 8,470 | 9,018 | ||||||||||||||||||||||||||||||
Other consumer loans | 5,974 | 10,263 | ||||||||||||||||||||||||||||||
Total Consumer | 22,057 | 26,891 | ||||||||||||||||||||||||||||||
All other loans | 6,345 | 6,121 | ||||||||||||||||||||||||||||||
Total Other | 6,345 | 6,121 | ||||||||||||||||||||||||||||||
Total loans | $ | 1,266,361 | $ | 1,155,421 | ||||||||||||||||||||||||||||
Nonperforming assets are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||
September 30 | December 31 | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Commercial nonaccrual loans, not restructured | $ | 3,705 | $ | 5,528 | ||||||||||||||||||||||||||||
Commercial nonaccrual loans, restructured | 546 | 670 | ||||||||||||||||||||||||||||||
Non-commercial nonaccrual loans, not restructured | 4,132 | 9,855 | ||||||||||||||||||||||||||||||
Non-commercial nonaccrual loans, restructured | 889 | 1,459 | ||||||||||||||||||||||||||||||
Total nonaccrual loans | 9,272 | 17,512 | ||||||||||||||||||||||||||||||
Troubled debt restructured, accruing | 2,231 | 3,804 | ||||||||||||||||||||||||||||||
Accruing loans which are contractually | ||||||||||||||||||||||||||||||||
past due 90 days or more | 34 | 44 | ||||||||||||||||||||||||||||||
Total nonperforming loans | 11,537 | 21,360 | ||||||||||||||||||||||||||||||
Real estate acquired in settlement of loans | 2,695 | 5,355 | ||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 14,232 | $ | 26,715 | ||||||||||||||||||||||||||||
Restructured loans, performing (1) | $ | 2,407 | $ | 1,220 | ||||||||||||||||||||||||||||
Nonperforming loans to loans held for investment | 0.91 | % | 1.85 | % | ||||||||||||||||||||||||||||
Nonperforming assets to total assets at end of period | 0.79 | % | 1.56 | % | ||||||||||||||||||||||||||||
Allowance for credit losses to nonperforming loans | 220.03 | % | 124.67 | % | ||||||||||||||||||||||||||||
(1) Loans restructured in a previous year without an interest rate concession that are performing in accordance with their modified terms. | ||||||||||||||||||||||||||||||||
Nonperforming assets include nonaccrual loans, accruing loans contractually past due 90 days or more, restructured loans, and real estate acquired in settlement of loans. Loans are placed on nonaccrual status when (i) management has concerns relating to the ability to collect the loan principal and interest, and (ii) generally when such loans are 90 days or more past due. No assurance can be given, however, that economic conditions will not adversely affect borrowers and result in increased credit losses. | ||||||||||||||||||||||||||||||||
Commitments to lend additional funds to borrowers whose loans have been restructured are not material at September 30, 2013. | ||||||||||||||||||||||||||||||||
The aging of loans is summarized in the following table (in thousands): | ||||||||||||||||||||||||||||||||
September 30, 2013 | Accruing Loans | |||||||||||||||||||||||||||||||
30-89 Days | 90+ Days | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||
Current | Past Due | Past Due | Loans | Receivable | ||||||||||||||||||||||||||||
Secured by owner-occupied nonfarm nonresidential | $ | 270,028 | $ | 3,149 | $ | - | $ | 2,703 | $ | 275,880 | ||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Secured by other nonfarm nonresidential properties | 228,948 | 1,376 | - | 1,194 | 231,518 | |||||||||||||||||||||||||||
Other commercial and industrial | 112,385 | 308 | - | 354 | 113,047 | |||||||||||||||||||||||||||
Total Commercial | 611,361 | 4,833 | - | 4,251 | 620,445 | |||||||||||||||||||||||||||
Construction loans – 1 to 4 family residential | 14,175 | - | - | - | 14,175 | |||||||||||||||||||||||||||
Other construction and land development | 78,513 | 71 | - | 497 | 79,081 | |||||||||||||||||||||||||||
Total Real estate – construction | 92,688 | 71 | - | 497 | 93,256 | |||||||||||||||||||||||||||
Closed-end loans secured by 1 to 4 family | 288,115 | 1,950 | - | 3,135 | 293,200 | |||||||||||||||||||||||||||
residential properties | ||||||||||||||||||||||||||||||||
Lines of credit secured by 1 to 4 family residential | 191,182 | 1,772 | - | 1,256 | 194,210 | |||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Loans secured by 5 or more family residential | 36,848 | - | - | - | 36,848 | |||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Total Real estate – mortgage | 516,145 | 3,722 | - | 4,391 | 524,258 | |||||||||||||||||||||||||||
Credit cards | 7,499 | 80 | 34 | - | 7,613 | |||||||||||||||||||||||||||
Other revolving credit plans | 8,243 | 114 | - | 113 | 8,470 | |||||||||||||||||||||||||||
Other consumer loans | 5,846 | 109 | - | 19 | 5,974 | |||||||||||||||||||||||||||
Total Consumer | 21,588 | 303 | 34 | 132 | 22,057 | |||||||||||||||||||||||||||
All other loans | 6,344 | - | - | 1 | 6,345 | |||||||||||||||||||||||||||
Total Other | 6,344 | - | - | 1 | 6,345 | |||||||||||||||||||||||||||
Total loans | $ | 1,248,126 | $ | 8,929 | $ | 34 | $ | 9,272 | $ | 1,266,361 | ||||||||||||||||||||||
December 31, 2012 | Accruing Loans | |||||||||||||||||||||||||||||||
30-89 Days | 90+ Days | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||
Current | Past Due | Past Due | Loans | Receivable | ||||||||||||||||||||||||||||
Secured by owner-occupied nonfarm nonresidential | $ | 241,099 | $ | 1,985 | $ | - | $ | 4,544 | $ | 247,628 | ||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Secured by other nonfarm nonresidential properties | 184,270 | 1,034 | - | 1,560 | 186,864 | |||||||||||||||||||||||||||
Other commercial and industrial | 110,045 | 711 | - | 94 | 110,850 | |||||||||||||||||||||||||||
Total Commercial | 535,414 | 3,730 | - | 6,198 | 545,342 | |||||||||||||||||||||||||||
Construction loans – 1 to 4 family residential | 12,936 | - | - | 270 | 13,206 | |||||||||||||||||||||||||||
Other construction and land development | 59,676 | 525 | - | 2,259 | 62,460 | |||||||||||||||||||||||||||
Total Real estate – construction | 72,612 | 525 | - | 2,529 | 75,666 | |||||||||||||||||||||||||||
Closed-end loans secured by 1 to 4 family | 268,141 | 4,436 | - | 5,243 | 277,820 | |||||||||||||||||||||||||||
residential properties | ||||||||||||||||||||||||||||||||
Lines of credit secured by 1 to 4 family residential | 196,663 | 2,666 | - | 1,136 | 200,465 | |||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Loans secured by 5 or more family residential | 20,850 | 120 | - | 2,146 | 23,116 | |||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Total Real estate – mortgage | 485,654 | 7,222 | - | 8,525 | 501,401 | |||||||||||||||||||||||||||
Credit cards | 7,488 | 78 | 44 | - | 7,610 | |||||||||||||||||||||||||||
Other revolving credit plans | 8,821 | 85 | - | 112 | 9,018 | |||||||||||||||||||||||||||
Other consumer loans | 9,669 | 446 | - | 148 | 10,263 | |||||||||||||||||||||||||||
Total Consumer | 25,978 | 609 | 44 | 260 | 26,891 | |||||||||||||||||||||||||||
All other loans | 6,121 | - | - | - | 6,121 | |||||||||||||||||||||||||||
Total Other | 6,121 | - | - | - | 6,121 | |||||||||||||||||||||||||||
Total loans | $ | 1,125,779 | $ | 12,086 | $ | 44 | $ | 17,512 | $ | 1,155,421 | ||||||||||||||||||||||
At September 30, 2013 and December 31, 2012 there were $6.1 million and $7.2 million, respectively, of loans classified as troubled debt restructurings (“TDRs”). A modification of a loan’s terms constitutes a TDR if the creditor grants a concession to the borrower for economic or legal reasons related to the borrower’s financial difficulties that it would not otherwise consider. The Company monitors the performance of modified loans on an ongoing basis. For loans classified as TDRs, the Company further evaluates the loans as performing or nonperforming. Loans retain their accrual status at the time of their modification. As a result, if a loan is on nonaccrual at the time it is modified, it stays as nonaccrual, and if a loan is on accrual at the time of the modification, it generally stays on accrual. A modified loan will be reclassified to nonaccrual if the loan becomes 90 days delinquent or other weaknesses are observed which make collection of principal and interest unlikely. Nonperforming TDRs originally classified as nonaccrual are able to be reclassified as accruing if, subsequent to restructure, they experience six consecutive months of payment performance according to the restructured terms. Further, a TDR may be considered performing and subsequently removed from nonperforming status in years subsequent to the restructuring if it meets the following criteria: | ||||||||||||||||||||||||||||||||
⋅ | At the time of restructure, the loan was made at a market rate of interest for comparable risk; and | |||||||||||||||||||||||||||||||
⋅ | The loan has shown at least six consecutive months of payment performance in accordance with the restructured terms; and | |||||||||||||||||||||||||||||||
⋅ | The loan has been included in the TDR disclosures for at least one Annual Report on Form 10-K | |||||||||||||||||||||||||||||||
Modifications of terms for loans and their inclusion as TDRs are based on individual facts and circumstances. Loan modifications that are included as TDRs may involve an increase or reduction of the interest rate, extension of the term of the loan, or deferral or forgiveness of principal payments, which the Company considers are concessions. All loans designated as TDRs were modified due to financial difficulties experienced by the borrower. The Company has $2,407,000 of performing TDRs at September 30, 2013 which were restructured in a previous year without an interest rate concession and are performing in accordance with their modified terms. | ||||||||||||||||||||||||||||||||
The following tables provide information about TDRs identified during the current and prior year three-month and nine-month periods (in thousands, except number of contracts): | ||||||||||||||||||||||||||||||||
Modifications for the three months ended | Modifications for the three months ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | |||||||||||||||||||||||||||
of | Outstanding | Modification | of | Outstanding | Modification | |||||||||||||||||||||||||||
Contracts | Recorded | Outstanding | Contracts | Recorded | Outstanding | |||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 142 | $ | 142 | 2 | $ | 1,242 | $ | 651 | ||||||||||||||||||||||
Real estate - construction | - | - | - | 1 | 135 | 124 | ||||||||||||||||||||||||||
Real estate - mortgage | 2 | 226 | 226 | 1 | 100 | 117 | ||||||||||||||||||||||||||
Total | 3 | $ | 368 | $ | 368 | 4 | $ | 1,477 | $ | 892 | ||||||||||||||||||||||
Modifications for the nine months ended | Modifications for the nine months ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | |||||||||||||||||||||||||||
of | Outstanding | Modification | of | Outstanding | Modification | |||||||||||||||||||||||||||
Contracts | Recorded | Outstanding | Contracts | Recorded | Outstanding | |||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 874 | $ | 407 | 9 | $ | 7,851 | $ | 6,204 | ||||||||||||||||||||||
Real estate - construction | 1 | 460 | 460 | 3 | 321 | 309 | ||||||||||||||||||||||||||
Real estate - mortgage | 3 | 323 | 323 | 4 | 669 | 685 | ||||||||||||||||||||||||||
Total | 6 | $ | 1,657 | $ | 1,190 | 16 | $ | 8,841 | $ | 7,198 | ||||||||||||||||||||||
Three loans were modified and classified as TDRs during the third quarter of 2013. The commercial loan modification involved an interest rate concession, and the two real estate - mortgage loan modifications involved deferrals of principal payments. The remaining modifications made during the first nine months of 2013 and the modifications made during the first nine months of 2012 each involved an extension of the term of the loan. A TDR is considered to be in default if it is 90 days or more past due at the end of any month during the reporting period. | ||||||||||||||||||||||||||||||||
The following table provides information about TDRs restructured in the previous 12 months that subsequently defaulted during the current and prior year three-month and nine-month periods (in thousands, except number of contracts): | ||||||||||||||||||||||||||||||||
Defaults during the three months | Defaults during the three months | |||||||||||||||||||||||||||||||
ended September 30, 2013 | ended September 30, 2012 | |||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of | Investment | of | Investment | |||||||||||||||||||||||||||||
Contracts | Contracts | |||||||||||||||||||||||||||||||
TDR Defaults: | ||||||||||||||||||||||||||||||||
Commercial | - | $ | - | 1 | $ | 425 | ||||||||||||||||||||||||||
Total | - | $ | - | 1 | $ | 425 | ||||||||||||||||||||||||||
Defaults during the nine months | Defaults during the nine months | |||||||||||||||||||||||||||||||
ended September 30, 2013 | ended September 30, 2012 | |||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of | Investment | of | Investment | |||||||||||||||||||||||||||||
Contracts | Contracts | |||||||||||||||||||||||||||||||
TDR Defaults: | ||||||||||||||||||||||||||||||||
Commercial | - | $ | - | 3 | $ | 914 | ||||||||||||||||||||||||||
Total | - | $ | - | 3 | $ | 914 | ||||||||||||||||||||||||||
Interest is not typically accrued on nonperforming loans, as they are normally in nonaccrual status. However, interest may be accrued in certain circumstances on nonperforming TDRs, such as those that have an interest rate concession but are otherwise performing. Interest income on performing or nonperforming accruing TDRs is recognized consistent with any other accruing loan. Interest on loans is accrued and credited to income based on the principal amount outstanding. The accrual of interest on a loan is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Loans are placed on nonaccrual status when (i) management has concerns relating to the ability to collect the loan principal and interest, and (ii) generally when such loans are 90 days or more past due. Interest income is subsequently recognized on the cash basis only to the extent payments are received and only if the loan is well secured. Commercial loans may be returned to accrual status when all principal and interest amounts contractually due are reasonably assured of repayment within an acceptable period of time and there is a sustained period of repayment performance (generally a minimum of six months) of interest and principal by the borrower in accordance with the contractual terms. Residential mortgage and consumer loans are typically returned to accrual status once they are no longer past due. There were $2.2 million in TDRs at September 30, 2013 and $4.8 million in TDRs at September 30, 2012 that were considered nonperforming and were accruing. The following tables show interest income recognized and received on these TDRs for the three months and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||
Recognized | Received | Recognized | Received | |||||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||
Commercial | $ | 3 | $ | 4 | $ | 29 | $ | 24 | ||||||||||||||||||||||||
Real estate – construction | - | - | 4 | 5 | ||||||||||||||||||||||||||||
Real estate – mortgage | 22 | 19 | 22 | 23 | ||||||||||||||||||||||||||||
Consumer | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 25 | $ | 23 | $ | 55 | $ | 52 | ||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||
Recognized | Received | Recognized | Received | |||||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||
Commercial | $ | 20 | $ | 21 | $ | 90 | $ | 66 | ||||||||||||||||||||||||
Real estate – construction | 1 | 1 | 13 | 10 | ||||||||||||||||||||||||||||
Real estate – mortgage | 69 | 62 | 90 | 81 | ||||||||||||||||||||||||||||
Consumer | - | - | 2 | 2 | ||||||||||||||||||||||||||||
Total | $ | 90 | $ | 84 | $ | 195 | $ | 159 | ||||||||||||||||||||||||
The Bank’s policy for impaired loan accounting subjects all loans to impairment recognition; however, loans with total credit exposure of less than $500,000 are not evaluated on an individual basis for level of impairment. The Bank generally considers loans 90 days or more past due, all nonaccrual loans and all TDRs to be impaired. All TDRs are evaluated on an individual basis for level of impairment. | ||||||||||||||||||||||||||||||||
Loans specifically identified and evaluated for level of impairment totaled $9.6 million and $16.4 million at September 30, 2013 and December 31, 2012, respectively, as displayed in the following tables (in thousands). | ||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Specific | Average | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Recorded Investment | |||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | ||||||||||||||||||||||||||||||||
Commercial | $ | 2,316 | $ | 3,278 | $ | - | $ | 2,367 | ||||||||||||||||||||||||
Real estate – construction | 500 | 500 | - | 520 | ||||||||||||||||||||||||||||
Real estate – mortgage | 823 | 972 | - | 917 | ||||||||||||||||||||||||||||
Consumer | - | - | - | - | ||||||||||||||||||||||||||||
Total | 3,639 | 4,750 | - | 3,804 | ||||||||||||||||||||||||||||
Loans with a specific valuation allowance | ||||||||||||||||||||||||||||||||
Commercial | 1,920 | 1,920 | 25 | 1,930 | ||||||||||||||||||||||||||||
Real estate – construction | 87 | 205 | 10 | 109 | ||||||||||||||||||||||||||||
Real estate – mortgage | 3,951 | 3,951 | 690 | 4,037 | ||||||||||||||||||||||||||||
Consumer | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||||||
Total | 5,968 | 6,086 | 735 | 6,086 | ||||||||||||||||||||||||||||
Total impaired loans | ||||||||||||||||||||||||||||||||
