Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Jul. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Old Point Financial Corporation | ' |
Entity Central Index Key | '0000740971 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 4,959,009 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Cash and due from banks | $15,527,275 | $15,982,070 |
Interest-bearing due from banks | 49,255,719 | 24,732,329 |
Federal funds sold | 1,930,976 | 1,602,847 |
Cash and cash equivalents | 66,713,970 | 42,317,246 |
Securities available-for-sale, at fair value | 158,147,372 | 329,455,812 |
Securities held-to-maturity | 93,819,137 | 570,000 |
Restricted securities | 2,378,100 | 2,561,900 |
Loans, net of allowance for loan losses | 473,187,156 | 463,808,457 |
Premises and equipment, net | 38,463,873 | 32,528,350 |
Bank-owned life insurance | 22,471,938 | 21,824,197 |
Foreclosed assets, net of valuation allowance | 6,888,213 | 6,573,398 |
Other assets | 14,486,743 | 7,859,344 |
Total assets | 876,556,502 | 907,498,704 |
Deposits: | ' | ' |
Noninterest-bearing deposits | 180,462,289 | 176,740,312 |
Savings deposits | 279,577,902 | 268,252,782 |
Time deposits | 270,783,394 | 308,822,642 |
Total deposits | 730,823,585 | 753,815,736 |
Overnight repurchase agreements | 37,019,654 | 35,945,800 |
Term repurchase agreements | 411,065 | 1,279,574 |
Federal Home Loan Bank advances | 25,000,000 | 25,000,000 |
Accrued expenses and other liabilities | 3,145,411 | 2,157,558 |
Total liabilities | 796,399,715 | 818,198,668 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $5 par value, 10,000,000 shares authorized; 4,959,009 shares issued and outstanding | 24,795,045 | 24,795,045 |
Additional paid-in capital | 16,391,845 | 16,391,845 |
Retained earnings | 50,464,644 | 48,304,609 |
Accumulated other comprehensive loss, net | -11,494,747 | -191,463 |
Total stockholders' equity | 80,156,787 | 89,300,036 |
Total liabilities and stockholders' equity | $876,556,502 | $907,498,704 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Securities held-to-maturity, fair value | $94,838,359 | $573,500 |
Allowance for loan losses | 6,979,663 | 7,324,310 |
Foreclosed assets, valuation allowance | $1,716,858 | $1,870,285 |
Stockholders' equity: | ' | ' |
Common stock, par value (in dollars per share) | $5 | $5 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 4,959,009 | 4,959,009 |
Common stock, shares outstanding (in shares) | 4,959,009 | 4,959,009 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Interest and Dividend Income: | ' | ' | ' | ' |
Interest and fees on loans | $5,883,652 | $6,494,629 | $17,782,921 | $20,313,095 |
Interest on due from banks | 35,694 | 16,871 | 68,501 | 43,151 |
Interest on federal funds sold | 161 | 401 | 912 | 1,164 |
Interest on securities: | ' | ' | ' | ' |
Taxable | 949,535 | 1,229,293 | 3,526,071 | 3,830,193 |
Tax-exempt | 369,008 | 201,758 | 920,990 | 443,967 |
Dividends and interest on all other securities | 25,283 | 15,275 | 69,401 | 60,467 |
Total interest and dividend income | 7,263,333 | 7,958,227 | 22,368,796 | 24,692,037 |
Interest Expense: | ' | ' | ' | ' |
Interest on savings deposits | 71,252 | 95,052 | 227,107 | 283,291 |
Interest on time deposits | 757,102 | 971,078 | 2,406,837 | 2,910,056 |
Interest on federal funds purchased, securities sold under agreements to repurchase and other borrowings | 7,120 | 10,415 | 26,561 | 42,438 |
Interest on Federal Home Loan Bank advances | 308,584 | 337,550 | 915,688 | 1,187,642 |
Total interest expense | 1,144,058 | 1,414,095 | 3,576,193 | 4,423,427 |
Net interest income | 6,119,275 | 6,544,132 | 18,792,603 | 20,268,610 |
Provision for loan losses | 300,000 | 750,000 | 800,000 | 1,950,000 |
Net interest income, after provision for loan losses | 5,819,275 | 5,794,132 | 17,992,603 | 18,318,610 |
Noninterest Income: | ' | ' | ' | ' |
Income from fiduciary activities | 868,598 | 776,615 | 2,634,092 | 2,396,266 |
Service charges on deposit accounts | 1,081,896 | 1,050,152 | 3,114,761 | 3,153,461 |
Other service charges, commissions and fees | 880,544 | 853,989 | 2,651,134 | 2,531,050 |
Income from bank-owned life insurance | 215,307 | 693,745 | 647,133 | 1,142,626 |
Income from Old Point Mortgage | 99,150 | 51,168 | 403,474 | 176,466 |
Gain (loss) on sale of available-for-sale securities, net | -5,185 | 619,936 | -25,717 | 1,703,805 |
Other operating income | 56,525 | 60,027 | 169,460 | 150,691 |
Total noninterest income | 3,196,835 | 4,105,632 | 9,594,337 | 11,254,365 |
Noninterest Expense: | ' | ' | ' | ' |
Salaries and employee benefits | 4,554,101 | 5,259,880 | 14,280,611 | 15,440,042 |
Occupancy and equipment | 1,098,172 | 1,110,635 | 3,289,055 | 3,273,568 |
Data processing | 412,555 | 448,854 | 1,247,015 | 1,222,757 |
FDIC insurance | 172,382 | 284,042 | 529,357 | 851,194 |
Customer development | 186,030 | 189,037 | 597,508 | 595,925 |
Legal and audit expense | 155,900 | 174,672 | 390,561 | 582,784 |
Other outside service fees | 112,795 | 135,881 | 321,683 | 429,248 |
Employee professional development | 142,651 | 125,844 | 455,432 | 455,828 |
Postage and courier expense | 119,773 | 118,179 | 362,804 | 361,490 |
Advertising | 52,863 | 138,733 | 300,233 | 430,345 |
Stationery and supplies | 111,188 | 116,733 | 326,911 | 334,572 |
Bad checks and other losses | 107,525 | 103,070 | 246,745 | 240,517 |
Capital stock tax | 104,808 | 61,404 | 296,999 | 185,114 |
Loss on write-down/sale of foreclosed assets | 65,234 | 99,960 | 268,910 | 736,594 |
Other operating expense | 380,172 | 385,306 | 1,136,902 | 1,108,340 |
Total noninterest expense | 7,776,149 | 8,752,230 | 24,050,726 | 26,248,318 |
Income before income taxes | 1,239,961 | 1,147,534 | 3,536,214 | 3,324,657 |
Income tax expense | 202,617 | 73,346 | 582,738 | 533,961 |
Net income | $1,037,344 | $1,074,188 | $2,953,476 | $2,790,696 |
Basic Earnings per Share: | ' | ' | ' | ' |
Average shares outstanding (in shares) | 4,959,009 | 4,959,009 | 4,959,009 | 4,959,009 |
Net income per share of common stock (in dollars per share) | $0.21 | $0.22 | $0.60 | $0.56 |
Diluted Earnings per Share: | ' | ' | ' | ' |
Average shares outstanding (in shares) | 4,959,009 | 4,959,009 | 4,959,009 | 4,959,009 |
Net income per share of common stock (in dollars per share) | $0.21 | $0.22 | $0.60 | $0.56 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statements of Comprehensive Income (Loss) (unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $1,037,344 | $1,074,188 | $2,953,476 | $2,790,696 |
Other comprehensive (loss), net of tax: | ' | ' | ' | ' |
Unrealized gains (losses) on securities, net of reclassification adjustment | -3,125,290 | 2,153,604 | -11,348,274 | 2,403,011 |
Amortization of unrealized losses on securities transferred to held-to-maturity, net of tax | 44,990 | 0 | 44,990 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -3,080,300 | 2,153,604 | -11,303,284 | 2,403,011 |
Comprehensive income (loss) | ($2,042,956) | $3,227,792 | ($8,349,808) | $5,193,707 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2011 | $24,795,045 | $16,309,983 | $45,109,268 | ($349,581) | $85,864,715 |
Balance (in shares) at Dec. 31, 2011 | 4,959,009 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 2,790,696 | 0 | 2,790,696 |
Other comprehensive loss, net of tax | 0 | 0 | 0 | 2,403,011 | 2,403,011 |
Stock compensation expense | 0 | 81,060 | 0 | 0 | 81,060 |
Cash dividends | 0 | 0 | -743,851 | 0 | -743,851 |
Balance at Sep. 30, 2012 | 24,795,045 | 16,391,043 | 47,156,113 | 2,053,430 | 90,395,631 |
Balance (in shares) at Sep. 30, 2012 | 4,959,009 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 24,795,045 | 16,391,845 | 48,304,609 | -191,463 | 89,300,036 |
Balance (in shares) at Dec. 31, 2012 | 4,959,009 | ' | ' | ' | 4,959,009 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 2,953,476 | 0 | 2,953,476 |
Other comprehensive loss, net of tax | 0 | 0 | 0 | -11,303,284 | -11,303,284 |
Cash dividends | 0 | 0 | -793,441 | 0 | -793,441 |
Balance at Sep. 30, 2013 | $24,795,045 | $16,391,845 | $50,464,644 | ($11,494,747) | $80,156,787 |
Balance (in shares) at Sep. 30, 2013 | 4,959,009 | ' | ' | ' | 4,959,009 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statements of Changes in Stockholders' Equity (unaudited) [Abstract] | ' | ' |
Cash dividends (in dollars per share) | $0.16 | $0.15 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $2,953,476 | $2,790,696 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 1,471,114 | 1,411,040 |
Provision for loan losses | 800,000 | 1,950,000 |
Net (gain) loss on sale of available-for-sale securities | 25,717 | -1,703,805 |
Net amortization of securities | 1,947,709 | 1,142,043 |
Net loss on disposal of premises and equipment | 22,666 | 396 |
Net loss on write-down/sale of foreclosed assets | 268,910 | 736,594 |
Income from bank owned life insurance | -647,133 | -1,142,626 |
Stock compensation expense | 0 | 81,060 |
Deferred tax (benefit) expense | -59,203 | 110,235 |
(Increase) decrease in other assets | -777,574 | 1,653,149 |
Increase in other liabilities | 987,853 | 993,695 |
Net cash provided by operating activities | 6,993,535 | 8,022,477 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of available-for-sale securities | -12,742,008 | -277,741,641 |
Purchases of held-to-maturity securities | -25,770,691 | 0 |
Proceeds from sales of restricted securities | 183,800 | 889,100 |
Proceeds from maturities and calls of securities | 35,340,464 | 59,843,643 |
Proceeds from sale of available-for-sale securities | 62,131,923 | 147,178,925 |
Decrease in loans made to customers | -11,610,600 | 53,071,871 |
Proceeds from sales of foreclosed assets | 1,386,147 | 2,461,219 |
Proceeds from payout on bank-owned life insurance policy | 0 | 1,109,296 |
Purchases of premises and equipment | -7,935,599 | -2,226,964 |
Net cash provided by (used in) investing activities | 40,983,436 | -15,414,551 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Increase in noninterest-bearing deposits | 3,721,977 | 12,551,450 |
Increase in savings deposits | 11,325,120 | 15,417,220 |
Increase (decrease) in time deposits | -38,039,248 | 12,826,761 |
Decrease in federal funds purchased, repurchase agreements and other borrowings | 205,345 | 2,062,241 |
Decrease in Federal Home Loan Bank advances | 0 | -10,000,000 |
Cash dividends paid on common stock | -793,441 | -743,851 |
Net cash provided by (used in) financing activities | -23,580,247 | 32,113,821 |
Net increase in cash and cash equivalents | 24,396,724 | 24,721,747 |
Cash and cash equivalents at beginning of period | 42,317,246 | 24,854,656 |
Cash and cash equivalents at end of period | 66,713,970 | 49,576,403 |
Cash payments for: | ' | ' |
Interest | 3,664,860 | 4,526,922 |
Income tax | 550,000 | 600,000 |
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | ' | ' |
Unrealized gain (loss) on securities available-for-sale | -10,962,474 | 3,640,925 |
Loans transferred to foreclosed assets | 1,431,901 | 564,480 |
Former branch site transferred to foreclosed assets | 506,296 | 0 |
Securities transferred from available-for-sale to held-to-maturity | 68,015,458 | 0 |
Unrealized Gain or Loss on AFS to HTM Transfers | -6,231,880 | 0 |
Amortization of Unrealized Gain or Loss on Securities Transferred from AFS to HTM | $68,166 | $0 |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
General [Abstract] | ' |
General | ' |
Note 1. General | |
The accompanying unaudited consolidated financial statements of Old Point Financial Corporation (the Company) and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. All significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications of a normal and recurring nature considered necessary to present fairly the financial positions at June 30, 2013 and December 31, 2012, the results of operations and statements of comprehensive income for the three and six months ended June 30, 2013 and 2012, and the statements of changes in stockholders’ equity and statements of cash flows for the six months ended June 30, 2013 and 2012. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. | |
These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2012 annual report on Form 10-K. Certain previously reported amounts have been reclassified to conform to current period presentation. | |
AVAILABLE INFORMATION | |
The Company maintains a website on the Internet at www.oldpoint.com. The Company makes available free of charge, on or through its website, its proxy statements, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports as soon as reasonably practicable after such material is electronically filed with the Securities and Exchange Commission (SEC). The information available on the Company’s Internet website is not part of this Form 10-Q or any other report filed by the Company with the SEC. The public may read and copy any documents the Company files at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The Company’s SEC filings can also be obtained on the SEC’s website on the Internet at www.sec.gov. | |
SUBSEQUENT EVENTS | |
In accordance with ASC 855-10, “Subsequent Events,” the Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) nonrecognized, or those that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. | |
The Company is expanding the building of a current branch office. The Company signed a contract with a general contractor on April 19, 2012. The contract entitles the contractor to $2.1 million for Phase I of the construction, which includes site work and construction of the building shell. The Company signed an amendment to the contract with the general contractor on October 16, 2012 for the remainder of the construction. The revised contract entitles the contractor to $12.2 million for the construction of the building. As of the writing of this quarterly report on Form 10-Q, $6.5 million had been disbursed to the contractor. The Company anticipates that the total project will likely cost between $13.0 million and $15.0 million and be completed in the next nine months. | |
Other than those discussed above, the Company did not identify any recognized or nonrecognized subsequent events that would have required adjustment to or disclosure in the financial statements. |
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||
Note 2. Securities | |||||||||||||||||||||||||||||
Amortized costs and fair values of securities held-to-maturity as of the dates indicated are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 570 | $ | 3 | $ | (3 | ) | $ | 570 | ||||||||||||||||||||
Obligations of state and political subdivisions | 10,843 | 9 | (19 | ) | 10,833 | ||||||||||||||||||||||||
Total | $ | 11,413 | $ | 12 | $ | (22 | ) | $ | 11,403 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 570 | $ | 4 | $ | 0 | $ | 574 | |||||||||||||||||||||
