Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 7-May-14 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Community Bancorp /VT | ' |
Entity Central Index Key | '0000718413 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer | 'No | ' |
Is Entity a Voluntary Filer | 'No | ' |
Is Entity's Reporting Status Current | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 4,883,976 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Assets | ' | ' | ' |
Cash and due from banks | $12,611,269 | $11,841,161 | $8,669,614 |
Federal funds sold and overnight deposits | 6,515,899 | 6,488,828 | 32,556 |
Total cash and cash equivalents | 19,127,168 | 18,329,989 | 8,702,170 |
Securities held-to-maturity (fair value $39,297,000 at 03/31/14 $38,370,000 at 12/31/13 and $42,733,000 at 03/31/13) | 38,919,299 | 37,936,911 | 42,380,968 |
Securities available-for-sale | 31,187,390 | 35,188,602 | 46,010,313 |
Restricted equity securities, at cost | 3,632,850 | 3,632,850 | 3,632,850 |
Loans held-for-sale | 505,600 | 209,500 | 1,347,961 |
Loans | 452,230,767 | 439,908,926 | 417,469,135 |
Allowance for loan losses | -4,837,578 | -4,854,915 | -4,493,384 |
Deferred net loan costs | 290,265 | 300,429 | 206,969 |
Net loans | 447,683,454 | 435,354,440 | 413,182,720 |
Bank premises and equipment, net | 11,599,575 | 11,723,468 | 12,172,480 |
Accrued interest receivable | 1,998,301 | 1,778,305 | 1,970,615 |
Bank owned life insurance | 4,330,567 | 4,303,307 | 4,215,534 |
Core deposit intangible | 1,022,606 | 1,090,781 | 1,295,301 |
Goodwill | 11,574,269 | 11,574,269 | 11,574,269 |
Other real estate owned (OREO) | 865,820 | 1,105,525 | 879,705 |
Other assets | 10,680,849 | 11,439,457 | 13,015,495 |
Total assets | 583,127,748 | 573,667,404 | 560,380,381 |
Deposits: | ' | ' | ' |
Demand, non-interest bearing | 80,608,105 | 82,156,154 | 64,660,692 |
Interest-bearing transaction accounts | 112,378,796 | 126,578,052 | 114,257,777 |
Money market funds | 84,177,510 | 81,960,677 | 94,380,704 |
Savings | 74,187,411 | 69,906,147 | 68,232,421 |
Time deposits, $100,000 and over | 57,849,279 | 46,928,443 | 45,220,821 |
Other time deposits | 73,406,469 | 74,023,096 | 77,509,684 |
Total deposits | 482,607,570 | 481,552,569 | 464,262,099 |
Federal funds purchased and other borrowed funds | 12,000,000 | 0 | 7,845,000 |
Repurchase agreements | 25,885,704 | 29,644,615 | 28,623,952 |
Capital lease obligations | 694,315 | 711,042 | 759,260 |
Junior subordinated debentures | 12,887,000 | 12,887,000 | 12,887,000 |
Accrued interest and other liabilities | 2,429,965 | 2,736,201 | 2,151,091 |
Total liabilities | 536,504,554 | 527,531,427 | 516,528,402 |
Shareholders' Equity | ' | ' | ' |
Preferred stock, 1,000,000 shares authorized, 25 shares issued and outstanding ($100,000 liquidation value) | 2,500,000 | 2,500,000 | 2,500,000 |
Common stock - $2.50 par value; 10,000,000 shares authorized, 5,091,506 shares issued at 03/31/14, 5,078,707 shares issued at 12/31/13, and 5,037,828 shares issued at 03/31/13 | 12,728,765 | 12,696,768 | 12,594,570 |
Additional paid-in capital | 28,754,257 | 28,612,308 | 28,177,907 |
Retained earnings | 5,269,524 | 4,997,144 | 3,046,163 |
Accumulated other comprehensive (loss) income | -6,575 | -47,466 | 156,116 |
Less: treasury stock, at cost; 210,101 shares at 03/31/14, 12/31/13 and 03/31/13 | -2,622,777 | -2,622,777 | -2,622,777 |
Total shareholders' equity | 46,623,194 | 46,135,977 | 43,851,979 |
Total liabilities and shareholders' equity | $583,127,748 | $573,667,404 | $560,380,381 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Assets | ' | ' | ' |
Securities held-to-maturity, fair value | $39,297,000 | $38,370,000 | $42,733,000 |
Shareholder's Equity | ' | ' | ' |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 25 | 25 | 25 |
Preferred stock, shares outstanding (in shares) | 25 | 25 | 25 |
Preferred stock liquidation value | $100,000 | $100,000 | $100,000 |
Common stock par value (in dollars per share) | $2.50 | $2.50 | $2.50 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 5,091,506 | 5,078,707 | 5,037,828 |
Treasury stock (in shares) | 210,101 | 210,101 | 210,101 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Interest income | ' | ' |
Interest and fees on loans | $5,270,776 | $5,207,889 |
Interest on debt securities | ' | ' |
Taxable | 66,344 | 77,202 |
Tax-exempt | 256,628 | 255,547 |
Dividends | 23,284 | 15,079 |
Interest on federal funds sold and overnight deposits | 1,244 | 6,332 |
Total interest income | 5,618,276 | 5,562,049 |
Interest expense | ' | ' |
Interest on deposits | 657,255 | 773,770 |
Interest on federal funds purchased and other borrowed funds | 18,686 | 23,265 |
Interest on repurchase agreements | 16,598 | 36,019 |
Interest on junior subordinated debentures | 100,751 | 101,743 |
Total interest expense | 793,290 | 934,797 |
Net interest income | 4,824,986 | 4,627,252 |
Provision for loan losses | 135,000 | 206,250 |
Net interest income after provision for loan losses | 4,689,986 | 4,421,002 |
Non-interest income | ' | ' |
Service fees | 646,813 | 558,950 |
Income from sold loans | 249,130 | 387,591 |
Other income from loans | 144,400 | 143,313 |
Other income | 273,158 | 278,338 |
Total non-interest income | 1,313,501 | 1,368,192 |
Non-interest expense | ' | ' |
Salaries and wages | 1,650,000 | 1,657,185 |
Employee benefits | 631,197 | 609,289 |
Occupancy expenses, net | 684,198 | 871,904 |
Other expenses | 1,746,801 | 1,450,912 |
Total non-interest expense | 4,712,196 | 4,589,290 |
Income before income taxes | 1,291,291 | 1,199,904 |
Income tax expense | 219,726 | 158,126 |
Net income | $1,071,565 | $1,041,778 |
Earnings per common share | $0.22 | $0.21 |
Weighted average number of common shares used in computing earnings per share | 4,872,589 | 4,816,588 |
Dividends declared per common share | $0.16 | $0.14 |
Book value per share on common shares outstanding at March 31, | $9.04 | $8.57 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Income | $1,071,565 | $1,041,778 |
Other comprehensive (loss) income, net of tax: | ' | ' |
Unrealized holding gain (loss) on available-for-sale securities arising during the period | 61,956 | -23,700 |
Tax effect | -21,065 | 8,058 |
Other comprehensive gain (loss), net of tax | 40,891 | -15,642 |
Total comprehensive income | $1,112,456 | $1,026,136 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Net income | $1,071,565 | $1,041,778 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization, bank premises and equipment | 246,008 | 261,932 |
Provision for loan losses | 135,000 | 206,250 |
Deferred income tax | -27,827 | -144,408 |
Gain on sale of loans | -127,454 | -219,954 |
Loss (gain) on sale of OREO | 1,840 | -9,728 |
Gain on Trust LLC | -79,812 | -63,594 |
Amortization of bond premium, net | 79,113 | 120,290 |
Proceeds from sales of loans held for sale | 4,922,980 | 8,069,687 |
Originations of loans held for sale | -5,091,626 | -7,695,988 |
Increase in taxes payable | 540,800 | 277,187 |
Increase in interest receivable | -219,996 | -219,530 |
Amortization of FDIC insurance assessment | 0 | 94,105 |
Decrease (increase) in mortgage servicing rights | 7,384 | -36,629 |
Decrease (increase) in other assets | 149,217 | -124,301 |
Increase in cash surrender value of bank owned life insurance | -27,260 | -27,890 |
Amortization of core deposit intangible | 68,175 | 68,175 |
Amortization of limited partnerships | 147,780 | 144,570 |
Decrease (increase) in unamortized loan costs | 10,164 | -37,468 |
Increase (decrease) in interest payable | 1,186 | -9,891 |
Decrease in accrued expenses | -424,696 | -446,324 |
Increase in other liabilities | 15,067 | 38,046 |
Net cash provided by operating activities | 1,397,608 | 1,286,315 |
Cash Flows from Investing Activities: | ' | ' |
Maturities and pay downs | 3,083,260 | 4,476,973 |
Purchases | -4,065,647 | -4,992,386 |
Investments - available - for - sale Maturities, calls, pay downs and sales | 6,000,000 | 2,000,000 |
Purchases | -2,015,945 | -7,268,244 |
Proceeds from redemption of restricted equity securities | 0 | 388,500 |
Decrease in limited partnership contributions payable | 0 | -527,000 |
Increase in loans, net | -12,490,049 | -1,128,848 |
Capital expenditures net of proceeds from sales of bank premises and equipment | -122,115 | -191,092 |
Proceeds from sales of OREO | 237,865 | 204,728 |
Recoveries of loans charged off | 15,871 | 10,215 |
Net cash used in investing activities | -9,356,760 | -7,027,154 |
Cash Flows from Financing Activities: | ' | ' |
Net decrease in demand and interest-bearing transaction accounts | -15,747,305 | -22,861,793 |
Net increase in money market and savings accounts | 6,498,097 | 10,422,592 |
Net increase in time deposits | 10,304,209 | 1,204,441 |
Net decrease in repurchase agreements | -3,758,911 | -5,525,656 |
Net increase in short-term borrowings | 6,000,000 | 7,845,000 |
Proceeds from long-term borrowings | 6,000,000 | 0 |
Repayments on long-term borrowings | 0 | -6,000,000 |
Decrease in capital lease obligations | -16,727 | -15,441 |
Dividends paid on preferred stock | -20,313 | -20,313 |
Dividends paid on common stock | -502,719 | -487,661 |
Net cash provided by (used in) financing activities | 8,756,331 | -15,438,831 |
Net increase (decrease) in cash and cash equivalents | 797,179 | -21,179,670 |
Cash and cash equivalents: | ' | ' |
Beginning | 18,329,989 | 29,881,840 |
Ending | 19,127,168 | 8,702,170 |
Supplemental Schedule of Cash Paid During the Period | ' | ' |
Interest | 792,104 | 944,688 |
Income taxes | -330,069 | 0 |
Supplemental Schedule of Noncash Investing and Financing Activities: | ' | ' |
Change in unrealized gain (loss) on securities available-for-sale | 61,956 | -23,700 |
Common Shares Dividends Paid | ' | ' |
Dividends declared | 778,872 | 673,502 |
Increase in dividends payable attributable to dividends declared | -102,207 | -18,758 |
Dividends reinvested | -173,946 | -167,083 |
Total | $502,719 | $487,661 |
1_Basis_of_Presentation_and_Co
1. Basis of Presentation and Consolidation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Note 1. Basis of Presentation and Consolidation | ' |
Note 1. Basis of Presentation and Consolidation | |
The interim consolidated financial statements of Community Bancorp. and Subsidiary are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments necessary for the fair presentation of the financial condition and results of operations of the Company contained herein have been made. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2013 contained in the Company's Annual Report on Form 10-K. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full annual period ending December 31, 2014, or for any other interim period. |
2_Recent_Accounting_Developmen
2. Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Note 2. Recent Accounting Developments | ' |
Note 2. Recent Accounting Developments | |
In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects”. The amendments in this Update permit institutions to make accounting policy elections to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the ASU requires the investment to be accounted for as an equity method investment or a cost method investment. The amendments in this Update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. Management has reviewed the ASU and does not believe that it will have a material impact on the Company's consolidated financial statements. | |
In January 2014, FASB issued ASU No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Sub Topic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amendments in this Update are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Management has reviewed the ASU and does not believe that it will have a material impact on the Company's consolidated financial statements. |
3_Earnings_per_Common_Share
3. Earnings per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Note 3. Earnings per Common Share | ' | ||||||||
Note 3. Earnings per Common Share | |||||||||
Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury. | |||||||||
The following tables illustrate the calculation for the periods ended March 31, as adjusted for the cash dividends declared on the preferred stock: | |||||||||
For The Quarters Ended March 31, | 2014 | 2013 | |||||||
Net income, as reported | $ | 1,071,565 | $ | 1,041,778 | |||||
Less: dividends to preferred shareholders | 20,313 | 20,313 | |||||||
Net income available to common shareholders | $ | 1,051,252 | $ | 1,021,465 | |||||
Weighted average number of common shares | |||||||||
used in calculating earnings per share | 4,872,589 | 4,816,588 | |||||||
Earnings per common share | $ | 0.22 | $ | 0.21 |
4_Investment_Securities
4. Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Note 4. Investment Securities | ' | ||||||||||||||||||||||||
Note 4. Investment Securities | |||||||||||||||||||||||||
Securities available-for-sale (AFS) and held-to-maturity (HTM) as of the balance sheet dates consisted of the following: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Securities AFS | Cost | Gains | Losses | Value | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
U.S. Government sponsored enterprise (GSE) debt securities | $ | 25,648,701 | $ | 105,874 | $ | 124,214 | $ | 25,630,361 | |||||||||||||||||
U.S. Government securities | 5,548,652 | 11,188 | 2,811 | 5,557,029 | |||||||||||||||||||||
$ | 31,197,353 | $ | 117,062 | $ | 127,025 | $ | 31,187,390 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 29,220,333 | $ | 114,102 | $ | 195,521 | $ | 29,138,914 | |||||||||||||||||
U.S. Government securities | 6,040,188 | 10,955 | 1,455 | 6,049,688 | |||||||||||||||||||||
$ | 35,260,521 | $ | 125,057 | $ | 196,976 | $ | 35,188,602 | ||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 38,706,702 | $ | 238,027 | $ | 25,471 | $ | 38,919,258 | |||||||||||||||||
U.S. Government securities | 7,067,072 | 24,401 | 418 | 7,091,055 | |||||||||||||||||||||
$ | 45,773,774 | $ | 262,428 | $ | 25,889 | $ | 46,010,313 | ||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Securities HTM | Cost | Gains | Losses | Value* | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
States and political subdivisions | $ | 38,919,299 | $ | 377,701 | $ | 0 | $ | 39,297,000 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
States and political subdivisions | $ | 37,936,911 | $ | 433,089 | $ | 0 | $ | 38,370,000 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
States and political subdivisions | $ | 42,380,968 | $ | 352,032 | $ | 0 | $ | 42,733,000 | |||||||||||||||||
*Method used to determine fair value of HTM securities rounds values to nearest thousand. | |||||||||||||||||||||||||
The scheduled maturities of debt securities AFS were as follows: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Due in one year or less | $ | 6,631,624 | $ | 6,657,510 | |||||||||||||||||||||
Due from one to five years | 24,565,729 | 24,529,880 | |||||||||||||||||||||||
$ | 31,197,353 | $ | 31,187,390 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Due in one year or less | $ | 4,508,181 | $ | 4,510,923 | |||||||||||||||||||||
Due from one to five years | 30,752,340 | 30,677,679 | |||||||||||||||||||||||
$ | 35,260,521 | $ | 35,188,602 | ||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Due in one year or less | $ | 8,184,431 | $ | 8,205,591 | |||||||||||||||||||||
Due from one to five years | 35,339,343 | 35,565,694 | |||||||||||||||||||||||
Due from five to ten years | 2,250,000 | 2,239,028 | |||||||||||||||||||||||
$ | 45,773,774 | $ | 46,010,313 | ||||||||||||||||||||||
The scheduled maturities of debt securities HTM were as follows: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value* | ||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Due in one year or less | $ | 28,961,980 | $ | 28,962,000 | |||||||||||||||||||||
Due from one to five years | 3,739,065 | 3,834,000 | |||||||||||||||||||||||
Due from five to ten years | 2,445,740 | 2,540,000 | |||||||||||||||||||||||
Due after ten years | 3,772,514 | 3,961,000 | |||||||||||||||||||||||
$ | 38,919,299 | $ | 39,297,000 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Due in one year or less | $ | 27,615,731 | $ | 27,616,000 | |||||||||||||||||||||
Due from one to five years | 3,939,950 | 4,048,000 | |||||||||||||||||||||||
Due from five to ten years | 2,592,045 | 2,700,000 | |||||||||||||||||||||||
Due after ten years | 3,789,185 | 4,006,000 | |||||||||||||||||||||||