Commercial | 4,236 | 5,198 | 25 | 4,297 | ||||||||||||||||||||||||||||
Real estate – construction | 587 | 705 | 10 | 629 | ||||||||||||||||||||||||||||
Real estate – mortgage | 4,774 | 4,923 | 690 | 4,954 | ||||||||||||||||||||||||||||
Consumer | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||||||
Total | $ | 9,607 | $ | 10,836 | $ | 735 | $ | 9,890 | ||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Specific | Average | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Recorded Investment | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | ||||||||||||||||||||||||||||||||
Commercial | $ | 4,013 | $ | 5,779 | $ | - | $ | 4,190 | ||||||||||||||||||||||||
Real estate – construction | 1,940 | 2,681 | - | 2,856 | ||||||||||||||||||||||||||||
Real estate – mortgage | 5,066 | 5,746 | - | 5,415 | ||||||||||||||||||||||||||||
Consumer | - | - | - | - | ||||||||||||||||||||||||||||
Total | 11,019 | 14,206 | - | 12,461 | ||||||||||||||||||||||||||||
Loans with a specific valuation allowance | ||||||||||||||||||||||||||||||||
Commercial | 2,618 | 2,762 | 564 | 3,432 | ||||||||||||||||||||||||||||
Real estate – construction | 64 | 64 | 36 | 65 | ||||||||||||||||||||||||||||
Real estate – mortgage | 2,681 | 2,765 | 941 | 2,848 | ||||||||||||||||||||||||||||
Consumer | 18 | 18 | 18 | 13 | ||||||||||||||||||||||||||||
Total | 5,381 | 5,609 | 1,559 | 6,358 | ||||||||||||||||||||||||||||
Total impaired loans | ||||||||||||||||||||||||||||||||
Commercial | 6,631 | 8,541 | 564 | 7,622 | ||||||||||||||||||||||||||||
Real estate – construction | 2,004 | 2,745 | 36 | 2,921 | ||||||||||||||||||||||||||||
Real estate – mortgage | 7,747 | 8,511 | 941 | 8,263 | ||||||||||||||||||||||||||||
Consumer | 18 | 18 | 18 | 13 | ||||||||||||||||||||||||||||
Total | $ | 16,400 | $ | 19,815 | $ | 1,559 | $ | 18,819 | ||||||||||||||||||||||||
The balance in the allowance for credit losses and the recorded investment in loans by portfolio segment and based on the reserving method as of September 30, 2013, December 31, 2012 and September 30, 2012 were as follows: | ||||||||||||||||||||||||||||||||
Real Estate – | Real Estate – | Total | ||||||||||||||||||||||||||||||
Allowance for credit losses: | Commercial | Construction | Mortgage | Consumer | Other | Allowance | ||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 25 | $ | 10 | $ | 690 | $ | 10 | $ | - | $ | 735 | ||||||||||||||||||||
Collectively evaluated for impairment | 9,888 | 5,392 | 8,104 | 1,080 | 186 | 24,650 | ||||||||||||||||||||||||||
Total ending allowance | $ | 9,913 | $ | 5,402 | $ | 8,794 | $ | 1,090 | $ | 186 | $ | 25,385 | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 564 | $ | 36 | $ | 941 | $ | 18 | $ | - | $ | 1,559 | ||||||||||||||||||||
Collectively evaluated for impairment | 10,784 | 5,717 | 7,805 | 763 | 2 | 25,071 | ||||||||||||||||||||||||||
Total ending allowance | $ | 11,348 | $ | 5,753 | $ | 8,746 | $ | 781 | $ | 2 | $ | 26,630 | ||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 876 | $ | 253 | $ | 1,155 | $ | 19 | $ | - | $ | 2,303 | ||||||||||||||||||||
Collectively evaluated for impairment | 12,790 | 7,941 | 11,007 | 972 | 3 | 32,713 | ||||||||||||||||||||||||||
Total ending allowance | $ | 13,666 | $ | 8,194 | $ | 12,162 | $ | 991 | $ | 3 | $ | 35,016 | ||||||||||||||||||||
Real Estate – | Real Estate – | Total | ||||||||||||||||||||||||||||||
Recorded investment in loans: | Commercial | Construction | Mortgage | Consumer | Other | Loans | ||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,236 | $ | 587 | $ | 4,774 | $ | 10 | $ | - | $ | 9,607 | ||||||||||||||||||||
Collectively evaluated for impairment | 616,209 | 92,669 | 519,484 | 22,047 | 6,345 | 1,256,754 | ||||||||||||||||||||||||||
Total recorded investment in loans | $ | 620,445 | $ | 93,256 | $ | 524,258 | $ | 22,057 | $ | 6,345 | $ | 1,266,361 | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,631 | $ | 2,004 | $ | 7,747 | $ | 18 | $ | - | $ | 16,400 | ||||||||||||||||||||
Collectively evaluated for impairment | 538,711 | 73,662 | 493,654 | 26,873 | 6,121 | 1,139,021 | ||||||||||||||||||||||||||
Total recorded investment in loans | $ | 545,342 | $ | 75,666 | $ | 501,401 | $ | 26,891 | $ | 6,121 | $ | 1,155,421 | ||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,753 | $ | 2,766 | $ | 7,106 | $ | 19 | $ | - | $ | 22,644 | ||||||||||||||||||||
Collectively evaluated for impairment | 539,861 | 73,360 | 498,732 | 27,969 | 6,181 | 1,146,103 | ||||||||||||||||||||||||||
Total recorded investment in loans | $ | 552,614 | $ | 76,126 | $ | 505,838 | $ | 27,988 | $ | 6,181 | $ | 1,168,747 | ||||||||||||||||||||
The following table summarizes, by internally assigned risk grade, the risk grade for loans for which the Bank has assigned a risk grade (in thousands). | ||||||||||||||||||||||||||||||||
September 30 | December 31 | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Special | Sub- | Special | Sub- | |||||||||||||||||||||||||||||
Pass | Mention | standard | Doubtful | Total | Pass | Mention | standard | Doubtful | Total__ | |||||||||||||||||||||||
Commercial | $ | 506,916 | $ | 34,787 | $ | 19,252 | $ | 501 | $ | 561,456 | $ | 491,780 | $ | 26,649 | $ | 26,733 | $ | 98 | $ | 545,260 | ||||||||||||
Real estate – construction | 72,043 | 7,497 | 2,352 | - | 81,892 | 48,029 | 9,744 | 5,422 | 182 | 63,377 | ||||||||||||||||||||||
Real estate – mortgage | 70,943 | 5,287 | 4,772 | 8 | 81,010 | 73,338 | 7,480 | 10,027 | 32 | 90,877 | ||||||||||||||||||||||
Other | 5,519 | - | - | - | 5,519 | 4,918 | - | 619 | - | 5,537 | ||||||||||||||||||||||
Total | $ | 655,421 | $ | 47,571 | $ | 26,376 | $ | 509 | $ | 729,877 | $ | 618,065 | $ | 43,873 | $ | 42,801 | $ | 312 | $ | 705,051 | ||||||||||||
Loans with a risk grade of substandard or doubtful are components of classified loans. Additionally, non risk graded residential, home equity, and consumer loans in nonaccrual status of $3,738,000 and $4,605,000 as of September 30, 2013 and December 31, 2012, respectively, are components of classified loans. Classified loans are summarized in the following table (in thousands): | ||||||||||||||||||||||||||||||||
September 30 | December 31 | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Impaired loans individually evaluated | $ | 9,607 | $ | 16,400 | ||||||||||||||||||||||||||||
Other nonperforming loans | 1,930 | 4,960 | ||||||||||||||||||||||||||||||
Total nonperforming loans | 11,537 | 21,360 | ||||||||||||||||||||||||||||||
Performing classified loans | 19,086 | 26,498 | ||||||||||||||||||||||||||||||
Total classified loans | $ | 30,623 | $ | 47,858 | ||||||||||||||||||||||||||||
An analysis of the changes in the allowance for credit losses follows (in thousands): | ||||||||||||||||||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||||||||||||||||
September 30 | September 30 | September 30 | September 30 | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 26,395 | $ | 25,231 | $ | 26,630 | $ | 28,844 | ||||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
Secured by owner-occupied nonfarm nonresidential | - | 4,609 | 175 | 5,755 | ||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Secured by other nonfarm nonresidential properties | - | 1,491 | 125 | 2,101 | ||||||||||||||||||||||||||||
Other commercial and industrial | 324 | 3,257 | 559 | 3,842 | ||||||||||||||||||||||||||||
Total Commercial | 324 | 9,357 | 859 | 11,698 | ||||||||||||||||||||||||||||
Construction loans – 1 to 4 family residential | - | 193 | 182 | 403 | ||||||||||||||||||||||||||||
Other construction and land development | 372 | 4,079 | 943 | 6,611 | ||||||||||||||||||||||||||||
Total Real estate – construction | 372 | 4,272 | 1,125 | 7,014 | ||||||||||||||||||||||||||||
Closed-end loans secured by 1 to 4 family residential | 674 | 4,034 | 1,964 | 6,560 | ||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Lines of credit secured by 1 to 4 family residential | 462 | 1,409 | 813 | 3,578 | ||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Loans secured by 5 or more family residential | - | 273 | - | 273 | ||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Total Real estate – mortgage | 1,136 | 5,716 | 2,777 | 10,411 | ||||||||||||||||||||||||||||
Credit cards | 49 | 54 | 162 | 265 | ||||||||||||||||||||||||||||
Other consumer loans | 127 | 263 | 644 | 583 | ||||||||||||||||||||||||||||
Total consumer | 176 | 317 | 806 | 848 | ||||||||||||||||||||||||||||
Total other | 338 | 1 | 338 | 3 | ||||||||||||||||||||||||||||
Total chargeoffs | 2,346 | 19,663 | 5,905 | 29,974 | ||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
Total Commercial | 796 | 118 | 1,020 | 294 | ||||||||||||||||||||||||||||
Total Real estate – construction | 59 | 107 | 392 | 292 | ||||||||||||||||||||||||||||
Total Real estate – mortgage | 366 | 176 | 922 | 576 | ||||||||||||||||||||||||||||
Total Consumer | 69 | 157 | 214 | 278 | ||||||||||||||||||||||||||||
Total Other | 13 | 9 | 63 | 22 | ||||||||||||||||||||||||||||
Total Recoveries | 1,303 | 567 | 2,611 | 1,462 | ||||||||||||||||||||||||||||
Net loans charged off | 1,043 | 19,096 | 3,294 | 28,512 | ||||||||||||||||||||||||||||
Provision for credit losses | 33 | 28,881 | 2,049 | 34,684 | ||||||||||||||||||||||||||||
Balance, end of period | $ | 25,385 | $ | 35,016 | $ | 25,385 | $ | 35,016 | ||||||||||||||||||||||||
Loans totaling $3,744,000 and $9,464,000, as of September 30, 2013 and December 31, 2012, respectively, were held for sale. Loans held for sale are valued at the lower of cost or market value, as determined by outstanding commitments from investors or current investor yield requirements, calculated on the aggregate loan basis. | ||||||||||||||||||||||||||||||||
Loans totaling $492,200,000 and $502,563,000, as of September 30, 2013 and December 31, 2012, respectively, were pledged to secure lines of credit with the Federal Home Loan Bank and Federal Reserve Bank. | ||||||||||||||||||||||||||||||||
Deferred_Tax_Assets
Deferred Tax Assets | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Deferred Tax Assets, Net [Abstract] | ' | |||||||||||||
Deferred Tax Assets | ' | |||||||||||||
Note 5 — Deferred Tax Assets | ||||||||||||||
ASC Topic 740 requires that the realizability of the deferred tax asset and evaluation of the need for a valuation allowance consider all positive and negative evidence to form a conclusion as to whether the realization of the deferred tax asset is more likely than not. The Company must also assign weight to the various forms of evidence, based upon the ability to verify the evidence. Management evaluates the realizability of the recorded deferred tax assets on a regular basis. This evaluation includes a review of all available evidence, including recent historical financial performance and expected near-term levels of net interest margin, nonperforming assets, operating expenses, earnings and other factors. It further includes the consideration of the items that have given rise to the deferred tax assets, as well as tax planning strategies. | ||||||||||||||
During the third quarter of 2012, the Company recorded material writedowns and losses on the disposition or resolution of problem assets, which resulted in a material pretax net loss for that quarter. As a consequence, the Company was in a cumulative pretax loss position for the three-year period ended September 30, 2012, which constituted significant negative evidence in the context of evaluating deferred tax assets for realizability as prescribed by ASC Topic 740. At that time, the Company believed the three-year cumulative loss position was due to an unusual, self-imposed, acceleration of loss recognition to dispose of problem assets in a liquidation market. However, there was insufficient verifiable evidence to substantiate that belief, and the deferred tax asset was deemed impaired and a valuation allowance of $11.0 million was established by recording a charge to income tax expense at September 30, 2012. In each of the quarters ended December 31, 2012 and March 31, 2013, adjustments were made to the valuation allowance to carry the deferred tax assets at net realizable value. In addition, in the second quarter of 2013, after having completed three consecutive quarters of meaningful profitability, coupled with continuing improvement in asset quality, the Company was able to place a high level of significance to this verifiable positive evidence. As a result, management concluded at that time that only the portion of the deferred tax asset associated with certain state net economic loss and contribution carryforwards should be impaired. Therefore, in the second quarter of 2013, the valuation allowance against the deferred tax asset was further reduced by $8,371,000 to $1,027,000. At September 30, 2013, with an additional quarter of meaningful profitability and further improvement in asset quality, management maintains its conclusion that no additional valuation allowance is necessary. Management has also concluded that the utilization of the remaining deferred tax assets is more likely than not. | ||||||||||||||
During the third quarter of 2013, North Carolina reduced its corporate income tax rate from 6.90% to 6.00% effective January 1, 2014, and to 5.00% effective January 1, 2015. Further reductions to 4.00% on January 1, 2016, and 3.00% on January 1, 2017, are contingent upon the State meeting revenue targets. As a result, the Company’s deferred tax asset was reduced by $875,000 at September 30, 2013, for the estimated effect of these changes by a charge to income tax expense of $740,000 and a charge to accumulated other comprehensive income – pension of $135,000. No provision has been made for the future contingent rate reductions, the effect of which is estimated to be less than $300,000 each. | ||||||||||||||
Income tax expense for each of the quarters and nine-month periods of 2013 and 2012 were determined as follows (in thousands): | ||||||||||||||
First | Second | Third | Nine Months | |||||||||||
Quarter | Quarter | Quarter | Year to Date | |||||||||||
2013 | ||||||||||||||
Income tax expense (benefit) calculated | $ | 1,668 | $ | 1,770 | $ | 2,121 | $ | 5,559 | ||||||
Deferred tax asset valuation adjustment | -1,668 | -8,371 | - | -10,039 | ||||||||||
North Carolina corporate income tax rate | ||||||||||||||
reduction adjustment | - | - | 740 | 740 | ||||||||||
Income tax expense (benefit) | $ | - | $ | -6,601 | $ | 2,861 | $ | -3,740 | ||||||
2012 | ||||||||||||||
Income tax expense (benefit) calculated | $ | 617 | $ | 312 | $ | -14,700 | $ | -13,771 | ||||||
Deferred tax asset valuation adjustment | - | - | 11,000 | 11,000 | ||||||||||
Income tax expense (benefit) | $ | 617 | $ | 312 | $ | -3,700 | $ | -2,771 | ||||||
The significant components of deferred tax assets at September 30, 2013 and December 31, 2012 were as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for credit losses | $ | 10,023 | $ | 10,534 | ||||||||||
Writedowns on real estate acquired in | 1,006 | 2,434 | ||||||||||||
settlement of loans | ||||||||||||||
Interest on nonaccrual loans | 245 | 1,135 | ||||||||||||
Net operating losses | 26,772 | 29,006 | ||||||||||||
Other | 9,566 | 9,683 | ||||||||||||
Valuation allowance | -1,027 | -11,067 | ||||||||||||
Total | 46,585 | 41,725 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Net unrealized gain on available for sale securities | 1,974 | 5,806 | ||||||||||||
Other | 7,703 | 6,381 | ||||||||||||
Total | 9,677 | 12,187 | ||||||||||||
Net deferred tax assets | $ | 36,908 | $ | 29,538 | ||||||||||
Stock_based_compensation
Stock based compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' |
Stock Compensation Plans | ' |
Note 6 — Stock Compensation Plans | |
The Company recorded $295,000 and $86,000 of total stock-based compensation expense for the nine-month periods ended September 30, 2013 and September 30, 2012, respectively. The prior year period reduced expense is due to a change in expectation related to vesting of outstanding performance based awards. The stock-based compensation expense is calculated on a ratable basis over the vesting periods of the related stock options or restricted stock grants and is reported within personnel expense. This expense had no impact on the Company’s reported cash flows. As of September 30, 2013, there was $1,043,000 of total unrecognized stock-based compensation expense. This expense will be fully recognized by December of 2015. | |
For purposes of determining estimated fair value of stock options and restricted stock grants, the Company has computed the estimated fair values of all stock-based compensation using the Black-Scholes option pricing model and, for stock options and restricted stock grants granted prior to December 31, 2012, has applied the assumptions set forth in the Annual Report. During the first nine months of 2013, no stock options were granted to employees or directors. | |
On January 16, 2013, the Company’s Board of Directors awarded a total of 126,142 restricted stock units to certain executive officers. The fair value of these restricted stock units is $5.00 per unit, which was the closing price of the Company’s common stock on the grant date. On March 6, 2013, an additional 2,390 restricted stock units were awarded. The fair value of these restricted stock units is $5.91 per unit, the closing price of the common stock on the grant date. Another 1,460 restricted stock units were awarded on April 24, 2013. The fair value of these restricted stock units is $5.99 per unit, the closing price of the common stock on that date. These restricted stock units vest over a period of three years with half subject to meeting certain performance criteria. Additionally, on July 24, 2013, the Board awarded 35,359 restricted stock units with a fair value per unit of $8.80, the closing price of the common stock on the grant date. Half of 18,798 of these restricted stock units vests on January 1, 2015 subject to meeting certain performance criteria, and the remaining half vests on January 1, 2016. The remaining 16,561 restricted stock units vest on January 1, 2016 with half subject to meeting certain performance criteria. | |