Amortized costs and fair values of securities available-for-sale as of the dates indicated are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 25,372 | $ | 551 | $ | (118 | ) | $ | 25,805 | ||||||||||||||||||||
Obligations of state and political subdivisions | 50,997 | 160 | (2,393 | ) | 48,764 | ||||||||||||||||||||||||
Mortgage-backed securities | 189,456 | 0 | (7,613 | ) | 181,843 | ||||||||||||||||||||||||
Money market investments | 801 | 0 | 0 | 801 | |||||||||||||||||||||||||
Corporate bonds | 1,399 | 0 | (29 | ) | 1,370 | ||||||||||||||||||||||||
Total | $ | 268,025 | $ | 711 | $ | (10,153 | ) | $ | 258,583 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 35,787 | $ | 1,314 | $ | (13 | ) | $ | 37,088 | ||||||||||||||||||||
Obligations of state and political subdivisions | 43,276 | 712 | (214 | ) | 43,774 | ||||||||||||||||||||||||
Mortgage-backed securities | 246,132 | 1,966 | (743 | ) | 247,355 | ||||||||||||||||||||||||
Money market investments | 541 | 0 | 0 | 541 | |||||||||||||||||||||||||
Corporate bonds and other securities | 700 | 0 | (2 | ) | 698 | ||||||||||||||||||||||||
Total | $ | 326,436 | $ | 3,992 | $ | (972 | ) | $ | 329,456 | ||||||||||||||||||||
OTHER-THAN-TEMPORARILY IMPAIRED SECURITIES | |||||||||||||||||||||||||||||
Management assesses whether the Company intends to sell or it is more-likely-than-not that the Company will be required to sell a security before recovery of its amortized cost basis less any current-period credit losses. For debt securities that are considered other-than-temporarily impaired and that the Company does not intend to sell and will not be required to sell prior to recovery of the amortized cost basis, the Company separates the amount of the impairment into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between the security’s amortized cost basis and the present value of its expected future cash flows. The remaining difference between the security’s fair value and the present value of future expected cash flows is due to factors that are not credit related and is recognized in other comprehensive income. | |||||||||||||||||||||||||||||
The present value of expected future cash flows is determined using the best-estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best-estimate cash flows vary depending on the type of security. The asset-backed securities cash flow estimates are based on bond specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds, and structural support, including subordination and guarantees. | |||||||||||||||||||||||||||||
The Company has a process in place to identify debt securities that could potentially have a credit or interest-rate related impairment that is other-than-temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts, and cash flow projections as indicators of credit issues. On a quarterly basis, management reviews all securities to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. Management considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (a) the extent and length of time the fair value has been below cost; (b) the reasons for the decline in value; (c) the financial position and access to capital of the issuer, including the current and future impact of any specific events; and (d) for fixed maturity securities, the Company’s intent to sell a security or whether it is more-likely-than-not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity and for equity securities, the Company’s ability and intent to hold the security for a period of time that allows for the recovery in value. | |||||||||||||||||||||||||||||
The Company has not recorded impairment charges through income on securities for the three or six months ended June 30, 2013 or the year ended December 31, 2012. | |||||||||||||||||||||||||||||
TEMPORARILY IMPAIRED SECURITIES | |||||||||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are deemed to be temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated. The Company had no held-to-maturity securities with unrealized losses at December 31, 2012. | |||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | Gross | Fair | Number | |||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | Unrealized | Value | of | |||||||||||||||||||||||
Losses | Losses | Losses | Securities | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 118 | $ | 4,890 | $ | 0 | $ | 0 | $ | 118 | $ | 4,890 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 2,393 | 37,905 | 0 | 0 | 2,393 | 37,905 | 69 | ||||||||||||||||||||||
Mortgage-backed securities | 7,613 | 181,843 | 0 | 0 | 7,613 | 181,843 | 19 | ||||||||||||||||||||||
Corporate bonds | 29 | 1,370 | 0 | 0 | 29 | 1,370 | 11 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 10,153 | $ | 226,008 | $ | 0 | $ | 0 | $ | 10,153 | $ | 226,008 | 100 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 3 | $ | 97 | $ | 0 | $ | 0 | $ | 3 | $ | 97 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 19 | 857 | 0 | 0 | 19 | 857 | 1 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 22 | $ | 954 | $ | 0 | $ | 0 | $ | 22 | $ | 954 | 2 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | Gross | Fair | Number | |||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | Unrealized | Value | of | |||||||||||||||||||||||
Losses | Losses | Losses | Securities | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of U. S. Government agencies | $ | 13 | $ | 5,103 | $ | 0 | $ | 0 | $ | 13 | $ | 5,103 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 214 | 9,535 | 0 | 0 | 214 | 9,535 | 24 | ||||||||||||||||||||||
Mortgage-backed securities | 743 | 104,066 | 0 | 0 | 743 | 104,066 | 9 | ||||||||||||||||||||||
Corporate bonds and other securities | 2 | 700 | 0 | 0 | 2 | 700 | 2 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 972 | $ | 119,404 | $ | 0 | $ | 0 | $ | 972 | $ | 119,404 | 36 | ||||||||||||||||
Certain investments within the Company’s portfolio had unrealized losses at June 30, 2013 and December 31, 2012, as shown in the tables above. The unrealized losses were caused by increases in market interest rates. Because the Company does not intend to sell the investments and management believes it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at June 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||||
Restricted Securities | |||||||||||||||||||||||||||||
The restricted security category is comprised of stock in the Federal Home Loan Bank of Atlanta (FHLB) and the Federal Reserve Bank (FRB). These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and the securities lack a market. Therefore, FHLB and FRB stock is carried at cost and evaluated for impairment. When evaluating these stocks for impairment, their value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. Restricted stock is viewed as a long-term investment and management believes that the Company has the ability and the intent to hold this stock until its value is recovered. |
Loans_and_the_Allowance_for_Lo
Loans and the Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Note 3. Loans and the Allowance for Loan Losses | |||||||||||||||||||||||||||||
The following is a summary of the balances in each class of the Company’s loan portfolio as of the dates indicated: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 80,553 | $ | 77,267 | |||||||||||||||||||||||||
Commercial | 273,498 | 274,613 | |||||||||||||||||||||||||||
Construction | 13,493 | 12,005 | |||||||||||||||||||||||||||
Second mortgages | 12,242 | 14,315 | |||||||||||||||||||||||||||
Equity lines of credit | 31,201 | 32,327 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 410,987 | 410,527 | |||||||||||||||||||||||||||
Commercial loans | 28,687 | 25,341 | |||||||||||||||||||||||||||
Consumer loans | 10,985 | 13,146 | |||||||||||||||||||||||||||
Other | 18,849 | 22,119 | |||||||||||||||||||||||||||
Total loans | 469,508 | 471,133 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (7,296 | ) | (7,324 | ) | |||||||||||||||||||||||||
Loans, net of allowance and deferred fees | $ | 462,212 | $ | 463,809 | |||||||||||||||||||||||||
Overdrawn deposit accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts totaled $587 thousand and $1.6 million at June 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||
CREDIT QUALITY INFORMATION | |||||||||||||||||||||||||||||
The Company uses internally-assigned risk grades to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company’s internal risk grade system is based on experiences with similarly graded loans. Credit risk grades are updated at least quarterly as additional information becomes available, at which time management analyzes the resulting scores to track loan performance. | |||||||||||||||||||||||||||||
The Company’s internally assigned risk grades are as follows: | |||||||||||||||||||||||||||||
· | Pass: Loans are of acceptable risk. | ||||||||||||||||||||||||||||
· | Other Assets Especially Mentioned (OAEM): Loans have potential weaknesses that deserve management’s close attention. | ||||||||||||||||||||||||||||
· | Substandard: Loans reflect significant deficiencies due to several adverse trends of a financial, economic or managerial nature. | ||||||||||||||||||||||||||||
· | Doubtful: Loans have all the weaknesses inherent in a substandard loan with added characteristics that make collection or liquidation in full based on currently existing facts, conditions and values highly questionable or improbable. | ||||||||||||||||||||||||||||
· | Loss: Loans have been charged off because they are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. | ||||||||||||||||||||||||||||
The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: | |||||||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of June 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 73,496 | $ | 1,746 | $ | 5,311 | $ | 80,553 | |||||||||||||||||||||
Commercial | 256,142 | 7,708 | 9,648 | 273,498 | |||||||||||||||||||||||||
Construction | 10,374 | 239 | 2,880 | 13,493 | |||||||||||||||||||||||||
Second mortgages | 11,895 | 238 | 109 | 12,242 | |||||||||||||||||||||||||
Equity lines of credit | 30,598 | 0 | 603 | 31,201 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 382,505 | 9,931 | 18,551 | 410,987 | |||||||||||||||||||||||||
Commercial loans | 27,533 | 112 | 1,042 | 28,687 | |||||||||||||||||||||||||
Consumer loans | 10,956 | 0 | 29 | 10,985 | |||||||||||||||||||||||||
Other | 18,849 | 0 | 0 | 18,849 | |||||||||||||||||||||||||
Total | $ | 439,843 | $ | 10,043 | $ | 19,622 | $ | 469,508 | |||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 70,961 | $ | 1,711 | $ | 4,595 | $ | 77,267 | |||||||||||||||||||||
Commercial | 258,195 | 6,781 | 9,637 | 274,613 | |||||||||||||||||||||||||
Construction | 8,651 | 254 | 3,100 | 12,005 | |||||||||||||||||||||||||
Second mortgages | 13,488 | 242 | 585 | 14,315 | |||||||||||||||||||||||||
Equity lines of credit | 31,704 | 239 | 384 | 32,327 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 382,999 | 9,227 | 18,301 | 410,527 | |||||||||||||||||||||||||
Commercial loans | 23,997 | 209 | 1,135 | 25,341 | |||||||||||||||||||||||||
Consumer loans | 13,042 | 0 | 104 | 13,146 | |||||||||||||||||||||||||
Other | 22,119 | 0 | 0 | 22,119 | |||||||||||||||||||||||||
Total | $ | 442,157 | $ | 9,436 | $ | 19,540 | $ | 471,133 | |||||||||||||||||||||
As of June 30, 2013 and December 31, 2012 the Company did not have any loans internally classified as Loss or Doubtful. | |||||||||||||||||||||||||||||
AGE ANALYSIS OF PAST DUE LOANS BY CLASS | |||||||||||||||||||||||||||||
All classes of loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Interest and fees continue to accrue on past due loans until the date the loan is placed in nonaccrual status, if applicable. The following table includes an aging analysis of the recorded investment in past due loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection. Loans in nonaccrual status that are also past due are included in the aging categories in the table below. | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of June 30, 2013 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | Investment | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | > 90 Days | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,752 | $ | 38 | $ | 3,306 | $ | 5,096 | $ | 75,457 | $ | 80,553 | $ | 258 | |||||||||||||||
Commercial | 0 | 200 | 716 | 916 | 272,582 | 273,498 | 0 | ||||||||||||||||||||||
Construction | 404 | 0 | 2,880 | 3,284 | 10,209 | 13,493 | 0 | ||||||||||||||||||||||
Second mortgages | 46 | 35 | 20 | 101 | 12,141 | 12,242 | 20 | ||||||||||||||||||||||
Equity lines of credit | 175 | 75 | 0 | 250 | 30,951 | 31,201 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 2,377 | 348 | 6,922 | 9,647 | 401,340 | 410,987 | 278 | ||||||||||||||||||||||
Commercial loans | 54 | 49 | 0 | 103 | 28,584 | 28,687 | 0 | ||||||||||||||||||||||
Consumer loans | 80 | 40 | 13 | 133 | 10,852 | 10,985 | 13 | ||||||||||||||||||||||
Other | 65 | 9 | 5 | 79 | 18,770 | 18,849 | 5 | ||||||||||||||||||||||
Total | $ | 2,576 | $ | 446 | $ | 6,940 | $ | 9,962 | $ | 459,546 | $ | 469,508 | $ | 296 | |||||||||||||||
-1 | For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. | ||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of December 31, 2012 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | Investment | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | > 90 Days | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,115 | $ | 0 | $ | 3,783 | $ | 4,898 | $ | 72,369 | $ | 77,267 | $ | 348 | |||||||||||||||
Commercial | 207 | 0 | 724 | 931 | 273,682 | 274,613 | 0 | ||||||||||||||||||||||
Construction | 140 | 0 | 2,925 | 3,065 | 8,940 | 12,005 | 0 | ||||||||||||||||||||||
Second mortgages | 113 | 0 | 544 | 657 | 13,658 | 14,315 | 60 | ||||||||||||||||||||||
Equity lines of credit | 90 | 0 | 287 | 377 | 31,950 | 32,327 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 1,665 | 0 | 8,263 | 9,928 | 400,599 | 410,527 | 408 | ||||||||||||||||||||||
Commercial loans | 275 | 13 | 122 | 410 | 24,931 | 25,341 | 25 | ||||||||||||||||||||||
Consumer loans | 85 | 22 | 11 | 118 | 13,028 | 13,146 | 11 | ||||||||||||||||||||||
Other | 54 | 7 | 3 | 64 | 22,055 | 22,119 | 3 | ||||||||||||||||||||||
Total | $ | 2,079 | $ | 42 | $ | 8,399 | $ | 10,520 | $ | 460,613 | $ | 471,133 | $ | 447 | |||||||||||||||
-1 | For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. | ||||||||||||||||||||||||||||
NONACCRUAL LOANS | |||||||||||||||||||||||||||||