$ | 37,936,911 | $ | 38,370,000 | ||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Due in one year or less | $ | 33,501,248 | $ | 33,501,000 | |||||||||||||||||||||
Due from one to five years | 3,641,743 | 3,730,000 | |||||||||||||||||||||||
Due from five to ten years | 1,898,484 | 1,986,000 | |||||||||||||||||||||||
Due after ten years | 3,339,493 | 3,516,000 | |||||||||||||||||||||||
$ | 42,380,968 | $ | 42,733,000 | ||||||||||||||||||||||
*Method used to determine fair value of HTM securities rounds values to nearest thousand. | |||||||||||||||||||||||||
There were no debt securities HTM in an unrealized loss position as of the balance sheet date. Debt securities AFS with unrealized losses as of the balance sheet dates are presented in the table below. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 8,003,111 | $ | 27,981 | $ | 5,160,370 | $ | 96,233 | $ | 13,163,481 | $ | 124,214 | |||||||||||||
U.S. Government securities | 1,544,061 | 2,811 | 0 | 0 | 1,544,061 | 2,811 | |||||||||||||||||||
$ | 9,547,172 | $ | 30,792 | $ | 5,160,370 | $ | 96,233 | $ | 14,707,542 | $ | 127,025 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 11,094,830 | $ | 194,188 | $ | 1,004,235 | $ | 1,333 | $ | 12,099,065 | $ | 195,521 | |||||||||||||
U.S. Government securities | 1,034,336 | 1,455 | 0 | 0 | 1,034,336 | 1,455 | |||||||||||||||||||
$ | 12,129,166 | $ | 195,643 | $ | 1,004,235 | $ | 1,333 | $ | 13,133,401 | $ | 196,976 | ||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 11,398,359 | $ | 25,471 | $ | 0 | $ | 0 | $ | 11,398,359 | $ | 25,471 | |||||||||||||
U.S. Government securities | 2,051,016 | 418 | 0 | 0 | 2,051,016 | 418 | |||||||||||||||||||
$ | 13,449,375 | $ | 25,889 | $ | 0 | $ | 0 | $ | 13,449,375 | $ | 25,889 | ||||||||||||||
Debt securities in the table above consisted of 13 U.S. GSE debt securities and two U.S. Government securities at March 31, 2014, 12 U.S. GSE debt securities and one U.S. Government security at December 31, 2013, and 11 U.S. GSE debt securities and two U.S. Government securities at March 31, 2013. The unrealized losses for all periods presented were principally attributable to changes in prevailing interest rates for similar types of securities and not deterioration in the creditworthiness of the issuer. | |||||||||||||||||||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions, or adverse developments relating to the issuer, warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies or other adverse developments in the status of the securities have occurred, and the results of reviews of the issuer's financial condition. As of March 31, 2014, there were no declines in the fair value of any of the securities reflected in the table above that were deemed by management to be other than temporary. |
5_Loans_Allowance_for_Loan_Los
5. Loans, Allowance for Loan Losses and Credit Quality | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ||||||||||||||||||||||||||||
Note 5. Loans, Allowance for Loan Losses and Credit Quality | ' | ||||||||||||||||||||||||||||
Note 5. Loans, Allowance for Loan Losses and Credit Quality | |||||||||||||||||||||||||||||
The composition of net loans follows: | |||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||||||||
Commercial & industrial | $ | 60,728,808 | $ | 55,619,285 | $ | 51,044,490 | |||||||||||||||||||||||
Commercial real estate | 167,369,628 | 156,935,803 | 138,784,472 | ||||||||||||||||||||||||||
Residential real estate – 1st lien | 171,561,880 | 172,847,074 | 172,031,283 | ||||||||||||||||||||||||||
Residential real estate - Jr lien | 44,528,723 | 45,687,405 | 45,912,846 | ||||||||||||||||||||||||||
Consumer | 8,041,728 | 8,819,359 | 9,696,044 | ||||||||||||||||||||||||||
452,230,767 | 439,908,926 | 417,469,135 | |||||||||||||||||||||||||||
Deduct (add): | |||||||||||||||||||||||||||||
Allowance for loan losses | 4,837,578 | 4,854,915 | 4,493,384 | ||||||||||||||||||||||||||
Deferred net loan costs | (290,265 | ) | (300,429 | ) | (206,969 | ) | |||||||||||||||||||||||
4,547,313 | 4,554,486 | 4,286,415 | |||||||||||||||||||||||||||
Net Loans | $ | 447,683,454 | $ | 435,354,440 | $ | 413,182,720 | |||||||||||||||||||||||
The following is an age analysis of past due loans (including non-accrual), by segment: | |||||||||||||||||||||||||||||
90 Days | Total | Non-Accrual | 90 Days or More | ||||||||||||||||||||||||||
31-Mar-14 | 30-89 Days | or More | Past Due | Current | Total Loans | Loans | and Accruing | ||||||||||||||||||||||
Commercial & industrial | $ | 1,134,539 | $ | 289,474 | $ | 1,424,013 | $ | 59,304,795 | $ | 60,728,808 | $ | 477,572 | $ | 0 | |||||||||||||||
Commercial real estate | 1,936,831 | 128,428 | 2,065,259 | 165,304,369 | 167,369,628 | 1,299,476 | 5,313 | ||||||||||||||||||||||
Residential real estate - 1st lien | 4,664,185 | 1,368,469 | 6,032,654 | 165,529,226 | 171,561,880 | 2,047,423 | 557,640 | ||||||||||||||||||||||
Residential real estate - Jr lien | 355,723 | 135,033 | 490,756 | 44,037,967 | 44,528,723 | 460,590 | 79,722 | ||||||||||||||||||||||
Consumer | 106,929 | 0 | 106,929 | 7,934,799 | 8,041,728 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 8,198,207 | $ | 1,921,404 | $ | 10,119,611 | $ | 442,111,156 | $ | 452,230,767 | $ | 4,285,061 | $ | 642,675 | |||||||||||||||
90 Days | Total | Non-Accrual | 90 Days or More | ||||||||||||||||||||||||||
31-Dec-13 | 30-89 Days | or More | Past Due | Current | Total Loans | Loans | and Accruing | ||||||||||||||||||||||
Commercial & industrial | $ | 1,060,971 | $ | 310,669 | $ | 1,371,640 | $ | 54,247,645 | $ | 55,619,285 | $ | 527,105 | $ | 21,902 | |||||||||||||||
Commercial real estate | 713,160 | 215,507 | 928,667 | 156,007,136 | 156,935,803 | 1,403,541 | 5,313 | ||||||||||||||||||||||
Residential real estate - 1st lien | 5,184,457 | 1,655,950 | 6,840,407 | 166,006,667 | 172,847,074 | 2,203,106 | 817,109 | ||||||||||||||||||||||
Residential real estate - Jr lien | 533,134 | 289,169 | 822,303 | 44,865,102 | 45,687,405 | 593,125 | 56,040 | ||||||||||||||||||||||
Consumer | 136,922 | 7,784 | 144,706 | 8,674,653 | 8,819,359 | 0 | 7,784 | ||||||||||||||||||||||
Total | $ | 7,628,644 | $ | 2,479,079 | $ | 10,107,723 | $ | 429,801,203 | $ | 439,908,926 | $ | 4,726,877 | $ | 908,148 | |||||||||||||||
90 Days | Total | Non-Accrual | 90 Days or More | ||||||||||||||||||||||||||
31-Mar-13 | 30-89 Days | or More | Past Due | Current | Total Loans | Loans | and Accruing | ||||||||||||||||||||||
Commercial & industrial | $ | 1,487,049 | $ | 303,881 | $ | 1,790,930 | $ | 49,253,560 | $ | 51,044,490 | $ | 558,874 | $ | 0 | |||||||||||||||
Commercial real estate | 923,865 | 1,396,401 | 2,320,266 | 136,464,206 | 138,784,472 | 2,222,566 | 186,792 | ||||||||||||||||||||||
Residential real estate - 1st lien | 3,085,496 | 719,177 | 3,804,673 | 168,226,610 | 172,031,283 | 1,769,150 | 164,472 | ||||||||||||||||||||||
Residential real estate - Jr lien | 211,168 | 104,255 | 315,423 | 45,597,423 | 45,912,846 | 368,827 | 53,446 | ||||||||||||||||||||||
Consumer | 93,842 | 0 | 93,842 | 9,602,202 | 9,696,044 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 5,801,420 | $ | 2,523,714 | $ | 8,325,134 | $ | 409,144,001 | $ | 417,469,135 | $ | 4,919,417 | $ | 404,710 | |||||||||||||||
For all loan segments, loans over 30 days past due are considered delinquent. | |||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
The allowance for loan losses is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is probable. Subsequent recoveries, if any, are credited to the allowance. No changes in the Company’s policies or methodology pertaining to the allowance for loan losses were made during the first quarter of 2014. | |||||||||||||||||||||||||||||
Unsecured loans, primarily consumer loans, are charged off when they become uncollectible and no later than 120 days past due. Unsecured loans to customers who subsequently file bankruptcy are charged off within 30 days of receipt of the notification of filing or by the end of the month in which the loans become 120 days past due, whichever occurs first. For secured loans, both residential and commercial, the potential loss on impaired loans is carried as a loan loss reserve specific allocation; the loss portion is charged off when collection of the full loan appears unlikely. The unsecured portion of a real estate loan is that portion of the loan exceeding the "fair value" of the collateral less the estimated cost to sell. Value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. | |||||||||||||||||||||||||||||
As described below, the allowance consists of general, specific and unallocated components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of specific, general and unallocated components considered in determining the amount of the allowance. | |||||||||||||||||||||||||||||
General component | |||||||||||||||||||||||||||||
The general component of the allowance for loan losses is based on historical loss experience, adjusted for qualitative factors and stratified by the following loan segments: commercial and industrial, commercial real estate, residential real estate first (“1st”) lien, residential real estate junior (“Jr”) lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. Loss ratios are calculated by loan segment for one year, two year and five year look back periods. The highest loss ratio among these look-back periods is then applied against the respective segment. Management uses an average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels of and trends in delinquencies and non-performing loans, levels of and trends in loan risk groups, trends in volumes and terms of loans, effects of any changes in loan related policies, experience, ability and the depth of management, documentation and credit data exception levels, national and local economic trends, external factors such as competition and regulation and lastly, concentrations of credit risk in a variety of areas, including portfolio product mix, the level of loans to individual borrowers and their related interests, loans to industry segments, and the geographic distribution of commercial real estate loans. This evaluation is inherently subjective as it requires estimates that are susceptible to revision as more information becomes available. | |||||||||||||||||||||||||||||
The qualitative factors are determined based on the various risk characteristics of each loan segment. The Company has policies, procedures and internal controls that management believes are commensurate with the risk profile of each of these segments. Major risk characteristics relevant to each portfolio segment are as follows: | |||||||||||||||||||||||||||||
Commercial & Industrial – Loans in this segment include commercial and industrial loans and to a lesser extent loans to finance agricultural production. Commercial loans are made to businesses and are generally secured by assets of the business, including trade assets and equipment. While not the primary collateral, in many cases these loans may also be secured by the real estate of the business. Repayment is expected from the cash flows of the business. A weakened economy, soft consumer spending, unfavorable foreign trade conditions and the rising cost of labor or raw materials are examples of issues that can impact the credit quality in this segment. | |||||||||||||||||||||||||||||
Commercial Real Estate – Loans in this segment are principally made to businesses and are generally secured by either owner-occupied, or non-owner occupied commercial real estate. A relatively small portion of this segment includes farm loans secured by farm land and buildings. As with commercial and industrial loans, repayment of owner-occupied commercial real estate loans is expected from the cash flows of the business and the segment would be impacted by the same risk factors as commercial and industrial loans. The non-owner occupied commercial real estate portion includes both residential and commercial construction loans, vacant land and real estate development loans, multi-family dwelling loans and commercial rental property loans. Repayment of construction loans is expected from permanent financing takeout; the Company generally requires a commitment or eligibility for the take-out financing prior to construction loan origination. Real estate development loans are generally repaid from the sale of the subject real property as the project progresses. Construction and development lending entail additional risks, including the project exceeding budget, not being constructed according to plans, not receiving permits, or the pre-leasing or occupancy rate not meeting expectations. Repayment of multi-family loans and commercial rental property loans is expected from the cash flow generated by rental payments received from the individuals or businesses occupying the real estate. Commercial real estate loans are impacted by factors such as competitive market forces, vacancy rates, cap rates, net operating incomes, lease renewals and overall economic demand. In addition, loans in the recreational and tourism sector can be affected by weather conditions, such as unseasonably low winter snowfalls. Commercial real estate lending also carries a higher degree of environmental risk than other real estate lending. | |||||||||||||||||||||||||||||
Residential Real Estate - 1st Lien – All loans in this segment are collateralized by first mortgages on 1 – 4 family owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. | |||||||||||||||||||||||||||||
Residential Real Estate – Jr Lien – All loans in this segment are collateralized by junior lien mortgages on 1 – 4 family residential real estate and repayment is primarily dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. | |||||||||||||||||||||||||||||
Consumer – Loans in this segment are made to individuals for consumer and household purposes. This segment includes both loans secured by automobiles and other consumer goods, as well as loans that are unsecured. This segment also includes overdrafts, which are extensions of credit made to both individuals and businesses to cover temporary shortages in their deposit accounts and are generally unsecured. The Company maintains policies restricting the size and term of these extensions of credit. The overall health of the economy, including unemployment rates, has an impact on the credit quality of this segment. | |||||||||||||||||||||||||||||
Specific component | |||||||||||||||||||||||||||||
The specific component of the allowance for loan losses relates to loans that are impaired. Impaired loans are loan(s) to a borrower that in the aggregate are greater than $100,000 and that are in non-accrual status or are troubled debt restructurings (“TDR”) regardless of amount. A specific allowance is established for an impaired loan when its estimated impaired basis is less than the carrying value of the loan. For all loan segments, except consumer loans, a loan is considered impaired when, based on current information and events, in management’s estimation it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant or temporary payment delays and payment shortfalls generally are not classified as impaired. Management evaluates the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and frequency of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||
Impaired loans also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would otherwise not be granted. TDRs may include the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan’s terms, or a combination of the two. | |||||||||||||||||||||||||||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation, unless such loans are subject to a restructuring agreement. | |||||||||||||||||||||||||||||
Unallocated component | |||||||||||||||||||||||||||||
An unallocated component of the allowance for loan losses is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component reflects management’s estimate of the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |||||||||||||||||||||||||||||
The following summarizes changes in the allowance for loan losses and select loan information, by portfolio segment: | |||||||||||||||||||||||||||||
For the quarter ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Unallocated | Total | |||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance | $ | 516,382 | $ | 2,143,398 | $ | 1,452,184 | $ | 366,471 | $ | 105,279 | $ | 271,201 | $ | 4,854,915 | |||||||||||||||