On April 18, 2013, the U.S. Department of the Treasury (the “U.S. Treasury”) held an auction to sell all of its investment in the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), which was previously issued and sold to the U.S. Treasury in 2008 under the Capital Purchase Program (the “CPP”). The preferred shares were sold at a price of $980.50 per share, or 98.05% of the $1,000.00 per share liquidation value. The sale was settled on April, 29, 2013. Under the terms of the CPP, restricted stock units granted by the Company to certain employees may not fully vest until all of the U.S. Treasury’s investment in the Series A Preferred Stock has been repaid. Accordingly, because the U.S. Treasury sold the Series A Preferred Stock at a small discount to the $1,000.00 per share liquidation value, a portion of restricted stock units granted by the Company will never fully vest. As a result, following the sale by the U.S. Treasury, 48,125 restricted stock units were forfeited and canceled, 34,438 shares of common stock were issued pursuant to vested restricted stock units, and $78,000 was paid by the Company in lieu of issuing 13,222 shares to cover personal income tax. The Company recorded an expense reversal of $71,000 for the forfeited and canceled restricted stock units. | |
Fair_value_of_financial_instru
Fair value of financial instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Note 7 — Fair Value of Financial Instruments | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value for each class of the Company’s financial instruments. | |||||||||||||||||
Cash and cash equivalents. The carrying amounts for cash and due from banks approximate fair value because of the short maturities of those instruments. | |||||||||||||||||
Investment securities. The fair value of investment securities is based on quoted prices in active markets for identical assets, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities, corresponding to the “significant other observable inputs” definition of GAAP. If a quoted market price for a similar security is not available, fair value is estimated using “significant unobservable inputs” as defined by GAAP. The fair value of equity investments in the restricted stock of the FHLB equals the carrying value based on the redemption provisions. | |||||||||||||||||
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 and for the same remaining maturities. The fair value of variable rate loans with frequent repricing and negligible credit risk approximates book value. | |||||||||||||||||
Loans held for sale. Substantially all residential mortgage loans held for sale are pre-sold, and their carrying value approximates fair value. | |||||||||||||||||
Deposits. The fair value of noninterest-bearing demand deposits and NOW, savings, and money market deposits are the amounts payable on demand at the reporting date. The fair value of time deposits is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||
Wholesale repurchase agreements, junior subordinated notes and FHLB borrowing. The fair values of these liabilities are estimated using the discounted values of the contractual cash flows. The discount rate is estimated using the rates currently in effect for similar borrowings. | |||||||||||||||||
Impaired loans. The fair value of impaired loans is based on discounted cash flows using the loan’s initial effective interest rate or the fair value of the collateral, less selling and other handling costs, for certain collateral dependent loans less specific reserves. | |||||||||||||||||
The table below presents the estimated fair values of financial instruments as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
30-Sep-13 | Carrying | Quoted prices | Significant | Significant | Total | ||||||||||||
Value | in active | other | unobservable | ||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 56,896 | $ | 56,896 | $ | - | $ | - | $ | 56,896 | |||||||
Investment securities | 357,537 | 2,989 | 339,353 | 14,370 | 356,712 | ||||||||||||
Loans | 1,240,976 | - | - | 1,259,353 | 1,259,353 | ||||||||||||
Loans held for sale | 3,744 | - | 3,744 | - | 3,744 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 1,412,010 | - | 1,412,739 | - | 1,412,739 | ||||||||||||
Wholesale repurchase agreements | 21,000 | - | 23,293 | - | 23,293 | ||||||||||||
Junior subordinated notes | 25,774 | - | - | 11,584 | 11,584 | ||||||||||||
FHLB borrowings | 162,700 | - | 163,009 | - | 163,009 | ||||||||||||
Estimated Fair Value | |||||||||||||||||
31-Dec-12 | Carrying | Quoted prices | Significant | Significant | Total | ||||||||||||
Value | in active | other | unobservable | ||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 39,791 | $ | 39,791 | $ | - | $ | - | $ | 39,791 | |||||||
Investment securities | 393,815 | 1,307 | 384,823 | 7,685 | 393,815 | ||||||||||||
Loans | 1,128,791 | - | - | 1,142,346 | 1,142,346 | ||||||||||||
Loans held for sale | 9,464 | - | 9,464 | - | 9,464 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 1,332,493 | - | 1,333,888 | - | 1,333,888 | ||||||||||||
Wholesale repurchase agreements | 21,000 | - | 23,835 | - | 23,835 | ||||||||||||
Junior subordinated notes | 25,774 | - | - | 12,006 | 12,006 | ||||||||||||
FHLB borrowings | 113,000 | - | 113,833 | - | 113,833 | ||||||||||||
The fair value estimates are made at a specific point in time based on relevant market and other information about the financial instruments. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on current economic conditions, risk characteristics of various financial instruments, and such other factors. 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. 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. | |||||||||||||||||
The table below presents the assets measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset (in thousands): | |||||||||||||||||
Quoted prices in active | Significant other | Significant | |||||||||||||||
markets for identical | observable | unobservable | |||||||||||||||
assets (Level 1) | inputs (Level 2) | inputs (Level 3) | |||||||||||||||
Available for sale securities at September 30, 2013 | $ | - | $ | 294,941 | $ | 9,370 | |||||||||||
Available for sale securities at December 31, 2012 | - | 386,130 | 7,685 | ||||||||||||||
The table below presents the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the nine months ended September 30, 2013 and the year ended December 31, 2012 (in thousands): | |||||||||||||||||
Nine Months | Twelve Months | ||||||||||||||||
Ended | Ended | ||||||||||||||||
September 30 | December 31 | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Available for sale securities | |||||||||||||||||
Beginning balance | $ | 7,685 | $ | 7,185 | |||||||||||||
Purchases | 14,629 | 6,514 | |||||||||||||||
Redemptions | -12,944 | -6,014 | |||||||||||||||
Ending balance | $ | 9,370 | $ | 7,685 | |||||||||||||
The table below presents the assets measured at fair value on a non-recurring basis categorized by the level of inputs used in the valuation of each asset (in thousands): | |||||||||||||||||
Quoted prices in active | Significant other | Significant | |||||||||||||||
markets for identical | observable | unobservable | |||||||||||||||
assets (Level 1) | inputs (Level 2) | inputs (Level 3) | |||||||||||||||
Loans held for sale at September 30, 2013 | $ | - | $ | 3,744 | $ | - | |||||||||||
Loans held for sale at December 31, 2012 | - | 9,464 | - | ||||||||||||||
Real estate acquired in settlement of loans at | - | - | 2,695 | ||||||||||||||
September 30, 2013 | |||||||||||||||||
Real estate acquired in settlement of loans at | - | - | 5,355 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
Impaired loans, net of allowance at September 30, | - | - | 8,872 | ||||||||||||||
2013 | |||||||||||||||||
Impaired loans, net of allowance at December 31, | - | - | 14,841 | ||||||||||||||
2012 | |||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Reclassification From Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | |||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||
Note 8 — Accumulated Other Comprehensive Income (Loss) | ||||||
The balance of accumulated other comprehensive income, net of tax, at September 30, 2013 is $3,025,000 of unrealized gains on securities available for sale and $(6,777,000) for funded status of pension plans. At December 31, 2012, the balance of accumulated other comprehensive income, net of tax, was $8,898,000 of unrealized gains on securities available for sale and $(6,614,000) for funded status of pension plans. | ||||||
Reclassifications from accumulated other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2013 and 2012 are as follows (in thousands): | ||||||
Details about accumulated other | Amount reclassified from | Affected line item in the Consolidated | ||||
accumulated other | ||||||
comprehensive income (loss) | comprehensive income (loss) | Statements of Income | ||||
Three months ended September 30, 2013 | ||||||
Unrealized gains (losses) on available | ||||||
for sale securities | $ | 458 | Gain on sales of investment securities | |||
-181 | Income tax expense (benefit) | |||||
$ | 277 | Net of tax | ||||
Amortization of post retirement benefit | $ | 15 | Personnel expense | |||
-6 | Income tax expense (benefit) | |||||
$ | 9 | Net of tax | ||||
Total reclassifications for the period | $ | 286 | ||||
Three months ended September 30, 2012 | ||||||
Unrealized gains (losses) on available | ||||||
for sale securities | $ | 3 | Gain on sales of investment securities | |||
-1 | Income tax expense (benefit) | |||||
$ | 2 | Net of tax | ||||
Amortization of post retirement benefit | $ | 15 | Personnel expense | |||
-6 | Income tax expense (benefit) | |||||
$ | 9 | Net of tax | ||||
Total reclassifications for the period | $ | 11 | ||||
Nine months ended September 30, 2013 | ||||||
Unrealized gains (losses) on available | ||||||
for sale securities | $ | 736 | Gain on sales of investment securities | |||
-291 | Income tax expense (benefit) | |||||
$ | 445 | Net of tax | ||||
Amortization of post retirement benefit | $ | 46 | Personnel expense | |||
-18 | Income tax expense (benefit) | |||||
$ | 28 | Net of tax | ||||
Total reclassifications for the period | $ | 473 | ||||
Nine months ended September 30, 2012 | ||||||
Unrealized gains (losses) on available | ||||||
for sale securities | $ | 3 | Gain on sales of investment securities | |||
-1 | Income tax expense (benefit) | |||||
$ | 2 | Net of tax | ||||
Amortization of post retirement benefit | $ | 47 | Personnel expense | |||
-18 | Income tax expense (benefit) | |||||
$ | 29 | Net of tax | ||||
Total reclassifications for the period | $ | 31 | ||||
Capital_Transactions
Capital Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Capital Transactions | ' |
Note 9 — Capital Transactions | |
At the Special Meeting of Shareholders on February 20, 2013, shareholders approved the conversion of up to 422,456 shares of Series B preferred stock and up to 140,217 shares of Series C preferred stock into Class A Common Stock and Class B Common Stock, respectively, at a conversion rate of $4.40 per share. Articles of Amendment filed with the North Carolina Secretary of State on February 21, 2013, created a new class of nonvoting common stock designated “Class B Common Stock,” and redesignated the Company’s existing common stock as “Class A Common Stock.” The Class A Common Stock and the Class B Common Stock each have no par value per share. As a result, on February 22, 2013, the Series B preferred stock was converted into 9,601,262 shares of voting Class A Common Stock, and the Series C preferred stock was converted into 3,186,748 shares of nonvoting Class B Common Stock. | |
Pursuant to the CPP, on December 12, 2008, the Company issued and sold to the U.S. Treasury (i) 52,372 shares of Series A Preferred Stock and (ii) a warrant (the “Warrant”) to purchase 2,567,255 shares of the Company’s common stock at an exercise price of $3.06 per share, for an aggregate purchase price of $52,372,000 in cash. The fair value of the Warrant of $1,497,000 was estimated on the date of the grant using the Black-Scholes option-pricing model. The Series A Preferred Stock bears cumulative dividends of five percent for the first five years and nine percent thereafter. On April 18, 2013, the U.S. Treasury held an auction to sell all of its investment in the Company’s Series A Preferred Stock. The sale was settled on April, 29, 2013. As a consequence, the Company is no longer subject to many of the rules and regulations that were established in connection with the CPP. On May 15, 2013, the Company completed its repurchase of the Warrant for its fair market value of $7,779,000. Following the Company’s repurchase of the Warrant, the U.S. Treasury has no equity or other ownership interest in the Company. On June 3, 2013, the Company redeemed 37,372 of the Company’s 52,372 outstanding shares of Series A Preferred Stock at the liquidation price of $1,000 per share for a total of $37,372,000 plus $93,430 of accrued and unpaid dividends. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 10 — Subsequent Events | |
Acquisition of Security Savings Bank | |
On June 13, 2013, the Company signed a definitive agreement to acquire Security Savings Bank, a mutual savings bank, headquartered in Southport, North Carolina. Regulatory approval was received on September 16, 2013, and the acquisition was completed on October 1, 2013. This acquisition has expanded the Bank’s coastal North Carolina presence with six branches and one loan production office in Brunswick County. No shares were issued or cash exchanged in the transaction. Initial accounting for acquisition fair values are in process but incomplete. Pro forma financials will be included in an amended Form 8-K to be filed by December 14, 2013. At September 30, 2013, total assets of Security Savings Bank were $212.5 million. Substantially all of the acquisition-related costs will be incurred in the fourth quarter of 2013. | |
Pending acquisition of CapStone Bank | |
On November 1, 2013, the Company announced the signing of a definitive merger agreement with CapStone Bank, a commercial bank headquartered in Raleigh, North Carolina, with four branches and $376 million in assets as of September 30, 2013. The Company anticipates that the acquisition will close in the first quarter of 2014, subject to shareholder and regulatory approval. Under the terms of the agreement, CapStone’s shareholders will receive 2.25 shares of NewBridge Bancorp Class A Common Stock for each share of CapStone common stock; therefore, the Company expects to issue approximately 8.1 million shares of its Class A Common Stock for an aggregate purchase price of $63.6 million, based on recent trading range. | |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation | ' |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This Update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and requires the entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. This Update does not change the current requirements for reporting net income or other comprehensive income in the financial statements. For public companies, this Update became effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted the new disclosure requirements in the first quarter. | |
Reclassification | ' |
Reclassification | |
Certain items for 2012 have been reclassified to conform to the 2013 presentation. Such reclassifications had no effect on net income, total assets or shareholders’ equity as previously reported. | |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule Of Earnings Per Share, Basic and Diluted | ' | |||||||||||||
A summary of basic and diluted net income per share follows (in thousands, except per share data): | ||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||
September 30 | September 30 | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Basic: | ||||||||||||||
Net income available to common shareholders | $ | 2,780 | $ | -33,179 | $ | 17,729 | $ | -32,206 | ||||||
Weighted average shares outstanding | 28,478,316 | 15,655,868 | 26,025,601 | 15,655,868 | ||||||||||
Net income per share, basic | $ | 0.1 | $ | -2.12 | $ | 0.68 | $ | -2.06 | ||||||
Diluted: | ||||||||||||||
Net income available to common shareholders | $ | 2,780 | $ | -33,179 | $ | 17,729 | $ | -32,206 | ||||||
Weighted average shares outstanding | 28,478,316 | 15,655,868 | 26,025,601 | 15,655,868 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options | 687 | - | 269 | - | ||||||||||
Restricted stock units | 93,562 | - | 85,524 | - | ||||||||||
Warrant | - | - | 655,987 | - | ||||||||||
Convertible preferred stock | - | - | 2,435,811 | - | ||||||||||
Weighted average shares outstanding and dilutive | 28,572,565 | 15,655,868 | 29,203,192 | 15,655,868 | ||||||||||
potential shares outstanding | ||||||||||||||
Net income per share, diluted | $ | 0.1 | $ | -2.12 | $ | 0.61 | $ | -2.06 | ||||||
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investment Securities [Abstract] | ' | |||||||||||||||||||