The Company generally places non-consumer loans in nonaccrual status when the full and timely collection of interest or principal becomes uncertain, part of the principal balance has been charged off and no restructuring has occurred or the loan reaches 90 days past due, unless the credit is well-secured and in the process of collection. Under regulatory rules, consumer loans, which are loans to individuals for household, family and other personal expenditures, and loans secured by 1-4 family residential properties are not required to be placed in nonaccrual status. Although consumer loans and loans secured by 1-4 family residential property are not required to be placed in nonaccrual status, the Company may place a consumer loan or loan secured by 1-4 family residential property in nonaccrual status, if necessary to avoid a material overstatement of interest income. | |||||||||||||||||||||||||||||
Generally, consumer loans not secured by real estate are placed in nonaccrual status only when part of the principal has been charged off. These loans are charged off or written down to the net realizable value of the collateral when deemed uncollectible, due to bankruptcy or other factors, or when they are past due based on loan product, industry practice, terms and other factors. | |||||||||||||||||||||||||||||
When management places a loan in nonaccrual status, the accrued unpaid interest receivable is reversed against interest income and the loan is accounted for by the cash or cost recovery method, until it qualifies for return to accrual status or is charged off. Generally, management returns a loan to accrual status if (a) all delinquent interest and principal payments become current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer doubtful. | |||||||||||||||||||||||||||||
The following table presents loans in nonaccrual status by class of loan as of the dates indicated: | |||||||||||||||||||||||||||||
Nonaccrual Loans by Class | |||||||||||||||||||||||||||||
30-Jun-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,363 | $ | 3,663 | |||||||||||||||||||||||||
Commercial | 2,965 | 3,037 | |||||||||||||||||||||||||||
Construction | 2,880 | 3,065 | |||||||||||||||||||||||||||
Second mortgages | 35 | 484 | |||||||||||||||||||||||||||
Equity lines of credit | 0 | 286 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 9,243 | 10,535 | |||||||||||||||||||||||||||
Commercial loans | 0 | 97 | |||||||||||||||||||||||||||
Consumer loans | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 9,243 | $ | 10,632 | |||||||||||||||||||||||||
The following table presents the interest income that the Company would have earned under the original terms of its nonaccrual loans and the actual interest recorded by the Company on nonaccrual loans for the periods presented: | |||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Interest income that would have been recorded under original loan terms | $ | 275 | $ | 275 | |||||||||||||||||||||||||
Actual interest income recorded for the period | 51 | 32 | |||||||||||||||||||||||||||
Reduction in interest income on nonaccrual loans | $ | 224 | $ | 243 | |||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS | |||||||||||||||||||||||||||||
The Company’s loan portfolio includes certain loans that have been modified in a troubled debt restructuring (TDR), where economic concessions have been granted to borrowers who are experiencing financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reduction in the interest rate below current market rates for borrowers with similar risk profiles, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. The Company defines a TDR as nonperforming if the TDR is in nonaccrual status or 90 days or more past due and still accruing interest at the report date. | |||||||||||||||||||||||||||||
When the Company modifies a loan, management evaluates any possible impairment as stated in the impaired loan section below. | |||||||||||||||||||||||||||||
The following table presents TDRs during the period indicated, by class of loan: | |||||||||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current | ||||||||||||||||||||||||||
Modifications | Investment | Investment | Investment on | ||||||||||||||||||||||||||
Prior to | After | 30-Jun-13 | |||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 3 | $ | 676 | $ | 676 | $ | 673 | ||||||||||||||||||||||
Commercial | 1 | 207 | 207 | 203 | |||||||||||||||||||||||||
Total | 4 | $ | 883 | $ | 883 | $ | 876 | ||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current | ||||||||||||||||||||||||||
Modifications | Investment | Investment | Investment on | ||||||||||||||||||||||||||
Prior to | After | 30-Jun-12 | |||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Commercial | 2 | $ | 3,019 | $ | 2,461 | $ | 2,373 | ||||||||||||||||||||||
Second mortgages | 1 | 111 | 145 | 140 | |||||||||||||||||||||||||
Total | 3 | $ | 3,130 | $ | 2,606 | $ | 2,513 | ||||||||||||||||||||||
The four loans restructured in the first six months of 2013 were all given below-market rates for debt with similar risk characteristics. The restructurings during the first six months of 2012 were given principal reductions, with the principal forgiveness on all loans in the table totaling $525 thousand. One loan restructured during the first six months of 2012 was also given a below-market rate for debt with similar risk characteristics. | |||||||||||||||||||||||||||||
As of June 30, 2013 and June 30, 2012, there were no TDRs for which there was a payment default where the default occurred within twelve months of restructuring. A TDR is considered in default when it is 90 days or more past due or has been charged off. | |||||||||||||||||||||||||||||
The TDRs in the tables above are factored into the determination of the allowance for loan losses as of the periods indicated. These loans are included in the impaired loan analysis, as discussed below. | |||||||||||||||||||||||||||||
IMPAIRED LOANS | |||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans and loans modified in a TDR. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole or remaining source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, when foreclosure is probable, instead of the discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. | |||||||||||||||||||||||||||||
When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is in nonaccrual status, all payments are applied to principal under the cost-recovery method. For financial statement purposes, the recorded investment in the loan is the actual principal balance reduced by payments that would otherwise have been applied to interest. When reporting information on these loans to the applicable customers, the unpaid principal balance is reported as if payments were applied to principal and interest under the original terms of the loan agreements. Therefore, the unpaid principal balance reported to the customer would be higher than the recorded investment in the loan for financial statement purposes. When the ultimate collectability of the total principal of the impaired loan is not in doubt and the loan is in nonaccrual status, contractual interest is credited to interest income when received under the cash-basis method. | |||||||||||||||||||||||||||||
The following table includes the recorded investment and unpaid principal balances (a portion of which may have been charged off) for impaired loans with the associated allowance amount, if applicable, as of the dates presented. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized for the periods presented. The average balances are calculated based on daily average balances. | |||||||||||||||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of June 30, 2013 | For the six months ended | ||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||
Unpaid | Without | With | Associated | Average | Interest | ||||||||||||||||||||||||
Principal | Valuation | Valuation | Allowance | Recorded | Income | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,546 | $ | 872 | $ | 3,415 | $ | 237 | $ | 4,738 | $ | 16 | |||||||||||||||||
Commercial | 13,702 | 3,683 | 7,082 | 1,261 | 10,910 | 269 | |||||||||||||||||||||||
Construction | 3,639 | 0 | 2,880 | 360 | 2,891 | 0 | |||||||||||||||||||||||
Second mortgages | 183 | 43 | 136 | 47 | 745 | 4 | |||||||||||||||||||||||
Equity lines of credit | 50 | 50 | 0 | 0 | 193 | 1 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 22,120 | $ | 4,648 | $ | 13,513 | $ | 1,905 | $ | 19,477 | $ | 290 | |||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 12 | 0 | |||||||||||||||||||||||
Consumer loans | 16 | 16 | 0 | 0 | 18 | 1 | |||||||||||||||||||||||
Total | $ | 22,136 | $ | 4,664 | $ | 13,513 | $ | 1,905 | $ | 19,507 | $ | 291 | |||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of December 31, 2012 | For the year ended | ||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||
Unpaid | Without | With | Associated | Average | Interest | ||||||||||||||||||||||||
Principal | Valuation | Valuation | Allowance | Recorded | Income | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,100 | $ | 681 | $ | 3,235 | $ | 226 | $ | 2,354 | $ | 136 | |||||||||||||||||
Commercial | 12,459 | 3,741 | 5,817 | 180 | 10,151 | 242 | |||||||||||||||||||||||
Construction | 3,782 | 3,064 | 0 | 0 | 3,320 | (9 | ) | ||||||||||||||||||||||
Second mortgages | 695 | 583 | 47 | 5 | 542 | 12 | |||||||||||||||||||||||
Equity lines of credit | 370 | 286 | 0 | 0 | 391 | (2 | ) | ||||||||||||||||||||||
Total mortgage loans on real estate | $ | 21,406 | $ | 8,355 | $ | 9,099 | $ | 411 | $ | 16,758 | $ | 379 | |||||||||||||||||
Commercial loans | 117 | 0 | 97 | 33 | 104 | (14 | ) | ||||||||||||||||||||||
Consumer loans | 17 | 17 | 0 | 0 | 26 | 1 | |||||||||||||||||||||||
Total | $ | 21,540 | $ | 8,372 | $ | 9,196 | $ | 444 | $ | 16,888 | $ | 366 | |||||||||||||||||
MONITORING OF LOANS AND EFFECT OF MONITORING FOR THE ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||
Loan officers are responsible for continual portfolio analysis and prompt identification and reporting of problem loans, which includes assigning a risk grade to each applicable loan at its origination and revising such grade as the situation dictates. Loan officers maintain frequent contact with borrowers, which should enable the loan officer to identify potential problems before other personnel. In addition, meetings with loan officers and upper management are held to discuss problem loans and review risk grades. Nonetheless, in order to avoid over-reliance upon loan officers for problem loan identification, the Company’s loan review system provides for review of loans and risk grades by individuals who are independent of the loan approval process. Risk grades and historical loss rates by risk grades are used as a component of the calculation of the allowance for loan losses. | |||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||
Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Company has segmented certain loans in the portfolio by product type. Loans are segmented into the following pools: commercial, real estate-construction, real estate-mortgage, consumer and other loans. The Company also sub-segments the real estate-mortgage segment into four classes: residential 1-4 family, commercial real estate, second mortgages and equity lines of credit. The Company uses an internally developed risk evaluation model in the estimation of the credit risk process. The model and assumptions used to determine the allowance are independently validated and reviewed to ensure that the theoretical foundation, assumptions, data integrity, computational processes and reporting practices are appropriate and properly documented. | |||||||||||||||||||||||||||||
Each portfolio segment has risk characteristics as follows: | |||||||||||||||||||||||||||||
· | Commercial: Commercial loans carry risks associated with the successful operation of a business or project, in addition to other risks associated with the ownership of a business. The repayment of these loans may be dependent upon the profitability and cash flows of the business. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. | ||||||||||||||||||||||||||||
· | Real estate-construction: Construction loans carry risks that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may at any point in time be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be the loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. | ||||||||||||||||||||||||||||
· | Real estate-mortgage: Residential mortgage loans and equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. Commercial real estate loans carry risks associated with the successful operation of a business if owner occupied. If non-owner occupied, the repayment of these loans may be dependent upon the profitability and cash flow from rent receipts. | ||||||||||||||||||||||||||||
· | Consumer loans: Consumer loans carry risks associated with the continued credit-worthiness of the borrowers and the value of the collateral. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. | ||||||||||||||||||||||||||||
· | Other loans: Other loans are loans to mortgage companies, loans for purchasing or carrying securities, and loans to insurance, investment and finance companies. These loans carry risks associated with the successful operation of a business. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time, depend on interest rates or fluctuate in active trading markets. | ||||||||||||||||||||||||||||
To determine the balance of the allowance account for each segment of the loan portfolio, management pools each segment by risk grade individually and applies a historical loss percentage. At June 30, 2013 and December 31, 2012, the historical loss percentage was based on losses sustained in each segment of the portfolio over the previous eight quarters. | |||||||||||||||||||||||||||||
Management also provides an allocated component of the allowance for loans that are classified as impaired. An allocated allowance is established when the discounted value of future cash flows from the impaired loan (or the collateral value or observable market price of the impaired loan) is lower than the carrying value of that loan. | |||||||||||||||||||||||||||||
Based on credit risk assessments and management’s analysis of qualitative factors, additional loss factors are applied to loan balances. These additional qualitative factors include: economic conditions, trends in growth, loan concentrations, changes in certain loans, changes in underwriting, changes in management and changes in the legal and regulatory environment. | |||||||||||||||||||||||||||||
THE COMPANY’S ESTIMATION PROCESS | |||||||||||||||||||||||||||||