Charge-offs | (16,680 | ) | (100,000 | ) | 0 | 0 | (51,528 | ) | 0 | (168,208 | ) | ||||||||||||||||||
Recoveries | 112 | 0 | 9,373 | 60 | 6,326 | 0 | 15,871 | ||||||||||||||||||||||
Provision (credit) | 56,409 | 129,280 | (64,623 | ) | (17,793 | ) | 40,309 | (8,582 | ) | 135,000 | |||||||||||||||||||
Ending balance | $ | 556,223 | $ | 2,172,678 | $ | 1,396,934 | $ | 348,738 | $ | 100,386 | $ | 262,619 | $ | 4,837,578 | |||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 24,000 | $ | 29,000 | $ | 92,700 | $ | 52,500 | $ | 0 | $ | 0 | $ | 198,200 | |||||||||||||||
Collectively | 532,223 | 2,143,678 | 1,304,234 | 296,238 | 100,386 | 262,619 | 4,639,378 | ||||||||||||||||||||||
Total | $ | 556,223 | $ | 2,172,678 | $ | 1,396,934 | $ | 348,738 | $ | 100,386 | $ | 262,619 | $ | 4,837,578 | |||||||||||||||
Loans evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 348,376 | $ | 1,269,644 | $ | 1,499,533 | $ | 349,152 | $ | 0 | $ | 3,466,705 | |||||||||||||||||
Collectively | 60,380,432 | 166,099,984 | 170,062,347 | 44,179,571 | 8,041,728 | 448,764,062 | |||||||||||||||||||||||
Total | $ | 60,728,808 | $ | 167,369,628 | $ | 171,561,880 | $ | 44,528,723 | $ | 8,041,728 | $ | 452,230,767 | |||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Unallocated | Total | |||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance | $ | 428,381 | $ | 1,536,440 | $ | 1,563,576 | $ | 332,556 | $ | 138,699 | $ | 312,428 | $ | 4,312,080 | |||||||||||||||
Charge-offs | (83,344 | ) | (124,849 | ) | (56,430 | ) | (56,797 | ) | (67,009 | ) | 0 | (388,429 | ) | ||||||||||||||||
Recoveries | 2,953 | 185,791 | 15,819 | 21,277 | 35,424 | 0 | 261,264 | ||||||||||||||||||||||
Provision (credit) | 168,392 | 546,016 | (70,781 | ) | 69,435 | (1,835 | ) | (41,227 | ) | 670,000 | |||||||||||||||||||
Ending balance | $ | 516,382 | $ | 2,143,398 | $ | 1,452,184 | $ | 366,471 | $ | 105,279 | $ | 271,201 | $ | 4,854,915 | |||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 27,500 | $ | 147,700 | $ | 99,700 | $ | 76,500 | $ | 0 | $ | 0 | $ | 351,400 | |||||||||||||||
Collectively | 488,882 | 1,995,698 | 1,352,484 | 289,971 | 105,279 | 271,201 | 4,503,515 | ||||||||||||||||||||||
Total | $ | 516,382 | $ | 2,143,398 | $ | 1,452,184 | $ | 366,471 | $ | 105,279 | $ | 271,201 | $ | 4,854,915 | |||||||||||||||
Loans evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 373,696 | $ | 1,386,477 | $ | 1,788,793 | $ | 559,250 | $ | 0 | $ | 4,108,216 | |||||||||||||||||
Collectively | 55,245,589 | 155,549,326 | 171,058,281 | 45,128,155 | 8,819,359 | 435,800,710 | |||||||||||||||||||||||
Total | $ | 55,619,285 | $ | 156,935,803 | $ | 172,847,074 | $ | 45,687,405 | $ | 8,819,359 | $ | 439,908,926 | |||||||||||||||||
For the quarter ended March 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Unallocated | Total | |||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance | $ | 428,381 | $ | 1,536,440 | $ | 1,563,576 | $ | 332,556 | $ | 138,699 | $ | 312,428 | $ | 4,312,080 | |||||||||||||||
Charge-offs | (17,935 | ) | 0 | 0 | 0 | (17,226 | ) | 0 | (35,161 | ) | |||||||||||||||||||
Recoveries | 200 | 0 | 5,626 | 60 | 4,329 | 0 | 10,215 | ||||||||||||||||||||||
Provision (credit) | 25,743 | 226,597 | (58,063 | ) | 53,454 | (6,770 | ) | (34,711 | ) | 206,250 | |||||||||||||||||||
Ending balance | $ | 436,389 | $ | 1,763,037 | $ | 1,511,139 | $ | 386,070 | $ | 119,032 | $ | 277,717 | $ | 4,493,384 | |||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 0 | $ | 104,500 | $ | 116,300 | $ | 47,400 | $ | 0 | $ | 0 | $ | 268,200 | |||||||||||||||
Collectively | 436,389 | 1,658,537 | 1,394,839 | 338,670 | 119,032 | 277,717 | 4,225,184 | ||||||||||||||||||||||
Total | $ | 436,389 | $ | 1,763,037 | $ | 1,511,139 | $ | 386,070 | $ | 119,032 | $ | 277,717 | $ | 4,493,384 | |||||||||||||||
Loans evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 323,486 | $ | 2,054,265 | $ | 1,490,005 | $ | 340,340 | $ | 0 | $ | 4,208,096 | |||||||||||||||||
Collectively | 50,721,004 | 136,730,207 | 170,541,278 | 45,572,506 | 9,696,044 | 413,261,039 | |||||||||||||||||||||||
Total | $ | 51,044,490 | $ | 138,784,472 | $ | 172,031,283 | $ | 45,912,846 | $ | 9,696,044 | $ | 417,469,135 | |||||||||||||||||
Impaired loans by segments were as follows: | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment(1) | ||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 285,339 | $ | 339,849 | $ | 0 | $ | 299,925 | |||||||||||||||||||||
Commercial real estate | 1,159,450 | 1,249,304 | 0 | 1,052,148 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 1,252,528 | 1,509,290 | 0 | 1,303,480 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 96,266 | 110,220 | 0 | 130,202 | |||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | 63,037 | 63,037 | 24,000 | 61,112 | |||||||||||||||||||||||||
Commercial real estate | 110,194 | 188,009 | 29,000 | 275,913 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 247,005 | 275,939 | 92,700 | 340,683 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 252,886 | 283,853 | 52,500 | 324,000 | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 348,376 | $ | 402,885 | $ | 24,000 | $ | 361,037 | |||||||||||||||||||||
Commercial real estate | $ | 1,269,644 | $ | 1,437,313 | $ | 29,000 | $ | 1,328,061 | |||||||||||||||||||||
Residential real estate - 1st lien | $ | 1,499,533 | $ | 1,785,229 | $ | 92,700 | $ | 1,644,163 | |||||||||||||||||||||
Residential real estate - Jr lien | $ | 349,152 | $ | 394,074 | $ | 52,500 | $ | 454,202 | |||||||||||||||||||||
Total | $ | 3,466,705 | $ | 4,019,500 | $ | 198,200 | $ | 3,787,463 | |||||||||||||||||||||
(1) For the quarter ended March 31, 2014 | |||||||||||||||||||||||||||||
As of December 31, 2013 | 2013 | ||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 314,510 | $ | 363,618 | $ | 0 | $ | 339,519 | |||||||||||||||||||||
Commercial real estate | 944,845 | 1,021,143 | 0 | 1,325,504 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 1,354,432 | 1,654,023 | 0 | 1,088,631 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 164,137 | 228,134 | 0 | 64,606 | |||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | 59,186 | 59,186 | 27,500 | 11,837 | |||||||||||||||||||||||||
Commercial real estate | 441,632 | 446,963 | 147,700 | 272,174 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 434,361 | 474,496 | 99,700 | 515,685 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 395,113 | 429,167 | 76,500 | 380,855 | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 373,696 | $ | 422,804 | $ | 27,500 | $ | 351,356 | |||||||||||||||||||||
Commercial real estate | $ | 1,386,477 | $ | 1,468,106 | $ | 147,700 | $ | 1,597,678 | |||||||||||||||||||||
Residential real estate - 1st lien | $ | 1,788,793 | $ | 2,128,519 | $ | 99,700 | $ | 1,604,316 | |||||||||||||||||||||
Residential real estate - Jr lien | $ | 559,250 | $ | 657,301 | $ | 76,500 | $ | 445,461 | |||||||||||||||||||||
Total | $ | 4,108,216 | $ | 4,676,730 | $ | 351,400 | $ | 3,998,811 | |||||||||||||||||||||
As of March 31, 2013 | |||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment(1) | ||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 323,486 | $ | 360,385 | $ | 0 | $ | 379,326 | |||||||||||||||||||||
Commercial real estate | 1,749,415 | 2,123,371 | 0 | 1,756,015 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 1,010,777 | 1,230,873 | 0 | 1,017,687 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 15,694 | 77,545 | 0 | 15,694 | |||||||||||||||||||||||||
With an allowance recorded(2) | |||||||||||||||||||||||||||||
Commercial real estate | 304,850 | 304,850 | 104,500 | 152,425 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 479,228 | 540,698 | 116,300 | 548,295 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 324,646 | 352,498 | 47,400 | 309,279 | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 323,486 | $ | 360,385 | $ | 0 | $ | 379,326 | |||||||||||||||||||||
Commercial real estate | $ | 2,054,265 | $ | 2,428,221 | $ | 104,500 | $ | 1,908,440 | |||||||||||||||||||||
Residential real estate - 1st lien | $ | 1,490,005 | $ | 1,771,571 | $ | 116,300 | $ | 1,565,982 | |||||||||||||||||||||
Residential real estate - Jr lien | $ | 340,340 | $ | 430,043 | $ | 47,400 | $ | 324,973 | |||||||||||||||||||||
Total | $ | 4,208,096 | $ | 4,990,220 | $ | 268,200 | $ | 4,178,721 | |||||||||||||||||||||
(1) For the quarter ended March 31, 2013 | |||||||||||||||||||||||||||||
(2) There were no commercial & industrial loans with an allowance recorded for the period presented. | |||||||||||||||||||||||||||||
Interest income recognized on impaired loans was immaterial for all periods presented. | |||||||||||||||||||||||||||||
For all loans segments, the accrual of interest is discontinued when a loan is specifically determined to be impaired or when the loan is delinquent 90 days and management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is generally not recognized on specific impaired loans unless the likelihood of further loss is considered by management to be remote. Interest payments received on impaired loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are considered by management to be reasonably assured. | |||||||||||||||||||||||||||||
As of the balance sheet dates, the Company was not contractually committed to lend additional funds to debtors with impaired, non-accrual or restructured loans. | |||||||||||||||||||||||||||||
Credit Quality Grouping | |||||||||||||||||||||||||||||
In developing the allowance for loan losses, management uses credit quality grouping to help evaluate trends in credit quality. The Company groups credit risk into Groups A, B and C. The manner the Company utilizes to assign risk grouping is driven by loan purpose. Commercial purpose loans are individually risk graded while the retail portion of the portfolio is generally grouped by delinquency pool. | |||||||||||||||||||||||||||||
Group A loans - Acceptable Risk – are loans that are expected to perform as agreed under their respective terms. Such loans carry a normal level of risk that does not require management attention beyond that warranted by the loan or loan relationship characteristics, such as loan size or relationship size. Group A loans include commercial purpose loans that are individually risk rated and retail loans that are rated by pool. Group A retail loans include both performing consumer and residential real estate loans. Residential real estate loans are loans to individuals secured by 1-4 family homes, including first mortgages, home equity and home improvement loans. Loan balances fully secured by deposit accounts or that are fully guaranteed by the Federal Government are considered acceptable risk. | |||||||||||||||||||||||||||||
Group B loans – Management Involved - are loans that require greater attention than the acceptable loans in Group A. Characteristics of such loans may include, but are not limited to, borrowers that are experiencing negative operating trends such as reduced sales or margins, borrowers that have exposure to adverse market conditions such as increased competition or regulatory burden, or borrowers that have had unexpected or adverse changes in management. These loans have a greater likelihood of migrating to an unacceptable risk level if these characteristics are left unchecked. Group B is limited to commercial purpose loans that are individually risk rated. | |||||||||||||||||||||||||||||
Group C loans – Unacceptable Risk – are loans that have distinct shortcomings that require a greater degree of management attention. Examples of these shortcomings include a borrower's inadequate capacity to service debt, poor operating performance, or insolvency. These loans are more likely to result in repayment through collateral liquidation. Group C loans range from those that are likely to sustain some loss if the shortcomings are not corrected, to those for which loss is imminent and non-accrual treatment is warranted. Group C loans include individually rated commercial purpose loans, and retail loans adversely rated in accordance with the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification Policy. Group C retail loans include 1-4 family residential real estate loans and home equity loans past due 90 days or more with loan-to-value ratios greater than 60%, home equity loans 90 days or more past due where the bank does not hold first mortgage, irrespective of loan-to-value, loans in bankruptcy where repayment is likely but not yet established, and lastly consumer loans that are 90 days or more past due. | |||||||||||||||||||||||||||||
Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower's expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower's financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process. | |||||||||||||||||||||||||||||
Credit risk ratings are dynamic and require updating whenever relevant information is received. The risk ratings of larger or more complex loans, and Group B and C rated loans, are assessed at the time of their respective annual reviews, during quarterly updates, in action plans or at any other time that relevant information warrants update. Lenders are required to make immediate disclosure to the Chief Credit Officer of any known increase in loan risk, even if considered temporary in nature. | |||||||||||||||||||||||||||||
The risk ratings within the loan portfolio by segments as of the balance sheet dates were as follows: | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Total | ||||||||||||||||||||||||
Group A | $ | 56,637,600 | $ | 157,395,642 | $ | 168,645,904 | $ | 43,890,056 | $ | 8,041,728 | $ | 434,610,930 | |||||||||||||||||
Group B | 2,759,619 | 4,697,830 | 214,558 | 148,881 | 0 | 7,820,888 | |||||||||||||||||||||||
Group C | 1,331,589 | 5,276,156 | 2,701,418 | 489,786 | 0 | 9,798,949 | |||||||||||||||||||||||
Total | $ | 60,728,808 | $ | 167,369,628 | $ | 171,561,880 | $ | 44,528,723 | $ | 8,041,728 | $ | 452,230,767 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Total | ||||||||||||||||||||||||
Group A | $ | 51,740,744 | $ | 148,516,895 | $ | 169,771,357 | $ | 44,739,736 | $ | 8,800,365 | $ | 423,569,097 | |||||||||||||||||
Group B | 2,824,169 | 3,292,200 | 160,468 | 460,844 | 0 | 6,737,681 | |||||||||||||||||||||||
Group C | 1,054,372 | 5,126,708 | 2,915,249 | 486,825 | 18,994 | 9,602,148 | |||||||||||||||||||||||
Total | $ | 55,619,285 | $ | 156,935,803 | $ | 172,847,074 | $ | 45,687,405 | $ | 8,819,359 | $ | 439,908,926 | |||||||||||||||||
As of March 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Total | ||||||||||||||||||||||||
Group A | $ | 49,335,387 | $ | 129,675,041 | $ | 168,993,626 | $ | 44,989,095 | $ | 9,693,695 | $ | 402,686,844 | |||||||||||||||||
Group B | 501,888 | 4,282,500 | 183,678 | 431,348 | 0 | 5,399,414 | |||||||||||||||||||||||
Group C | 1,207,215 | 4,826,931 | 2,853,979 | 492,403 | 2,349 | 9,382,877 | |||||||||||||||||||||||
Total | $ | 51,044,490 | $ | 138,784,472 | $ | 172,031,283 | $ | 45,912,846 | $ | 9,696,044 | $ | 417,469,135 | |||||||||||||||||
Modifications of Loans and TDRs | |||||||||||||||||||||||||||||
A loan is classified as a TDR if, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. | |||||||||||||||||||||||||||||
The Company is deemed to have granted such a concession if it has modified a troubled loan in any of the following ways: | |||||||||||||||||||||||||||||
● | Reduced accrued interest | ||||||||||||||||||||||||||||
● | Reduced the original contractual interest rate to a rate that is below the current market rate for the borrower; | ||||||||||||||||||||||||||||
● | Converted a variable-rate loan to a fixed-rate loan; | ||||||||||||||||||||||||||||
● | Extended the term of the loan beyond an insignificant delay; | ||||||||||||||||||||||||||||
● | Deferred or forgiven principal in an amount greater than three months of payments; or, | ||||||||||||||||||||||||||||
● | Performed a refinancing and deferred or forgiven principal on the original loan. | ||||||||||||||||||||||||||||
An insignificant delay or insignificant shortfall in the amount of payments typically would not require the loan to be accounted for as a TDR. However, pursuant to regulatory guidance, any payment delay longer than three months is generally not considered insignificant. The assessment of whether a concession has been granted also takes into account payments expected to be received from third parties, including third-party guarantors, provided that the third party has the ability to perform on the guarantee. | |||||||||||||||||||||||||||||