Schedule Of Available-For-Sale Securities Reconciliation | ' | |||||||||||||||||||
Investment securities consist of the following (dollars in thousands): | ||||||||||||||||||||
September 30, 2013 – Securities Available for Sale | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Average | Average | |||||||||||||||
Cost | Gains | Losses | Value | Yield | Duration(1) | |||||||||||||||
U.S. government agency securities | $ | 49,093 | $ | - | $ | -3,621 | $ | 45,472 | 2.07 | % | 7.86 | |||||||||
Agency mortgage backed securities | 15,336 | 1,392 | - | 16,728 | 5.27 | 2.21 | ||||||||||||||
Collateralized mortgage obligations | 7,248 | 175 | -7 | 7,416 | 5.67 | 1.62 | ||||||||||||||
Commercial mortgage backed securities | 38,597 | 1,256 | -49 | 39,804 | 3.32 | 3.54 | ||||||||||||||
Corporate bonds | 105,771 | 3,685 | -862 | 108,594 | 3.81 | 4.36 | ||||||||||||||
Covered bonds | 49,928 | 3,101 | -210 | 52,819 | 3.49 | 3.13 | ||||||||||||||
State and municipal obligations | 16,297 | 142 | -348 | 16,091 | 6.53 | -2 | 7.14 | |||||||||||||
Total debt securities | 282,270 | 9,751 | -5,097 | 286,924 | 3.67 | -2 | 4.62 | |||||||||||||
Federal Home Loan Bank stock | 9,370 | - | - | 9,370 | ||||||||||||||||
Other equity securities | 7,672 | 759 | -414 | 8,017 | ||||||||||||||||
Total | $ | 299,312 | $ | 10,510 | $ | -5,511 | $ | 304,311 | ||||||||||||
December 31, 2012 – Securities Available for Sale | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Average | Average | |||||||||||||||
Cost | Gains | Losses | Value | Yield | Duration(1) | |||||||||||||||
U.S. Treasury securities | $ | 10,000 | $ | - | $ | - | $ | 10,000 | 0.01 | % | 0.05 | |||||||||
U.S. government agency securities | 67,090 | 72 | -125 | 67,037 | 1.94 | 5.78 | ||||||||||||||
Agency mortgage backed securities | 21,607 | 2,153 | - | 23,760 | 5.3 | 2.3 | ||||||||||||||
Collateralized mortgage obligations | 10,417 | 254 | -3 | 10,668 | 5.54 | 2.78 | ||||||||||||||
Commercial mortgage backed securities | 43,046 | 2,318 | -82 | 45,282 | 3.21 | 3.52 | ||||||||||||||
Corporate bonds | 150,589 | 5,742 | -844 | 155,487 | 3.24 | 3.29 | ||||||||||||||
Covered bonds | 44,924 | 3,694 | - | 48,618 | 3.68 | 3.49 | ||||||||||||||
State and municipal obligations | 17,978 | 734 | - | 18,712 | 6.21 | -2 | 4.09 | |||||||||||||
Total debt securities | 365,651 | 14,967 | -1,054 | 379,564 | 3.3 | -2 | 3.68 | |||||||||||||
Federal Home Loan Bank stock | 7,685 | - | - | 7,685 | ||||||||||||||||
Other equity securities | 5,775 | 791 | - | 6,566 | ||||||||||||||||
Total | $ | 379,111 | $ | 15,758 | $ | -1,054 | $ | 393,815 | ||||||||||||
Held-to-maturity Securities | ' | |||||||||||||||||||
September 30, 2013 – Securities Held to Maturity | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Average | Average | |||||||||||||||
Cost | Gains | Losses | Value | Yield | Duration(1) | |||||||||||||||
U.S. government agency securities | $ | 27,763 | $ | 25 | $ | -1,271 | $ | 26,517 | 2.11 | % | 6.97 | |||||||||
Agency mortgage backed securities | 19,314 | 503 | - | 19,817 | 2.62 | 6.76 | ||||||||||||||
Corporate bonds | 5,000 | - | - | 5,000 | 7.63 | 9.86 | ||||||||||||||
State and municipal obligations | 1,149 | - | -82 | 1,067 | 4.24 | -2 | 13.78 | |||||||||||||
Total | $ | 53,226 | $ | 528 | $ | -1,353 | $ | 52,401 | 2.85 | -2 | 7.31 | |||||||||
(1) Average expected remaining duration to maturity, in years | ||||||||||||||||||||
(2) Fully taxable-equivalent basis | ||||||||||||||||||||
Schedule of Unrealized Loss on Investments | ' | |||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, as of September 30, 2013 (in thousands): | ||||||||||||||||||||
Less than 1 Year | 1 Year or More | Total | ||||||||||||||||||
Market | Unrealized | Market | Unrealized | Market | Unrealized | |||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||
U.S. government agency securities | $ | 69,079 | $ | -4,892 | $ | - | $ | - | $ | 69,079 | $ | -4,892 | ||||||||
Collateralized mortgage obligations | 811 | -7 | - | - | 811 | -7 | ||||||||||||||
Commercial mortgage backed securities | 3,191 | -27 | 1,924 | -22 | 5,115 | -49 | ||||||||||||||
Corporate bonds | 19,440 | -671 | 13,296 | -191 | 32,736 | -862 | ||||||||||||||
Covered bonds | 4,768 | -210 | - | - | 4,768 | -210 | ||||||||||||||
State and municipal obligations | 9,477 | -430 | - | - | 9,477 | -430 | ||||||||||||||
Equity securities | 1,483 | -414 | - | - | 1,483 | -414 | ||||||||||||||
Total securities | $ | 108,249 | $ | -6,651 | $ | 15,220 | $ | -213 | $ | 123,469 | $ | -6,864 | ||||||||
Loans_and_Allowance_for_Credit1
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule Of Financing Receivables | ' | |||||||||||||||||||||||||||||||
Loans are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||
September 30 | December 31 | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Secured by owner-occupied nonfarm nonresidential properties | $ | 275,880 | $ | 247,628 | ||||||||||||||||||||||||||||
Secured by other nonfarm nonresidential properties | 231,518 | 186,864 | ||||||||||||||||||||||||||||||
Other commercial and industrial | 113,047 | 110,850 | ||||||||||||||||||||||||||||||
Total Commercial | 620,445 | 545,342 | ||||||||||||||||||||||||||||||
Construction loans – 1 to 4 family residential | 14,175 | 13,206 | ||||||||||||||||||||||||||||||
Other construction and land development | 79,081 | 62,460 | ||||||||||||||||||||||||||||||
Total Real estate – construction | 93,256 | 75,666 | ||||||||||||||||||||||||||||||
Closed-end loans secured by 1 to 4 family residential properties | 293,200 | 277,820 | ||||||||||||||||||||||||||||||
Lines of credit secured by 1 to 4 family residential properties | 194,210 | 200,465 | ||||||||||||||||||||||||||||||
Loans secured by 5 or more family residential properties | 36,848 | 23,116 | ||||||||||||||||||||||||||||||
Total Real estate – mortgage | 524,258 | 501,401 | ||||||||||||||||||||||||||||||
Credit cards | 7,613 | 7,610 | ||||||||||||||||||||||||||||||
Other revolving credit plans | 8,470 | 9,018 | ||||||||||||||||||||||||||||||
Other consumer loans | 5,974 | 10,263 | ||||||||||||||||||||||||||||||
Total Consumer | 22,057 | 26,891 | ||||||||||||||||||||||||||||||
All other loans | 6,345 | 6,121 | ||||||||||||||||||||||||||||||
Total Other | 6,345 | 6,121 | ||||||||||||||||||||||||||||||
Total loans | $ | 1,266,361 | $ | 1,155,421 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings On Financing Receivables | ' | |||||||||||||||||||||||||||||||
Nonperforming assets are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||
September 30 | December 31 | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Commercial nonaccrual loans, not restructured | $ | 3,705 | $ | 5,528 | ||||||||||||||||||||||||||||
Commercial nonaccrual loans, restructured | 546 | 670 | ||||||||||||||||||||||||||||||
Non-commercial nonaccrual loans, not restructured | 4,132 | 9,855 | ||||||||||||||||||||||||||||||
Non-commercial nonaccrual loans, restructured | 889 | 1,459 | ||||||||||||||||||||||||||||||
Total nonaccrual loans | 9,272 | 17,512 | ||||||||||||||||||||||||||||||
Troubled debt restructured, accruing | 2,231 | 3,804 | ||||||||||||||||||||||||||||||
Accruing loans which are contractually | ||||||||||||||||||||||||||||||||
past due 90 days or more | 34 | 44 | ||||||||||||||||||||||||||||||
Total nonperforming loans | 11,537 | 21,360 | ||||||||||||||||||||||||||||||
Real estate acquired in settlement of loans | 2,695 | 5,355 | ||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 14,232 | $ | 26,715 | ||||||||||||||||||||||||||||
Restructured loans, performing (1) | $ | 2,407 | $ | 1,220 | ||||||||||||||||||||||||||||
Nonperforming loans to loans held for investment | 0.91 | % | 1.85 | % | ||||||||||||||||||||||||||||
Nonperforming assets to total assets at end of period | 0.79 | % | 1.56 | % | ||||||||||||||||||||||||||||
Allowance for credit losses to nonperforming loans | 220.03 | % | 124.67 | % | ||||||||||||||||||||||||||||
(1) Loans restructured in a previous year without an interest rate concession that are performing in accordance with their modified terms. | ||||||||||||||||||||||||||||||||
Past Due Financing Receivables | ' | |||||||||||||||||||||||||||||||
The aging of loans is summarized in the following table (in thousands): | ||||||||||||||||||||||||||||||||
September 30, 2013 | Accruing Loans | |||||||||||||||||||||||||||||||
30-89 Days | 90+ Days | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||
Current | Past Due | Past Due | Loans | Receivable | ||||||||||||||||||||||||||||
Secured by owner-occupied nonfarm nonresidential | $ | 270,028 | $ | 3,149 | $ | - | $ | 2,703 | $ | 275,880 | ||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Secured by other nonfarm nonresidential properties | 228,948 | 1,376 | - | 1,194 | 231,518 | |||||||||||||||||||||||||||
Other commercial and industrial | 112,385 | 308 | - | 354 | 113,047 | |||||||||||||||||||||||||||
Total Commercial | 611,361 | 4,833 | - | 4,251 | 620,445 | |||||||||||||||||||||||||||
Construction loans – 1 to 4 family residential | 14,175 | - | - | - | 14,175 | |||||||||||||||||||||||||||
Other construction and land development | 78,513 | 71 | - | 497 | 79,081 | |||||||||||||||||||||||||||
Total Real estate – construction | 92,688 | 71 | - | 497 | 93,256 | |||||||||||||||||||||||||||
Closed-end loans secured by 1 to 4 family | 288,115 | 1,950 | - | 3,135 | 293,200 | |||||||||||||||||||||||||||
residential properties | ||||||||||||||||||||||||||||||||
Lines of credit secured by 1 to 4 family residential | 191,182 | 1,772 | - | 1,256 | 194,210 | |||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Loans secured by 5 or more family residential | 36,848 | - | - | - | 36,848 | |||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Total Real estate – mortgage | 516,145 | 3,722 | - | 4,391 | 524,258 | |||||||||||||||||||||||||||
Credit cards | 7,499 | 80 | 34 | - | 7,613 | |||||||||||||||||||||||||||
Other revolving credit plans | 8,243 | 114 | - | 113 | 8,470 | |||||||||||||||||||||||||||
Other consumer loans | 5,846 | 109 | - | 19 | 5,974 | |||||||||||||||||||||||||||
Total Consumer | 21,588 | 303 | 34 | 132 | 22,057 | |||||||||||||||||||||||||||
All other loans | 6,344 | - | - | 1 | 6,345 | |||||||||||||||||||||||||||
Total Other | 6,344 | - | - | 1 | 6,345 | |||||||||||||||||||||||||||
Total loans | $ | 1,248,126 | $ | 8,929 | $ | 34 | $ | 9,272 | $ | 1,266,361 | ||||||||||||||||||||||
December 31, 2012 | Accruing Loans | |||||||||||||||||||||||||||||||
30-89 Days | 90+ Days | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||
Current | Past Due | Past Due | Loans | Receivable | ||||||||||||||||||||||||||||
Secured by owner-occupied nonfarm nonresidential | $ | 241,099 | $ | 1,985 | $ | - | $ | 4,544 | $ | 247,628 | ||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Secured by other nonfarm nonresidential properties | 184,270 | 1,034 | - | 1,560 | 186,864 | |||||||||||||||||||||||||||
Other commercial and industrial | 110,045 | 711 | - | 94 | 110,850 | |||||||||||||||||||||||||||
Total Commercial | 535,414 | 3,730 | - | 6,198 | 545,342 | |||||||||||||||||||||||||||
Construction loans – 1 to 4 family residential | 12,936 | - | - | 270 | 13,206 | |||||||||||||||||||||||||||
Other construction and land development | 59,676 | 525 | - | 2,259 | 62,460 | |||||||||||||||||||||||||||
Total Real estate – construction | 72,612 | 525 | - | 2,529 | 75,666 | |||||||||||||||||||||||||||
Closed-end loans secured by 1 to 4 family | 268,141 | 4,436 | - | 5,243 | 277,820 | |||||||||||||||||||||||||||
residential properties | ||||||||||||||||||||||||||||||||
Lines of credit secured by 1 to 4 family residential | 196,663 | 2,666 | - | 1,136 | 200,465 | |||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Loans secured by 5 or more family residential | 20,850 | 120 | - | 2,146 | 23,116 | |||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Total Real estate – mortgage | 485,654 | 7,222 | - | 8,525 | 501,401 | |||||||||||||||||||||||||||
Credit cards | 7,488 | 78 | 44 | - | 7,610 | |||||||||||||||||||||||||||
Other revolving credit plans | 8,821 | 85 | - | 112 | 9,018 | |||||||||||||||||||||||||||
Other consumer loans | 9,669 | 446 | - | 148 | 10,263 | |||||||||||||||||||||||||||
Total Consumer | 25,978 | 609 | 44 | 260 | 26,891 | |||||||||||||||||||||||||||
All other loans | 6,121 | - | - | - | 6,121 | |||||||||||||||||||||||||||
Total Other | 6,121 | - | - | - | 6,121 | |||||||||||||||||||||||||||
Total loans | $ | 1,125,779 | $ | 12,086 | $ | 44 | $ | 17,512 | $ | 1,155,421 | ||||||||||||||||||||||
Troubled Debt Restructurings | ' | |||||||||||||||||||||||||||||||
The following tables provide information about TDRs identified during the current and prior year three-month and nine-month periods (in thousands, except number of contracts): | ||||||||||||||||||||||||||||||||
Modifications for the three months ended | Modifications for the three months ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | |||||||||||||||||||||||||||
of | Outstanding | Modification | of | Outstanding | Modification | |||||||||||||||||||||||||||
Contracts | Recorded | Outstanding | Contracts | Recorded | Outstanding | |||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 142 | $ | 142 | 2 | $ | 1,242 | $ | 651 | ||||||||||||||||||||||
Real estate - construction | - | - | - | 1 | 135 | 124 | ||||||||||||||||||||||||||
Real estate - mortgage | 2 | 226 | 226 | 1 | 100 | 117 | ||||||||||||||||||||||||||
Total | 3 | $ | 368 | $ | 368 | 4 | $ | 1,477 | $ | 892 | ||||||||||||||||||||||
Modifications for the nine months ended | Modifications for the nine months ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | |||||||||||||||||||||||||||
of | Outstanding | Modification | of | Outstanding | Modification | |||||||||||||||||||||||||||
Contracts | Recorded | Outstanding | Contracts | Recorded | Outstanding | |||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 874 | $ | 407 | 9 | $ | 7,851 | $ | 6,204 | ||||||||||||||||||||||
Real estate - construction | 1 | 460 | 460 | 3 | 321 | 309 | ||||||||||||||||||||||||||
Real estate - mortgage | 3 | 323 | 323 | 4 | 669 | 685 | ||||||||||||||||||||||||||
Total | 6 | $ | 1,657 | $ | 1,190 | 16 | $ | 8,841 | $ | 7,198 | ||||||||||||||||||||||
Schedule Of Financing Receivable Modifications Subsequent Default | ' | |||||||||||||||||||||||||||||||
The following table provides information about TDRs restructured in the previous 12 months that subsequently defaulted during the current and prior year three-month and nine-month periods (in thousands, except number of contracts): | ||||||||||||||||||||||||||||||||
Defaults during the three months | Defaults during the three months | |||||||||||||||||||||||||||||||
ended September 30, 2013 | ended September 30, 2012 | |||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of | Investment | of | Investment | |||||||||||||||||||||||||||||
Contracts | Contracts | |||||||||||||||||||||||||||||||
TDR Defaults: | ||||||||||||||||||||||||||||||||
Commercial | - | $ | - | 1 | $ | 425 | ||||||||||||||||||||||||||
Total | - | $ | - | 1 | $ | 425 | ||||||||||||||||||||||||||
Defaults during the nine months | Defaults during the nine months | |||||||||||||||||||||||||||||||
ended September 30, 2013 | ended September 30, 2012 | |||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of | Investment | of | Investment | |||||||||||||||||||||||||||||
Contracts | Contracts | |||||||||||||||||||||||||||||||
TDR Defaults: | ||||||||||||||||||||||||||||||||
Commercial | - | $ | - | 3 | $ | 914 | ||||||||||||||||||||||||||
Total | - | $ | - | 3 | $ | 914 | ||||||||||||||||||||||||||
Interest and Other Income | ' | |||||||||||||||||||||||||||||||
The following tables show interest income recognized and received on these TDRs for the three months and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||
Recognized | Received | Recognized | Received | |||||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||
Commercial | $ | 3 | $ | 4 | $ | 29 | $ | 24 | ||||||||||||||||||||||||
Real estate – construction | - | - | 4 | 5 | ||||||||||||||||||||||||||||
Real estate – mortgage | 22 | 19 | 22 | 23 | ||||||||||||||||||||||||||||
Consumer | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 25 | $ | 23 | $ | 55 | $ | 52 | ||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||
Recognized | Received | Recognized | Received | |||||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||
Commercial | $ | 20 | $ | 21 | $ | 90 | $ | 66 | ||||||||||||||||||||||||
Real estate – construction | 1 | 1 | 13 | 10 | ||||||||||||||||||||||||||||
Real estate – mortgage | 69 | 62 | 90 | 81 | ||||||||||||||||||||||||||||
Consumer | - | - | 2 | 2 | ||||||||||||||||||||||||||||
Total | $ | 90 | $ | 84 | $ | 195 | $ | 159 | ||||||||||||||||||||||||
Impaired Financing Receivables | ' | |||||||||||||||||||||||||||||||
Loans specifically identified and evaluated for level of impairment totaled $9.6 million and $16.4 million at September 30, 2013 and December 31, 2012, respectively, as displayed in the following tables (in thousands). | ||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Specific | Average | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Recorded Investment | |||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | ||||||||||||||||||||||||||||||||
Commercial | $ | 2,316 | $ | 3,278 | $ | - | $ | 2,367 | ||||||||||||||||||||||||
Real estate – construction | 500 | 500 | - | 520 | ||||||||||||||||||||||||||||