The allowance for loan losses is the accumulation of various components that are calculated based on independent methodologies. Management’s estimate is based on certain observable, historical data that management believes are most reflective of the underlying credit losses being estimated. In addition, impaired loans are separately identified for evaluation and are measured based on the present value of expected future cash flows, the observable market price of the loans or the fair value of the collateral. Also, various qualitative factors are applied to each segment of the loan portfolio. | |||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES BY SEGMENT | |||||||||||||||||||||||||||||
The total allowance reflects management’s estimate of loan losses inherent in the loan portfolio at the balance sheet date. The Company considers the allowance for loan losses of $7.3 million adequate to cover loan losses inherent in the loan portfolio at June 30, 2013. | |||||||||||||||||||||||||||||
The following table presents, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
Construction | Mortgage | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 677 | $ | 187 | $ | 6,179 | $ | 204 | $ | 77 | $ | 7,324 | |||||||||||||||||
Charge-offs | (106 | ) | (100 | ) | (413 | ) | (66 | ) | (79 | ) | (764 | ) | |||||||||||||||||
Recoveries | 43 | 3 | 121 | 34 | 35 | 236 | |||||||||||||||||||||||
Provision for loan losses | (339 | ) | 429 | 421 | (22 | ) | 11 | 500 | |||||||||||||||||||||
Ending balance | $ | 275 | $ | 519 | $ | 6,308 | $ | 150 | $ | 44 | $ | 7,296 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 360 | $ | 1,545 | $ | 0 | $ | 0 | $ | 1,905 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 275 | 159 | 4,763 | 150 | 44 | 5,391 | |||||||||||||||||||||||
Ending balance | $ | 275 | $ | 519 | $ | 6,308 | $ | 150 | $ | 44 | $ | 7,296 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 2,880 | $ | 15,281 | $ | 16 | $ | 0 | $ | 18,177 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 28,687 | 10,613 | 382,213 | 10,969 | 18,849 | 451,331 | |||||||||||||||||||||||
Ending balance | $ | 28,687 | $ | 13,493 | $ | 397,494 | $ | 10,985 | $ | 18,849 | $ | 469,508 | |||||||||||||||||
For the Year Ended | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
31-Dec-12 | Construction | Mortgage | |||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 1,011 | $ | 323 | $ | 6,735 | $ | 300 | $ | 129 | $ | 8,498 | |||||||||||||||||
Charge-offs | (138 | ) | (831 | ) | (2,554 | ) | (259 | ) | (187 | ) | (3,969 | ) | |||||||||||||||||
Recoveries | 67 | 30 | 162 | 70 | 66 | 395 | |||||||||||||||||||||||
Provision for loan losses | (263 | ) | 665 | 1,836 | 93 | 69 | 2,400 | ||||||||||||||||||||||
Ending balance | $ | 677 | $ | 187 | $ | 6,179 | $ | 204 | $ | 77 | $ | 7,324 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 33 | $ | 0 | $ | 411 | $ | 0 | $ | 0 | $ | 444 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 644 | 187 | 5,768 | 204 | 77 | 6,880 | |||||||||||||||||||||||
Ending balance | $ | 677 | $ | 187 | $ | 6,179 | $ | 204 | $ | 77 | $ | 7,324 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 97 | $ | 3,064 | $ | 14,390 | $ | 17 | $ | 0 | $ | 17,568 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 25,244 | 8,941 | 384,132 | 13,129 | 22,119 | 453,565 | |||||||||||||||||||||||
Ending balance | $ | 25,341 | $ | 12,005 | $ | 398,522 | $ | 13,146 | $ | 22,119 | $ | 471,133 | |||||||||||||||||
CHANGES IN ACCOUNTING METHODOLOGY | |||||||||||||||||||||||||||||
There were no changes in the Company’s accounting methodology for the allowance for loan losses in the first six months of 2013. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 4. Share-Based Compensation | |||||||||||||||||
Share-based compensation arrangements include stock options, restricted stock awards, performance-based awards, stock appreciation rights and employee stock purchase plans. Accounting standards require all share-based payments to employees to be valued using a fair value method on the date of grant and to be expensed based on that fair value over the applicable vesting period. | |||||||||||||||||
Historically, the Company has only granted share-based compensation in the form of stock options. There were no options granted in the first six months of 2013. | |||||||||||||||||
On March 9, 2008, the Company’s 1998 Stock Option Plan expired. Options to purchase 154,460 shares of common stock were outstanding under the Company’s 1998 Stock Option Plan at June 30, 2013. The exercise price of each option equals the market price of the Company’s common stock on the date of the grant and each option’s maximum term is ten years. | |||||||||||||||||
Stock option activity for the six months ended June 30, 2013 is summarized below: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding, January 1, 2013 | 156,960 | $ | 21.63 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | 0 | 0 | |||||||||||||||
Canceled or expired | (2,500 | ) | 21.94 | ||||||||||||||
Options outstanding, June 30, 2013 | 154,460 | $ | 21.63 | 2.96 | $ | 0 | |||||||||||
Options exercisable, June 30, 2013 | 154,460 | $ | 21.63 | 2.96 | $ | 0 | |||||||||||
The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2013. This amount changes based on changes in the market value of the Company’s common stock. As of June 30, 2013, the outstanding options had no intrinsic value because the exercise prices of all outstanding options were above the market value of a share of the Company’s common stock. | |||||||||||||||||
No options were exercised during the six months ended June 30, 2013. | |||||||||||||||||
As of June 30, 2013, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense. |
Pension_Plan
Pension Plan | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Pension Plan [Abstract] | ' | ||||||||
Pension Plan | ' | ||||||||
Note 5. Pension Plan | |||||||||
The Company provides pension benefits for eligible participants through a non-contributory defined benefit pension plan. The plan was frozen effective September 30, 2006; therefore, no additional participants will be added to the plan. The components of net periodic pension plan cost are as follows for the periods indicated: | |||||||||
Three months ended June 30, | 2013 | 2012 | |||||||
Pension Benefits | |||||||||
Interest cost | $ | 62,983 | $ | 71,750 | |||||
Expected return on plan assets | (88,399 | ) | (97,500 | ) | |||||
Amortization of net loss | 74,524 | 56,250 | |||||||
Net periodic pension plan cost | $ | 49,108 | $ | 30,500 | |||||
Six months ended June 30, | 2013 | 2012 | |||||||
Pension Benefits | |||||||||
Interest cost | $ | 125,966 | $ | 143,500 | |||||
Expected return on plan assets | (176,798 | ) | (195,000 | ) | |||||
Amortization of net loss | 149,048 | 112,500 | |||||||
Net periodic pension plan cost | $ | 98,216 | $ | 61,000 | |||||
At June 30, 2013, management had not yet determined the amount, if any, that the Company will contribute to the plan in the year ending December 31, 2013. |
Stockholders_Equity_and_Earnin
Stockholders' Equity and Earnings per Common Share | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Stockholders' Equity and Earnings Per Common Share [Abstract] | ' | |||||||||||||||||
Stockholders' Equity and Earnings Per Common Share | ' | |||||||||||||||||
Note 6. Stockholders’ Equity and Earnings per Share | ||||||||||||||||||
STOCKHOLDERS’ EQUITY – OTHER COMPREHENSIVE LOSS | ||||||||||||||||||
The following table presents information on amounts reclassified out of accumulated other comprehensive loss, by category, during the periods indicated: | ||||||||||||||||||
Three Months Ended | Six Months Ended | Affected Line Item on | ||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | Consolidated Statement of Income | ||||||||||||||
(in thousands) | ||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||
Realized gains (losses) on sales of securities | $ | (21 | ) | $ | 769 | $ | (21 | ) | $ | 1,084 | Gain (loss) on sale of available-for-sale securities, net | |||||||
Tax effect | (7 | ) | 262 | (7 | ) | 369 | Income tax expense | |||||||||||
$ | (14 | ) | $ | 507 | $ | (14 | ) | $ | 715 | Net of tax | ||||||||
The following table presents the changes in accumulated other comprehensive loss, by category, net of tax, for the periods indicated: | ||||||||||||||||||
Unrealized | Defined | Accumulated | ||||||||||||||||
Gains | Benefit | Other | ||||||||||||||||
(Losses) on | Pension | Comprehensive | ||||||||||||||||
Securities | Plans | Loss | ||||||||||||||||
(in thousands) | ||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 1,993 | $ | (2,184 | ) | $ | (191 | ) | ||||||||||
Net change for the period | (8,223 | ) | 0 | (8,223 | ) | |||||||||||||
Balance at end of period | $ | (6,230 | ) | $ | (2,184 | ) | $ | (8,414 | ) | |||||||||
Unrealized | Defined | Accumulated | ||||||||||||||||
Gains | Benefit | Other | ||||||||||||||||
(Losses) on | Pension | Comprehensive | ||||||||||||||||
Securities | Plans | Loss | ||||||||||||||||
(in thousands) | ||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2012 | ||||||||||||||||||
Balance at beginning of period | $ | 1,526 | $ | (1,875 | ) | $ | (349 | ) | ||||||||||
Net change for the period | 249 | 0 | 249 | |||||||||||||||
Balance at end of period | $ | 1,775 | $ | (1,875 | ) | $ | (100 | ) | ||||||||||
The following table presents the change in each component of other comprehensive income on a pre-tax and after-tax basis for the periods indicated. | ||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Pretax | Tax Expense | Net-of-Tax | ||||||||||||||||
(Benefit) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized losses on securities | ||||||||||||||||||
Unrealized holding losses arising during the period | $ | (12,480 | ) | $ | (4,243 | ) | $ | (8,237 | ) | |||||||||
Less reclassification adjustment for losses recognized in income | (21 | ) | (7 | ) | (14 | ) | ||||||||||||
Net unrealized losses on securities | (12,459 | ) | (4,236 | ) | (8,223 | ) | ||||||||||||
Total decrease in other comprehensive loss | $ | (12,459 | ) | $ | (4,236 | ) | $ | (8,223 | ) | |||||||||
Six Months Ended June 30, 2012 | ||||||||||||||||||
Pretax | Tax Expense | Net-of-Tax | ||||||||||||||||
(Benefit) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized gains on securities | ||||||||||||||||||
Unrealized holding gains arising during the period | $ | 1,461 | $ | 497 | $ | 964 | ||||||||||||
Less reclassification adjustment for gains recognized in income | 1,084 | 369 | 715 | |||||||||||||||
Net unrealized gains on securities | 377 | 128 | 249 | |||||||||||||||
Total increase in other comprehensive loss | $ | 377 | $ | 128 | $ | 249 | ||||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares attributable to outstanding stock options. | ||||||||||||||||||
The Company did not include an average of 156 thousand potential common shares attributable to outstanding stock options in the diluted earnings per share calculation for the first six months of 2013 because they were antidilutive. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 7. Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Public companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in its consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 8. Fair Value Measurements | |||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the “Fair Value Measurements and Disclosures” topics of FASB ASU 2010-06 and FASB ASU 2011-04, the fair value of a financial instrument is the price that would be received in the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. 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. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |||||||||||||||||
The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value can be a reasonable point within a range that is most representative of fair value under current market conditions. | |||||||||||||||||
In estimating the fair value of assets and liabilities, the Company relies mainly on two models. The first model, used by the Company’s bond accounting company, determines the fair value of securities. Securities are priced based on an evaluation of observable market data, including benchmark yield curves, reported trades, broker/dealer quotes, and issuer spreads. Pricing is also impacted by credit information about the issuer, perceived market movements, and current news events impacting the individual sectors. For assets other than securities and for all liabilities, fair value is determined using the Company’s asset/liability modeling software. The software uses current yields, anticipated yield changes, and estimated duration of assets and liabilities to calculate fair value. | |||||||||||||||||
In accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company groups its financial assets and financial liabilities generally measured at fair value into 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. | |||||||||||||||||
Level 1 – | Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. | ||||||||||||||||
Level 2 – | Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or 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 asset or liability. | ||||||||||||||||
Level 3 – | Valuation is based on 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 determination of fair value requires significant management judgment or estimation. | ||||||||||||||||
An instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS | |||||||||||||||||
Debt and equity securities with readily determinable fair values that are classified as “available-for-sale” are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of the Company’s available-for-sale securities are considered to be Level 2 securities. | |||||||||||||||||
The following table presents the balances of certain assets measured at fair value on a recurring basis as of the dates indicated: | |||||||||||||||||
Fair Value Measurements at June 30, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Obligations of U.S. Government agencies | $ | 25,805 | $ | 0 | $ | 25,805 | $ | 0 | |||||||||
Obligations of state and political subdivisions | 48,764 | 0 | 48,764 | 0 | |||||||||||||
Mortgage-backed securities | 181,843 | 0 | 181,843 | 0 | |||||||||||||
Money market investments | 801 | 0 | 801 | 0 | |||||||||||||
Corporate bonds | 1,370 | 0 | 1,370 | 0 | |||||||||||||
Total available-for-sale securities | $ | 258,583 | $ | 0 | $ | 258,583 | $ | 0 | |||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Obligations of U.S. Government agencies | 37,088 | 0 | 37,088 | 0 | |||||||||||||
Obligations of state and political subdivisions | 43,774 | 0 | 43,774 | 0 | |||||||||||||
Mortgage-backed securities | 247,355 | 0 | 247,355 | 0 | |||||||||||||
Money market investments | 541 | 0 | 541 | 0 | |||||||||||||
Corporate bonds | 698 | 0 | 698 | 0 | |||||||||||||
Total available-for-sale securities | $ | 329,456 | $ | 0 | $ | 329,456 | $ | 0 | |||||||||
ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS | |||||||||||||||||
Under certain circumstances, adjustments are made to the fair value for assets and liabilities although they are not measured at fair value on an ongoing basis. | |||||||||||||||||
Impaired loans | |||||||||||||||||
Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The measurement of fair value and loss associated with impaired loans can be based on the observable market price of the loan, the fair value of the collateral securing the loan, or the present value of the loan’s expected future cash flows. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable, with the vast majority of the collateral in real estate. | |||||||||||||||||
The value of real estate collateral is determined utilizing an income, market, or cost valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company. In the case of loans with lower balances, the Company may obtain a real estate evaluation instead of an appraisal. Evaluations utilize many of the same techniques as appraisals, and are typically performed by independent appraisers. Once received, appraisals and evaluations are reviewed by trained staff independent of the lending function to verify consistency and reasonability. Appraisals and evaluations are based on significant unobservable inputs, including but not limited to: adjustments made to comparable properties, judgments about the condition of the subject property, the availability and suitability of comparable properties, capitalization rates, projected income of the subject or comparable properties, vacancy rates, projected depreciation rates, and the state of the local and regional economy. The Company may also elect to make additional reductions in the collateral value based on management’s best judgment, which represents another source of unobservable inputs. Because of the subjective nature of collateral valuation, impaired loans are considered Level 3. | |||||||||||||||||
Impaired loans may be secured by collateral other than real estate. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivable collateral are based on financial statement balances or aging reports (Level 3). If a loan is not collateral-dependent, its impairment may be measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate. Because the loan is discounted at its effective rate of interest, rather than at a market rate, the loan is not considered to be held at fair value and is not included in the tables below. Collateral-dependent impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as part of the provision for loan losses on the Consolidated Statements of Income. | |||||||||||||||||
Foreclosed assets | |||||||||||||||||
Loans are transferred to foreclosed assets when the collateral securing them is foreclosed on. The measurement of loss associated with foreclosed assets is based on the fair value of the collateral compared to the unpaid loan balance and anticipated costs to sell the property. If there is a contract for the sale of a property, and management reasonably believes the transaction will be consummated in accordance with the terms of the contract, fair value is based on the sale price in that contract (Level 1). If management has recent information about the sale of identical properties, such as when selling multiple condominium units on the same property, the remaining units would be valued based on the observed market data (Level 2). Lacking either a contract or such recent data, management would obtain an appraisal or evaluation of the value of the collateral as discussed above under Impaired Loans (Level 3). After the asset has been booked, a new appraisal or evaluation is obtained when management has reason to believe the fair value of the property may have changed and no later than two years after the last appraisal or evaluation was received. Any fair value adjustments to foreclosed assets below the original book value are recorded in the period incurred and expensed against current earnings. | |||||||||||||||||
The following table presents the assets carried on the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the interest rate of the loan rather than at a market rate. These loans are not carried on the consolidated balance sheets at fair value and, as such, are not included in the table below. | |||||||||||||||||
Carrying Value at June 30, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 3,006 | $ | 0 | $ | 0 | $ | 3,006 | |||||||||
Commercial | 2,776 | 0 | 0 | 2,776 | |||||||||||||
Construction | 2,520 | 0 | 0 | 2,520 | |||||||||||||
Second mortgages | 88 | 0 | 0 | 88 | |||||||||||||
Total | $ | 8,390 | $ | 0 | $ | 0 | $ | 8,390 | |||||||||
Foreclosed assets | |||||||||||||||||
Residential 1-4 family | $ | 521 | $ | 0 | $ | 0 | $ | 521 | |||||||||
Commercial | 2,286 | 0 | 0 | 2,286 | |||||||||||||
Construction | 3,752 | 0 | 0 | 3,752 | |||||||||||||
Total | $ | 6,559 | $ | 0 | $ | 0 | $ | 6,559 | |||||||||
Carrying Value at December 31, 2012 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Fair Value | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 3,009 | $ | 0 | $ | 0 | $ | 3,009 | |||||||||
Commercial | 2,271 | 0 | 0 | 2,271 | |||||||||||||
Second mortgages | 42 | 0 | 0 | 42 | |||||||||||||
Total mortgage loans on real estate | $ | 5,322 | $ | 0 | $ | 0 | $ | 5,322 | |||||||||
Commercial loans | 64 | 0 | 0 | 64 | |||||||||||||
Total | $ | 5,386 | $ | 0 | $ | 0 | $ | 5,386 | |||||||||
Foreclosed assets | |||||||||||||||||
Residential 1-4 family | $ | 676 | $ | 0 | $ | 0 | $ | 676 | |||||||||
Commercial | 2,094 | 0 | 0 | 2,094 | |||||||||||||
Construction | 3,804 | 0 | 0 | 3,804 | |||||||||||||
Total | $ | 6,574 | $ | 0 | $ | 0 | $ | 6,574 | |||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of the date indicated (dollars in thousands): | |||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Description | Fair Value at | Valuation Techniques | Unobservable Input | Range (Average) | |||||||||||||
30-Jun-13 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | 3,006 | Market comparables | Selling costs | 5% - 6% (5%) | |||||||||||||
Liquidation discount | 1.25% | ||||||||||||||||
Commercial real estate | 2,776 | Market comparables | Selling costs | 6% - 20% (10%) | |||||||||||||
Age of appraisal | 46% | ||||||||||||||||
Construction | 2,520 | Market comparables | Selling costs | 20% | |||||||||||||
Liquidation discount | 1.25% | ||||||||||||||||
Second mortgages | 88 | Market comparables | Selling costs | 6% | |||||||||||||
Liquidation discount | 1.25% | ||||||||||||||||
Foreclosed assets | |||||||||||||||||
Residential 1-4 family | 521 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Commercial | 2,286 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Construction | 3,752 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Description | Fair Value at | Valuation Techniques | Unobservable Input | Range (Average) | |||||||||||||
31-Dec-12 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | 3,009 | Market comparables | Differences in comparables | 0% - 5% (5%) | |||||||||||||
Selling costs | 4.75% - 6% (6%) | ||||||||||||||||
Commercial real estate | 2,271 | Market comparables | Selling costs | 0% - 6% (4%) | |||||||||||||
Second mortgages | 42 | Market comparables | Selling costs | 6% | |||||||||||||
Commercial loans | 64 | Market comparables | Differences in comparables | 25% | |||||||||||||
Foreclosed assets | |||||||||||||||||
Residential 1-4 family | 676 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Commercial | 2,094 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Construction | 3,804 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
ASC 825, “Financial Instruments,” requires disclosure about fair value of financial instruments for interim periods and excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company’s assets. | |||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: | |||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||
The carrying amounts of cash and short-term instruments, including interest-bearing due from banks, approximate fair values. | |||||||||||||||||
RESTRICTED SECURITIES | |||||||||||||||||
The restricted security category is comprised of FHLB and Federal Reserve Bank stock. These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and they lack a market. When the FHLB or Federal Reserve Bank repurchases stock, they repurchase at the stock’s book value. Therefore, the carrying amounts of restricted securities approximate fair value. | |||||||||||||||||
LOANS RECEIVABLE | |||||||||||||||||
The fair value of a loan is based on its interest rate in relation to its risk profile, in comparison to what an investor could earn on a different investment with a similar risk profile. Variations in risk tolerance between lenders, and thus in risk pricing, can result in the same loan being priced differently at different institutions. A bank’s experience with the type of lending (such as commercial real estate) can also impact its assessment of the riskiness of a loan. A comprehensive picture of competitors’ rates in relation to borrower risk profiles is not available. Since the rate and risk profile are the primary factors in determining the fair value of a loan, both of which are unobservable in the market, the Company classifies loans as Level 3 in the fair value hierarchy. Instead, the Company uses a model which estimates market value based on the loan’s interest rate (regardless of its risk level) and rates for debt of similar maturities where market data is available. Fair values for non-performing loans are estimated as described above. | |||||||||||||||||
BANK-OWNED LIFE INSURANCE | |||||||||||||||||
Bank-owned life insurance represents insurance policies on certain current and former officers of the Company. The cash value of the policies is estimated using information provided by the insurance carrier. The insurance carrier uses actuarial data to estimate the value of each policy, based on the age and health of the insured relative to other individuals about whom the carrier has information. Health information can be broken down into quantitative, observable inputs, such as smoking habits, blood pressure, and weight, which, along with the insured’s age, can be compared to observable data the insurance carrier has available. The carrier can then estimate the cash value of each policy. Since the cash value represents the amount of cash the Company would receive when the policies are paid, the cash value closely approximates the fair value of the policies. Accordingly, bank-owned life insurance is classified as Level 2. | |||||||||||||||||
DEPOSIT LIABILITIES | |||||||||||||||||
The fair value of demand deposits, savings and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposits is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. Information about the rates paid by other institutions for deposits of similar terms is readily available, and rates are mainly influenced by the term of the deposit itself. As a result, fair value calculations are based on observable inputs, and are classified as Level 2. | |||||||||||||||||
SHORT-TERM BORROWINGS | |||||||||||||||||
The carrying amounts of federal funds purchased, overnight repurchase agreements, and other short-term borrowings maturing within 90 days approximate their fair values. Since the contractual terms of these borrowings provide all information necessary to calculate the amounts that will be due at maturity, these liabilities are classified as Level 2. | |||||||||||||||||
LONG-TERM BORROWINGS | |||||||||||||||||
The fair values of the Company's long-term borrowings are estimated based on the current cost to repay the debt in full, discounted to current values and including any prepayment penalties that may apply. As the contractual terms of the borrowing provide all the necessary inputs for this calculation, long-term borrowings are classified as Level 2. | |||||||||||||||||
ACCRUED INTEREST | |||||||||||||||||
The calculation of accrued interest is based on readily observable information, such as the rate and term of the underlying asset or liability. Since these amounts are expected to be realized quickly (generally within 30 to 90 days), the carrying value approximates fair value and is classified as Level 2. | |||||||||||||||||
COMMITMENTS TO EXTEND CREDIT AND IRREVOCABLE LETTERS OF CREDIT | |||||||||||||||||
The fair value of commitments 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. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At June 30, 2013 and December 31, 2012, the fair value of fees charged for loan commitments and irrevocable letters of credit was immaterial. | |||||||||||||||||
The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows: | |||||||||||||||||
Fair Value Measurements at June 30, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 55,171 | $ | 55,171 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 258,583 | 0 | 258,583 | 0 | |||||||||||||
Securities held-to-maturity | 11,413 | 0 | 11,403 | 0 | |||||||||||||
Restricted securities | 2,378 | 0 | 2,378 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 462,212 | 0 | 0 | 467,676 | |||||||||||||
Bank owned life insurance | 22,257 | 0 | 22,257 | 0 | |||||||||||||
Accrued interest receivable | 2,593 | 0 | 2,593 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 730,368 | $ | 0 | $ | 734,412 | $ | 0 | |||||||||
Overnight repurchase agreements | 25,642 | 0 | 25,642 | 0 | |||||||||||||
Term repurchase agreements | 411 | 0 | 411 | 0 | |||||||||||||
Federal Home Loan Bank advances | 25,000 | 0 | 27,992 | 0 | |||||||||||||
Accrued interest payable | 366 | 0 | 366 | 0 | |||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Carrying | Quoted Prices in | Significant | Significant | ||||||||||||||
Value | Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 42,317 | $ | 42,317 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 329,456 | 0 | 329,456 | 0 | |||||||||||||
Securities held-to-maturity | 570 | 0 | 574 | 0 | |||||||||||||
Restricted securities | 2,562 | 0 | 2,562 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 463,809 | 0 | 0 | 466,492 | |||||||||||||
Bank owned life insurance | 21,824 | 0 | 21,824 | 0 | |||||||||||||
Accrued interest receivable | 2,420 | 0 | 2,420 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 753,816 | $ | 0 | $ | 757,923 | $ | 0 | |||||||||
Overnight repurchase agreements | 35,946 | 0 | 35,946 | 0 | |||||||||||||
Term repurchase agreements | 1,280 | 0 | 1,282 | 0 | |||||||||||||
Federal Home Loan Bank advances | 25,000 | 0 | 28,681 | 0 | |||||||||||||
Accrued interest payable | 439 | 0 | 439 | 0 |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
Note 9. Segment Reporting | |||||||||||||||||||||