The Company’s TDRs are principally a result of extending loan repayment terms to relieve cash flow difficulties. The Company has only, on a limited basis, reduced interest rates for borrowers below the current market rate for the borrower. The Company has not forgiven principal or reduced accrued interest within the terms of original restructurings, nor has it converted variable rate terms to fixed rate terms. However, the Company evaluates each TDR situation on its own merits and does not foreclose the granting of any particular type of concession. | |||||||||||||||||||||||||||||
There were no loans modified as TDR’s during the three month period ended March 31, 2013. TDR’s by segment for the other periods presented were as follows: | |||||||||||||||||||||||||||||
For the quarter ended March 31, 2014 | |||||||||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||
Residential real estate - 1st lien | 3 | $ | 262,569 | $ | 273,647 | ||||||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||
Residential real estate - 1st lien | 4 | $ | 321,406 | $ | 330,266 | ||||||||||||||||||||||||
Residential real estate - Jr lien | 1 | 23,425 | 23,425 | ||||||||||||||||||||||||||
Total | 5 | $ | 344,831 | $ | 353,691 | ||||||||||||||||||||||||
There were no TDRs for which there was a payment default under the restructured terms during the twelve month period ended March 31, 2013. The TDR’s for which there was a payment default during the twelve month period ended March 31, 2014 were as follows: | |||||||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||||||
Contracts | Investment | ||||||||||||||||||||||||||||
Residential real estate - 1st lien | 5 | $ | 446,668 | ||||||||||||||||||||||||||
TDRs are treated as other impaired loans and carry individual specific reserves with respect to the calculation of the allowance for loan losses. These loans are categorized as non-performing, may be past due, and are generally adversely risk rated. The TDRs that have defaulted under their restructured terms are generally in collection status and their reserve is typically calculated using the fair value of collateral method. At March 31, 2014, December 31, 2013, and March 31, 2013, the allowance related to TDRs was approximately $0, $5,800 and $12,000, respectively. | |||||||||||||||||||||||||||||
At March 31, 2014, the Company did not have any commitments to lend additional funds to borrowers with loans classified as TDRs. |
6_Goodwill_and_Other_Intangibl
6. Goodwill and Other Intangible Assets | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Note 6. Goodwill and Other Intangible Assets | ' | ||||
Note 6. Goodwill and Other Intangible Assets | |||||
As a result of the merger with LyndonBank on December 31, 2007, the Company recorded goodwill amounting to $11,574,269. The goodwill is not amortizable and is not deductible for tax purposes. | |||||
The Company also recorded $4,161,000 of acquired identified intangible assets representing the core deposit intangible which is subject to amortization as a non-interest expense over a ten year period. The accumulated amortization expense was $3,138,394 and $2,865,699 as of March 31, 2014 and 2013, respectively. | |||||
Amortization expense for the core deposit intangible for the first three months of 2014 and 2013 was $68,175. As of March 31, 2014, the remaining annual amortization expense related to the core deposit intangible, absent any future impairment, is expected to be as follows: | |||||
2014 | $ | 204,520 | |||
2015 | 272,695 | ||||
2016 | 272,695 | ||||
2017 | 272,696 | ||||
Total remaining core deposit intangible | $ | 1,022,606 | |||
Management evaluates goodwill for impairment annually and the core deposit intangible for impairment if conditions warrant. As of the date of the most recent evaluation (December 31, 2013), management concluded that no impairment existed in either category. |
7_Fair_Value
7. Fair Value | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Note 7. Fair Value | ' | ||||||||||||||||||||
Note 7. Fair Value | |||||||||||||||||||||
Certain assets and liabilities are recorded at fair value to provide additional insight into the Company’s quality of earnings. The fair values of some of these assets and liabilities are measured on a recurring basis while others are measured on a nonrecurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available-for-sale are recorded at fair value on a recurring basis. Other assets, such as mortgage servicing rights, loans held-for-sale, and impaired loans, are recorded at fair value on a nonrecurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows. | |||||||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasury, other U.S. Government debt securities that are highly liquid and are actively traded in over-the-counter markets. | ||||||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes mortgage servicing rights, impaired loans and OREO. | ||||||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value measurements and disclosures: | |||||||||||||||||||||
Cash and cash equivalents: The carrying amounts reported in the balance sheet for cash and cash equivalents approximate their fair values. As such, the Company classifies these financial instruments as Level 1. | |||||||||||||||||||||
Securities Available-for-Sale and Held-to-Maturity: Fair value measurement is based upon quoted prices for similar assets, if available. If quoted prices are not available, fair values are measured using matrix pricing models, or other model-based valuation techniques requiring observable inputs other than quoted prices such as yield curves, prepayment speeds and default rates. Level 1 securities would include U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets. Level 2 securities include federal agency securities and securities of local municipalities. | |||||||||||||||||||||
Restricted equity securities: Restricted equity securities are comprised of Federal Reserve Bank of Boston (FRBB) stock and Federal Home Loan Bank of Boston (FHLBB) stock. These securities are carried at cost, which is believed to approximate fair value, based on the redemption provisions of the FRBB and the FHLBB. The stock is nonmarketable, and redeemable at par value, subject to certain conditions. As such the Company classifies these securities as Level 2. | |||||||||||||||||||||
Loans and loans held-for-sale: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair values for other loans (for example, fixed rate residential, commercial real estate, and rental property mortgage loans, and commercial and industrial loans) are estimated using discounted cash flow analyses, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loan fair value estimates include judgments regarding future expected loss experience and risk characteristics. Loan impairment is deemed to exist when full repayment of principal and interest according to the contractual terms of the loan is no longer probable. Impaired loans are reported based on one of three measures: the present value of expected future cash flows discounted at the loan’s effective interest rate; the loan’s observable market price; or the fair value of the collateral if the loan is collateral dependent. If the fair value is less than an impaired loan’s recorded investment, an impairment loss is recognized as part of the allowance for loan losses. Accordingly, certain impaired loans may be subject to measurement at fair value on a non-recurring basis. Management has estimated the fair values of these assets using Level 2 inputs, such as the fair value of collateral based on independent third-party appraisals for collateral-dependent loans. All other loans are valued using Level 3 inputs. | |||||||||||||||||||||
The fair value of loans held-for-sale is based upon an actual purchase and sale agreement between the Company and an independent market participant. The sale is executed within a reasonable period following quarter end at the stated fair value. | |||||||||||||||||||||
Mortgage servicing rights: Mortgage servicing rights represent the value associated with servicing residential mortgage loans. Servicing assets and servicing liabilities are reported using the amortization method. In evaluating the carrying values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, and the type and term of the underlying loans. As such, the Company classifies mortgage servicing rights as nonrecurring Level 2. | |||||||||||||||||||||
OREO: Real estate acquired through or in lieu of foreclosure and bank properties no longer used as bank premises are initially recorded at fair value. The fair value of OREO is based on property appraisals and an analysis of similar properties currently available. As such, the Company records OREO as nonrecurring Level 2. | |||||||||||||||||||||
Deposits, federal funds purchased and borrowed funds: The fair values disclosed for demand deposits (for example, checking accounts, savings accounts and repurchase agreements) are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The fair values for certificates of deposit and borrowed funds are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates and indebtedness to a schedule of aggregated contractual maturities on such time deposits and indebtedness. As such the Company classifies deposits, federal funds purchased and borrowed funds as Level 2. | |||||||||||||||||||||
Capital lease obligations: Fair value is determined using a discounted cash flow calculation using current rates. Based on current rates, carrying value approximates fair value. As such the Company classifies these obligations as Level 2. | |||||||||||||||||||||
Junior subordinated debentures: Fair value is estimated using current rates for debentures of similar maturity. As such the Company classifies these instruments as Level 2. | |||||||||||||||||||||
Accrued interest: The carrying amounts of accrued interest approximate their fair values. As such the Company classifies accrued interest as Level 2. | |||||||||||||||||||||
Off-balance-sheet credit related instruments: Commitments to extend credit are evaluated and fair value is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit-worthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. | |||||||||||||||||||||
FASB Accounting Standards Codification (ASC) Topic 825 “Financial Instruments”, requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||||||||||
Assets measured at fair value on a recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy, are summarized below: | |||||||||||||||||||||
31-Mar-14 | Level 1 | Level 2 | Total | ||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
U.S. GSE debt securities | $ | 0 | $ | 25,630,361 | $ | 25,630,361 | |||||||||||||||
U.S. Government securities | 5,557,029 | 0 | 5,557,029 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
U.S. GSE debt securities | $ | 0 | $ | 29,138,914 | $ | 29,138,914 | |||||||||||||||
U.S. Government securities | 6,049,688 | 0 | 6,049,688 | ||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
U.S. GSE debt securities | $ | 0 | $ | 38,919,258 | $ | 38,919,258 | |||||||||||||||
U.S. Government securities | 7,091,055 | 0 | 7,091,055 | ||||||||||||||||||
There were no transfers between Levels 1 and 2 for the periods presented. There were no Level 3 assets or liabilities measured on a recurring basis as of the balance sheet dates presented. | |||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||
The following table includes assets measured at fair value on a non-recurring basis that have had a fair value adjustment since their initial recognition. Impaired loans measured at fair value only include impaired loans with a related specific allowance for loan losses and are presented net of specific allowances as disclosed in Note 5. | |||||||||||||||||||||
Assets measured at fair value on a non-recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy, are summarized below: | |||||||||||||||||||||
31-Mar-14 | Level 2 | ||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
Residential mortgage servicing rights | $ | 1,321,695 | |||||||||||||||||||
Impaired loans, net of related allowance | 474,922 | ||||||||||||||||||||
OREO | 865,820 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
Residential mortgage servicing rights | $ | 1,329,079 | |||||||||||||||||||
Impaired loans, net of related allowance | 978,892 | ||||||||||||||||||||
OREO | 1,105,525 | ||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
Residential mortgage servicing rights | $ | 1,046,252 | |||||||||||||||||||
Impaired loans, net of related allowance | 840,524 | ||||||||||||||||||||
OREO | 879,705 | ||||||||||||||||||||
There were no Level 1 or Level 3 assets or liabilities measured on a non-recurring basis as of the balance sheet dates presented. | |||||||||||||||||||||
The estimated fair values of commitments to extend credit and letters of credit were immaterial as of the dates presented in the tables below. The estimated fair values of the Company's financial instruments were as follows: | |||||||||||||||||||||
31-Mar-14 | Fair | Fair | Fair | Fair | |||||||||||||||||
Carrying | Value | Value | Value | Value | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 19,127 | $ | 19,127 | $ | 0 | $ | 0 | $ | 19,127 | |||||||||||
Securities held-to-maturity | 38,919 | 0 | 39,297 | 0 | 39,297 | ||||||||||||||||
Securities available-for-sale | 31,187 | 5,557 | 25,630 | 0 | 31,187 | ||||||||||||||||
Restricted equity securities | 3,633 | 0 | 3,633 | 0 | 3,633 | ||||||||||||||||
Loans and loans held-for-sale | |||||||||||||||||||||
Commercial & industrial | 60,138 | 0 | 324 | 61,035 | 61,359 | ||||||||||||||||
Commercial real estate | 165,100 | 0 | 1,241 | 168,597 | 169,838 | ||||||||||||||||
Residential real estate - 1st lien | 170,571 | 0 | 1,407 | 173,511 | 174,918 | ||||||||||||||||
Residential real estate - Jr lien | 44,154 | 0 | 296 | 44,799 | 45,095 | ||||||||||||||||
Consumer | 7,937 | 0 | 0 | 8,321 | 8,321 | ||||||||||||||||
Mortgage servicing rights | 1,322 | 0 | 1,608 | 0 | 1,608 | ||||||||||||||||
Accrued interest receivable | 1,998 | 0 | 1,998 | 0 | 1,998 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Other deposits | 454,295 | 0 | 455,151 | 0 | 455,151 | ||||||||||||||||
Brokered deposits | 28,313 | 0 | 28,319 | 0 | 28,319 | ||||||||||||||||
Federal funds purchased and short term-borrowings | 6,000 | 0 | 6,000 | 0 | 6,000 | ||||||||||||||||
Long-term borrowings | 6,000 | 0 | 6,000 | 0 | 6,000 | ||||||||||||||||
Repurchase agreements | 25,886 | 0 | 25,886 | 0 | 25,886 | ||||||||||||||||
Capital lease obligations | 694 | 0 | 694 | 0 | 694 | ||||||||||||||||
Subordinated debentures | 12,887 | 0 | 12,881 | 0 | 12,881 | ||||||||||||||||
Accrued interest payable | 77 | 0 | 77 | 0 | 77 | ||||||||||||||||
31-Dec-13 | Fair | Fair | Fair | Fair | |||||||||||||||||
Carrying | Value | Value | Value | Value | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 18,330 | $ | 18,330 | $ | 0 | $ | 0 | $ | 18,330 | |||||||||||
Securities held-to-maturity | 37,937 | 0 | 38,370 | 0 | 38,370 | ||||||||||||||||
Securities available-for-sale | 35,189 | 6,050 | 29,139 | 0 | 35,189 | ||||||||||||||||
Restricted equity securities | 3,633 | 0 | 3,633 | 0 | 3,633 | ||||||||||||||||
Loans and loans held-for-sale | |||||||||||||||||||||
Commercial & industrial | 55,069 | 0 | 346 | 56,035 | 56,381 | ||||||||||||||||
Commercial real estate | 154,696 | 0 | 1,239 | 157,843 | 159,082 | ||||||||||||||||
Residential real estate - 1st lien | 171,498 | 0 | 1,689 | 174,776 | 176,465 | ||||||||||||||||
Residential real estate - Jr lien | 45,292 | 0 | 483 | 45,785 | 46,268 | ||||||||||||||||
Consumer | 8,709 | 0 | 0 | 9,130 | 9,130 | ||||||||||||||||
Mortgage servicing rights | 1,329 | 0 | 1,608 | 0 | 1,608 | ||||||||||||||||
Accrued interest receivable | 1,778 | 0 | 1,778 | 0 | 1,778 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Other deposits | 463,160 | 0 | 464,220 | 0 | 464,220 | ||||||||||||||||
Brokered deposits | 18,393 | 0 | 18,401 | 0 | 18,401 | ||||||||||||||||
Repurchase agreements | 29,645 | 0 | 29,645 | 0 | 29,645 | ||||||||||||||||