Real estate – mortgage | 823 | 972 | - | 917 | ||||||||||||||||||||||||||||
Consumer | - | - | - | - | ||||||||||||||||||||||||||||
Total | 3,639 | 4,750 | - | 3,804 | ||||||||||||||||||||||||||||
Loans with a specific valuation allowance | ||||||||||||||||||||||||||||||||
Commercial | 1,920 | 1,920 | 25 | 1,930 | ||||||||||||||||||||||||||||
Real estate – construction | 87 | 205 | 10 | 109 | ||||||||||||||||||||||||||||
Real estate – mortgage | 3,951 | 3,951 | 690 | 4,037 | ||||||||||||||||||||||||||||
Consumer | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||||||
Total | 5,968 | 6,086 | 735 | 6,086 | ||||||||||||||||||||||||||||
Total impaired loans | ||||||||||||||||||||||||||||||||
Commercial | 4,236 | 5,198 | 25 | 4,297 | ||||||||||||||||||||||||||||
Real estate – construction | 587 | 705 | 10 | 629 | ||||||||||||||||||||||||||||
Real estate – mortgage | 4,774 | 4,923 | 690 | 4,954 | ||||||||||||||||||||||||||||
Consumer | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||||||
Total | $ | 9,607 | $ | 10,836 | $ | 735 | $ | 9,890 | ||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Specific | Average | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Recorded Investment | |||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Loans without a specific valuation allowance | ||||||||||||||||||||||||||||||||
Commercial | $ | 4,013 | $ | 5,779 | $ | - | $ | 4,190 | ||||||||||||||||||||||||
Real estate – construction | 1,940 | 2,681 | - | 2,856 | ||||||||||||||||||||||||||||
Real estate – mortgage | 5,066 | 5,746 | - | 5,415 | ||||||||||||||||||||||||||||
Consumer | - | - | - | - | ||||||||||||||||||||||||||||
Total | 11,019 | 14,206 | - | 12,461 | ||||||||||||||||||||||||||||
Loans with a specific valuation allowance | ||||||||||||||||||||||||||||||||
Commercial | 2,618 | 2,762 | 564 | 3,432 | ||||||||||||||||||||||||||||
Real estate – construction | 64 | 64 | 36 | 65 | ||||||||||||||||||||||||||||
Real estate – mortgage | 2,681 | 2,765 | 941 | 2,848 | ||||||||||||||||||||||||||||
Consumer | 18 | 18 | 18 | 13 | ||||||||||||||||||||||||||||
Total | 5,381 | 5,609 | 1,559 | 6,358 | ||||||||||||||||||||||||||||
Total impaired loans | ||||||||||||||||||||||||||||||||
Commercial | 6,631 | 8,541 | 564 | 7,622 | ||||||||||||||||||||||||||||
Real estate – construction | 2,004 | 2,745 | 36 | 2,921 | ||||||||||||||||||||||||||||
Real estate – mortgage | 7,747 | 8,511 | 941 | 8,263 | ||||||||||||||||||||||||||||
Consumer | 18 | 18 | 18 | 13 | ||||||||||||||||||||||||||||
Total | $ | 16,400 | $ | 19,815 | $ | 1,559 | $ | 18,819 | ||||||||||||||||||||||||
Schedule Of Allowance For Credit Losses and Recorded Investment In Loans | ' | |||||||||||||||||||||||||||||||
The balance in the allowance for credit losses and the recorded investment in loans by portfolio segment and based on the reserving method as of September 30, 2013, December 31, 2012 and September 30, 2012 were as follows: | ||||||||||||||||||||||||||||||||
Real Estate – | Real Estate – | Total | ||||||||||||||||||||||||||||||
Allowance for credit losses: | Commercial | Construction | Mortgage | Consumer | Other | Allowance | ||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 25 | $ | 10 | $ | 690 | $ | 10 | $ | - | $ | 735 | ||||||||||||||||||||
Collectively evaluated for impairment | 9,888 | 5,392 | 8,104 | 1,080 | 186 | 24,650 | ||||||||||||||||||||||||||
Total ending allowance | $ | 9,913 | $ | 5,402 | $ | 8,794 | $ | 1,090 | $ | 186 | $ | 25,385 | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 564 | $ | 36 | $ | 941 | $ | 18 | $ | - | $ | 1,559 | ||||||||||||||||||||
Collectively evaluated for impairment | 10,784 | 5,717 | 7,805 | 763 | 2 | 25,071 | ||||||||||||||||||||||||||
Total ending allowance | $ | 11,348 | $ | 5,753 | $ | 8,746 | $ | 781 | $ | 2 | $ | 26,630 | ||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 876 | $ | 253 | $ | 1,155 | $ | 19 | $ | - | $ | 2,303 | ||||||||||||||||||||
Collectively evaluated for impairment | 12,790 | 7,941 | 11,007 | 972 | 3 | 32,713 | ||||||||||||||||||||||||||
Total ending allowance | $ | 13,666 | $ | 8,194 | $ | 12,162 | $ | 991 | $ | 3 | $ | 35,016 | ||||||||||||||||||||
Real Estate – | Real Estate – | Total | ||||||||||||||||||||||||||||||
Recorded investment in loans: | Commercial | Construction | Mortgage | Consumer | Other | Loans | ||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,236 | $ | 587 | $ | 4,774 | $ | 10 | $ | - | $ | 9,607 | ||||||||||||||||||||
Collectively evaluated for impairment | 616,209 | 92,669 | 519,484 | 22,047 | 6,345 | 1,256,754 | ||||||||||||||||||||||||||
Total recorded investment in loans | $ | 620,445 | $ | 93,256 | $ | 524,258 | $ | 22,057 | $ | 6,345 | $ | 1,266,361 | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,631 | $ | 2,004 | $ | 7,747 | $ | 18 | $ | - | $ | 16,400 | ||||||||||||||||||||
Collectively evaluated for impairment | 538,711 | 73,662 | 493,654 | 26,873 | 6,121 | 1,139,021 | ||||||||||||||||||||||||||
Total recorded investment in loans | $ | 545,342 | $ | 75,666 | $ | 501,401 | $ | 26,891 | $ | 6,121 | $ | 1,155,421 | ||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,753 | $ | 2,766 | $ | 7,106 | $ | 19 | $ | - | $ | 22,644 | ||||||||||||||||||||
Collectively evaluated for impairment | 539,861 | 73,360 | 498,732 | 27,969 | 6,181 | 1,146,103 | ||||||||||||||||||||||||||
Total recorded investment in loans | $ | 552,614 | $ | 76,126 | $ | 505,838 | $ | 27,988 | $ | 6,181 | $ | 1,168,747 | ||||||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | |||||||||||||||||||||||||||||||
The following table summarizes, by internally assigned risk grade, the risk grade for loans for which the Bank has assigned a risk grade (in thousands). | ||||||||||||||||||||||||||||||||
September 30 | December 31 | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Special | Sub- | Special | Sub- | |||||||||||||||||||||||||||||
Pass | Mention | standard | Doubtful | Total | Pass | Mention | standard | Doubtful | Total__ | |||||||||||||||||||||||
Commercial | $ | 506,916 | $ | 34,787 | $ | 19,252 | $ | 501 | $ | 561,456 | $ | 491,780 | $ | 26,649 | $ | 26,733 | $ | 98 | $ | 545,260 | ||||||||||||
Real estate – construction | 72,043 | 7,497 | 2,352 | - | 81,892 | 48,029 | 9,744 | 5,422 | 182 | 63,377 | ||||||||||||||||||||||
Real estate – mortgage | 70,943 | 5,287 | 4,772 | 8 | 81,010 | 73,338 | 7,480 | 10,027 | 32 | 90,877 | ||||||||||||||||||||||
Other | 5,519 | - | - | - | 5,519 | 4,918 | - | 619 | - | 5,537 | ||||||||||||||||||||||
Total | $ | 655,421 | $ | 47,571 | $ | 26,376 | $ | 509 | $ | 729,877 | $ | 618,065 | $ | 43,873 | $ | 42,801 | $ | 312 | $ | 705,051 | ||||||||||||
Classified Loans | ' | |||||||||||||||||||||||||||||||
Classified loans are summarized in the following table (in thousands): | ||||||||||||||||||||||||||||||||
September 30 | December 31 | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Impaired loans individually evaluated | $ | 9,607 | $ | 16,400 | ||||||||||||||||||||||||||||
Other nonperforming loans | 1,930 | 4,960 | ||||||||||||||||||||||||||||||
Total nonperforming loans | 11,537 | 21,360 | ||||||||||||||||||||||||||||||
Performing classified loans | 19,086 | 26,498 | ||||||||||||||||||||||||||||||
Total classified loans | $ | 30,623 | $ | 47,858 | ||||||||||||||||||||||||||||
Allowance For Credit Losses On Financing Receivables | ' | |||||||||||||||||||||||||||||||
An analysis of the changes in the allowance for credit losses follows (in thousands): | ||||||||||||||||||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||||||||||||||||
September 30 | September 30 | September 30 | September 30 | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 26,395 | $ | 25,231 | $ | 26,630 | $ | 28,844 | ||||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
Secured by owner-occupied nonfarm nonresidential | - | 4,609 | 175 | 5,755 | ||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Secured by other nonfarm nonresidential properties | - | 1,491 | 125 | 2,101 | ||||||||||||||||||||||||||||
Other commercial and industrial | 324 | 3,257 | 559 | 3,842 | ||||||||||||||||||||||||||||
Total Commercial | 324 | 9,357 | 859 | 11,698 | ||||||||||||||||||||||||||||
Construction loans – 1 to 4 family residential | - | 193 | 182 | 403 | ||||||||||||||||||||||||||||
Other construction and land development | 372 | 4,079 | 943 | 6,611 | ||||||||||||||||||||||||||||
Total Real estate – construction | 372 | 4,272 | 1,125 | 7,014 | ||||||||||||||||||||||||||||
Closed-end loans secured by 1 to 4 family residential | 674 | 4,034 | 1,964 | 6,560 | ||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Lines of credit secured by 1 to 4 family residential | 462 | 1,409 | 813 | 3,578 | ||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Loans secured by 5 or more family residential | - | 273 | - | 273 | ||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||
Total Real estate – mortgage | 1,136 | 5,716 | 2,777 | 10,411 | ||||||||||||||||||||||||||||
Credit cards | 49 | 54 | 162 | 265 | ||||||||||||||||||||||||||||
Other consumer loans | 127 | 263 | 644 | 583 | ||||||||||||||||||||||||||||
Total consumer | 176 | 317 | 806 | 848 | ||||||||||||||||||||||||||||
Total other | 338 | 1 | 338 | 3 | ||||||||||||||||||||||||||||
Total chargeoffs | 2,346 | 19,663 | 5,905 | 29,974 | ||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
Total Commercial | 796 | 118 | 1,020 | 294 | ||||||||||||||||||||||||||||
Total Real estate – construction | 59 | 107 | 392 | 292 | ||||||||||||||||||||||||||||
Total Real estate – mortgage | 366 | 176 | 922 | 576 | ||||||||||||||||||||||||||||
Total Consumer | 69 | 157 | 214 | 278 | ||||||||||||||||||||||||||||
Total Other | 13 | 9 | 63 | 22 | ||||||||||||||||||||||||||||
Total Recoveries | 1,303 | 567 | 2,611 | 1,462 | ||||||||||||||||||||||||||||
Net loans charged off | 1,043 | 19,096 | 3,294 | 28,512 | ||||||||||||||||||||||||||||
Provision for credit losses | 33 | 28,881 | 2,049 | 34,684 | ||||||||||||||||||||||||||||
Balance, end of period | $ | 25,385 | $ | 35,016 | $ | 25,385 | $ | 35,016 | ||||||||||||||||||||||||
Deferred_Tax_Assets_Tables
Deferred Tax Assets (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Deferred Tax Assets, Net [Abstract] | ' | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||
Income tax expense for each of the quarters and nine-month periods of 2013 and 2012 were determined as follows (in thousands): | ||||||||||||||
First | Second | Third | Nine Months | |||||||||||
Quarter | Quarter | Quarter | Year to Date | |||||||||||
2013 | ||||||||||||||
Income tax expense (benefit) calculated | $ | 1,668 | $ | 1,770 | $ | 2,121 | $ | 5,559 | ||||||
Deferred tax asset valuation adjustment | -1,668 | -8,371 | - | -10,039 | ||||||||||
North Carolina corporate income tax rate | ||||||||||||||
reduction adjustment | - | - | 740 | 740 | ||||||||||
Income tax expense (benefit) | $ | - | $ | -6,601 | $ | 2,861 | $ | -3,740 | ||||||
2012 | ||||||||||||||
Income tax expense (benefit) calculated | $ | 617 | $ | 312 | $ | -14,700 | $ | -13,771 | ||||||
Deferred tax asset valuation adjustment | - | - | 11,000 | 11,000 | ||||||||||
Income tax expense (benefit) | $ | 617 | $ | 312 | $ | -3,700 | $ | -2,771 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||||
The significant components of deferred tax assets at September 30, 2013 and December 31, 2012 were as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for credit losses | $ | 10,023 | $ | 10,534 | ||||||||||
Writedowns on real estate acquired in | 1,006 | 2,434 | ||||||||||||
settlement of loans | ||||||||||||||
Interest on nonaccrual loans | 245 | 1,135 | ||||||||||||
Net operating losses | 26,772 | 29,006 | ||||||||||||
Other | 9,566 | 9,683 | ||||||||||||
Valuation allowance | -1,027 | -11,067 | ||||||||||||
Total | 46,585 | 41,725 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Net unrealized gain on available for sale securities | 1,974 | 5,806 | ||||||||||||
Other | 7,703 | 6,381 | ||||||||||||
Total | 9,677 | 12,187 | ||||||||||||
Net deferred tax assets | $ | 36,908 | $ | 29,538 | ||||||||||
Fair_value_of_financial_instru1
Fair value of financial instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||||||||
Fair Value, By Balance Sheet Grouping | ' | ||||||||||||||||
The table below presents the estimated fair values of financial instruments as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
30-Sep-13 | Carrying | Quoted prices | Significant | Significant | Total | ||||||||||||
Value | in active | other | unobservable | ||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 56,896 | $ | 56,896 | $ | - | $ | - | $ | 56,896 | |||||||
Investment securities | 357,537 | 2,989 | 339,353 | 14,370 | 356,712 | ||||||||||||
Loans | 1,240,976 | - | - | 1,259,353 | 1,259,353 | ||||||||||||
Loans held for sale | 3,744 | - | 3,744 | - | 3,744 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 1,412,010 | - | 1,412,739 | - | 1,412,739 | ||||||||||||
Wholesale repurchase agreements | 21,000 | - | 23,293 | - | 23,293 | ||||||||||||
Junior subordinated notes | 25,774 | - | - | 11,584 | 11,584 | ||||||||||||
FHLB borrowings | 162,700 | - | 163,009 | - | 163,009 | ||||||||||||
Estimated Fair Value | |||||||||||||||||
31-Dec-12 | Carrying | Quoted prices | Significant | Significant | Total | ||||||||||||
Value | in active | other | unobservable | ||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 39,791 | $ | 39,791 | $ | - | $ | - | $ | 39,791 | |||||||
Investment securities | 393,815 | 1,307 | 384,823 | 7,685 | 393,815 | ||||||||||||
Loans | 1,128,791 | - | - | 1,142,346 | 1,142,346 | ||||||||||||
Loans held for sale | 9,464 | - | 9,464 | - | 9,464 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 1,332,493 | - | 1,333,888 | - | 1,333,888 | ||||||||||||
Wholesale repurchase agreements | 21,000 | - | 23,835 | - | 23,835 | ||||||||||||
Junior subordinated notes | 25,774 | - | - | 12,006 | 12,006 | ||||||||||||
FHLB borrowings | 113,000 | - | 113,833 | - | 113,833 | ||||||||||||
Fair Value, Assets Measured On Recurring Basis | ' | ||||||||||||||||
The table below presents the assets measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset (in thousands): | |||||||||||||||||
Quoted prices in active | Significant other | Significant | |||||||||||||||
markets for identical | observable | unobservable | |||||||||||||||
assets (Level 1) | inputs (Level 2) | inputs (Level 3) | |||||||||||||||
Available for sale securities at September 30, 2013 | $ | - | $ | 294,941 | $ | 9,370 | |||||||||||
Available for sale securities at December 31, 2012 | - | 386,130 | 7,685 | ||||||||||||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||
The table below presents the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the nine months ended September 30, 2013 and the year ended December 31, 2012 (in thousands): | |||||||||||||||||
Nine Months | Twelve Months | ||||||||||||||||
Ended | Ended | ||||||||||||||||
September 30 | December 31 | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Available for sale securities | |||||||||||||||||
Beginning balance | $ | 7,685 | $ | 7,185 | |||||||||||||
Purchases | 14,629 | 6,514 | |||||||||||||||
Redemptions | -12,944 | -6,014 | |||||||||||||||
Ending balance | $ | 9,370 | $ | 7,685 | |||||||||||||
Fair Value Measurements, Nonrecurring | ' | ||||||||||||||||
The table below presents the assets measured at fair value on a non-recurring basis categorized by the level of inputs used in the valuation of each asset (in thousands): | |||||||||||||||||
Quoted prices in active | Significant other | Significant | |||||||||||||||
markets for identical | observable | unobservable | |||||||||||||||
assets (Level 1) | inputs (Level 2) | inputs (Level 3) | |||||||||||||||
Loans held for sale at September 30, 2013 | $ | - | $ | 3,744 | $ | - | |||||||||||
Loans held for sale at December 31, 2012 | - | 9,464 | - | ||||||||||||||
Real estate acquired in settlement of loans at | - | - | 2,695 | ||||||||||||||
September 30, 2013 | |||||||||||||||||
Real estate acquired in settlement of loans at | - | - | 5,355 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
Impaired loans, net of allowance at September 30, | - | - | 8,872 | ||||||||||||||
2013 | |||||||||||||||||
Impaired loans, net of allowance at December 31, | - | - | 14,841 | ||||||||||||||
2012 | |||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Reclassification From Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | |||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||
Reclassifications from accumulated other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2013 and 2012 are as follows (in thousands): | ||||||
Details about accumulated other | Amount reclassified from | Affected line item in the Consolidated | ||||
accumulated other | ||||||
comprehensive income (loss) | comprehensive income (loss) | Statements of Income | ||||
Three months ended September 30, 2013 | ||||||
Unrealized gains (losses) on available | ||||||
for sale securities | $ | 458 | Gain on sales of investment securities | |||
-181 | Income tax expense (benefit) | |||||
$ | 277 | Net of tax | ||||
Amortization of post retirement benefit | $ | 15 | Personnel expense | |||
-6 | Income tax expense (benefit) | |||||
$ | 9 | Net of tax | ||||
Total reclassifications for the period | $ | 286 | ||||
Three months ended September 30, 2012 | ||||||
Unrealized gains (losses) on available | ||||||
for sale securities | $ | 3 | Gain on sales of investment securities | |||
-1 | Income tax expense (benefit) | |||||
$ | 2 | Net of tax | ||||