The Company operates in a decentralized fashion in three principal business segments: The Old Point National Bank of Phoebus (the Bank), Old Point Trust & Financial Services, N. A. (Trust), and the Company as a separate segment (for purposes of this Note, the Parent). Revenues from the Bank’s operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Trust’s operating revenues consist principally of income from fiduciary activities. The Parent’s revenues are mainly interest and dividends received from the Bank and Trust companies. The Company has no other segments. | |||||||||||||||||||||
The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different technologies and marketing strategies. | |||||||||||||||||||||
Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three and six months ended June 30, 2013 and 2012 follows: | |||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,466,917 | $ | 9,933 | $ | 1,095,279 | $ | (1,095,582 | ) | $ | 7,476,547 | ||||||||||
Income from fiduciary activities | 0 | 865,689 | 0 | 0 | 865,689 | ||||||||||||||||
Other income | 2,299,848 | 133,972 | 50,100 | (65,376 | ) | 2,418,544 | |||||||||||||||
Total operating income | 9,766,765 | 1,009,594 | 1,145,379 | (1,160,958 | ) | 10,760,780 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,177,919 | 0 | 0 | (303 | ) | 1,177,616 | |||||||||||||||
Provision for loan losses | 300,000 | 0 | 0 | 0 | 300,000 | ||||||||||||||||
Salaries and employee benefits | 4,144,898 | 552,616 | 108,070 | 0 | 4,805,584 | ||||||||||||||||
Other expenses | 3,018,514 | 226,099 | 63,954 | (65,376 | ) | 3,243,191 | |||||||||||||||
Total operating expenses | 8,641,331 | 778,715 | 172,024 | (65,679 | ) | 9,526,391 | |||||||||||||||
Income before taxes | 1,125,434 | 230,879 | 973,355 | (1,095,279 | ) | 1,234,389 | |||||||||||||||
Income tax expense (benefit) | 182,701 | 78,333 | (41,460 | ) | 0 | 219,574 | |||||||||||||||
Net income | $ | 942,733 | $ | 152,546 | $ | 1,014,815 | $ | (1,095,279 | ) | $ | 1,014,815 | ||||||||||
Total assets | $ | 862,066,454 | $ | 5,502,315 | $ | 82,499,916 | $ | (83,187,334 | ) | $ | 866,881,351 | ||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 8,301,983 | $ | 9,368 | $ | 668,104 | $ | (667,837 | ) | $ | 8,311,618 | ||||||||||
Income from fiduciary activities | 0 | 793,005 | 0 | 0 | 793,005 | ||||||||||||||||
Other income | 2,943,305 | 160,014 | 165,000 | (180,476 | ) | 3,087,843 | |||||||||||||||
Total operating income | 11,245,288 | 962,387 | 833,104 | (848,313 | ) | 12,192,466 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,498,747 | 0 | 1,567 | (1,908 | ) | 1,498,406 | |||||||||||||||
Provision for loan losses | 1,000,000 | 0 | 0 | 0 | 1,000,000 | ||||||||||||||||
Salaries and employee benefits | 4,524,216 | 563,640 | 132,029 | 0 | 5,219,885 | ||||||||||||||||
Other expenses | 3,602,522 | 239,708 | 65,011 | (180,476 | ) | 3,726,765 | |||||||||||||||
Total operating expenses | 10,625,485 | 803,348 | 198,607 | (182,384 | ) | 11,445,056 | |||||||||||||||
Income before taxes | 619,803 | 159,039 | 634,497 | (665,929 | ) | 747,410 | |||||||||||||||
Income tax expense (benefit) | 59,007 | 53,906 | (3,710 | ) | 0 | 109,203 | |||||||||||||||
Net income | $ | 560,796 | $ | 105,133 | $ | 638,207 | $ | (665,929 | ) | $ | 638,207 | ||||||||||
Total assets | $ | 868,035,982 | $ | 5,229,142 | $ | 87,516,934 | $ | (88,463,223 | ) | $ | 872,318,835 | ||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 15,086,945 | $ | 19,210 | $ | 2,056,841 | $ | (2,057,533 | ) | $ | 15,105,463 | ||||||||||
Income from fiduciary activities | 0 | 1,765,494 | 0 | 0 | 1,765,494 | ||||||||||||||||
Other income | 4,417,970 | 244,740 | 100,200 | (130,902 | ) | 4,632,008 | |||||||||||||||
Total operating income | 19,504,915 | 2,029,444 | 2,157,041 | (2,188,435 | ) | 21,502,965 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 2,432,827 | 0 | 0 | (692 | ) | 2,432,135 | |||||||||||||||
Provision for loan losses | 500,000 | 0 | 0 | 0 | 500,000 | ||||||||||||||||
Salaries and employee benefits | 8,438,820 | 1,068,666 | 219,024 | 0 | 9,726,510 | ||||||||||||||||
Other expenses | 6,140,976 | 443,618 | 94,375 | (130,902 | ) | 6,548,067 | |||||||||||||||
Total operating expenses | 17,512,623 | 1,512,284 | 313,399 | (131,594 | ) | 19,206,712 | |||||||||||||||
Income before taxes | 1,992,292 | 517,160 | 1,843,642 | (2,056,841 | ) | 2,296,253 | |||||||||||||||
Income tax expense (benefit) | 277,109 | 175,502 | (72,490 | ) | 0 | 380,121 | |||||||||||||||
Net income | $ | 1,715,183 | $ | 341,658 | $ | 1,916,132 | $ | (2,056,841 | ) | $ | 1,916,132 | ||||||||||
Total assets | $ | 862,066,454 | $ | 5,502,315 | $ | 82,499,916 | $ | (83,187,334 | ) | $ | 866,881,351 | ||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 16,714,277 | $ | 18,952 | $ | 1,760,508 | $ | (1,759,927 | ) | $ | 16,733,810 | ||||||||||
Income from fiduciary activities | 0 | 1,619,651 | 0 | 0 | 1,619,651 | ||||||||||||||||
Other income | 5,295,982 | 264,352 | 330,000 | (361,252 | ) | 5,529,082 | |||||||||||||||
Total operating income | 22,010,259 | 1,902,955 | 2,090,508 | (2,121,179 | ) | 23,882,543 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 3,009,967 | 0 | 3,134 | (3,769 | ) | 3,009,332 | |||||||||||||||
Provision for loan losses | 1,200,000 | 0 | 0 | 0 | 1,200,000 | ||||||||||||||||
Salaries and employee benefits | 8,812,752 | 1,100,653 | 266,757 | 0 | 10,180,162 | ||||||||||||||||
Other expenses | 7,088,935 | 485,024 | 103,219 | (361,252 | ) | 7,315,926 | |||||||||||||||
Total operating expenses | 20,111,654 | 1,585,677 | 373,110 | (365,021 | ) | 21,705,420 | |||||||||||||||
Income before taxes | 1,898,605 | 317,278 | 1,717,398 | (1,756,158 | ) | 2,177,123 | |||||||||||||||
Income tax expense (benefit) | 352,186 | 107,539 | 890 | 0 | 460,615 | ||||||||||||||||
Net income | $ | 1,546,419 | $ | 209,739 | $ | 1,716,508 | $ | (1,756,158 | ) | $ | 1,716,508 | ||||||||||
Total assets | $ | 868,035,982 | $ | 5,229,142 | $ | 87,516,934 | $ | (88,463,223 | ) | $ | 872,318,835 | ||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company’s 2012 annual report on Form 10-K. The Company evaluates performance based on profit or loss from operations before income taxes, not including nonrecurring gains or losses. | |||||||||||||||||||||
Both the Parent and the Trust companies maintain deposit accounts with the Bank, on terms substantially similar to those available to other customers. These transactions are eliminated to reach consolidated totals. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 10. Commitments and Contingencies | |
There have been no material changes in the Company’s commitments and contingencies from those disclosed in the Company’s 2012 annual report on Form 10-K. For a discussion of the Company’s branch office expansion, see Note 1 of the Notes to the Consolidated Financial Statements included in this quarterly report on Form 10-Q. |
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Amortized costs and fair value of securities held-to-maturity | ' | ||||||||||||||||||||||||||||
Amortized costs and fair values of securities held-to-maturity as of the dates indicated are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 570 | $ | 3 | $ | (3 | ) | $ | 570 | ||||||||||||||||||||
Obligations of state and political subdivisions | 10,843 | 9 | (19 | ) | 10,833 | ||||||||||||||||||||||||
Total | $ | 11,413 | $ | 12 | $ | (22 | ) | $ | 11,403 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 570 | $ | 4 | $ | 0 | $ | 574 | |||||||||||||||||||||
Amortized costs and fair value of securities available-for-sale | ' | ||||||||||||||||||||||||||||
Amortized costs and fair values of securities available-for-sale as of the dates indicated are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 25,372 | $ | 551 | $ | (118 | ) | $ | 25,805 | ||||||||||||||||||||
Obligations of state and political subdivisions | 50,997 | 160 | (2,393 | ) | 48,764 | ||||||||||||||||||||||||
Mortgage-backed securities | 189,456 | 0 | (7,613 | ) | 181,843 | ||||||||||||||||||||||||
Money market investments | 801 | 0 | 0 | 801 | |||||||||||||||||||||||||
Corporate bonds | 1,399 | 0 | (29 | ) | 1,370 | ||||||||||||||||||||||||
Total | $ | 268,025 | $ | 711 | $ | (10,153 | ) | $ | 258,583 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 35,787 | $ | 1,314 | $ | (13 | ) | $ | 37,088 | ||||||||||||||||||||
Obligations of state and political subdivisions | 43,276 | 712 | (214 | ) | 43,774 | ||||||||||||||||||||||||
Mortgage-backed securities | 246,132 | 1,966 | (743 | ) | 247,355 | ||||||||||||||||||||||||
Money market investments | 541 | 0 | 0 | 541 | |||||||||||||||||||||||||
Corporate bonds and other securities | 700 | 0 | (2 | ) | 698 | ||||||||||||||||||||||||
Total | $ | 326,436 | $ | 3,992 | $ | (972 | ) | $ | 329,456 | ||||||||||||||||||||
Available-for-sale securities and Held-to-maturity securities, continuous unrealized loss position | ' | ||||||||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are deemed to be temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated. The Company had no held-to-maturity securities with unrealized losses at December 31, 2012. | |||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | Gross | Fair | Number | |||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | Unrealized | Value | of | |||||||||||||||||||||||
Losses | Losses | Losses | Securities | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 118 | $ | 4,890 | $ | 0 | $ | 0 | $ | 118 | $ | 4,890 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 2,393 | 37,905 | 0 | 0 | 2,393 | 37,905 | 69 | ||||||||||||||||||||||
Mortgage-backed securities | 7,613 | 181,843 | 0 | 0 | 7,613 | 181,843 | 19 | ||||||||||||||||||||||
Corporate bonds | 29 | 1,370 | 0 | 0 | 29 | 1,370 | 11 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 10,153 | $ | 226,008 | $ | 0 | $ | 0 | $ | 10,153 | $ | 226,008 | 100 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 3 | $ | 97 | $ | 0 | $ | 0 | $ | 3 | $ | 97 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 19 | 857 | 0 | 0 | 19 | 857 | 1 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 22 | $ | 954 | $ | 0 | $ | 0 | $ | 22 | $ | 954 | 2 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | Gross | Fair | Number | |||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | Unrealized | Value | of | |||||||||||||||||||||||
Losses | Losses | Losses | Securities | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of U. S. Government agencies | $ | 13 | $ | 5,103 | $ | 0 | $ | 0 | $ | 13 | $ | 5,103 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 214 | 9,535 | 0 | 0 | 214 | 9,535 | 24 | ||||||||||||||||||||||
Mortgage-backed securities | 743 | 104,066 | 0 | 0 | 743 | 104,066 | 9 | ||||||||||||||||||||||
Corporate bonds and other securities | 2 | 700 | 0 | 0 | 2 | 700 | 2 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 972 | $ | 119,404 | $ | 0 | $ | 0 | $ | 972 | $ | 119,404 | 36 |
Loans_and_the_Allowance_for_Lo1
Loans and the Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Outstanding Loans By Segment Type | ' | ||||||||||||||||||||||||||||
The following is a summary of the balances in each class of the Company’s loan portfolio as of the dates indicated: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 80,553 | $ | 77,267 | |||||||||||||||||||||||||
Commercial | 273,498 | 274,613 | |||||||||||||||||||||||||||
Construction | 13,493 | 12,005 | |||||||||||||||||||||||||||
Second mortgages | 12,242 | 14,315 | |||||||||||||||||||||||||||
Equity lines of credit | 31,201 | 32,327 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 410,987 | 410,527 | |||||||||||||||||||||||||||
Commercial loans | 28,687 | 25,341 | |||||||||||||||||||||||||||
Consumer loans | 10,985 | 13,146 | |||||||||||||||||||||||||||
Other | 18,849 | 22,119 | |||||||||||||||||||||||||||
Total loans | 469,508 | 471,133 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (7,296 | ) | (7,324 | ) | |||||||||||||||||||||||||
Loans, net of allowance and deferred fees | $ | 462,212 | $ | 463,809 | |||||||||||||||||||||||||
Credit Quality Information | ' | ||||||||||||||||||||||||||||
The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: | |||||||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of June 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 73,496 | $ | 1,746 | $ | 5,311 | $ | 80,553 | |||||||||||||||||||||
Commercial | 256,142 | 7,708 | 9,648 | 273,498 | |||||||||||||||||||||||||
Construction | 10,374 | 239 | 2,880 | 13,493 | |||||||||||||||||||||||||
Second mortgages | 11,895 | 238 | 109 | 12,242 | |||||||||||||||||||||||||
Equity lines of credit | 30,598 | 0 | 603 | 31,201 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 382,505 | 9,931 | 18,551 | 410,987 | |||||||||||||||||||||||||
Commercial loans | 27,533 | 112 | 1,042 | 28,687 | |||||||||||||||||||||||||
Consumer loans | 10,956 | 0 | 29 | 10,985 | |||||||||||||||||||||||||
Other | 18,849 | 0 | 0 | 18,849 | |||||||||||||||||||||||||
Total | $ | 439,843 | $ | 10,043 | $ | 19,622 | $ | 469,508 | |||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 70,961 | $ | 1,711 | $ | 4,595 | $ | 77,267 | |||||||||||||||||||||
Commercial | 258,195 | 6,781 | 9,637 | 274,613 | |||||||||||||||||||||||||
Construction | 8,651 | 254 | 3,100 | 12,005 | |||||||||||||||||||||||||
Second mortgages | 13,488 | 242 | 585 | 14,315 | |||||||||||||||||||||||||
Equity lines of credit | 31,704 | 239 | 384 | 32,327 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 382,999 | 9,227 | 18,301 | 410,527 | |||||||||||||||||||||||||
Commercial loans | 23,997 | 209 | 1,135 | 25,341 | |||||||||||||||||||||||||
Consumer loans | 13,042 | 0 | 104 | 13,146 | |||||||||||||||||||||||||
Other | 22,119 | 0 | 0 | 22,119 | |||||||||||||||||||||||||
Total | $ | 442,157 | $ | 9,436 | $ | 19,540 | $ | 471,133 | |||||||||||||||||||||
Past Due Loans | ' | ||||||||||||||||||||||||||||
Loans in nonaccrual status that are also past due are included in the aging categories in the table below. | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of June 30, 2013 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | Investment | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | > 90 Days | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,752 | $ | 38 | $ | 3,306 | $ | 5,096 | $ | 75,457 | $ | 80,553 | $ | 258 | |||||||||||||||
Commercial | 0 | 200 | 716 | 916 | 272,582 | 273,498 | 0 | ||||||||||||||||||||||
Construction | 404 | 0 | 2,880 | 3,284 | 10,209 | 13,493 | 0 | ||||||||||||||||||||||
Second mortgages | 46 | 35 | 20 | 101 | 12,141 | 12,242 | 20 | ||||||||||||||||||||||
Equity lines of credit | 175 | 75 | 0 | 250 | 30,951 | 31,201 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 2,377 | 348 | 6,922 | 9,647 | 401,340 | 410,987 | 278 | ||||||||||||||||||||||