Capital lease obligations | 711 | 0 | 711 | 0 | 711 | ||||||||||||||||
Subordinated debentures | 12,887 | 0 | 12,880 | 0 | 12,880 | ||||||||||||||||
Accrued interest payable | 75 | 0 | 75 | 0 | 75 | ||||||||||||||||
31-Mar-13 | Fair | Fair | Fair | Fair | |||||||||||||||||
Carrying | Value | Value | Value | Value | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 8,702 | $ | 8,702 | $ | 0 | $ | 0 | $ | 8,702 | |||||||||||
Securities held-to-maturity | 42,381 | 0 | 42,733 | 0 | 42,733 | ||||||||||||||||
Securities available-for-sale | 46,010 | 7,091 | 38,919 | 0 | 46,010 | ||||||||||||||||
Restricted equity securities | 3,633 | 0 | 3,633 | 0 | 3,633 | ||||||||||||||||
Loans and loans held-for-sale | |||||||||||||||||||||
Commercial & industrial | 50,575 | 0 | 323 | 51,347 | 51,670 | ||||||||||||||||
Commercial real estate | 136,929 | 0 | 1,949 | 137,425 | 139,374 | ||||||||||||||||
Residential real estate - 1st lien | 171,753 | 0 | 1,374 | 177,405 | 178,779 | ||||||||||||||||
Residential real estate - Jr lien | 45,496 | 0 | 293 | 46,250 | 46,543 | ||||||||||||||||
Consumer | 9,571 | 0 | 0 | 10,090 | 10,090 | ||||||||||||||||
Mortgage servicing rights | 1,046 | 0 | 1,046 | 0 | 1,046 | ||||||||||||||||
Accrued interest receivable | 1,971 | 0 | 1,971 | 0 | 1,971 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Other deposits | 446,782 | 0 | 448,797 | 0 | 448,797 | ||||||||||||||||
Brokered deposits | 17,480 | 0 | 17,492 | 0 | 17,492 | ||||||||||||||||
Federal funds purchased and short term-borrowings | 7,845 | 0 | 7,845 | 0 | 7,845 | ||||||||||||||||
Repurchase agreements | 28,624 | 0 | 28,624 | 0 | 28,624 | ||||||||||||||||
Capital lease obligations | 759 | 0 | 759 | 0 | 759 | ||||||||||||||||
Subordinated debentures | 12,887 | 0 | 12,880 | 0 | 12,880 | ||||||||||||||||
Accrued interest payable | 83 | 0 | 83 | 0 | 83 |
8_Loan_Servicing
8. Loan Servicing | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | ' | ||||||||||||
Note 8. Loan Servicing | ' | ||||||||||||
Note 8. Loan Servicing | |||||||||||||
The following table shows the changes in the carrying amount of the mortgage servicing rights, included in other assets on the consolidated balance sheets, for the periods indicated: | |||||||||||||
March 31, | December 31, | March 31, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Balance at beginning of year | $ | 1,329,079 | $ | 1,009,623 | $ | 1,009,623 | |||||||
Mortgage servicing rights capitalized | 46,636 | 274,253 | 74,507 | ||||||||||
Mortgage servicing rights amortized | (57,818 | ) | (317,865 | ) | (104,557 | ) | |||||||
Change in valuation allowance | 3,798 | 363,068 | 66,679 | ||||||||||
Balance at end of period | $ | 1,321,695 | $ | 1,329,079 | $ | 1,046,252 |
9_Legal_Proceedings
9. Legal Proceedings | 3 Months Ended |
Mar. 31, 2014 | |
Legal Proceedings | ' |
Note 9. Legal Proceedings | ' |
Note 9. Legal Proceedings | |
In the normal course of business the Company and its subsidiary are involved in litigation that is considered incidental to their business. Management does not expect that any such litigation will be material to the Company's consolidated financial condition or results of operations. |
10_Subsequent_Event
10. Subsequent Event | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Note 10. Subsequent Event | ' |
Note 10. Subsequent Event | |
The Company has evaluated events and transactions through the date that the financial statements were issued for potential recognition or disclosure in these financial statements, as required by GAAP. On March 11, 2014, the Company declared a cash dividend of $0.16 per common share payable May 1, 2014 to shareholders of record as of April 15, 2014. This dividend, amounting to $778,872, was accrued at March 31, 2014. |
1_Basis_of_Presentation_and_Co1
1. Basis of Presentation and Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Consolidation | ' |
The interim consolidated financial statements of Community Bancorp. and Subsidiary are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments necessary for the fair presentation of the financial condition and results of operations of the Company contained herein have been made. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2013 contained in the Company's Annual Report on Form 10-K. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full annual period ending December 31, 2014, or for any other interim period. | |
Recent Accounting Developments | ' |
In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects”. The amendments in this Update permit institutions to make accounting policy elections to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the ASU requires the investment to be accounted for as an equity method investment or a cost method investment. The amendments in this Update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. Management has reviewed the ASU and does not believe that it will have a material impact on the Company's consolidated financial statements. | |
In January 2014, FASB issued ASU No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Sub Topic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amendments in this Update are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Management has reviewed the ASU and does not believe that it will have a material impact on the Company's consolidated financial statements. |
3_Earnings_per_Common_Share_Ta
3. Earnings per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
3. Schedule Of Earnings Per Share | ' | ||||||||
2014 | 2013 | ||||||||
Net income, as reported | $ | 1,071,565 | $ | 1,041,778 | |||||
Less: dividends to preferred shareholders | 20,313 | 20,313 | |||||||
Net income available to common shareholders | $ | 1,051,252 | $ | 1,021,465 | |||||
Weighted average number of common shares | |||||||||
used in calculating earnings per share | 4,872,589 | 4,816,588 | |||||||
Earnings per common share | $ | 0.22 | $ | 0.21 | |||||
4_Investment_Securities_Tables
4. Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Schedule Of Available For Sale Securities | ' | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Securities AFS | Cost | Gains | Losses | Value | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
U.S. Government sponsored enterprise (GSE) debt securities | $ | 25,648,701 | $ | 105,874 | $ | 124,214 | $ | 25,630,361 | |||||||||||||||||
U.S. Government securities | 5,548,652 | 11,188 | 2,811 | 5,557,029 | |||||||||||||||||||||
$ | 31,197,353 | $ | 117,062 | $ | 127,025 | $ | 31,187,390 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 29,220,333 | $ | 114,102 | $ | 195,521 | $ | 29,138,914 | |||||||||||||||||
U.S. Government securities | 6,040,188 | 10,955 | 1,455 | 6,049,688 | |||||||||||||||||||||
$ | 35,260,521 | $ | 125,057 | $ | 196,976 | $ | 35,188,602 | ||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 38,706,702 | $ | 238,027 | $ | 25,471 | $ | 38,919,258 | |||||||||||||||||
U.S. Government securities | 7,067,072 | 24,401 | 418 | 7,091,055 | |||||||||||||||||||||
$ | 45,773,774 | $ | 262,428 | $ | 25,889 | $ | 46,010,313 | ||||||||||||||||||
Schedule Of Held to Maturity Securities | ' | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Securities HTM | Cost | Gains | Losses | Value* | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
States and political subdivisions | $ | 38,919,299 | $ | 377,701 | $ | 0 | $ | 39,297,000 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
States and political subdivisions | $ | 37,936,911 | $ | 433,089 | $ | 0 | $ | 38,370,000 | |||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
States and political subdivisions | $ | 42,380,968 | $ | 352,032 | $ | 0 | $ | 42,733,000 | |||||||||||||||||
*Method used to determine fair value of HTM securities rounds values to nearest thousand. | |||||||||||||||||||||||||
Schedule of Maturities of Debt Securities Available for Sale | ' | ||||||||||||||||||||||||
The scheduled maturities of debt securities AFS were as follows: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Due in one year or less | $ | 6,631,624 | $ | 6,657,510 | |||||||||||||||||||||
Due from one to five years | 24,565,729 | 24,529,880 | |||||||||||||||||||||||
$ | 31,197,353 | $ | 31,187,390 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Due in one year or less | $ | 4,508,181 | $ | 4,510,923 | |||||||||||||||||||||
Due from one to five years | 30,752,340 | 30,677,679 | |||||||||||||||||||||||
$ | 35,260,521 | $ | 35,188,602 | ||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Due in one year or less | $ | 8,184,431 | $ | 8,205,591 | |||||||||||||||||||||
Due from one to five years | 35,339,343 | 35,565,694 | |||||||||||||||||||||||
Due from five to ten years | 2,250,000 | 2,239,028 | |||||||||||||||||||||||
$ | 45,773,774 | $ | 46,010,313 | ||||||||||||||||||||||
Schedule Of Maturities of Debt Securities Held to Maturity | ' | ||||||||||||||||||||||||
The scheduled maturities of debt securities HTM were as follows: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value* | ||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Due in one year or less | $ | 28,961,980 | $ | 28,962,000 | |||||||||||||||||||||
Due from one to five years | 3,739,065 | 3,834,000 | |||||||||||||||||||||||
Due from five to ten years | 2,445,740 | 2,540,000 | |||||||||||||||||||||||
Due after ten years | 3,772,514 | 3,961,000 | |||||||||||||||||||||||
$ | 38,919,299 | $ | 39,297,000 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Due in one year or less | $ | 27,615,731 | $ | 27,616,000 | |||||||||||||||||||||
Due from one to five years | 3,939,950 | 4,048,000 | |||||||||||||||||||||||
Due from five to ten years | 2,592,045 | 2,700,000 | |||||||||||||||||||||||
Due after ten years | 3,789,185 | 4,006,000 | |||||||||||||||||||||||
$ | 37,936,911 | $ | 38,370,000 | ||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Due in one year or less | $ | 33,501,248 | $ | 33,501,000 | |||||||||||||||||||||
Due from one to five years | 3,641,743 | 3,730,000 | |||||||||||||||||||||||
Due from five to ten years | 1,898,484 | 1,986,000 | |||||||||||||||||||||||
Due after ten years | 3,339,493 | 3,516,000 | |||||||||||||||||||||||
$ | 42,380,968 | $ | 42,733,000 | ||||||||||||||||||||||
*Method used to determine fair value of HTM securities rounds values to nearest thousand. | |||||||||||||||||||||||||
Schedule Of Unrealized Loss | ' | ||||||||||||||||||||||||
Debt securities AFS with unrealized losses as of the balance sheet dates are presented in the table below. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 8,003,111 | $ | 27,981 | $ | 5,160,370 | $ | 96,233 | $ | 13,163,481 | $ | 124,214 | |||||||||||||
U.S. Government securities | 1,544,061 | 2,811 | 0 | 0 | 1,544,061 | 2,811 | |||||||||||||||||||
$ | 9,547,172 | $ | 30,792 | $ | 5,160,370 | $ | 96,233 | $ | 14,707,542 | $ | 127,025 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 11,094,830 | $ | 194,188 | $ | 1,004,235 | $ | 1,333 | $ | 12,099,065 | $ | 195,521 | |||||||||||||
U.S. Government securities | 1,034,336 | 1,455 | 0 | 0 | 1,034,336 | 1,455 | |||||||||||||||||||
$ | 12,129,166 | $ | 195,643 | $ | 1,004,235 | $ | 1,333 | $ | 13,133,401 | $ | 196,976 | ||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
U.S. GSE debt securities | $ | 11,398,359 | $ | 25,471 | $ | 0 | $ | 0 | $ | 11,398,359 | $ | 25,471 | |||||||||||||
U.S. Government securities | 2,051,016 | 418 | 0 | 0 | 2,051,016 | 418 | |||||||||||||||||||
$ | 13,449,375 | $ | 25,889 | $ | 0 | $ | 0 | $ | 13,449,375 | $ | 25,889 | ||||||||||||||
5_Loans_Allowance_for_Loan_Los1
5. Loans, Allowance for Loan Losses and Credit Quality (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ||||||||||||||||||||||||||||
Composition of net loans | ' | ||||||||||||||||||||||||||||
The composition of net loans follows: | |||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||||||||
Commercial & industrial | $ | 60,728,808 | $ | 55,619,285 | $ | 51,044,490 | |||||||||||||||||||||||
Commercial real estate | 167,369,628 | 156,935,803 | 138,784,472 | ||||||||||||||||||||||||||
Residential real estate – 1st lien | 171,561,880 | 172,847,074 | 172,031,283 | ||||||||||||||||||||||||||
Residential real estate - Jr lien | 44,528,723 | 45,687,405 | 45,912,846 | ||||||||||||||||||||||||||
Consumer | 8,041,728 | 8,819,359 | 9,696,044 | ||||||||||||||||||||||||||
452,230,767 | 439,908,926 | 417,469,135 | |||||||||||||||||||||||||||
Deduct (add): | |||||||||||||||||||||||||||||
Allowance for loan losses | 4,837,578 | 4,854,915 | 4,493,384 | ||||||||||||||||||||||||||
Deferred net loan costs | (290,265 | ) | (300,429 | ) | (206,969 | ) | |||||||||||||||||||||||
4,547,313 | 4,554,486 | 4,286,415 | |||||||||||||||||||||||||||
Net Loans | $ | 447,683,454 | $ | 435,354,440 | $ | 413,182,720 | |||||||||||||||||||||||
Past due loans by segment | ' | ||||||||||||||||||||||||||||
The following is an age analysis of past due loans (including non-accrual), by segment: | |||||||||||||||||||||||||||||
90 Days | Total | Non-Accrual | 90 Days or More | ||||||||||||||||||||||||||
31-Mar-14 | 30-89 Days | or More | Past Due | Current | Total Loans | Loans | and Accruing | ||||||||||||||||||||||
Commercial & industrial | $ | 1,134,539 | $ | 289,474 | $ | 1,424,013 | $ | 59,304,795 | $ | 60,728,808 | $ | 477,572 | $ | 0 | |||||||||||||||
Commercial real estate | 1,936,831 | 128,428 | 2,065,259 | 165,304,369 | 167,369,628 | 1,299,476 | 5,313 | ||||||||||||||||||||||
Residential real estate - 1st lien | 4,664,185 | 1,368,469 | 6,032,654 | 165,529,226 | 171,561,880 | 2,047,423 | 557,640 | ||||||||||||||||||||||
Residential real estate - Jr lien | 355,723 | 135,033 | 490,756 | 44,037,967 | 44,528,723 | 460,590 | 79,722 | ||||||||||||||||||||||
Consumer | 106,929 | 0 | 106,929 | 7,934,799 | 8,041,728 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 8,198,207 | $ | 1,921,404 | $ | 10,119,611 | $ | 442,111,156 | $ | 452,230,767 | $ | 4,285,061 | $ | 642,675 | |||||||||||||||
90 Days | Total | Non-Accrual | 90 Days or More | ||||||||||||||||||||||||||
31-Dec-13 | 30-89 Days | or More | Past Due | Current | Total Loans | Loans | and Accruing | ||||||||||||||||||||||
Commercial & industrial | $ | 1,060,971 | $ | 310,669 | $ | 1,371,640 | $ | 54,247,645 | $ | 55,619,285 | $ | 527,105 | $ | 21,902 | |||||||||||||||
Commercial real estate | 713,160 | 215,507 | 928,667 | 156,007,136 | 156,935,803 | 1,403,541 | 5,313 | ||||||||||||||||||||||
Residential real estate - 1st lien | 5,184,457 | 1,655,950 | 6,840,407 | 166,006,667 | 172,847,074 | 2,203,106 | 817,109 | ||||||||||||||||||||||
Residential real estate - Jr lien | 533,134 | 289,169 | 822,303 | 44,865,102 | 45,687,405 | 593,125 | 56,040 | ||||||||||||||||||||||
Consumer | 136,922 | 7,784 | 144,706 | 8,674,653 | 8,819,359 | 0 | 7,784 | ||||||||||||||||||||||
Total | $ | 7,628,644 | $ | 2,479,079 | $ | 10,107,723 | $ | 429,801,203 | $ | 439,908,926 | $ | 4,726,877 | $ | 908,148 | |||||||||||||||
90 Days | Total | Non-Accrual | 90 Days or More | ||||||||||||||||||||||||||
31-Mar-13 | 30-89 Days | or More | Past Due | Current | Total Loans | Loans | and Accruing | ||||||||||||||||||||||
Commercial & industrial | $ | 1,487,049 | $ | 303,881 | $ | 1,790,930 | $ | 49,253,560 | $ | 51,044,490 | $ | 558,874 | $ | 0 | |||||||||||||||
Commercial real estate | 923,865 | 1,396,401 | 2,320,266 | 136,464,206 | 138,784,472 | 2,222,566 | 186,792 | ||||||||||||||||||||||
Residential real estate - 1st lien | 3,085,496 | 719,177 | 3,804,673 | 168,226,610 | 172,031,283 | 1,769,150 | 164,472 | ||||||||||||||||||||||
Residential real estate - Jr lien | 211,168 | 104,255 | 315,423 | 45,597,423 | 45,912,846 | 368,827 | 53,446 | ||||||||||||||||||||||
Consumer | 93,842 | 0 | 93,842 | 9,602,202 | 9,696,044 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 5,801,420 | $ | 2,523,714 | $ | 8,325,134 | $ | 409,144,001 | $ | 417,469,135 | $ | 4,919,417 | $ | 404,710 | |||||||||||||||
Changes in the allowance for loan losses | ' | ||||||||||||||||||||||||||||
The following summarizes changes in the allowance for loan losses and select loan information, by portfolio segment: | |||||||||||||||||||||||||||||
For the quarter ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Unallocated | Total | |||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance | $ | 516,382 | $ | 2,143,398 | $ | 1,452,184 | $ | 366,471 | $ | 105,279 | $ | 271,201 | $ | 4,854,915 | |||||||||||||||