Amortization of post retirement benefit | $ | 15 | Personnel expense | |||
-6 | Income tax expense (benefit) | |||||
$ | 9 | Net of tax | ||||
Total reclassifications for the period | $ | 11 | ||||
Nine months ended September 30, 2013 | ||||||
Unrealized gains (losses) on available | ||||||
for sale securities | $ | 736 | Gain on sales of investment securities | |||
-291 | Income tax expense (benefit) | |||||
$ | 445 | Net of tax | ||||
Amortization of post retirement benefit | $ | 46 | Personnel expense | |||
-18 | Income tax expense (benefit) | |||||
$ | 28 | Net of tax | ||||
Total reclassifications for the period | $ | 473 | ||||
Nine months ended September 30, 2012 | ||||||
Unrealized gains (losses) on available | ||||||
for sale securities | $ | 3 | Gain on sales of investment securities | |||
-1 | Income tax expense (benefit) | |||||
$ | 2 | Net of tax | ||||
Amortization of post retirement benefit | $ | 47 | Personnel expense | |||
-18 | Income tax expense (benefit) | |||||
$ | 29 | Net of tax | ||||
Total reclassifications for the period | $ | 31 | ||||
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic: | ' | ' | ' | ' |
Net income available to common shareholders | $2,780 | ($33,179) | $17,729 | ($32,206) |
Weighted average shares outstanding | 28,478,316 | 15,655,868 | 26,025,601 | 15,655,868 |
Net income per share, basic | $0.10 | ($2.12) | $0.68 | ($2.06) |
Diluted: | ' | ' | ' | ' |
Net income available to common shareholders | $2,780 | ($33,179) | $17,729 | ($32,206) |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options | 687 | 0 | 269 | 0 |
Restricted stock units | 93,562 | 0 | 85,524 | 0 |
Warrant | 0 | 0 | 655,987 | 0 |
Convertible preferred stock | 0 | 0 | 2,435,811 | 0 |
Weighted average shares outstanding and dilutive potential shares outstandingdilutive potential shares outstanding | 28,572,565 | 15,655,868 | 29,203,192 | 15,655,868 |
Net income per share, diluted | $0.10 | ($2.12) | $0.61 | ($2.06) |
Net_Income_Per_Share_Details_T
Net Income Per Share (Details Textual) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Warrant [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 791,539 | 732,867 |
Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 50,472 | 33,054 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Unit | ||||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | $299,312 | $379,111 | ||
Unrealized Gains | 10,510 | 15,758 | ||
Unrealized Losses | -5,511 | -1,054 | ||
Market Value | 304,311 | 393,815 | ||
Investment Securities Held to Maturity | ' | ' | ||
Amortized Cost | 53,226 | ' | ||
Unrealized Gains | 528 | ' | ||
Unrealized Losses | -1,353 | ' | ||
Market Value | 52,401 | ' | ||
Average Yield | 2.85% | [1] | ' | |
Average Duration | 7.31 | [2] | ' | |
US Treasury Securities [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | ' | 10,000 | ||
Unrealized Gains | ' | 0 | ||
Unrealized Losses | ' | 0 | ||
Market Value | ' | 10,000 | ||
Average Yield | ' | 0.01% | ||
Average Duration | ' | 0.05 | [2] | |
U.S. government agency securities [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 49,093 | 67,090 | ||
Unrealized Gains | 0 | 72 | ||
Unrealized Losses | -3,621 | -125 | ||
Market Value | 45,472 | 67,037 | ||
Average Yield | 2.07% | 1.94% | ||
Average Duration | 7.86 | [2] | 5.78 | [2] |
Investment Securities Held to Maturity | ' | ' | ||
Amortized Cost | 27,763 | ' | ||
Unrealized Gains | 25 | ' | ||
Unrealized Losses | -1,271 | ' | ||
Market Value | 26,517 | ' | ||
Average Yield | 2.11% | ' | ||
Average Duration | 6.97 | [2] | ' | |
Agency mortgage backed securities [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 15,336 | 21,607 | ||
Unrealized Gains | 1,392 | 2,153 | ||
Unrealized Losses | 0 | 0 | ||
Market Value | 16,728 | 23,760 | ||
Average Yield | 5.27% | 5.30% | ||
Average Duration | 2.21 | [2] | 2.3 | [2] |
Investment Securities Held to Maturity | ' | ' | ||
Amortized Cost | 19,314 | ' | ||
Unrealized Gains | 503 | ' | ||
Unrealized Losses | 0 | ' | ||
Market Value | 19,817 | ' | ||
Average Yield | 2.62% | ' | ||
Average Duration | 6.76 | [2] | ' | |
Collateralized mortgage obligations [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 7,248 | 10,417 | ||
Unrealized Gains | 175 | 254 | ||
Unrealized Losses | -7 | -3 | ||
Market Value | 7,416 | 10,668 | ||
Average Yield | 5.67% | 5.54% | ||
Average Duration | 1.62 | [2] | 2.78 | [2] |
Commercial mortgage backed securities [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 38,597 | 43,046 | ||
Unrealized Gains | 1,256 | 2,318 | ||
Unrealized Losses | -49 | -82 | ||
Market Value | 39,804 | 45,282 | ||
Average Yield | 3.32% | 3.21% | ||
Average Duration | 3.54 | [2] | 3.52 | [2] |
Corporate bonds [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 105,771 | 150,589 | ||
Unrealized Gains | 3,685 | 5,742 | ||
Unrealized Losses | -862 | -844 | ||
Market Value | 108,594 | 155,487 | ||
Average Yield | 3.81% | 3.24% | ||
Average Duration | 4.36 | [2] | 3.29 | [2] |
Investment Securities Held to Maturity | ' | ' | ||
Amortized Cost | 5,000 | ' | ||
Unrealized Gains | 0 | ' | ||
Unrealized Losses | 0 | ' | ||
Market Value | 5,000 | ' | ||
Average Yield | 7.63% | ' | ||
Average Duration | 9.86 | [2] | ' | |
Covered bonds [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 49,928 | 44,924 | ||
Unrealized Gains | 3,101 | 3,694 | ||
Unrealized Losses | -210 | 0 | ||
Market Value | 52,819 | 48,618 | ||
Average Yield | 3.49% | 3.68% | ||
Average Duration | 3.13 | [2] | 3.49 | [2] |
State and municipal obligations [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 16,297 | 17,978 | ||
Unrealized Gains | 142 | 734 | ||
Unrealized Losses | -348 | 0 | ||
Market Value | 16,091 | 18,712 | ||
Average Yield | 6.53% | [1] | 6.21% | [1] |
Average Duration | 7.14 | [2] | 4.09 | [2] |
Investment Securities Held to Maturity | ' | ' | ||
Amortized Cost | 1,149 | ' | ||
Unrealized Gains | 0 | ' | ||
Unrealized Losses | -82 | ' | ||
Market Value | 1,067 | ' | ||
Average Yield | 4.24% | [1] | ' | |
Average Duration | 13.78 | [2] | ' | |
Total debt securities [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 282,270 | 365,651 | ||
Unrealized Gains | 9,751 | 14,967 | ||
Unrealized Losses | -5,097 | -1,054 | ||
Market Value | 286,924 | 379,564 | ||
Average Yield | 3.67% | [1] | 3.30% | [1] |
Average Duration | 4.62 | [2] | 3.68 | [2] |
Federal Home Loan Bank stock [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 9,370 | 7,685 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | 0 | 0 | ||
Market Value | 9,370 | 7,685 | ||
Other Equity Securities [Member] | ' | ' | ||
Investment Securities Available for Sale | ' | ' | ||
Amortized Cost | 7,672 | 5,775 | ||
Unrealized Gains | 759 | 791 | ||
Unrealized Losses | -414 | 0 | ||
Market Value | $8,017 | $6,566 | ||
[1] | Fully taxable-equivalent basis | |||
[2] | Average expected remaining duration to maturity, in years |
Investment_Securities_Details_
Investment Securities (Details 1) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Securities Loss Position, Market Value | ' |
Market Value Less than 1 year | $108,249 |
Market Value 1 Year or More | 15,220 |
Market Value Total | 123,469 |
Securities Unrealized Loss Position | ' |
Unrealized Loss Less than 1 year | -6,651 |
Unrealized Loss 1 Year or More | -213 |
Unrealized Loss Total | -6,864 |
U.S. government agency securities [Member] | ' |
Securities Loss Position, Market Value | ' |
Market Value Less than 1 year | 69,079 |
Market Value 1 Year or More | 0 |
Market Value Total | 69,079 |
Securities Unrealized Loss Position | ' |
Unrealized Loss Less than 1 year | -4,892 |
Unrealized Loss 1 Year or More | 0 |
Unrealized Loss Total | -4,892 |
Collateralized mortgage obligations [Member] | ' |
Securities Loss Position, Market Value | ' |
Market Value Less than 1 year | 811 |
Market Value 1 Year or More | 0 |
Market Value Total | 811 |
Securities Unrealized Loss Position | ' |
Unrealized Loss Less than 1 year | -7 |
Unrealized Loss 1 Year or More | 0 |
Unrealized Loss Total | -7 |
Commercial mortgage backed securities [Member] | ' |
Securities Loss Position, Market Value | ' |
Market Value Less than 1 year | 3,191 |
Market Value 1 Year or More | 1,924 |
Market Value Total | 5,115 |
Securities Unrealized Loss Position | ' |
Unrealized Loss Less than 1 year | -27 |
Unrealized Loss 1 Year or More | -22 |
Unrealized Loss Total | -49 |
Corporate bonds [Member] | ' |
Securities Loss Position, Market Value | ' |
Market Value Less than 1 year | 19,440 |
Market Value 1 Year or More | 13,296 |
Market Value Total | 32,736 |
Securities Unrealized Loss Position | ' |
Unrealized Loss Less than 1 year | -671 |
Unrealized Loss 1 Year or More | -191 |
Unrealized Loss Total | -862 |
State and municipal obligations [Member] | ' |
Securities Loss Position, Market Value | ' |
Market Value Less than 1 year | 9,477 |
Market Value 1 Year or More | 0 |
Market Value Total | 9,477 |
Securities Unrealized Loss Position | ' |
Unrealized Loss Less than 1 year | -430 |
Unrealized Loss 1 Year or More | 0 |
Unrealized Loss Total | -430 |
Covered Bonds [Member] | ' |
Securities Loss Position, Market Value | ' |
Market Value Less than 1 year | 4,768 |
Market Value 1 Year or More | 0 |
Market Value Total | 4,768 |
Securities Unrealized Loss Position | ' |
Unrealized Loss Less than 1 year | -210 |
Unrealized Loss 1 Year or More | 0 |
Unrealized Loss Total | -210 |
Equity Securities [Member] | ' |
Securities Loss Position, Market Value | ' |
Market Value Less than 1 year | 1,483 |
Market Value 1 Year or More | 0 |
Market Value Total | 1,483 |
Securities Unrealized Loss Position | ' |
Unrealized Loss Less than 1 year | -414 |
Unrealized Loss 1 Year or More | 0 |
Unrealized Loss Total | ($414) |
Investment_Securities_Details_1
Investment Securities (Details Textual) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost of pledged investment securities | $108,340,000 | ' | $94,612,000 |
Letters of credit | 50,000,000 | ' | ' |
Available For Sale Securities Sold Book Value | 64,975,000 | 6,721,000 | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 44 | ' | ' |
Gain (Loss) on Investments | $736,000 | $3,000 | ' |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Loans Receivable, Net | ' | ' | ' |
Total loans | $1,266,361 | $1,155,421 | $1,168,747 |
Total Commercial [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total commercial | 620,445 | 545,342 | ' |
Total Real estate - construction [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Real estate - construction | 93,256 | 75,666 | ' |
Total Real estate - mortgage [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Real estate - mortgage | 524,258 | 501,401 | ' |
Total Consumer [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Consumer | 22,057 | 26,891 | ' |
Total Other [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Other | 6,345 | 6,121 | ' |
Secured by owner-occupied nonfarm nonresidential properties [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total commercial | 275,880 | 247,628 | ' |
Secured by other nonfarm nonresidential properties [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total commercial | 231,518 | 186,864 | ' |
Other commercial and industrial [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total commercial | 113,047 | 110,850 | ' |
Construction loans - 1 to 4 family residential [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Real estate - construction | 14,175 | 13,206 | ' |
Other construction and land development [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Real estate - construction | 79,081 | 62,460 | ' |
Closed-end loans secured by 1 to 4 family residential properties [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Real estate - mortgage | 293,200 | 277,820 | ' |
Lines of credit secured by 1 to 4 family residential properties [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Real estate - mortgage | 194,210 | 200,465 | ' |
Loans secured by 5 or more family residential properties [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Real estate - mortgage | 36,848 | 23,116 | ' |
Credit cards [member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Consumer | 7,613 | 7,610 | ' |
Other revolving credit plans [member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Consumer | 8,470 | 9,018 | ' |
Other consumer loans [member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Consumer | 5,974 | 10,263 | ' |
All other loans [Member] | ' | ' | ' |
Loans Receivable, Net | ' | ' | ' |
Total Other | $6,345 | $6,121 | ' |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total nonaccrual loans | $9,272 | $17,512 | ||
Total nonperforming loans | 11,537 | 21,360 | ||
Nonperforming assets | ' | ' | ||
Real estate acquired in settlement of loans | 2,695 | 5,355 | ||
Total nonperforming assets | 14,232 | 26,715 | ||
Restructured loans, performing (1) | 2,407 | [1] | 1,220 | [1] |
Nonperforming loans to loans held for investment | 0.91% | 1.85% | ||
Nonperforming assets to total assets at end of period | 0.79% | 1.56% | ||
Allowance for credit losses to nonperforming loans | 220.03% | 124.67% | ||
Commercial nonaccrual loans, not restructured [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total nonaccrual loans | 3,705 | 5,528 | ||
Commercial nonaccrual loans, restructured [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total nonaccrual loans | 546 | 670 | ||
Non-commercial nonaccrual loans, not restructured [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total nonaccrual loans | 4,132 | 9,855 | ||
Non-commercial nonaccrual loans, restructured [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total nonaccrual loans | 889 | 1,459 | ||
Troubled debt restructured accruing [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total nonperforming loans | 2,231 | 3,804 | ||
Accruing loans which are contractually past due 90 days or more [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total nonperforming loans | $34 | $44 | ||
[1] | Loans restructured in a previous year without an interest rate concession that are performing in accordance with their modified terms. |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Recorded investment in loans: | ' | ' | ' |
Total loans | $1,266,361 | $1,155,421 | $1,168,747 |
Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 611,361 | 535,414 | ' |
Total Real estate - construction | 92,688 | 72,612 | ' |
Total Real estate - mortgage | 516,145 | 485,654 | ' |
Total Consumer | 21,588 | 25,978 | ' |
Total Other | 6,344 | 6,121 | ' |
Total loans | 1,248,126 | 1,125,779 | ' |
30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 4,833 | 3,730 | ' |
Total Real estate - construction | 71 | 525 | ' |
Total Real estate - mortgage | 3,722 | 7,222 | ' |
Total Consumer | 303 | 609 | ' |
Total Other | 0 | 0 | ' |
Total loans | 8,929 | 12,086 | ' |
90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 0 | 0 | ' |
Total Real estate - construction | 0 | 0 | ' |
Total Real estate - mortgage | 0 | 0 | ' |
Total Consumer | 34 | 44 | ' |
Total Other | 0 | 0 | ' |
Total loans | 34 | 44 | ' |
Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 4,251 | 6,198 | ' |
Total Real estate - construction | 497 | 2,529 | ' |
Total Real estate - mortgage | 4,391 | 8,525 | ' |
Total Consumer | 132 | 260 | ' |
Total Other | 1 | 0 | ' |
Total loans | 9,272 | 17,512 | ' |
Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 620,445 | 545,342 | ' |
Total Real estate - construction | 93,256 | 75,666 | ' |
Total Real estate - mortgage | 524,258 | 501,401 | ' |
Total Consumer | 22,057 | 26,891 | ' |
Total Other | 6,345 | 6,121 | ' |
Total loans | 1,266,361 | 1,155,421 | ' |
Secured by owner-occupied nonfarm nonresidential properties [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 275,880 | 247,628 | ' |
Secured by owner-occupied nonfarm nonresidential properties [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 270,028 | 241,099 | ' |
Secured by owner-occupied nonfarm nonresidential properties [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 3,149 | 1,985 | ' |
Secured by owner-occupied nonfarm nonresidential properties [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 0 | 0 | ' |
Secured by owner-occupied nonfarm nonresidential properties [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 2,703 | 4,544 | ' |
Secured by owner-occupied nonfarm nonresidential properties [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 275,880 | 247,628 | ' |
Secured by other nonfarm nonresidential properties [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 231,518 | 186,864 | ' |
Secured by other nonfarm nonresidential properties [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 228,948 | 184,270 | ' |
Secured by other nonfarm nonresidential properties [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 1,376 | 1,034 | ' |
Secured by other nonfarm nonresidential properties [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 0 | 0 | ' |
Secured by other nonfarm nonresidential properties [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 1,194 | 1,560 | ' |
Secured by other nonfarm nonresidential properties [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 231,518 | 186,864 | ' |
Other commercial and industrial [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 113,047 | 110,850 | ' |
Other commercial and industrial [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 112,385 | 110,045 | ' |
Other commercial and industrial [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 308 | 711 | ' |