Commercial loans | 54 | 49 | 0 | 103 | 28,584 | 28,687 | 0 | ||||||||||||||||||||||
Consumer loans | 80 | 40 | 13 | 133 | 10,852 | 10,985 | 13 | ||||||||||||||||||||||
Other | 65 | 9 | 5 | 79 | 18,770 | 18,849 | 5 | ||||||||||||||||||||||
Total | $ | 2,576 | $ | 446 | $ | 6,940 | $ | 9,962 | $ | 459,546 | $ | 469,508 | $ | 296 | |||||||||||||||
-1 | For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. | ||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of December 31, 2012 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | Investment | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | > 90 Days | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,115 | $ | 0 | $ | 3,783 | $ | 4,898 | $ | 72,369 | $ | 77,267 | $ | 348 | |||||||||||||||
Commercial | 207 | 0 | 724 | 931 | 273,682 | 274,613 | 0 | ||||||||||||||||||||||
Construction | 140 | 0 | 2,925 | 3,065 | 8,940 | 12,005 | 0 | ||||||||||||||||||||||
Second mortgages | 113 | 0 | 544 | 657 | 13,658 | 14,315 | 60 | ||||||||||||||||||||||
Equity lines of credit | 90 | 0 | 287 | 377 | 31,950 | 32,327 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 1,665 | 0 | 8,263 | 9,928 | 400,599 | 410,527 | 408 | ||||||||||||||||||||||
Commercial loans | 275 | 13 | 122 | 410 | 24,931 | 25,341 | 25 | ||||||||||||||||||||||
Consumer loans | 85 | 22 | 11 | 118 | 13,028 | 13,146 | 11 | ||||||||||||||||||||||
Other | 54 | 7 | 3 | 64 | 22,055 | 22,119 | 3 | ||||||||||||||||||||||
Total | $ | 2,079 | $ | 42 | $ | 8,399 | $ | 10,520 | $ | 460,613 | $ | 471,133 | $ | 447 | |||||||||||||||
-1 | For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. | ||||||||||||||||||||||||||||
Nonaccrual Loans | ' | ||||||||||||||||||||||||||||
The following table presents loans in nonaccrual status by class of loan as of the dates indicated: | |||||||||||||||||||||||||||||
Nonaccrual Loans by Class | |||||||||||||||||||||||||||||
30-Jun-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,363 | $ | 3,663 | |||||||||||||||||||||||||
Commercial | 2,965 | 3,037 | |||||||||||||||||||||||||||
Construction | 2,880 | 3,065 | |||||||||||||||||||||||||||
Second mortgages | 35 | 484 | |||||||||||||||||||||||||||
Equity lines of credit | 0 | 286 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 9,243 | 10,535 | |||||||||||||||||||||||||||
Commercial loans | 0 | 97 | |||||||||||||||||||||||||||
Consumer loans | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 9,243 | $ | 10,632 | |||||||||||||||||||||||||
Interest income that would have been recorded under original loan terms | ' | ||||||||||||||||||||||||||||
The following table presents the interest income that the Company would have earned under the original terms of its nonaccrual loans and the actual interest recorded by the Company on nonaccrual loans for the periods presented: | |||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Interest income that would have been recorded under original loan terms | $ | 275 | $ | 275 | |||||||||||||||||||||||||
Actual interest income recorded for the period | 51 | 32 | |||||||||||||||||||||||||||
Reduction in interest income on nonaccrual loans | $ | 224 | $ | 243 | |||||||||||||||||||||||||
Troubled Debt Restructurings by Class | ' | ||||||||||||||||||||||||||||
The following table presents TDRs during the period indicated, by class of loan: | |||||||||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current | ||||||||||||||||||||||||||
Modifications | Investment | Investment | Investment on | ||||||||||||||||||||||||||
Prior to | After | 30-Jun-13 | |||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 3 | $ | 676 | $ | 676 | $ | 673 | ||||||||||||||||||||||
Commercial | 1 | 207 | 207 | 203 | |||||||||||||||||||||||||
Total | 4 | $ | 883 | $ | 883 | $ | 876 | ||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current | ||||||||||||||||||||||||||
Modifications | Investment | Investment | Investment on | ||||||||||||||||||||||||||
Prior to | After | 30-Jun-12 | |||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Commercial | 2 | $ | 3,019 | $ | 2,461 | $ | 2,373 | ||||||||||||||||||||||
Second mortgages | 1 | 111 | 145 | 140 | |||||||||||||||||||||||||
Total | 3 | $ | 3,130 | $ | 2,606 | $ | 2,513 | ||||||||||||||||||||||
Restructurings that Subsequently Defaulted [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following table presents TDRs for the three and nine months ended September 30, 2013 for which there was a payment default where the default occurred within twelve months of restructuring. | |||||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans | |||||||||||||||||||||||||||||
Mortgage loans on real estate | $ | ||||||||||||||||||||||||||||
Residential 1 - 4 family | 79,000 | ||||||||||||||||||||||||||||
Commercial | 1,829,000 | ||||||||||||||||||||||||||||
Total | $ | 1,908,000 | |||||||||||||||||||||||||||
During the three and nine months ended September 30, 2012, there were no TDRs for which there was a payment default where the default occurred within twelve months of restructuring. A TDR is considered in default when it is 90 days or more past due or has been charged off. | |||||||||||||||||||||||||||||
Impaired Loans by Class | ' | ||||||||||||||||||||||||||||
The following table includes the recorded investment and unpaid principal balances (a portion of which may have been charged off) for impaired loans with the associated allowance amount, if applicable, as of the dates presented. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized for the periods presented. The average balances are calculated based on daily average balances. | |||||||||||||||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of June 30, 2013 | For the six months ended | ||||||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||
Unpaid | Without | With | Associated | Average | Interest | ||||||||||||||||||||||||
Principal | Valuation | Valuation | Allowance | Recorded | Income | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,546 | $ | 872 | $ | 3,415 | $ | 237 | $ | 4,738 | $ | 16 | |||||||||||||||||
Commercial | 13,702 | 3,683 | 7,082 | 1,261 | 10,910 | 269 | |||||||||||||||||||||||
Construction | 3,639 | 0 | 2,880 | 360 | 2,891 | 0 | |||||||||||||||||||||||
Second mortgages | 183 | 43 | 136 | 47 | 745 | 4 | |||||||||||||||||||||||
Equity lines of credit | 50 | 50 | 0 | 0 | 193 | 1 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 22,120 | $ | 4,648 | $ | 13,513 | $ | 1,905 | $ | 19,477 | $ | 290 | |||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 12 | 0 | |||||||||||||||||||||||
Consumer loans | 16 | 16 | 0 | 0 | 18 | 1 | |||||||||||||||||||||||
Total | $ | 22,136 | $ | 4,664 | $ | 13,513 | $ | 1,905 | $ | 19,507 | $ | 291 | |||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of December 31, 2012 | For the year ended | ||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||
Unpaid | Without | With | Associated | Average | Interest | ||||||||||||||||||||||||
Principal | Valuation | Valuation | Allowance | Recorded | Income | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,100 | $ | 681 | $ | 3,235 | $ | 226 | $ | 2,354 | $ | 136 | |||||||||||||||||
Commercial | 12,459 | 3,741 | 5,817 | 180 | 10,151 | 242 | |||||||||||||||||||||||
Construction | 3,782 | 3,064 | 0 | 0 | 3,320 | (9 | ) | ||||||||||||||||||||||
Second mortgages | 695 | 583 | 47 | 5 | 542 | 12 | |||||||||||||||||||||||
Equity lines of credit | 370 | 286 | 0 | 0 | 391 | (2 | ) | ||||||||||||||||||||||
Total mortgage loans on real estate | $ | 21,406 | $ | 8,355 | $ | 9,099 | $ | 411 | $ | 16,758 | $ | 379 | |||||||||||||||||
Commercial loans | 117 | 0 | 97 | 33 | 104 | (14 | ) | ||||||||||||||||||||||
Consumer loans | 17 | 17 | 0 | 0 | 26 | 1 | |||||||||||||||||||||||
Total | $ | 21,540 | $ | 8,372 | $ | 9,196 | $ | 444 | $ | 16,888 | $ | 366 | |||||||||||||||||
Allowance for loan losses by segment | ' | ||||||||||||||||||||||||||||
The following table presents, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
Construction | Mortgage | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 677 | $ | 187 | $ | 6,179 | $ | 204 | $ | 77 | $ | 7,324 | |||||||||||||||||
Charge-offs | (106 | ) | (100 | ) | (413 | ) | (66 | ) | (79 | ) | (764 | ) | |||||||||||||||||
Recoveries | 43 | 3 | 121 | 34 | 35 | 236 | |||||||||||||||||||||||
Provision for loan losses | (339 | ) | 429 | 421 | (22 | ) | 11 | 500 | |||||||||||||||||||||
Ending balance | $ | 275 | $ | 519 | $ | 6,308 | $ | 150 | $ | 44 | $ | 7,296 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 360 | $ | 1,545 | $ | 0 | $ | 0 | $ | 1,905 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 275 | 159 | 4,763 | 150 | 44 | 5,391 | |||||||||||||||||||||||
Ending balance | $ | 275 | $ | 519 | $ | 6,308 | $ | 150 | $ | 44 | $ | 7,296 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 2,880 | $ | 15,281 | $ | 16 | $ | 0 | $ | 18,177 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 28,687 | 10,613 | 382,213 | 10,969 | 18,849 | 451,331 | |||||||||||||||||||||||
Ending balance | $ | 28,687 | $ | 13,493 | $ | 397,494 | $ | 10,985 | $ | 18,849 | $ | 469,508 | |||||||||||||||||
For the Year Ended | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
31-Dec-12 | Construction | Mortgage | |||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 1,011 | $ | 323 | $ | 6,735 | $ | 300 | $ | 129 | $ | 8,498 | |||||||||||||||||
Charge-offs | (138 | ) | (831 | ) | (2,554 | ) | (259 | ) | (187 | ) | (3,969 | ) | |||||||||||||||||
Recoveries | 67 | 30 | 162 | 70 | 66 | 395 | |||||||||||||||||||||||
Provision for loan losses | (263 | ) | 665 | 1,836 | 93 | 69 | 2,400 | ||||||||||||||||||||||
Ending balance | $ | 677 | $ | 187 | $ | 6,179 | $ | 204 | $ | 77 | $ | 7,324 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 33 | $ | 0 | $ | 411 | $ | 0 | $ | 0 | $ | 444 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 644 | 187 | 5,768 | 204 | 77 | 6,880 | |||||||||||||||||||||||
Ending balance | $ | 677 | $ | 187 | $ | 6,179 | $ | 204 | $ | 77 | $ | 7,324 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 97 | $ | 3,064 | $ | 14,390 | $ | 17 | $ | 0 | $ | 17,568 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 25,244 | 8,941 | 384,132 | 13,129 | 22,119 | 453,565 | |||||||||||||||||||||||
Ending balance | $ | 25,341 | $ | 12,005 | $ | 398,522 | $ | 13,146 | $ | 22,119 | $ | 471,133 | |||||||||||||||||
Change in Allowance Methodology [Text Block] | ' | ||||||||||||||||||||||||||||
The following table represents the effect on the loan loss provision for the nine months ended September 30, 2013 as a result of the changes to the methodology from that used in prior periods. | |||||||||||||||||||||||||||||
Calculated Provision Based on Current Quarter Methodology | Calculated Provision Based on Prior Quarter Methodology | Difference | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Portfolio Segment: | |||||||||||||||||||||||||||||
Commercial | $ | (368 | ) | $ | (346 | ) | $ | (22 | ) | ||||||||||||||||||||
Real estate - construction | 516 | 371 | 145 | ||||||||||||||||||||||||||
Real estate - mortgage | 504 | 859 | (355 | ) | |||||||||||||||||||||||||
Consumer loans | (13 | ) | (64 | ) | 51 | ||||||||||||||||||||||||
Other | 161 | 36 | 125 | ||||||||||||||||||||||||||
Total | $ | 800 | $ | 856 | $ | (56 | ) | ||||||||||||||||||||||
Under the previous method, the provisions for real estate – construction and real estate – mortgage were calculated on the same pool of loans, with loss rates for that aggregated pool applied to the loan balances in those segments, even though the two segments have different risk characteristics and performance history. Under the current method, the historical loss rate on construction loans is calculated separately from other real estate loans, providing a more precise estimate of the Company's true historical losses. | |||||||||||||||||||||||||||||
The other loans segment in the table above includes overdrafts on deposit accounts. The new method allows management to perform a more granular analysis of overdrawn accounts. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock option plan activity | ' | ||||||||||||||||
Stock option activity for the six months ended June 30, 2013 is summarized below: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding, January 1, 2013 | 156,960 | $ | 21.63 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | 0 | 0 | |||||||||||||||
Canceled or expired | (2,500 | ) | 21.94 | ||||||||||||||
Options outstanding, June 30, 2013 | 154,460 | $ | 21.63 | 2.96 | $ | 0 | |||||||||||
Options exercisable, June 30, 2013 | 154,460 | $ | 21.63 | 2.96 | $ | 0 |
Pension_Plan_Tables
Pension Plan (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Pension Plan [Abstract] | ' | ||||||||
Components of net periodic plan cost | ' | ||||||||
The components of net periodic pension plan cost are as follows for the periods indicated: | |||||||||
Three months ended June 30, | 2013 | 2012 | |||||||
Pension Benefits | |||||||||
Interest cost | $ | 62,983 | $ | 71,750 | |||||
Expected return on plan assets | (88,399 | ) | (97,500 | ) | |||||
Amortization of net loss | 74,524 | 56,250 | |||||||
Net periodic pension plan cost | $ | 49,108 | $ | 30,500 | |||||
Six months ended June 30, | 2013 | 2012 | |||||||
Pension Benefits | |||||||||
Interest cost | $ | 125,966 | $ | 143,500 | |||||
Expected return on plan assets | (176,798 | ) | (195,000 | ) | |||||
Amortization of net loss | 149,048 | 112,500 | |||||||
Net periodic pension plan cost | $ | 98,216 | $ | 61,000 |
Stockholders_Equity_and_Earnin1
Stockholders' Equity and Earnings per Common Share (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Stockholders' Equity and Earnings Per Common Share [Abstract] | ' | |||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income (loss), by category | ' | |||||||||||||||||
The following table presents information on amounts reclassified out of accumulated other comprehensive income (loss), by category, during the periods indicated: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | Affected Line Item on | ||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | Consolidated Statement of Income | ||||||||||||||
Available-for-sale securities | ||||||||||||||||||
Realized gains (losses) on sales of securities | $ | (5 | ) | $ | 620 | $ | (26 | ) | $ | 1,704 | Gain (loss) on sale of available-for-sale securities, net | |||||||
Tax effect | (2 | ) | 211 | (9 | ) | 579 | Income tax expense | |||||||||||
$ | (3 | ) | $ | 409 | $ | (17 | ) | $ | 1,125 | Net of tax | ||||||||
Other Comprehensive Income | ' | |||||||||||||||||
The following table presents the changes in accumulated other comprehensive income (loss), by category, net of tax, for the periods indicated: | ||||||||||||||||||