Charge-offs | (16,680 | ) | (100,000 | ) | 0 | 0 | (51,528 | ) | 0 | (168,208 | ) | ||||||||||||||||||
Recoveries | 112 | 0 | 9,373 | 60 | 6,326 | 0 | 15,871 | ||||||||||||||||||||||
Provision (credit) | 56,409 | 129,280 | (64,623 | ) | (17,793 | ) | 40,309 | (8,582 | ) | 135,000 | |||||||||||||||||||
Ending balance | $ | 556,223 | $ | 2,172,678 | $ | 1,396,934 | $ | 348,738 | $ | 100,386 | $ | 262,619 | $ | 4,837,578 | |||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 24,000 | $ | 29,000 | $ | 92,700 | $ | 52,500 | $ | 0 | $ | 0 | $ | 198,200 | |||||||||||||||
Collectively | 532,223 | 2,143,678 | 1,304,234 | 296,238 | 100,386 | 262,619 | 4,639,378 | ||||||||||||||||||||||
Total | $ | 556,223 | $ | 2,172,678 | $ | 1,396,934 | $ | 348,738 | $ | 100,386 | $ | 262,619 | $ | 4,837,578 | |||||||||||||||
Loans evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 348,376 | $ | 1,269,644 | $ | 1,499,533 | $ | 349,152 | $ | 0 | $ | 3,466,705 | |||||||||||||||||
Collectively | 60,380,432 | 166,099,984 | 170,062,347 | 44,179,571 | 8,041,728 | 448,764,062 | |||||||||||||||||||||||
Total | $ | 60,728,808 | $ | 167,369,628 | $ | 171,561,880 | $ | 44,528,723 | $ | 8,041,728 | $ | 452,230,767 | |||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Unallocated | Total | |||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance | $ | 428,381 | $ | 1,536,440 | $ | 1,563,576 | $ | 332,556 | $ | 138,699 | $ | 312,428 | $ | 4,312,080 | |||||||||||||||
Charge-offs | (83,344 | ) | (124,849 | ) | (56,430 | ) | (56,797 | ) | (67,009 | ) | 0 | (388,429 | ) | ||||||||||||||||
Recoveries | 2,953 | 185,791 | 15,819 | 21,277 | 35,424 | 0 | 261,264 | ||||||||||||||||||||||
Provision (credit) | 168,392 | 546,016 | (70,781 | ) | 69,435 | (1,835 | ) | (41,227 | ) | 670,000 | |||||||||||||||||||
Ending balance | $ | 516,382 | $ | 2,143,398 | $ | 1,452,184 | $ | 366,471 | $ | 105,279 | $ | 271,201 | $ | 4,854,915 | |||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 27,500 | $ | 147,700 | $ | 99,700 | $ | 76,500 | $ | 0 | $ | 0 | $ | 351,400 | |||||||||||||||
Collectively | 488,882 | 1,995,698 | 1,352,484 | 289,971 | 105,279 | 271,201 | 4,503,515 | ||||||||||||||||||||||
Total | $ | 516,382 | $ | 2,143,398 | $ | 1,452,184 | $ | 366,471 | $ | 105,279 | $ | 271,201 | $ | 4,854,915 | |||||||||||||||
Loans evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 373,696 | $ | 1,386,477 | $ | 1,788,793 | $ | 559,250 | $ | 0 | $ | 4,108,216 | |||||||||||||||||
Collectively | 55,245,589 | 155,549,326 | 171,058,281 | 45,128,155 | 8,819,359 | 435,800,710 | |||||||||||||||||||||||
Total | $ | 55,619,285 | $ | 156,935,803 | $ | 172,847,074 | $ | 45,687,405 | $ | 8,819,359 | $ | 439,908,926 | |||||||||||||||||
For the quarter ended March 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Unallocated | Total | |||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance | $ | 428,381 | $ | 1,536,440 | $ | 1,563,576 | $ | 332,556 | $ | 138,699 | $ | 312,428 | $ | 4,312,080 | |||||||||||||||
Charge-offs | (17,935 | ) | 0 | 0 | 0 | (17,226 | ) | 0 | (35,161 | ) | |||||||||||||||||||
Recoveries | 200 | 0 | 5,626 | 60 | 4,329 | 0 | 10,215 | ||||||||||||||||||||||
Provision (credit) | 25,743 | 226,597 | (58,063 | ) | 53,454 | (6,770 | ) | (34,711 | ) | 206,250 | |||||||||||||||||||
Ending balance | $ | 436,389 | $ | 1,763,037 | $ | 1,511,139 | $ | 386,070 | $ | 119,032 | $ | 277,717 | $ | 4,493,384 | |||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 0 | $ | 104,500 | $ | 116,300 | $ | 47,400 | $ | 0 | $ | 0 | $ | 268,200 | |||||||||||||||
Collectively | 436,389 | 1,658,537 | 1,394,839 | 338,670 | 119,032 | 277,717 | 4,225,184 | ||||||||||||||||||||||
Total | $ | 436,389 | $ | 1,763,037 | $ | 1,511,139 | $ | 386,070 | $ | 119,032 | $ | 277,717 | $ | 4,493,384 | |||||||||||||||
Loans evaluated for impairment | |||||||||||||||||||||||||||||
Individually | $ | 323,486 | $ | 2,054,265 | $ | 1,490,005 | $ | 340,340 | $ | 0 | $ | 4,208,096 | |||||||||||||||||
Collectively | 50,721,004 | 136,730,207 | 170,541,278 | 45,572,506 | 9,696,044 | 413,261,039 | |||||||||||||||||||||||
Total | $ | 51,044,490 | $ | 138,784,472 | $ | 172,031,283 | $ | 45,912,846 | $ | 9,696,044 | $ | 417,469,135 | |||||||||||||||||
Impaired loans by segment | ' | ||||||||||||||||||||||||||||
Impaired loans by segments were as follows: | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment(1) | ||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 285,339 | $ | 339,849 | $ | 0 | $ | 299,925 | |||||||||||||||||||||
Commercial real estate | 1,159,450 | 1,249,304 | 0 | 1,052,148 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 1,252,528 | 1,509,290 | 0 | 1,303,480 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 96,266 | 110,220 | 0 | 130,202 | |||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | 63,037 | 63,037 | 24,000 | 61,112 | |||||||||||||||||||||||||
Commercial real estate | 110,194 | 188,009 | 29,000 | 275,913 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 247,005 | 275,939 | 92,700 | 340,683 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 252,886 | 283,853 | 52,500 | 324,000 | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 348,376 | $ | 402,885 | $ | 24,000 | $ | 361,037 | |||||||||||||||||||||
Commercial real estate | $ | 1,269,644 | $ | 1,437,313 | $ | 29,000 | $ | 1,328,061 | |||||||||||||||||||||
Residential real estate - 1st lien | $ | 1,499,533 | $ | 1,785,229 | $ | 92,700 | $ | 1,644,163 | |||||||||||||||||||||
Residential real estate - Jr lien | $ | 349,152 | $ | 394,074 | $ | 52,500 | $ | 454,202 | |||||||||||||||||||||
Total | $ | 3,466,705 | $ | 4,019,500 | $ | 198,200 | $ | 3,787,463 | |||||||||||||||||||||
(1) For the quarter ended March 31, 2014 | |||||||||||||||||||||||||||||
As of December 31, 2013 | 2013 | ||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 314,510 | $ | 363,618 | $ | 0 | $ | 339,519 | |||||||||||||||||||||
Commercial real estate | 944,845 | 1,021,143 | 0 | 1,325,504 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 1,354,432 | 1,654,023 | 0 | 1,088,631 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 164,137 | 228,134 | 0 | 64,606 | |||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | 59,186 | 59,186 | 27,500 | 11,837 | |||||||||||||||||||||||||
Commercial real estate | 441,632 | 446,963 | 147,700 | 272,174 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 434,361 | 474,496 | 99,700 | 515,685 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 395,113 | 429,167 | 76,500 | 380,855 | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 373,696 | $ | 422,804 | $ | 27,500 | $ | 351,356 | |||||||||||||||||||||
Commercial real estate | $ | 1,386,477 | $ | 1,468,106 | $ | 147,700 | $ | 1,597,678 | |||||||||||||||||||||
Residential real estate - 1st lien | $ | 1,788,793 | $ | 2,128,519 | $ | 99,700 | $ | 1,604,316 | |||||||||||||||||||||
Residential real estate - Jr lien | $ | 559,250 | $ | 657,301 | $ | 76,500 | $ | 445,461 | |||||||||||||||||||||
Total | $ | 4,108,216 | $ | 4,676,730 | $ | 351,400 | $ | 3,998,811 | |||||||||||||||||||||
As of March 31, 2013 | |||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment(1) | ||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 323,486 | $ | 360,385 | $ | 0 | $ | 379,326 | |||||||||||||||||||||
Commercial real estate | 1,749,415 | 2,123,371 | 0 | 1,756,015 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 1,010,777 | 1,230,873 | 0 | 1,017,687 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 15,694 | 77,545 | 0 | 15,694 | |||||||||||||||||||||||||
With an allowance recorded(2) | |||||||||||||||||||||||||||||
Commercial real estate | 304,850 | 304,850 | 104,500 | 152,425 | |||||||||||||||||||||||||
Residential real estate - 1st lien | 479,228 | 540,698 | 116,300 | 548,295 | |||||||||||||||||||||||||
Residential real estate - Jr lien | 324,646 | 352,498 | 47,400 | 309,279 | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 323,486 | $ | 360,385 | $ | 0 | $ | 379,326 | |||||||||||||||||||||
Commercial real estate | $ | 2,054,265 | $ | 2,428,221 | $ | 104,500 | $ | 1,908,440 | |||||||||||||||||||||
Residential real estate - 1st lien | $ | 1,490,005 | $ | 1,771,571 | $ | 116,300 | $ | 1,565,982 | |||||||||||||||||||||
Residential real estate - Jr lien | $ | 340,340 | $ | 430,043 | $ | 47,400 | $ | 324,973 | |||||||||||||||||||||
Total | $ | 4,208,096 | $ | 4,990,220 | $ | 268,200 | $ | 4,178,721 | |||||||||||||||||||||
(1) For the quarter ended March 31, 2013 | |||||||||||||||||||||||||||||
(2) There were no commercial & industrial loans with an allowance recorded for the period presented. | |||||||||||||||||||||||||||||
Risk ratings | ' | ||||||||||||||||||||||||||||
The risk ratings within the loan portfolio by segments as of the balance sheet dates were as follows: | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Total | ||||||||||||||||||||||||
Group A | $ | 56,637,600 | $ | 157,395,642 | $ | 168,645,904 | $ | 43,890,056 | $ | 8,041,728 | $ | 434,610,930 | |||||||||||||||||
Group B | 2,759,619 | 4,697,830 | 214,558 | 148,881 | 0 | 7,820,888 | |||||||||||||||||||||||
Group C | 1,331,589 | 5,276,156 | 2,701,418 | 489,786 | 0 | 9,798,949 | |||||||||||||||||||||||
Total | $ | 60,728,808 | $ | 167,369,628 | $ | 171,561,880 | $ | 44,528,723 | $ | 8,041,728 | $ | 452,230,767 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Total | ||||||||||||||||||||||||
Group A | $ | 51,740,744 | $ | 148,516,895 | $ | 169,771,357 | $ | 44,739,736 | $ | 8,800,365 | $ | 423,569,097 | |||||||||||||||||
Group B | 2,824,169 | 3,292,200 | 160,468 | 460,844 | 0 | 6,737,681 | |||||||||||||||||||||||
Group C | 1,054,372 | 5,126,708 | 2,915,249 | 486,825 | 18,994 | 9,602,148 | |||||||||||||||||||||||
Total | $ | 55,619,285 | $ | 156,935,803 | $ | 172,847,074 | $ | 45,687,405 | $ | 8,819,359 | $ | 439,908,926 | |||||||||||||||||
As of March 31, 2013 | |||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate | Real Estate | ||||||||||||||||||||||||||
& Industrial | Real Estate | 1st Lien | Jr Lien | Consumer | Total | ||||||||||||||||||||||||
Group A | $ | 49,335,387 | $ | 129,675,041 | $ | 168,993,626 | $ | 44,989,095 | $ | 9,693,695 | $ | 402,686,844 | |||||||||||||||||
Group B | 501,888 | 4,282,500 | 183,678 | 431,348 | 0 | 5,399,414 | |||||||||||||||||||||||
Group C | 1,207,215 | 4,826,931 | 2,853,979 | 492,403 | 2,349 | 9,382,877 | |||||||||||||||||||||||
Total | $ | 51,044,490 | $ | 138,784,472 | $ | 172,031,283 | $ | 45,912,846 | $ | 9,696,044 | $ | 417,469,135 | |||||||||||||||||
Loans modified as TDRs | ' | ||||||||||||||||||||||||||||
There were no loans modified as TDR’s during the three month period ended March 31, 2013. TDR’s by segment for the other periods presented were as follows: | |||||||||||||||||||||||||||||
For the quarter ended March 31, 2014 | |||||||||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||
Residential real estate - 1st lien | 3 | $ | 262,569 | $ | 273,647 | ||||||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||
Pre- | Post- | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||
Residential real estate - 1st lien | 4 | $ | 321,406 | $ | 330,266 | ||||||||||||||||||||||||
Residential real estate - Jr lien | 1 | 23,425 | 23,425 | ||||||||||||||||||||||||||
Total | 5 | $ | 344,831 | $ | 353,691 | ||||||||||||||||||||||||
TDRs payment default | ' | ||||||||||||||||||||||||||||
The TDR’s for which there was a payment default during the twelve month period ended March 31, 2014 were as follows: | |||||||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||||||
Contracts | Investment | ||||||||||||||||||||||||||||
Residential real estate - 1st lien | 5 | $ | 446,668 |
6_Goodwill_and_Other_Intangibl1
6. Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Schedule of Future Amortization Expense | ' | ||||
Amortization expense for the core deposit intangible for the first three months of 2014 and 2013 was $68,175. As of March 31, 2014, the remaining annual amortization expense related to the core deposit intangible, absent any future impairment, is expected to be as follows: | |||||
2014 | $ | 204,520 | |||
2015 | 272,695 | ||||
2016 | 272,695 | ||||
2017 | 272,696 | ||||
Total remaining core deposit intangible | $ | 1,022,606 |
7_Fair_Value_Tables
7. Fair Value (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule Of Fair Value Assets On Recurring Basis | ' | ||||||||||||||||||||
Assets measured at fair value on a recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy, are summarized below: | |||||||||||||||||||||
31-Mar-14 | Level 1 | Level 2 | Total | ||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
U.S. GSE debt securities | $ | 0 | $ | 25,630,361 | $ | 25,630,361 | |||||||||||||||
U.S. Government securities | 5,557,029 | 0 | 5,557,029 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
U.S. GSE debt securities | $ | 0 | $ | 29,138,914 | $ | 29,138,914 | |||||||||||||||
U.S. Government securities | 6,049,688 | 0 | 6,049,688 | ||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
U.S. GSE debt securities | $ | 0 | $ | 38,919,258 | $ | 38,919,258 | |||||||||||||||
U.S. Government securities | 7,091,055 | 0 | 7,091,055 | ||||||||||||||||||
Schedule of Fair Value Assets Non-recurring Basis | ' | ||||||||||||||||||||
Assets measured at fair value on a non-recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy, are summarized below: | |||||||||||||||||||||
31-Mar-14 | Level 2 | ||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
Residential mortgage servicing rights | $ | 1,321,695 | |||||||||||||||||||
Impaired loans, net of related allowance | 474,922 | ||||||||||||||||||||
OREO | 865,820 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
Residential mortgage servicing rights | $ | 1,329,079 | |||||||||||||||||||
Impaired loans, net of related allowance | 978,892 | ||||||||||||||||||||
OREO | 1,105,525 | ||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||
Assets: (market approach) | |||||||||||||||||||||
Residential mortgage servicing rights | $ | 1,046,252 | |||||||||||||||||||
Impaired loans, net of related allowance | 840,524 | ||||||||||||||||||||
OREO | 879,705 | ||||||||||||||||||||
Schedule Of Estimated Fair Values Of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of the Company's financial instruments were as follows: | |||||||||||||||||||||
31-Mar-14 | Fair | Fair | Fair | Fair | |||||||||||||||||
Carrying | Value | Value | Value | Value | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 19,127 | $ | 19,127 | $ | 0 | $ | 0 | $ | 19,127 | |||||||||||
Securities held-to-maturity | 38,919 | 0 | 39,297 | 0 | 39,297 | ||||||||||||||||
Securities available-for-sale | 31,187 | 5,557 | 25,630 | 0 | 31,187 | ||||||||||||||||
Restricted equity securities | 3,633 | 0 | 3,633 | 0 | 3,633 | ||||||||||||||||
Loans and loans held-for-sale | |||||||||||||||||||||
Commercial & industrial | 60,138 | 0 | 324 | 61,035 | 61,359 | ||||||||||||||||
Commercial real estate | 165,100 | 0 | 1,241 | 168,597 | 169,838 | ||||||||||||||||
Residential real estate - 1st lien | 170,571 | 0 | 1,407 | 173,511 | 174,918 | ||||||||||||||||
Residential real estate - Jr lien | 44,154 | 0 | 296 | 44,799 | 45,095 | ||||||||||||||||
Consumer | 7,937 | 0 | 0 | 8,321 | 8,321 | ||||||||||||||||
Mortgage servicing rights | 1,322 | 0 | 1,608 | 0 | 1,608 | ||||||||||||||||
Accrued interest receivable | 1,998 | 0 | 1,998 | 0 | 1,998 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Other deposits | 454,295 | 0 | 455,151 | 0 | 455,151 | ||||||||||||||||
Brokered deposits | 28,313 | 0 | 28,319 | 0 | 28,319 | ||||||||||||||||
Federal funds purchased and short term-borrowings | 6,000 | 0 | 6,000 | 0 | 6,000 | ||||||||||||||||
Long-term borrowings | 6,000 | 0 | 6,000 | 0 | 6,000 | ||||||||||||||||
Repurchase agreements | 25,886 | 0 | 25,886 | 0 | 25,886 | ||||||||||||||||
Capital lease obligations | 694 | 0 | 694 | 0 | 694 | ||||||||||||||||
Subordinated debentures | 12,887 | 0 | 12,881 | 0 | 12,881 | ||||||||||||||||
Accrued interest payable | 77 | 0 | 77 | 0 | 77 | ||||||||||||||||
31-Dec-13 | Fair | Fair | Fair | Fair | |||||||||||||||||
Carrying | Value | Value | Value | Value | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 18,330 | $ | 18,330 | $ | 0 | $ | 0 | $ | 18,330 | |||||||||||
Securities held-to-maturity | 37,937 | 0 | 38,370 | 0 | 38,370 | ||||||||||||||||