Other commercial and industrial [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 0 | 0 | ' |
Other commercial and industrial [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 354 | 94 | ' |
Other commercial and industrial [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total commercial | 113,047 | 110,850 | ' |
Construction loans - 1 to 4 family residential [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 14,175 | 13,206 | ' |
Construction loans - 1 to 4 family residential [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 14,175 | 12,936 | ' |
Construction loans - 1 to 4 family residential [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 0 | 0 | ' |
Construction loans - 1 to 4 family residential [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 0 | 0 | ' |
Construction loans - 1 to 4 family residential [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 0 | 270 | ' |
Construction loans - 1 to 4 family residential [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 14,175 | 13,206 | ' |
Other construction and land development [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 79,081 | 62,460 | ' |
Other construction and land development [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 78,513 | 59,676 | ' |
Other construction and land development [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 71 | 525 | ' |
Other construction and land development [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 0 | 0 | ' |
Other construction and land development [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 497 | 2,259 | ' |
Other construction and land development [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - construction | 79,081 | 62,460 | ' |
Closed-end loans secured by 1 to 4 family residential properties [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 293,200 | 277,820 | ' |
Closed-end loans secured by 1 to 4 family residential properties [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 288,115 | 268,141 | ' |
Closed-end loans secured by 1 to 4 family residential properties [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 1,950 | 4,436 | ' |
Closed-end loans secured by 1 to 4 family residential properties [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 0 | 0 | ' |
Closed-end loans secured by 1 to 4 family residential properties [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 3,135 | 5,243 | ' |
Closed-end loans secured by 1 to 4 family residential properties [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 293,200 | 277,820 | ' |
Lines of credit secured by 1 to 4 family residential properties [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 194,210 | 200,465 | ' |
Lines of credit secured by 1 to 4 family residential properties [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 191,182 | 196,663 | ' |
Lines of credit secured by 1 to 4 family residential properties [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 1,772 | 2,666 | ' |
Lines of credit secured by 1 to 4 family residential properties [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 0 | 0 | ' |
Lines of credit secured by 1 to 4 family residential properties [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 1,256 | 1,136 | ' |
Lines of credit secured by 1 to 4 family residential properties [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 194,210 | 200,465 | ' |
Loans secured by 5 or more family residential property [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 36,848 | 20,850 | ' |
Loans secured by 5 or more family residential property [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 0 | 120 | ' |
Loans secured by 5 or more family residential property [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 0 | 0 | ' |
Loans secured by 5 or more family residential property [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 0 | 2,146 | ' |
Loans secured by 5 or more family residential property [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Real estate - mortgage | 36,848 | 23,116 | ' |
Credit Cards [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 7,613 | 7,610 | ' |
Credit Cards [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 7,499 | 7,488 | ' |
Credit Cards [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 80 | 78 | ' |
Credit Cards [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 34 | 44 | ' |
Credit Cards [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 0 | 0 | ' |
Credit Cards [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 7,613 | 7,610 | ' |
Other Revolving Credit Plans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 8,470 | 9,018 | ' |
Other Revolving Credit Plans [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 8,243 | 8,821 | ' |
Other Revolving Credit Plans [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 114 | 85 | ' |
Other Revolving Credit Plans [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 0 | 0 | ' |
Other Revolving Credit Plans [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 113 | 112 | ' |
Other Revolving Credit Plans [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 8,470 | 9,018 | ' |
Other Consumer Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 5,974 | 10,263 | ' |
Other Consumer Loans [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 5,846 | 9,669 | ' |
Other Consumer Loans [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 109 | 446 | ' |
Other Consumer Loans [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 0 | 0 | ' |
Other Consumer Loans [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 19 | 148 | ' |
Other Consumer Loans [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Consumer | 5,974 | 10,263 | ' |
All other loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Other | 6,345 | 6,121 | ' |
All other loans [Member] | Current [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Other | 6,344 | 6,121 | ' |
All other loans [Member] | 30 - 89 days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Other | 0 | 0 | ' |
All other loans [Member] | 90+ days past due [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Other | 0 | 0 | ' |
All other loans [Member] | Nonaccrual Loans [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Other | 1 | 0 | ' |
All other loans [Member] | Total Loans Receivable [Member] | ' | ' | ' |
Recorded investment in loans: | ' | ' | ' |
Total Other | $6,345 | $6,121 | ' |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | Contract | Contract | |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | 3 | 4 | 6 | 16 |
Pre-Modification Outstanding Recorded Investment | $368 | $1,477 | $1,657 | $8,841 |
Post-Modification Outstanding Recorded Investment | 368 | 892 | 1,190 | 7,198 |
Commercial [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | 1 | 2 | 2 | 9 |
Pre-Modification Outstanding Recorded Investment | 142 | 1,242 | 874 | 7,851 |
Post-Modification Outstanding Recorded Investment | 142 | 651 | 407 | 6,204 |
Real estate - construction [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | 0 | 1 | 1 | 3 |
Pre-Modification Outstanding Recorded Investment | 0 | 135 | 460 | 321 |
Post-Modification Outstanding Recorded Investment | 0 | 124 | 460 | 309 |
Real estate - mortgage [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | 2 | 1 | 3 | 4 |
Pre-Modification Outstanding Recorded Investment | 226 | 100 | 323 | 669 |
Post-Modification Outstanding Recorded Investment | $226 | $117 | $323 | $685 |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | Contract | Contract | |
TDR Defaults: | ' | ' | ' | ' |
Number of Contracts | 0 | 1 | 0 | 3 |
Recorded Investment | $0 | $425 | $0 | $914 |
Commercial [Member] | ' | ' | ' | ' |
TDR Defaults: | ' | ' | ' | ' |
Number of Contracts | 0 | 1 | 0 | 3 |
Recorded Investment | $0 | $425 | $0 | $914 |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Commercial | $3 | $29 | $20 | $90 |
Real estate - construction | 0 | 4 | 1 | 13 |
Real estate - mortgage | 22 | 22 | 69 | 90 |
Consumer | 0 | 0 | 0 | 2 |
Total | 25 | 55 | 90 | 195 |
Interest income received on impaired loans | ' | ' | ' | ' |
Commercial | 4 | 24 | 21 | 66 |
Real estate - construction | 0 | 5 | 1 | 10 |
Real estate - mortgage | 19 | 23 | 62 | 81 |
Consumer | 0 | 0 | 0 | 2 |
Total | $23 | $52 | $84 | $159 |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses (Details 6) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | $9,607 | $16,400 |
Loans without a specific valuation allowance [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 3,639 | 11,019 |
Impaired Loans Unpaid Principal Balance | 4,750 | 14,206 |
Impaired Loans Specific Allowance | 0 | 0 |
Impaired Loans Average Recorded Investment | 3,804 | 12,461 |
Loans without a specific valuation allowance [Member] | Commercial [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 2,316 | 4,013 |
Impaired Loans Unpaid Principal Balance | 3,278 | 5,779 |
Impaired Loans Specific Allowance | 0 | 0 |
Impaired Loans Average Recorded Investment | 2,367 | 4,190 |
Loans without a specific valuation allowance [Member] | Real estate-construction [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 500 | 1,940 |
Impaired Loans Unpaid Principal Balance | 500 | 2,681 |
Impaired Loans Specific Allowance | 0 | 0 |
Impaired Loans Average Recorded Investment | 520 | 2,856 |
Loans without a specific valuation allowance [Member] | Real estate-mortgage [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 823 | 5,066 |
Impaired Loans Unpaid Principal Balance | 972 | 5,746 |
Impaired Loans Specific Allowance | 0 | 0 |
Impaired Loans Average Recorded Investment | 917 | 5,415 |
Loans without a specific valuation allowance [Member] | Consumer [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 0 | 0 |
Impaired Loans Unpaid Principal Balance | 0 | 0 |
Impaired Loans Specific Allowance | 0 | 0 |
Impaired Loans Average Recorded Investment | 0 | 0 |
Loans with a specific valuation allowance [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 5,968 | 5,381 |
Impaired Loans Unpaid Principal Balance | 6,086 | 5,609 |
Impaired Loans Specific Allowance | 735 | 1,559 |
Impaired Loans Average Recorded Investment | 6,086 | 6,358 |
Loans with a specific valuation allowance [Member] | Commercial [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 1,920 | 2,618 |
Impaired Loans Unpaid Principal Balance | 1,920 | 2,762 |
Impaired Loans Specific Allowance | 25 | 564 |
Impaired Loans Average Recorded Investment | 1,930 | 3,432 |
Loans with a specific valuation allowance [Member] | Real estate-construction [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 87 | 64 |
Impaired Loans Unpaid Principal Balance | 205 | 64 |
Impaired Loans Specific Allowance | 10 | 36 |
Impaired Loans Average Recorded Investment | 109 | 65 |
Loans with a specific valuation allowance [Member] | Real estate-mortgage [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 3,951 | 2,681 |
Impaired Loans Unpaid Principal Balance | 3,951 | 2,765 |
Impaired Loans Specific Allowance | 690 | 941 |
Impaired Loans Average Recorded Investment | 4,037 | 2,848 |
Loans with a specific valuation allowance [Member] | Consumer [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 10 | 18 |
Impaired Loans Unpaid Principal Balance | 10 | 18 |
Impaired Loans Specific Allowance | 10 | 18 |
Impaired Loans Average Recorded Investment | 10 | 13 |
Total impaired loans [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 9,607 | 16,400 |
Impaired Loans Unpaid Principal Balance | 10,836 | 19,815 |
Impaired Loans Specific Allowance | 735 | 1,559 |
Impaired Loans Average Recorded Investment | 9,890 | 18,819 |
Total impaired loans [Member] | Commercial [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 4,236 | 6,631 |
Impaired Loans Unpaid Principal Balance | 5,198 | 8,541 |
Impaired Loans Specific Allowance | 25 | 564 |
Impaired Loans Average Recorded Investment | 4,297 | 7,622 |
Total impaired loans [Member] | Real estate-construction [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 587 | 2,004 |
Impaired Loans Unpaid Principal Balance | 705 | 2,745 |
Impaired Loans Specific Allowance | 10 | 36 |
Impaired Loans Average Recorded Investment | 629 | 2,921 |
Total impaired loans [Member] | Real estate-mortgage [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 4,774 | 7,747 |
Impaired Loans Unpaid Principal Balance | 4,923 | 8,511 |
Impaired Loans Specific Allowance | 690 | 941 |
Impaired Loans Average Recorded Investment | 4,954 | 8,263 |
Total impaired loans [Member] | Consumer [Member] | ' | ' |
Impaired loans | ' | ' |
Impaired Loans Recorded Balance | 10 | 18 |
Impaired Loans Unpaid Principal Balance | 10 | 18 |
Impaired Loans Specific Allowance | 10 | 18 |
Impaired Loans Average Recorded Investment | $10 | $13 |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses (Details 7) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Allowance for credit losses: | ' | ' | ' |
Individually evaluated for impairment | $735 | $1,559 | $2,303 |
Collectively evaluated for impairment | 24,650 | 25,071 | 32,713 |
Total ending allowance | 25,385 | 26,630 | 35,016 |
Recorded investment in loans: | ' | ' | ' |
Individually evaluated for impairment | 9,607 | 16,400 | 22,644 |
Collectively evaluated for impairment | 1,256,754 | 1,139,021 | 1,146,103 |
Total recorded investment in loans | 1,266,361 | 1,155,421 | 1,168,747 |
Commercial [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Individually evaluated for impairment | 25 | 564 | 876 |
Collectively evaluated for impairment | 9,888 | 10,784 | 12,790 |
Total ending allowance | 9,913 | 11,348 | 13,666 |
Recorded investment in loans: | ' | ' | ' |
Individually evaluated for impairment | 4,236 | 6,631 | 12,753 |
Collectively evaluated for impairment | 616,209 | 538,711 | 539,861 |
Total recorded investment in loans | 620,445 | 545,342 | 552,614 |
Real estate-construction [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Individually evaluated for impairment | 10 | 36 | 253 |
Collectively evaluated for impairment | 5,392 | 5,717 | 7,941 |
Total ending allowance | 5,402 | 5,753 | 8,194 |
Recorded investment in loans: | ' | ' | ' |
Individually evaluated for impairment | 587 | 2,004 | 2,766 |
Collectively evaluated for impairment | 92,669 | 73,662 | 73,360 |
Total recorded investment in loans | 93,256 | 75,666 | 76,126 |
Real estate-mortgage [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Individually evaluated for impairment | 690 | 941 | 1,155 |
Collectively evaluated for impairment | 8,104 | 7,805 | 11,007 |
Total ending allowance | 8,794 | 8,746 | 12,162 |
Recorded investment in loans: | ' | ' | ' |
Individually evaluated for impairment | 4,774 | 7,747 | 7,106 |
Collectively evaluated for impairment | 519,484 | 493,654 | 498,732 |
Total recorded investment in loans | 524,258 | 501,401 | 505,838 |
Consumer [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Individually evaluated for impairment | 10 | 18 | 19 |
Collectively evaluated for impairment | 1,080 | 763 | 972 |
Total ending allowance | 1,090 | 781 | 991 |
Recorded investment in loans: | ' | ' | ' |
Individually evaluated for impairment | 10 | 18 | 19 |
Collectively evaluated for impairment | 22,047 | 26,873 | 27,969 |
Total recorded investment in loans | 22,057 | 26,891 | 27,988 |
Other [Member] | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 186 | 2 | 3 |
Total ending allowance | 186 | 2 | 3 |
Recorded investment in loans: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 6,345 | 6,121 | 6,181 |
Total recorded investment in loans | $6,345 | $6,121 | $6,181 |
Recovered_Sheet1
Loans and Allowance for Credit Losses (Details 8) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Risk grade for loans | ' | ' |
Total loans receivable | $729,877 | $705,051 |
Commercial [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 561,456 | 545,260 |
Real estate-construction [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 81,892 | 63,377 |
Real estate-mortgage [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 81,010 | 90,877 |
Other [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 5,519 | 5,537 |
Pass [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 655,421 | 618,065 |
Pass [Member] | Commercial [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 506,916 | 491,780 |
Pass [Member] | Real estate-construction [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 72,043 | 48,029 |
Pass [Member] | Real estate-mortgage [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 70,943 | 73,338 |
Pass [Member] | Other [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 5,519 | 4,918 |
Special Mention [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 47,571 | 43,873 |
Special Mention [Member] | Commercial [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 34,787 | 26,649 |
Special Mention [Member] | Real estate-construction [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 7,497 | 9,744 |
Special Mention [Member] | Real estate-mortgage [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 5,287 | 7,480 |
Special Mention [Member] | Other [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 0 | 0 |
Substandard [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 26,376 | 42,801 |
Substandard [Member] | Commercial [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 19,252 | 26,733 |
Substandard [Member] | Real estate-construction [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 2,352 | 5,422 |
Substandard [Member] | Real estate-mortgage [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 4,772 | 10,027 |