Securities available-for-sale | 35,189 | 6,050 | 29,139 | 0 | 35,189 | ||||||||||||||||
Restricted equity securities | 3,633 | 0 | 3,633 | 0 | 3,633 | ||||||||||||||||
Loans and loans held-for-sale | |||||||||||||||||||||
Commercial & industrial | 55,069 | 0 | 346 | 56,035 | 56,381 | ||||||||||||||||
Commercial real estate | 154,696 | 0 | 1,239 | 157,843 | 159,082 | ||||||||||||||||
Residential real estate - 1st lien | 171,498 | 0 | 1,689 | 174,776 | 176,465 | ||||||||||||||||
Residential real estate - Jr lien | 45,292 | 0 | 483 | 45,785 | 46,268 | ||||||||||||||||
Consumer | 8,709 | 0 | 0 | 9,130 | 9,130 | ||||||||||||||||
Mortgage servicing rights | 1,329 | 0 | 1,608 | 0 | 1,608 | ||||||||||||||||
Accrued interest receivable | 1,778 | 0 | 1,778 | 0 | 1,778 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Other deposits | 463,160 | 0 | 464,220 | 0 | 464,220 | ||||||||||||||||
Brokered deposits | 18,393 | 0 | 18,401 | 0 | 18,401 | ||||||||||||||||
Repurchase agreements | 29,645 | 0 | 29,645 | 0 | 29,645 | ||||||||||||||||
Capital lease obligations | 711 | 0 | 711 | 0 | 711 | ||||||||||||||||
Subordinated debentures | 12,887 | 0 | 12,880 | 0 | 12,880 | ||||||||||||||||
Accrued interest payable | 75 | 0 | 75 | 0 | 75 | ||||||||||||||||
31-Mar-13 | Fair | Fair | Fair | Fair | |||||||||||||||||
Carrying | Value | Value | Value | Value | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 8,702 | $ | 8,702 | $ | 0 | $ | 0 | $ | 8,702 | |||||||||||
Securities held-to-maturity | 42,381 | 0 | 42,733 | 0 | 42,733 | ||||||||||||||||
Securities available-for-sale | 46,010 | 7,091 | 38,919 | 0 | 46,010 | ||||||||||||||||
Restricted equity securities | 3,633 | 0 | 3,633 | 0 | 3,633 | ||||||||||||||||
Loans and loans held-for-sale | |||||||||||||||||||||
Commercial & industrial | 50,575 | 0 | 323 | 51,347 | 51,670 | ||||||||||||||||
Commercial real estate | 136,929 | 0 | 1,949 | 137,425 | 139,374 | ||||||||||||||||
Residential real estate - 1st lien | 171,753 | 0 | 1,374 | 177,405 | 178,779 | ||||||||||||||||
Residential real estate - Jr lien | 45,496 | 0 | 293 | 46,250 | 46,543 | ||||||||||||||||
Consumer | 9,571 | 0 | 0 | 10,090 | 10,090 | ||||||||||||||||
Mortgage servicing rights | 1,046 | 0 | 1,046 | 0 | 1,046 | ||||||||||||||||
Accrued interest receivable | 1,971 | 0 | 1,971 | 0 | 1,971 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Other deposits | 446,782 | 0 | 448,797 | 0 | 448,797 | ||||||||||||||||
Brokered deposits | 17,480 | 0 | 17,492 | 0 | 17,492 | ||||||||||||||||
Federal funds purchased and short term-borrowings | 7,845 | 0 | 7,845 | 0 | 7,845 | ||||||||||||||||
Repurchase agreements | 28,624 | 0 | 28,624 | 0 | 28,624 | ||||||||||||||||
Capital lease obligations | 759 | 0 | 759 | 0 | 759 | ||||||||||||||||
Subordinated debentures | 12,887 | 0 | 12,880 | 0 | 12,880 | ||||||||||||||||
Accrued interest payable | 83 | 0 | 83 | 0 | 83 |
8_Loan_Servicing_Tables
8. Loan Servicing (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | ' | ||||||||||||
Schedule Of Mortgage Servicing Rights | ' | ||||||||||||
The following table shows the changes in the carrying amount of the mortgage servicing rights, included in other assets on the consolidated balance sheets, for the periods indicated: | |||||||||||||
March 31, | December 31, | March 31, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Balance at beginning of year | $ | 1,329,079 | $ | 1,009,623 | $ | 1,009,623 | |||||||
Mortgage servicing rights capitalized | 46,636 | 274,253 | 74,507 | ||||||||||
Mortgage servicing rights amortized | (57,818 | ) | (317,865 | ) | (104,557 | ) | |||||||
Change in valuation allowance | 3,798 | 363,068 | 66,679 | ||||||||||
Balance at end of period | $ | 1,321,695 | $ | 1,329,079 | $ | 1,046,252 |
3_Earnings_per_Common_Share_De
3. Earnings per Common Share (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Net income, as reported | $1,071,565 | $1,041,778 |
Less: dividends to preferred shareholders | 20,313 | 20,313 |
Net income available to common shareholders | $1,051,252 | $1,021,465 |
Weighted average number of common shares used in calculating earnings per share | 4,872,589 | 4,816,588 |
Earnings per common share | $0.22 | $0.21 |
4_Investment_Securities_Detail
4. Investment Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Available for sale Securities | ' | ' | ' |
Amortized Cost - Available for sale Securities | $31,197,353 | $45,773,774 | $35,260,521 |
Gross Unrealized Gains - Available for sale Securities | 117,062 | 262,428 | 125,057 |
Gross Unrealized Losses - Available for sale Securities | 127,025 | 25,889 | 196,976 |
Fair Value - Available for sale Securities | 31,187,390 | 46,010,313 | 35,188,602 |
Held-to-Maturity Securities | ' | ' | ' |
Fair Value - Held-to-Maturity | 39,297,000 | 42,733,000 | 38,370,000 |
U.S. GSE debt securities | ' | ' | ' |
Available for sale Securities | ' | ' | ' |
Amortized Cost - Available for sale Securities | 25,648,701 | 38,706,702 | 29,220,333 |
Gross Unrealized Gains - Available for sale Securities | 105,874 | 238,027 | 114,102 |
Gross Unrealized Losses - Available for sale Securities | 124,214 | 25,471 | 195,521 |
Fair Value - Available for sale Securities | 25,630,361 | 38,919,258 | 29,138,914 |
U.S. Government securities | ' | ' | ' |
Available for sale Securities | ' | ' | ' |
Amortized Cost - Available for sale Securities | 5,548,652 | 7,067,072 | 6,040,188 |
Gross Unrealized Gains - Available for sale Securities | 11,188 | 24,401 | 10,955 |
Gross Unrealized Losses - Available for sale Securities | 2,811 | 418 | 1,455 |
Fair Value - Available for sale Securities | 5,557,029 | 7,091,055 | 6,049,688 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ' |
Held-to-Maturity Securities | ' | ' | ' |
Amortized Cost - Held-to-Maturity | 38,919,299 | 42,380,968 | 37,936,911 |
Gross Unrealized Gains - Held-to-Maturity | 377,701 | 352,032 | 433,089 |
Gross Unrealized Losses - Held-to-Maturity | 0 | 0 | 0 |
Fair Value - Held-to-Maturity | $39,297,000 | $42,733,000 | $38,370,000 |
4_Investment_Securities_Detail1
4. Investment Securities (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Available for sale Securities | ' | ' | ' |
Amortized Cost | ' | ' | ' |
Due in one year or less, Amortized Cost | $6,631,624 | $4,508,181 | $8,184,431 |
Due from one to five years, Amortized Cost | 24,565,729 | 30,752,340 | 35,339,343 |
Due from five to ten years, Amortized Cost | ' | ' | 2,250,000 |
Amortization Cost of Debt | 31,197,353 | 35,260,521 | 45,773,774 |
Fair Value | ' | ' | ' |
Due in one year or less, fair value | 6,657,510 | 4,510,923 | 8,205,591 |
Due from one to five years, fair value | 24,529,880 | 30,677,679 | 35,565,694 |
Due from five to ten years, fair value | ' | ' | 2,239,028 |
Fair value of debt | 31,187,390 | 35,188,602 | 46,010,313 |
Held to maturity Securities | ' | ' | ' |
Amortized Cost | ' | ' | ' |
Due in one year or less, Amortized Cost | 28,961,980 | 27,615,731 | 33,501,248 |
Due from one to five years, Amortized Cost | 3,739,065 | 3,939,950 | 3,641,743 |
Due from five to ten years, Amortized Cost | 2,445,740 | 2,592,045 | 1,898,484 |
Due after ten years, Amortized Cost | 3,772,514 | 3,789,185 | 3,339,493 |
Amortization Cost of Debt | 38,919,299 | 37,936,911 | 42,380,968 |
Fair Value | ' | ' | ' |
Due in one year or less, fair value | 28,962,000 | 27,616,000 | 33,501,000 |
Due from one to five years, fair value | 3,834,000 | 4,048,000 | 3,730,000 |
Due from five to ten years, fair value | 2,540,000 | 2,700,000 | 1,986,000 |
Due after ten years, fair value | 3,961,000 | 4,006,000 | 3,516,000 |
Fair value of debt | $39,297,000 | $38,370,000 | $42,733,000 |
4_Investment_Securities_Detail2
4. Investment Securities (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Fair Value Less than 12 months | $9,547,172 | $13,449,375 | $12,129,166 |
Unrealized Loss Less than 12 months | 30,792 | 25,889 | 195,643 |
Fair Value 12 months or more | 5,160,370 | 0 | 1,004,235 |
Unrealized Loss 12 months or more | 96,233 | 0 | 1,333 |
Fair Value | 14,707,542 | 13,449,375 | 13,133,401 |
Unrealized Loss | 127,025 | 25,889 | 196,976 |
U.S. GSE debt securities | ' | ' | ' |
Fair Value Less than 12 months | 8,003,111 | 11,398,359 | 11,094,830 |
Unrealized Loss Less than 12 months | 27,981 | 25,471 | 194,188 |
Fair Value 12 months or more | 5,160,370 | 0 | 1,004,235 |
Unrealized Loss 12 months or more | 96,233 | 0 | 1,333 |
Fair Value | 13,163,481 | 11,398,359 | 12,099,065 |
Unrealized Loss | 124,214 | 25,471 | 195,521 |
U.S. Government securities | ' | ' | ' |
Fair Value Less than 12 months | 1,544,061 | 2,051,016 | 1,034,336 |
Unrealized Loss Less than 12 months | 2,811 | 418 | 1,455 |
Fair Value 12 months or more | 0 | 0 | 0 |
Unrealized Loss 12 months or more | 0 | 0 | 0 |
Fair Value | 1,544,061 | 2,051,016 | 1,034,336 |
Unrealized Loss | $2,811 | $418 | $1,455 |
4_Investment_Securities_Detail3
4. Investment Securities (Details Narrative) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
integer | integer | integer | |
U.S. GSE debt securities | ' | ' | ' |
Number of securities | 13 | 12 | 11 |
U.S. Government securities | ' | ' | ' |
Number of securities | 2 | 1 | 2 |
5_Loans_Allowance_for_Loan_Los2
5. Loans, Allowance for Loan Losses and Credit Quality (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Loans and Leases Receivable Disclosure [Abstract] | ' | ' | ' | ' |
Commercial and Industrial | $60,728,808 | $55,619,285 | $51,044,490 | ' |
Commercial real estate | 167,369,628 | 156,935,803 | 138,784,472 | ' |
Residential real estate - 1st lien | 171,561,880 | 172,847,074 | 172,031,283 | ' |
Residential real estate - Jr. lien | 44,528,723 | 45,687,405 | 45,912,846 | ' |
Consumer | 8,041,728 | 8,819,359 | 9,696,044 | ' |
Gross Loans | 452,230,767 | 439,908,926 | 417,469,135 | ' |
Allowance for loan loss | 4,837,578 | 4,854,915 | 4,493,384 | 4,312,080 |
Deferred net loan costs (fees) | -290,265 | -300,429 | -206,969 | ' |
Total Adjustments | 4,547,313 | 4,554,486 | 4,286,415 | ' |
Net loans | $447,683,454 | $435,354,440 | $413,182,720 | ' |
5_Loans_Allowance_for_Loan_Los3
5. Loans, Allowance for Loan Losses and Credit Quality (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
30-89 Days | $8,198,207 | $7,628,644 | $5,801,420 |
90 Days or more | 1,921,404 | 2,479,079 | 2,523,714 |
Total Past Due | 10,119,611 | 10,107,723 | 8,325,134 |
Current | 442,111,156 | 429,801,203 | 409,144,001 |
Total Loans | 452,230,767 | 439,908,926 | 417,469,135 |
Non-Accrual Loans | 4,285,061 | 4,726,877 | 4,919,417 |
Over 90 Days and Accruing | 642,675 | 908,148 | 404,710 |
Commercial and industrial | ' | ' | ' |
30-89 Days | 1,134,539 | 1,060,971 | 1,487,049 |
90 Days or more | 289,474 | 310,669 | 303,881 |
Total Past Due | 1,424,013 | 1,371,640 | 1,790,930 |
Current | 59,304,795 | 54,247,645 | 49,253,560 |
Total Loans | 60,728,808 | 55,619,285 | 51,044,490 |
Non-Accrual Loans | 477,572 | 527,105 | 558,874 |
Over 90 Days and Accruing | 0 | 21,902 | 0 |
Commercial Real Estate | ' | ' | ' |
30-89 Days | 1,936,831 | 713,160 | 923,865 |
90 Days or more | 128,428 | 215,507 | 1,396,401 |
Total Past Due | 2,065,259 | 928,667 | 2,320,266 |
Current | 165,304,369 | 156,007,136 | 136,464,206 |
Total Loans | 167,369,628 | 156,935,803 | 138,784,472 |
Non-Accrual Loans | 1,299,476 | 1,403,541 | 2,222,566 |
Over 90 Days and Accruing | 5,313 | 5,313 | 186,792 |
Residential real estate - 1st lien | ' | ' | ' |
30-89 Days | 4,664,185 | 5,184,457 | 3,085,496 |
90 Days or more | 1,368,469 | 1,655,950 | 719,177 |
Total Past Due | 6,032,654 | 6,840,407 | 3,804,673 |
Current | 165,529,226 | 166,006,667 | 168,226,610 |
Total Loans | 171,561,880 | 172,847,074 | 172,031,283 |
Non-Accrual Loans | 2,047,423 | 2,203,106 | 1,769,150 |
Over 90 Days and Accruing | 557,640 | 817,109 | 164,472 |
Residential real estate - Jr lien | ' | ' | ' |
30-89 Days | 355,723 | 533,134 | 211,168 |
90 Days or more | 135,033 | 289,169 | 104,255 |
Total Past Due | 490,756 | 822,303 | 315,423 |
Current | 44,037,967 | 44,865,102 | 45,597,423 |
Total Loans | 44,528,723 | 45,687,405 | 45,912,846 |
Non-Accrual Loans | 460,590 | 593,125 | 368,827 |
Over 90 Days and Accruing | 79,722 | 56,040 | 53,446 |
Consumer | ' | ' | ' |
30-89 Days | 106,929 | 136,922 | 93,842 |
90 Days or more | 0 | 7,784 | 0 |
Total Past Due | 106,929 | 144,706 | 93,842 |
Current | 7,934,799 | 8,674,653 | 9,602,202 |
Total Loans | 8,041,728 | 8,819,359 | 9,696,044 |
Non-Accrual Loans | 0 | 0 | 0 |
Over 90 Days and Accruing | $0 | $7,784 | $0 |
5_Loans_Allowance_for_Loan_Los4
5. Loans, Allowance for Loan Losses and Credit Quality (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Allowance for loan losses, Beginning balance | $4,854,915 | $4,312,080 | $4,312,080 |
Charge-offs | -168,208 | -35,161 | -388,429 |
Recoveries | 15,871 | 10,215 | 261,264 |
Provisions | 135,000 | 206,250 | 670,000 |
Allowance for loan losses, Ending balance | 4,837,578 | 4,493,384 | 4,854,915 |
Allowance for loan losses evaluated for impairment, Individually | 198,200 | 268,200 | 351,400 |
Allowance for loan losses evaluated for impairment, Collectively | 4,639,378 | 4,225,184 | 4,503,515 |
Allowance for loan losses | 4,837,578 | 4,493,384 | 4,854,915 |
Loans evaluated for impairment, Individually | 3,466,705 | 4,208,096 | 4,108,216 |
Loans evaluated for impairment, Collectively | 448,764,062 | 413,261,039 | 435,800,710 |
Total Loans | 452,230,767 | 417,469,135 | 439,908,926 |
Commercial and industrial | ' | ' | ' |
Allowance for loan losses, Beginning balance | 516,382 | 428,381 | 428,381 |
Charge-offs | -16,680 | -17,935 | -83,344 |
Recoveries | 112 | 200 | 2,953 |
Provisions | 56,409 | 25,743 | 168,392 |
Allowance for loan losses, Ending balance | 556,223 | 436,389 | 516,382 |
Allowance for loan losses evaluated for impairment, Individually | 24,000 | 0 | 27,500 |
Allowance for loan losses evaluated for impairment, Collectively | 532,223 | 436,389 | 488,882 |
Allowance for loan losses | 556,223 | 436,389 | 516,382 |
Loans evaluated for impairment, Individually | 348,376 | 323,486 | 373,696 |
Loans evaluated for impairment, Collectively | 60,380,432 | 50,721,004 | 55,245,589 |
Total Loans | 60,728,808 | 51,044,490 | 55,619,285 |
Commercial Real Estate | ' | ' | ' |
Allowance for loan losses, Beginning balance | 2,143,398 | 1,536,440 | 1,536,440 |
Charge-offs | -100,000 | 0 | -124,849 |
Recoveries | 0 | 0 | 185,791 |
Provisions | 129,280 | 226,597 | 546,016 |
Allowance for loan losses, Ending balance | 2,172,678 | 1,763,037 | 2,143,398 |
Allowance for loan losses evaluated for impairment, Individually | 29,000 | 104,500 | 147,700 |
Allowance for loan losses evaluated for impairment, Collectively | 2,143,678 | 1,658,537 | 1,995,698 |
Allowance for loan losses | 2,172,678 | 1,763,037 | 2,143,398 |
Loans evaluated for impairment, Individually | 1,269,644 | 2,054,265 | 1,386,477 |
Loans evaluated for impairment, Collectively | 166,099,984 | 136,730,207 | 155,549,326 |
Total Loans | 167,369,628 | 138,784,472 | 156,935,803 |
Residential Real Estate - 1st Lien | ' | ' | ' |
Allowance for loan losses, Beginning balance | 1,452,184 | 1,563,576 | 1,563,576 |
Charge-offs | 0 | 0 | -56,430 |
Recoveries | 9,373 | 5,626 | 15,819 |
Provisions | -64,623 | -58,063 | -70,781 |
Allowance for loan losses, Ending balance | 1,396,934 | 1,511,139 | 1,452,184 |
Allowance for loan losses evaluated for impairment, Individually | 92,700 | 116,300 | 99,700 |
Allowance for loan losses evaluated for impairment, Collectively | 1,304,234 | 1,394,839 | 1,352,484 |
Allowance for loan losses | 1,396,934 | 1,511,139 | 1,452,184 |
Loans evaluated for impairment, Individually | 1,499,533 | 1,490,005 | 1,788,793 |
Loans evaluated for impairment, Collectively | 170,062,347 | 170,541,278 | 171,058,281 |
Total Loans | 171,561,880 | 172,031,283 | 172,847,074 |
Residential Real Estate Jr Lien | ' | ' | ' |
Allowance for loan losses, Beginning balance | 366,471 | 332,556 | 332,556 |
Charge-offs | 0 | 0 | -56,797 |
Recoveries | 60 | 60 | 21,277 |
Provisions | -17,793 | 53,454 | 69,435 |
Allowance for loan losses, Ending balance | 348,738 | 386,070 | 366,471 |
Allowance for loan losses evaluated for impairment, Individually | 52,500 | 47,400 | 76,500 |
Allowance for loan losses evaluated for impairment, Collectively | 296,238 | 338,670 | 289,971 |
Allowance for loan losses | 348,738 | 386,070 | 366,471 |
Loans evaluated for impairment, Individually | 349,152 | 340,340 | 559,250 |
Loans evaluated for impairment, Collectively | 44,179,571 | 45,572,506 | 45,128,155 |
Total Loans | 44,528,723 | 45,912,846 | 45,687,405 |
Consumer | ' | ' | ' |
Allowance for loan losses, Beginning balance | 105,279 | 138,699 | 138,699 |
Charge-offs | -51,528 | -17,226 | -67,009 |
Recoveries | 6,326 | 4,329 | 35,424 |
Provisions | 40,309 | -6,770 | -1,835 |
Allowance for loan losses, Ending balance | 100,386 | 119,032 | 105,279 |
Allowance for loan losses evaluated for impairment, Individually | 0 | 0 | 0 |
Allowance for loan losses evaluated for impairment, Collectively | 100,386 | 119,032 | 105,279 |
Allowance for loan losses | 100,386 | 119,032 | 105,279 |
Loans evaluated for impairment, Individually | 0 | 0 | 0 |
Loans evaluated for impairment, Collectively | 8,041,728 | 9,696,044 | 8,819,359 |
Total Loans | 8,041,728 | 9,696,044 | 8,819,359 |
Unallocated | ' | ' | ' |
Allowance for loan losses, Beginning balance | 271,201 | 312,428 | 312,428 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provisions | -8,582 | -34,711 | -41,227 |
Allowance for loan losses, Ending balance | 262,619 | 277,717 | 271,201 |
Allowance for loan losses evaluated for impairment, Individually | 0 | 0 | 0 |
Allowance for loan losses evaluated for impairment, Collectively | 262,619 | 277,717 | 271,201 |
Allowance for loan losses | $262,619 | $277,717 | $271,201 |
5_Loans_Allowance_for_Loan_Los5
5. Loans, Allowance for Loan Losses and Credit Quality (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Recorded Investment allowance recorded | $3,466,705 | $4,208,096 | $4,108,216 |
Unpaid Principal Balance allowance recorded | 4,019,500 | 4,990,220 | 4,676,730 |
Related Allowance recorded | 198,200 | 268,200 | 351,400 |
Average Recorded Investment Allowance recorded | 3,787,463 | 4,178,721 | 3,998,811 |
Commercial and industrial | ' | ' | ' |
Recorded Investment With no related allowance recorded | 285,339 | 323,486 | 314,510 |
Recorded Investment With an allowance recorded | 63,037 | ' | 59,186 |
Recorded Investment allowance recorded | 348,376 | 323,486 | 373,696 |
Unpaid Principal Balance With no related allowance recorded | 339,849 | 360,385 | 363,618 |
Unpaid Principal Balance With an allowance recorded | 63,037 | ' | 59,186 |
Unpaid Principal Balance allowance recorded | 402,885 | 360,385 | 422,804 |
Related Allowance With no ralated allowance recorded | 0 | 0 | 0 |
Related Allowance With an allowance recorded | 24,000 | ' | 27,500 |
Related Allowance recorded | 24,000 | 0 | 27,500 |
Average Recorded Investment With no related allowance recorded | 299,925 | 379,326 | 339,519 |
Average Recorded Investment With an allowance recorded | 61,112 | ' | 11,837 |
Average Recorded Investment Allowance recorded | 361,037 | 379,326 | 351,356 |
Commercial Real Estate | ' | ' | ' |
Recorded Investment With no related allowance recorded | 1,159,450 | 1,749,415 | 944,845 |
Recorded Investment With an allowance recorded | 110,194 | 304,850 | 441,632 |
Recorded Investment allowance recorded | 1,269,644 | 2,054,265 | 1,386,477 |
Unpaid Principal Balance With no related allowance recorded | 1,249,304 | 2,123,371 | 1,021,143 |
Unpaid Principal Balance With an allowance recorded | 188,009 | 304,850 | 446,963 |
Unpaid Principal Balance allowance recorded | 1,437,313 | 2,428,221 | 1,468,106 |
Related Allowance With no ralated allowance recorded | 0 | 0 | 0 |
Related Allowance With an allowance recorded | 29,000 | 104,500 | 147,700 |
Related Allowance recorded | 29,000 | 104,500 | 147,700 |
Average Recorded Investment With no related allowance recorded | 1,052,148 | 1,756,015 | 1,325,504 |
Average Recorded Investment With an allowance recorded | 275,913 | 152,425 | 272,174 |
Average Recorded Investment Allowance recorded | 1,328,061 | 1,908,440 | 1,597,678 |
Residential real estate - 1st lien | ' | ' | ' |
Recorded Investment With no related allowance recorded | 1,252,528 | 1,010,777 | 1,354,432 |
Recorded Investment With an allowance recorded | 247,005 | 479,228 | 434,361 |
Recorded Investment allowance recorded | 1,499,533 | 1,490,005 | 1,788,793 |
Unpaid Principal Balance With no related allowance recorded | 1,509,290 | 1,230,873 | 1,654,023 |
Unpaid Principal Balance With an allowance recorded | 275,939 | 540,698 | 474,496 |
Unpaid Principal Balance allowance recorded | 1,785,229 | 1,771,571 | 2,128,519 |
Related Allowance With no ralated allowance recorded | 0 | 0 | 0 |
Related Allowance With an allowance recorded | 92,700 | 116,300 | 99,700 |
Related Allowance recorded | 92,700 | 116,300 | 99,700 |
Average Recorded Investment With no related allowance recorded | 1,303,480 | 1,017,687 | 1,088,631 |
Average Recorded Investment With an allowance recorded | 340,683 | 548,295 | 515,685 |
Average Recorded Investment Allowance recorded | 1,644,163 | 1,565,982 | 1,604,316 |
Residential real estate - Jr lien | ' | ' | ' |
Recorded Investment With no related allowance recorded | 96,266 | 15,694 | 164,137 |
Recorded Investment With an allowance recorded | 252,886 | 324,646 | 395,113 |
Recorded Investment allowance recorded | 349,152 | 340,340 | 559,250 |
Unpaid Principal Balance With no related allowance recorded | 110,220 | 77,545 | 228,134 |
Unpaid Principal Balance With an allowance recorded | 283,853 | 352,498 | 429,167 |
Unpaid Principal Balance allowance recorded | 394,074 | 430,043 | 657,301 |
Related Allowance With no ralated allowance recorded | 0 | 0 | 0 |
Related Allowance With an allowance recorded | 52,500 | 47,400 | 76,500 |
Related Allowance recorded | 52,500 | 47,400 | 76,500 |
Average Recorded Investment With no related allowance recorded | 130,202 | 15,694 | 64,606 |
Average Recorded Investment With an allowance recorded | 324,000 | 309,279 | 380,855 |
Average Recorded Investment Allowance recorded | $454,202 | $324,973 | $445,461 |
5_Loans_Allowance_for_Loan_Los6
5. Loans, Allowance for Loan Losses and Credit Quality (Details 4) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Group A | $434,610,930 | $423,569,097 | $402,686,844 |
Group B | 7,820,888 | 6,737,681 | 5,399,414 |
Group C | 9,798,949 | 9,602,148 | 9,382,877 |
Total Loans | 452,230,767 | 439,908,926 | 417,469,135 |
Commercial and industrial | ' | ' | ' |
Group A | 56,637,600 | 51,740,744 | 49,335,387 |
Group B | 2,759,619 | 2,824,169 | 501,888 |
Group C | 1,331,589 | 1,054,372 | 1,207,215 |
Total Loans | 60,728,808 | 55,619,285 | 51,044,490 |
Commercial Real Estate | ' | ' | ' |
Group A | 157,395,642 | 148,516,895 | 129,675,041 |
Group B | 4,697,830 | 3,292,200 | 4,282,500 |
Group C | 5,276,156 | 5,126,708 | 4,826,931 |
Total Loans | 167,369,628 | 156,935,803 | 138,784,472 |
Residential real estate - 1st lien | ' | ' | ' |
Group A | 168,645,904 | 169,771,357 | 168,993,626 |
Group B | 214,558 | 160,468 | 183,678 |
Group C | 2,701,418 | 2,915,249 | 2,853,979 |
Total Loans | 171,561,880 | 172,847,074 | 172,031,283 |
Residential real estate - Jr lien | ' | ' | ' |
Group A | 43,890,056 | 44,739,736 | 44,989,095 |
Group B | 148,881 | 460,844 | 431,348 |
Group C | 489,786 | 486,825 | 492,403 |
Total Loans | 44,528,723 | 45,687,405 | 45,912,846 |
Consumer | ' | ' | ' |
Group A | 8,041,728 | 8,800,365 | 9,693,695 |
Group B | 0 | 0 | 0 |
Group C | 0 | 18,994 | 2,349 |
Total Loans | $8,041,728 | $8,819,359 | $9,696,044 |
5_Loans_Allowance_for_Loan_Los7
5. Loans, Allowance for Loan Losses and Credit Quality (Details 5) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
integer | integer | |
Number of Contracts modified as TDRs | 3 | 5 |
Pre-Modification Outstanding Recorded Investment | $262,569 | $344,831 |
Post- Modification Outstanding Recorded Investment | 273,647 | 353,691 |
Residential real estate - Jr lien | ' | ' |
Number of Contracts modified as TDRs | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 23,425 |
Post- Modification Outstanding Recorded Investment | ' | 23,425 |
Residential Real Estate - 1st Lien | ' | ' |
Number of Contracts modified as TDRs | ' | 4 |
Pre-Modification Outstanding Recorded Investment | ' | 321,406 |
Post- Modification Outstanding Recorded Investment | ' | $330,266 |
5_Loans_Allowance_for_Loan_Los8
5. Loans, Allowance for Loan Losses and Credit Quality (Details 6) (Residential Real Estate - 1st Lien, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
integer | |
Residential Real Estate - 1st Lien | ' |
Number of Contract | 5 |
Recorded Investment | $446,668 |
5_Loans_Allowance_for_Loan_Los9
5. Loans, Allowance for Loan Losses and Credit Quality (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ' | ' |
Allowance related to TDRs | $0 | $5,800 | $12,000 |
6_Goodwill_and_Other_Intangibl2
6. Goodwill and Other Intangible Assets (Details) (USD $) | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $204,520 |
2015 | 272,695 |
2016 | 272,695 |
2017 | 272,696 |
Total remaining core deposit intangible | $1,022,606 |
6_Goodwill_and_Other_Intangibl3
6. Goodwill and Other Intangible Assets (Details Narrative) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Accumulated amortization expense | $3,138,394 | $2,865,699 |
Amortization expense for the core deposit intangible | $68,175 | $68,175 |
7_Fair_Value_Details
7. Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
U.S. GSE debt securities | $25,630,361 | $29,138,914 | $38,919,258 |
U.S. Government securities | 5,557,029 | 6,049,688 | 7,091,055 |
Fair Value Level 1 | ' | ' | ' |
U.S. GSE debt securities | 0 | 0 | 0 |
U.S. Government securities | 5,557,029 | 6,049,688 | 7,091,055 |
Fair Value Level 2 | ' | ' | ' |
U.S. GSE debt securities | 25,630,361 | 29,138,914 | 38,919,258 |
U.S. Government securities | $0 | $0 | $0 |
7_Fair_Value_Details_1
7. Fair Value (Details 1) (Fair Value Level 2, USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Fair Value Level 2 | ' | ' | ' |
Assets: (market approach) | ' | ' | ' |
Mortgage servicing rights | $1,321,695 | $1,329,079 | $1,046,252 |
Impaired loans, net of related allowance | 474,922 | 978,892 | 840,524 |
OREO | $865,820 | $1,105,525 | $879,705 |
7_Fair_Value_Details_2
7. Fair Value (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Fair Value Level 1 | ' | ' | ' |
Financial assets: (in thousands) | ' | ' | ' |
Cash and cash equivalents | $19,127 | $18,330 | $8,702 |
Securities held-to-maturity | 0 | 0 | 0 |
Fair Value - Available for sale Securities | 5,557 | 6,050 | 7,091 |
Restricted equity securities | 0 | 0 | 0 |
Loans and loans held-for-sale | ' | ' | ' |
Commercial & Industrial | 0 | 0 | 0 |
Commercial real estate | 0 | 0 | 0 |
Residential real estate - 1st lien | 0 | 0 | 0 |
Residential real estate - Jr. lien | 0 | 0 | 0 |
Consumer | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Accrued interest receivable | 0 | 0 | 0 |
Financial liabilities: (in thousands) | ' | ' | ' |
Deposits, Other deposits | 0 | 0 | 0 |
Deposits, Brokered deposits | 0 | 0 | 0 |
Federal funds purchased and short-term borrowings | 0 | ' | ' |
Long-term borrowings | 0 | ' | 0 |
Repurchase agreements | 0 | 0 | 0 |
Capital lease obligations | 0 | 0 | 0 |
Subordinated debentures | 0 | 0 | 0 |
Accrued interest payable | 0 | 0 | 0 |
Fair Value Level 2 | ' | ' | ' |
Financial assets: (in thousands) | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 |
Securities held-to-maturity | 39,297 | 38,370 | 42,733 |
Fair Value - Available for sale Securities | 25,630 | 29,139 | 38,919 |
Restricted equity securities | 3,633 | 3,633 | 3,633 |
Loans and loans held-for-sale | ' | ' | ' |
Commercial & Industrial | 324 | 346 | 323 |
Commercial real estate | 1,241 | 1,239 | 1,949 |
Residential real estate - 1st lien | 1,407 | 1,689 | 1,374 |
Residential real estate - Jr. lien | 296 | 483 | 293 |
Consumer | 0 | 0 | 0 |
Mortgage servicing rights | 1,608 | 1,608 | 1,046 |
Accrued interest receivable | 1,998 | 1,778 | 1,971 |
Financial liabilities: (in thousands) | ' | ' | ' |
Deposits, Other deposits | 455,151 | 464,220 | 448,797 |
Deposits, Brokered deposits | 28,319 | 18,401 | 17,492 |
Federal funds purchased and short-term borrowings | 6,000 | ' | ' |
Long-term borrowings | 6,000 | ' | 7,845 |
Repurchase agreements | 25,886 | 29,645 | 28,624 |
Capital lease obligations | 694 | 711 | 759 |
Subordinated debentures | 12,881 | 12,880 | 12,880 |
Accrued interest payable | 77 | 75 | 83 |
Fair Value Level 3 | ' | ' | ' |
Financial assets: (in thousands) | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 |
Securities held-to-maturity | 0 | 0 | 0 |
Fair Value - Available for sale Securities | 0 | 0 | 0 |
Restricted equity securities | 0 | 0 | 0 |
Loans and loans held-for-sale | ' | ' | ' |
Commercial & Industrial | 61,035 | 56,035 | 51,347 |
Commercial real estate | 168,597 | 157,843 | 137,425 |
Residential real estate - 1st lien | 173,511 | 174,776 | 177,405 |
Residential real estate - Jr. lien | 44,799 | 45,785 | 46,250 |
Consumer | 8,321 | 9,130 | 10,090 |
Mortgage servicing rights | 0 | 0 | 0 |
Accrued interest receivable | 0 | 0 | 0 |
Financial liabilities: (in thousands) | ' | ' | ' |
Deposits, Other deposits | 0 | 0 | 0 |
Deposits, Brokered deposits | 0 | 0 | 0 |
Federal funds purchased and short-term borrowings | 0 | ' | ' |
Long-term borrowings | 0 | ' | 0 |
Repurchase agreements | 0 | 0 | 0 |
Capital lease obligations | 0 | 0 | 0 |
Subordinated debentures | 0 | 0 | 0 |
Accrued interest payable | 0 | 0 | 0 |
Carrying Amount | ' | ' | ' |
Financial assets: (in thousands) | ' | ' | ' |
Cash and cash equivalents | 19,127 | 18,330 | 8,702 |
Securities held-to-maturity | 38,919 | 37,937 | 42,381 |
Fair Value - Available for sale Securities | 31,187 | 35,189 | 46,010 |
Restricted equity securities | 3,633 | 3,633 | 3,633 |
Loans and loans held-for-sale | ' | ' | ' |
Commercial & Industrial | 60,138 | 55,069 | 50,575 |
Commercial real estate | 165,100 | 154,696 | 136,929 |
Residential real estate - 1st lien | 170,571 | 171,498 | 171,753 |
Residential real estate - Jr. lien | 44,154 | 45,292 | 45,496 |
Consumer | 7,937 | 8,709 | 9,571 |
Mortgage servicing rights | 1,322 | 1,329 | 1,046 |
Accrued interest receivable | 1,998 | 1,778 | 1,971 |
Financial liabilities: (in thousands) | ' | ' | ' |
Deposits, Other deposits | 454,295 | 463,160 | 446,782 |
Deposits, Brokered deposits | 28,313 | 18,393 | 17,480 |
Federal funds purchased and short-term borrowings | 6,000 | ' | ' |
Long-term borrowings | 6,000 | ' | 7,845 |
Repurchase agreements | 25,886 | 29,645 | 28,624 |
Capital lease obligations | 694 | 711 | 759 |
Subordinated debentures | 12,887 | 12,887 | 12,887 |
Accrued interest payable | 77 | 75 | 83 |
Fair Value | ' | ' | ' |
Financial assets: (in thousands) | ' | ' | ' |
Cash and cash equivalents | 19,127 | 18,330 | 8,702 |
Securities held-to-maturity | 39,297 | 38,370 | 42,733 |
Fair Value - Available for sale Securities | 31,187 | 35,189 | 46,010 |
Restricted equity securities | 3,633 | 3,633 | 3,633 |
Loans and loans held-for-sale | ' | ' | ' |
Commercial & Industrial | 61,359 | 56,381 | 51,670 |
Commercial real estate | 169,838 | 159,082 | 139,374 |
Residential real estate - 1st lien | 174,918 | 176,465 | 178,779 |
Residential real estate - Jr. lien | 45,095 | 46,268 | 46,543 |
Consumer | 8,321 | 9,130 | 10,090 |
Mortgage servicing rights | 1,608 | 1,608 | 1,046 |
Accrued interest receivable | 1,998 | 1,778 | 1,971 |
Financial liabilities: (in thousands) | ' | ' | ' |
Deposits, Other deposits | 455,151 | 464,220 | 448,797 |
Deposits, Brokered deposits | 28,319 | 18,401 | 17,492 |
Federal funds purchased and short-term borrowings | 6,000 | ' | ' |
Long-term borrowings | 6,000 | ' | 7,845 |
Repurchase agreements | 25,886 | 29,645 | 28,624 |
Capital lease obligations | 694 | 711 | 759 |
Subordinated debentures | 12,881 | 12,880 | 12,880 |
Accrued interest payable | $77 | $75 | $83 |
8_Loan_Servicing_Details
8. Loan Servicing (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Transfers and Servicing of Financial Assets [Abstract] | ' | ' | ' |
Balance at beginning of year | $1,329,079 | $1,009,623 | $1,009,623 |
Mortgage servicing rights capitalized | 46,636 | 74,507 | 274,253 |
Mortgage servicing rights amortized | -57,818 | -104,557 | -317,865 |
Change in valuation allowance | 3,798 | 66,679 | 363,068 |
Balance at end of period | $1,321,695 | $1,046,252 | $1,329,079 |
Note_10_Subsequent_Event
Note 10. Subsequent Event (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note10.SubsequentEventAbstract | ' | ' |
Dividend | ($778,872) | ($673,502) |