Substandard [Member] | Other [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 0 | 619 |
Doubtful [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 509 | 312 |
Doubtful [Member] | Commercial [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 501 | 98 |
Doubtful [Member] | Real estate-construction [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 0 | 182 |
Doubtful [Member] | Real estate-mortgage [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | 8 | 32 |
Doubtful [Member] | Other [Member] | ' | ' |
Risk grade for loans | ' | ' |
Total loans receivable | $0 | $0 |
Recovered_Sheet2
Loans and Allowance for Credit Losses (Details 9) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Classified loans | ' | ' |
Impaired loans individually evaluated | $9,607 | $16,400 |
Other nonperforming loans | 1,930 | 4,960 |
Total nonperforming loans | 11,537 | 21,360 |
Performing classified loans | 19,086 | 26,498 |
Total classified loans | $30,623 | $47,858 |
Recovered_Sheet3
Loans and Allowance for Credit Losses (Details 10) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for credit losses | ' | ' | ' | ' |
Balance, beginning of period | $26,395 | $25,231 | $26,630 | $28,844 |
Total chargeoffs | 2,346 | 19,663 | 5,905 | 29,974 |
Total recoveries | 1,303 | 567 | 2,611 | 1,462 |
Net loans charged off | 1,043 | 19,096 | 3,294 | 28,512 |
Provision for credit losses | 33 | 28,881 | 2,049 | 34,684 |
Balance, ending of period | 25,385 | 35,016 | 25,385 | 35,016 |
Total Commercial [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 324 | 9,357 | 859 | 11,698 |
Total recoveries | 796 | 118 | 1,020 | 294 |
Total Real estate - construction [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 372 | 4,272 | 1,125 | 7,014 |
Total recoveries | 59 | 107 | 392 | 292 |
Total Real estate - mortgage [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 1,136 | 5,716 | 2,777 | 10,411 |
Total recoveries | 366 | 176 | 922 | 576 |
Total Consumer [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 176 | 317 | 806 | 848 |
Total recoveries | 69 | 157 | 214 | 278 |
Total Other [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 338 | 1 | 338 | 3 |
Total recoveries | 13 | 9 | 63 | 22 |
Secured by owner-occupied nonfarm nonresidential properties [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 0 | 4,609 | 175 | 5,755 |
Secured by other nonfarm nonresidential properties [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 0 | 1,491 | 125 | 2,101 |
Other commercial and industrial [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 324 | 3,257 | 559 | 3,842 |
Construction Loans - 1 to 4 Family Residential [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 0 | 193 | 182 | 403 |
Other construction and land development [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 372 | 4,079 | 943 | 6,611 |
Closed-end loans secured by 1 to 4 family residential properties [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 674 | 4,034 | 1,964 | 6,560 |
Lines of credit secured by 1 to 4 family residential properties [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 462 | 1,409 | 813 | 3,578 |
Loans secured by 5 or more family residential properties [Member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 0 | 273 | 0 | 273 |
Credit cards [member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | 49 | 54 | 162 | 265 |
Other consumer loans [member] | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' |
Total chargeoffs | $127 | $263 | $644 | $583 |
Recovered_Sheet4
Loans and Allowance for Credit Losses (Details Textual) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Loans and Allowance for Credit Losses (Textual) [Abstract] | ' | ' | ' |
Non Performing assets default period | '90 days | ' | ' |
Troubled Debt Restructurings At Default Period | '90 days | ' | ' |
Outstanding Recorded Investment | $6,100,000 | $7,200,000 | ' |
Troubled debt restructurings - Performing | 2,407,000 | ' | ' |
Restructured loans - Nonperforming and accruing | 2,200,000 | ' | 4,800,000 |
Loans held for sale | 3,744,000 | 9,464,000 | ' |
Troubled Debt Restructuring, Debtor, Current Period, Description of Changes in Terms | 'At the time of restructure, the loan was made at a market rate of interest for comparable risk; and The loan has shown at least six consecutive months of payment performance in accordance with the restructured terms; and The loan has been included in the TDR disclosures for at least one Annual Report on Form 10-K | ' | ' |
Impaired Loans Recorded Balance | 9,607,000 | 16,400,000 | ' |
Classified Loans Non Accrual Status | 3,738,000 | 4,605,000 | ' |
Impaired loans individually evaluated | 9,607,000 | 16,400,000 | ' |
Federal Home Loan Bank and Federal Reserve Bank [Member] | ' | ' | ' |
Loans and Allowance for Credit Losses (Textual) [Abstract] | ' | ' | ' |
Loans pledged to secure lines of the credit | 492,200,000 | 502,563,000 | ' |
Minimum [Member] | ' | ' | ' |
Loans and Allowance for Credit Losses (Textual) [Abstract] | ' | ' | ' |
Impaired Loans Recorded Balance | 500,000 | ' | ' |
Impaired loans individually evaluated | $500,000 | ' | ' |
Deferred_Tax_Assets_Details
Deferred Tax Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income tax expense (benefit) calculated | $2,121 | $1,770 | $1,668 | ($14,700) | $312 | $617 | $5,559 | ($13,771) |
Deferred tax asset valuation adjustment | 0 | -8,371 | -1,668 | 11,000 | 0 | 0 | -10,039 | 11,000 |
North Carolina corporate income tax rate reduction adjustment | 740 | 0 | 0 | ' | ' | ' | 740 | ' |
Income tax expense (benefit) | $2,861 | ($6,601) | $0 | ($3,700) | $312 | $617 | ($3,740) | ($2,771) |
Deferred_Tax_Assets_Details_1
Deferred Tax Assets (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | ' | ' | ' |
Allowance for credit losses | $10,023 | $10,534 | ' |
Write-downs on real estate acquired in settlement of loans | 1,006 | 2,434 | ' |
Interest on nonaccrual loans | 245 | 1,135 | ' |
Net operating losses | 26,772 | 29,006 | ' |
Other | 9,566 | 9,683 | ' |
Valuation allowance | -1,027 | -11,067 | -11,000 |
Total | 46,585 | 41,725 | ' |
Deferred tax liabilities: | ' | ' | ' |
Net unrealized gain on available for sale securities | 1,974 | 5,806 | ' |
Other | 7,703 | 6,381 | ' |
Total | 9,677 | 12,187 | ' |
Net deferred tax assets | $36,908 | $29,538 | ' |
Deferred_Tax_Assets_Details_Te
Deferred Tax Assets (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $0 | $8,371,000 | $1,668,000 | ($11,000,000) | $0 | $0 | $10,039,000 | ($11,000,000) | ' |
Deferred Tax Assets, Valuation Allowance | 1,027,000 | ' | ' | 11,000,000 | ' | ' | 1,027,000 | 11,000,000 | 11,067,000 |
Effective Income Tax Rate Corporate Tax Percentage | 6.90% | ' | ' | ' | ' | ' | ' | ' | ' |
North Carolina corporate income tax rate reduction adjustment | 740,000 | 0 | 0 | ' | ' | ' | 740,000 | ' | ' |
Other Comprehensive Income Loss Tax Adjustment For Pension And Other Post Retirement Benefit Plans | 135,000 | ' | ' | 0 | ' | ' | 135,000 | 0 | ' |
Dollar Effect of Future Contingent Rate Reductions | 'less than $300,000 each | ' | ' | ' | ' | ' | ' | ' | ' |
Change In Value Of Deferred Tax Assets For Tax Rate Changes | ' | ' | ' | ' | ' | ' | $875,000 | ' | ' |
Effective January 1, 2014 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Corporate Tax Percentage | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Effective January 1, 2015 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Corporate Tax Percentage | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Effective January 1, 2016 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Corporate Tax Percentage | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Effective January 1, 2017 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Corporate Tax Percentage | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Compensation_Plans_Detai
Stock Compensation Plans (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
Apr. 18, 2013 | Apr. 29, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 18, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Apr. 24, 2013 | Mar. 06, 2013 | Jan. 16, 2013 | |
Restricted Stock Units Vests On January 1, 2015 [Member] | Restricted Stock Units Vests On January 1, 2016 [Member] | Series Preferred Stock [Member] | Series Preferred Stock [Member] | Series Preferred Stock [Member] | Series Preferred Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Stock-based compensation | ' | ' | $295,000 | $86,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | 1,043,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing Price Of Common Stock Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.80 | $5.99 | $5.91 | $5 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,359 | 1,460 | 2,390 | 126,142 |
Sale Price Of Preferred Stock Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $980.50 | ' | ' | ' | ' | ' |
Sale Price Of Preferred Stock Percentage Of Liquidation Price Per Share | 98.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, liquidation preference | ' | ' | ' | ' | ' | ' | $1,000 | $1,000 | $1,000 | $1,000 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | 48,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Were Issued Pursuant To Vested Restricted Stock Units | ' | 34,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments Made To Cover Personal Income Tax Value | ' | 78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments Made To Cover Personal Income Tax Share | ' | 13,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses For The Forfeited And Cancelled Restricted Stock Units | ' | $71,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock Units Expected To Vest | ' | ' | ' | ' | 18,798 | 16,561 | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet5
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimated fair value [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | $56,896 | $39,791 |
Investment securities | 356,712 | 393,815 |
Loans | 1,259,353 | 1,142,346 |
Loans held for sale | 3,744 | 9,464 |
Financial liabilities: | ' | ' |
Deposits | 1,412,739 | 1,333,888 |
Wholesale repurchase agreements | 23,293 | 23,835 |
Junior subordinated notes | 11,584 | 12,006 |
FHLB borrowings | 163,009 | 113,833 |
Carrying Value [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 56,896 | 39,791 |
Investment securities | 357,537 | 393,815 |
Loans | 1,240,976 | 1,128,791 |
Loans held for sale | 3,744 | 9,464 |
Financial liabilities: | ' | ' |
Deposits | 1,412,010 | 1,332,493 |
Wholesale repurchase agreements | 21,000 | 21,000 |
Junior subordinated notes | 25,774 | 25,774 |
FHLB borrowings | 162,700 | 113,000 |
Quoted prices in active markets for identical assets (Level 1) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 56,896 | 39,791 |
Investment securities | 2,989 | 1,307 |
Loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Financial liabilities: | ' | ' |
Deposits | 0 | 0 |
Wholesale repurchase agreements | 0 | 0 |
Junior subordinated notes | 0 | 0 |
FHLB borrowings | 0 | 0 |
Significant other observable inputs (Level 2) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities | 339,353 | 384,823 |
Loans | 0 | 0 |
Loans held for sale | 3,744 | 9,464 |
Financial liabilities: | ' | ' |
Deposits | 1,412,739 | 1,333,888 |
Wholesale repurchase agreements | 23,293 | 23,835 |
Junior subordinated notes | 0 | 0 |
FHLB borrowings | 163,009 | 113,833 |
Significant unobservable inputs (Level 3) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities | 14,370 | 7,685 |
Loans | 1,259,353 | 1,142,346 |
Loans held for sale | 0 | 0 |
Financial liabilities: | ' | ' |
Deposits | 0 | 0 |
Wholesale repurchase agreements | 0 | 0 |
Junior subordinated notes | 11,584 | 12,006 |
FHLB borrowings | $0 | $0 |
Recovered_Sheet6
Fair Value of Financial Instruments (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value on a recurring basis | ' | ' |
Available-for-sale Securities | $304,311 | $393,815 |
Quoted prices in active markets for identical assets (Level 1) [Member] | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Available-for-sale Securities | 0 | 0 |
Significant other observable inputs (Level 2) [Member] | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Available-for-sale Securities | 294,941 | 386,130 |
Significant unobservable inputs (Level 3) [Member] | ' | ' |
Assets measured at fair value on a recurring basis | ' | ' |
Available-for-sale Securities | $9,370 | $7,685 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details 2) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $7,685 | $7,185 |
Purchases | 14,629 | 6,514 |
Redemptions | -12,944 | -6,014 |
Ending balance | $9,370 | $7,685 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Quoted prices in active markets for identical assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | ' |
Loans held for sale | $0 | $0 |
Real estate acquired in settlement of loans | 0 | 0 |
Impaired loans, net of allowance | 0 | 0 |
Significant other observable inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | ' |
Loans held for sale | 3,744 | 9,464 |
Real estate acquired in settlement of loans | 0 | 0 |
Impaired loans, net of allowance | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | ' |
Loans held for sale | 0 | 0 |
Real estate acquired in settlement of loans | 2,695 | 5,355 |
Impaired loans, net of allowance | $8,872 | $14,841 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Unrealized gains (losses) on availablefor sale securities, Gain on sales of investment securities | $458 | $3 | $736 | $3 |
Unrealized gains (losses) on available for sale securities, Income tax expense (benefit) | -181 | -1 | -291 | -1 |
Unrealized gains (losses) on available for sale securities Net of tax | 277 | 2 | 445 | 2 |
Amortization of post retirement benefit, Personnel expense | 15 | 15 | 46 | 47 |
Amortization of post retirement benefit, Income tax expense (benefit) | -6 | -6 | -18 | -18 |
Amortization of post retirement benefit, Net of tax | 9 | 9 | 28 | 29 |
Total reclassifications for the period | $286 | $11 | $473 | $31 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Details Textual) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Funded status of pension plans [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ($6,777,000) | ($6,614,000) |
Unrealized gains on securities available for sale [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $3,025,000 | $8,898,000 |
Capital_Transactions_Details_T
Capital Transactions (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
Jun. 03, 2013 | Dec. 12, 2008 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 18, 2013 | Dec. 31, 2012 | Dec. 12, 2008 | Feb. 22, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 20, 2013 | Feb. 22, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 22, 2013 | Sep. 30, 2013 | Feb. 22, 2013 | Sep. 30, 2013 | Dec. 31, 2008 | 15-May-13 | |
Preferred Stock SeriesA | Preferred Stock SeriesA | Preferred Stock SeriesA | Preferred Stock SeriesA | Preferred Stock SeriesA | Preferred Stock SeriesB | Preferred Stock SeriesB | Preferred Stock SeriesB | Preferred Stock SeriesC | Preferred Stock SeriesC | Preferred Stock SeriesC | Preferred Stock SeriesC | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | US Treasury and Government [Member] | Warrant [Member] | ||||
Convertible Preferred Stock Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | 15,000 | ' | ' | 52,372 | ' | ' | ' | 422,456 | ' | ' | ' | 140,217 | ' | ' | ' | ' | 52,372 | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | ' | ' | ' | ' | 2,567,255 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Warrant to purchase Common Stock, Per Share Value | ' | ' | ' | ' | ' | ' | ' | $3.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock and warrants aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52,372,000 | ' |
Warrant issue date | ' | 12-Dec-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Of Treasury Stock Warrants Issued To Purchase Common Stock | ' | 1,497,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends for the first five years, Cumulative preferred stock | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends after the first five years, Cumulative preferred stock | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 422,456 | ' | ' | ' | 140,217 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,601,262 | 9,601,262 | 3,186,748 | 3,186,748 | ' | ' |
Repurchase Of Warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,779,000 |
Preferred Stock, Shares Outstanding | ' | ' | ' | 15,000 | ' | ' | 52,372 | ' | ' | ' | 422,456 | ' | ' | ' | 140,217 | ' | ' | ' | ' | ' | ' |
Preferred Stock Liquidation Preference | ' | ' | ' | $1,000 | $1,000 | $1,000 | $1,000 | ' | ' | $100 | $100 | ' | ' | $100 | $100 | ' | ' | ' | ' | ' | ' |
Stock Redeemed or Called During Period, Shares | 37,372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Redeemed or Called During Period, Value | 37,372,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable | $93,430 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 01, 2013 |
In Millions, unless otherwise specified | Security Savings Bank [Member] | CapStone Bank [Member] | Subsequent Event [Member] |
CapStone Bank [Member] | |||
Business combination, total assets value | $212.50 | ' | ' |
Business Combination Assets Value In Pending Acquisition | ' | 376 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Conversion Ratio | ' | ' | 2.25 |
Business Combination Expects to Issue Shares | ' | ' | 8.1 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | $63.60 |