Unrealized Gains (Losses) on Securities | Other Comprehensive Income - AFS to HTM | Defined | Accumulated Other Comprehensive Loss | |||||||||||||||
Benefit | ||||||||||||||||||
Pension | ||||||||||||||||||
Plans | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 1,992 | $ | - | $ | (2,184 | ) | $ | 0 | |||||||||
Net change for the period | (7,235 | ) | (4,068 | ) | - | (11 | ) | |||||||||||
Balance at end of period | $ | (5,243 | ) | $ | (4,068 | ) | $ | (2,184 | ) | $ | (11 | ) | ||||||
Unrealized Gains (Losses) on Securities | Other Comprehensive Income - AFS to HTM | Defined | Accumulated Other Comprehensive Loss | |||||||||||||||
Benefit | ||||||||||||||||||
Pension | ||||||||||||||||||
Plans | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||
Balance at beginning of period | $ | 1,525 | $ | - | $ | (1,875 | ) | $ | (1,875 | ) | ||||||||
Net change for the period | 2,403 | - | $ | - | 0 | |||||||||||||
Balance at end of period | $ | 3,928 | $ | - | (1,875 | ) | $ | 2 | ||||||||||
Component of other comprehensive income on a pre-tax and after-tax | ' | |||||||||||||||||
The following table presents the change in each component of other comprehensive income (loss) on a pre-tax and after-tax basis for the periods indicated. | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
Pretax | Tax Expense (Benefit) | Net-of-Tax | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized losses on securities | ||||||||||||||||||
Unrealized holding losses arising during the period | $ | (10,988 | ) | $ | (3,736 | ) | $ | (7,252 | ) | |||||||||
Less reclassification adjustment for losses recognized in income | (26 | ) | (9 | ) | (17 | ) | ||||||||||||
Net unrealized losses on securities | (10,962 | ) | (3,727 | ) | (7,235 | ) | ||||||||||||
Market adjustment on securities transferred to held-to-maturity | ||||||||||||||||||
Unrealized loss transferred | (6,232 | ) | (2,119 | ) | (4,113 | ) | ||||||||||||
Amortization | 68 | 23 | 45 | |||||||||||||||
Net effect of market adjustment on securities transferred to held-to-maturity | (6,164 | ) | (2,096 | ) | (4,068 | ) | ||||||||||||
Total decrease in other comprehensive loss | $ | (17,126 | ) | $ | (5,823 | ) | $ | (11,303 | ) | |||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||
Pretax | Tax Expense | Net-of-Tax | ||||||||||||||||
(Benefit) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized gains on securities | ||||||||||||||||||
Unrealized holding gains arising during the period | $ | 5,345 | $ | 1,817 | $ | 3,528 | ||||||||||||
Less reclassification adjustment for gains recognized in income | 1,704 | 579 | 1,125 | |||||||||||||||
Net unrealized gains on securities | 3,641 | 1,238 | 2,403,000 | |||||||||||||||
Total increase in other comprehensive loss | $ | 3,641 | $ | 1,238 | $ | 2,403 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis | ' | ||||||||||||||||
The following table presents the balances of certain assets measured at fair value on a recurring basis as of the dates indicated: | |||||||||||||||||
Fair Value Measurements at June 30, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Obligations of U.S. Government agencies | $ | 25,805 | $ | 0 | $ | 25,805 | $ | 0 | |||||||||
Obligations of state and political subdivisions | 48,764 | 0 | 48,764 | 0 | |||||||||||||
Mortgage-backed securities | 181,843 | 0 | 181,843 | 0 | |||||||||||||
Money market investments | 801 | 0 | 801 | 0 | |||||||||||||
Corporate bonds | 1,370 | 0 | 1,370 | 0 | |||||||||||||
Total available-for-sale securities | $ | 258,583 | $ | 0 | $ | 258,583 | $ | 0 | |||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Obligations of U.S. Government agencies | 37,088 | 0 | 37,088 | 0 | |||||||||||||
Obligations of state and political subdivisions | 43,774 | 0 | 43,774 | 0 | |||||||||||||
Mortgage-backed securities | 247,355 | 0 | 247,355 | 0 | |||||||||||||
Money market investments | 541 | 0 | 541 | 0 | |||||||||||||
Corporate bonds | 698 | 0 | 698 | 0 | |||||||||||||
Total available-for-sale securities | $ | 329,456 | $ | 0 | $ | 329,456 | $ | 0 | |||||||||
Assets measured at fair value on a nonrecurring basis | ' | ||||||||||||||||
The following table presents the assets carried on the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the interest rate of the loan rather than at a market rate. These loans are not carried on the consolidated balance sheets at fair value and, as such, are not included in the table below. | |||||||||||||||||
Carrying Value at June 30, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 3,006 | $ | 0 | $ | 0 | $ | 3,006 | |||||||||
Commercial | 2,776 | 0 | 0 | 2,776 | |||||||||||||
Construction | 2,520 | 0 | 0 | 2,520 | |||||||||||||
Second mortgages | 88 | 0 | 0 | 88 | |||||||||||||
Total | $ | 8,390 | $ | 0 | $ | 0 | $ | 8,390 | |||||||||
Foreclosed assets | |||||||||||||||||
Residential 1-4 family | $ | 521 | $ | 0 | $ | 0 | $ | 521 | |||||||||
Commercial | 2,286 | 0 | 0 | 2,286 | |||||||||||||
Construction | 3,752 | 0 | 0 | 3,752 | |||||||||||||
Total | $ | 6,559 | $ | 0 | $ | 0 | $ | 6,559 | |||||||||
Carrying Value at December 31, 2012 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Fair Value | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 3,009 | $ | 0 | $ | 0 | $ | 3,009 | |||||||||
Commercial | 2,271 | 0 | 0 | 2,271 | |||||||||||||
Second mortgages | 42 | 0 | 0 | 42 | |||||||||||||
Total mortgage loans on real estate | $ | 5,322 | $ | 0 | $ | 0 | $ | 5,322 | |||||||||
Commercial loans | 64 | 0 | 0 | 64 | |||||||||||||
Total | $ | 5,386 | $ | 0 | $ | 0 | $ | 5,386 | |||||||||
Foreclosed assets | |||||||||||||||||
Residential 1-4 family | $ | 676 | $ | 0 | $ | 0 | $ | 676 | |||||||||
Commercial | 2,094 | 0 | 0 | 2,094 | |||||||||||||
Construction | 3,804 | 0 | 0 | 3,804 | |||||||||||||
Total | $ | 6,574 | $ | 0 | $ | 0 | $ | 6,574 | |||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | ||||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of the date indicated (dollars in thousands): | |||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Description | Fair Value at | Valuation Techniques | Unobservable Input | Range (Average) | |||||||||||||
30-Jun-13 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | 3,006 | Market comparables | Selling costs | 5% - 6% (5%) | |||||||||||||
Liquidation discount | 1.25% | ||||||||||||||||
Commercial real estate | 2,776 | Market comparables | Selling costs | 6% - 20% (10%) | |||||||||||||
Age of appraisal | 46% | ||||||||||||||||
Construction | 2,520 | Market comparables | Selling costs | 20% | |||||||||||||
Liquidation discount | 1.25% | ||||||||||||||||
Second mortgages | 88 | Market comparables | Selling costs | 6% | |||||||||||||
Liquidation discount | 1.25% | ||||||||||||||||
Foreclosed assets | |||||||||||||||||
Residential 1-4 family | 521 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Commercial | 2,286 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Construction | 3,752 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Description | Fair Value at | Valuation Techniques | Unobservable Input | Range (Average) | |||||||||||||
31-Dec-12 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | 3,009 | Market comparables | Differences in comparables | 0% - 5% (5%) | |||||||||||||
Selling costs | 4.75% - 6% (6%) | ||||||||||||||||
Commercial real estate | 2,271 | Market comparables | Selling costs | 0% - 6% (4%) | |||||||||||||
Second mortgages | 42 | Market comparables | Selling costs | 6% | |||||||||||||
Commercial loans | 64 | Market comparables | Differences in comparables | 25% | |||||||||||||
Foreclosed assets | |||||||||||||||||
Residential 1-4 family | 676 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Commercial | 2,094 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Construction | 3,804 | Market comparables | Selling costs | 6% - 10% (6%) | |||||||||||||
Estimated fair values and related carrying or notional amounts of financial instruments | ' | ||||||||||||||||
The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows: | |||||||||||||||||
Fair Value Measurements at June 30, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 55,171 | $ | 55,171 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 258,583 | 0 | 258,583 | 0 | |||||||||||||
Securities held-to-maturity | 11,413 | 0 | 11,403 | 0 | |||||||||||||
Restricted securities | 2,378 | 0 | 2,378 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 462,212 | 0 | 0 | 467,676 | |||||||||||||
Bank owned life insurance | 22,257 | 0 | 22,257 | 0 | |||||||||||||
Accrued interest receivable | 2,593 | 0 | 2,593 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 730,368 | $ | 0 | $ | 734,412 | $ | 0 | |||||||||
Overnight repurchase agreements | 25,642 | 0 | 25,642 | 0 | |||||||||||||
Term repurchase agreements | 411 | 0 | 411 | 0 | |||||||||||||
Federal Home Loan Bank advances | 25,000 | 0 | 27,992 | 0 | |||||||||||||
Accrued interest payable | 366 | 0 | 366 | 0 | |||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Carrying | Quoted Prices in | Significant | Significant | ||||||||||||||
Value | Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 42,317 | $ | 42,317 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 329,456 | 0 | 329,456 | 0 | |||||||||||||
Securities held-to-maturity | 570 | 0 | 574 | 0 | |||||||||||||
Restricted securities | 2,562 | 0 | 2,562 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 463,809 | 0 | 0 | 466,492 | |||||||||||||
Bank owned life insurance | 21,824 | 0 | 21,824 | 0 | |||||||||||||
Accrued interest receivable | 2,420 | 0 | 2,420 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 753,816 | $ | 0 | $ | 757,923 | $ | 0 | |||||||||
Overnight repurchase agreements | 35,946 | 0 | 35,946 | 0 | |||||||||||||
Term repurchase agreements | 1,280 | 0 | 1,282 | 0 | |||||||||||||
Federal Home Loan Bank advances | 25,000 | 0 | 28,681 | 0 | |||||||||||||
Accrued interest payable | 439 | 0 | 439 | 0 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Reconciliation of assets and revenues from segment to consolidated | ' | ||||||||||||||||||||
Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three and six months ended June 30, 2013 and 2012 follows: | |||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,466,917 | $ | 9,933 | $ | 1,095,279 | $ | (1,095,582 | ) | $ | 7,476,547 | ||||||||||
Income from fiduciary activities | 0 | 865,689 | 0 | 0 | 865,689 | ||||||||||||||||
Other income | 2,299,848 | 133,972 | 50,100 | (65,376 | ) | 2,418,544 | |||||||||||||||
Total operating income | 9,766,765 | 1,009,594 | 1,145,379 | (1,160,958 | ) | 10,760,780 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,177,919 | 0 | 0 | (303 | ) | 1,177,616 | |||||||||||||||
Provision for loan losses | 300,000 | 0 | 0 | 0 | 300,000 | ||||||||||||||||
Salaries and employee benefits | 4,144,898 | 552,616 | 108,070 | 0 | 4,805,584 | ||||||||||||||||
Other expenses | 3,018,514 | 226,099 | 63,954 | (65,376 | ) | 3,243,191 | |||||||||||||||
Total operating expenses | 8,641,331 | 778,715 | 172,024 | (65,679 | ) | 9,526,391 | |||||||||||||||
Income before taxes | 1,125,434 | 230,879 | 973,355 | (1,095,279 | ) | 1,234,389 | |||||||||||||||
Income tax expense (benefit) | 182,701 | 78,333 | (41,460 | ) | 0 | 219,574 | |||||||||||||||
Net income | $ | 942,733 | $ | 152,546 | $ | 1,014,815 | $ | (1,095,279 | ) | $ | 1,014,815 | ||||||||||
Total assets | $ | 862,066,454 | $ | 5,502,315 | $ | 82,499,916 | $ | (83,187,334 | ) | $ | 866,881,351 | ||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 8,301,983 | $ | 9,368 | $ | 668,104 | $ | (667,837 | ) | $ | 8,311,618 | ||||||||||
Income from fiduciary activities | 0 | 793,005 | 0 | 0 | 793,005 | ||||||||||||||||
Other income | 2,943,305 | 160,014 | 165,000 | (180,476 | ) | 3,087,843 | |||||||||||||||
Total operating income | 11,245,288 | 962,387 | 833,104 | (848,313 | ) | 12,192,466 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,498,747 | 0 | 1,567 | (1,908 | ) | 1,498,406 | |||||||||||||||
Provision for loan losses | 1,000,000 | 0 | 0 | 0 | 1,000,000 | ||||||||||||||||
Salaries and employee benefits | 4,524,216 | 563,640 | 132,029 | 0 | 5,219,885 | ||||||||||||||||
Other expenses | 3,602,522 | 239,708 | 65,011 | (180,476 | ) | 3,726,765 | |||||||||||||||
Total operating expenses | 10,625,485 | 803,348 | 198,607 | (182,384 | ) | 11,445,056 | |||||||||||||||
Income before taxes | 619,803 | 159,039 | 634,497 | (665,929 | ) | 747,410 | |||||||||||||||
Income tax expense (benefit) | 59,007 | 53,906 | (3,710 | ) | 0 | 109,203 | |||||||||||||||
Net income | $ | 560,796 | $ | 105,133 | $ | 638,207 | $ | (665,929 | ) | $ | 638,207 | ||||||||||
Total assets | $ | 868,035,982 | $ | 5,229,142 | $ | 87,516,934 | $ | (88,463,223 | ) | $ | 872,318,835 | ||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 15,086,945 | $ | 19,210 | $ | 2,056,841 | $ | (2,057,533 | ) | $ | 15,105,463 | ||||||||||
Income from fiduciary activities | 0 | 1,765,494 | 0 | 0 | 1,765,494 | ||||||||||||||||
Other income | 4,417,970 | 244,740 | 100,200 | (130,902 | ) | 4,632,008 | |||||||||||||||
Total operating income | 19,504,915 | 2,029,444 | 2,157,041 | (2,188,435 | ) | 21,502,965 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 2,432,827 | 0 | 0 | (692 | ) | 2,432,135 | |||||||||||||||
Provision for loan losses | 500,000 | 0 | 0 | 0 | 500,000 | ||||||||||||||||
Salaries and employee benefits | 8,438,820 | 1,068,666 | 219,024 | 0 | 9,726,510 | ||||||||||||||||
Other expenses | 6,140,976 | 443,618 | 94,375 | (130,902 | ) | 6,548,067 | |||||||||||||||
Total operating expenses | 17,512,623 | 1,512,284 | 313,399 | (131,594 | ) | 19,206,712 | |||||||||||||||
Income before taxes | 1,992,292 | 517,160 | 1,843,642 | (2,056,841 | ) | 2,296,253 | |||||||||||||||
Income tax expense (benefit) | 277,109 | 175,502 | (72,490 | ) | 0 | 380,121 | |||||||||||||||
Net income | $ | 1,715,183 | $ | 341,658 | $ | 1,916,132 | $ | (2,056,841 | ) | $ | 1,916,132 | ||||||||||
Total assets | $ | 862,066,454 | $ | 5,502,315 | $ | 82,499,916 | $ | (83,187,334 | ) | $ | 866,881,351 | ||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 16,714,277 | $ | 18,952 | $ | 1,760,508 | $ | (1,759,927 | ) | $ | 16,733,810 | ||||||||||
Income from fiduciary activities | 0 | 1,619,651 | 0 | 0 | 1,619,651 | ||||||||||||||||
Other income | 5,295,982 | 264,352 | 330,000 | (361,252 | ) | 5,529,082 | |||||||||||||||
Total operating income | 22,010,259 | 1,902,955 | 2,090,508 | (2,121,179 | ) | 23,882,543 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 3,009,967 | 0 | 3,134 | (3,769 | ) | 3,009,332 | |||||||||||||||
Provision for loan losses | 1,200,000 | 0 | 0 | 0 | 1,200,000 | ||||||||||||||||
Salaries and employee benefits | 8,812,752 | 1,100,653 | 266,757 | 0 | 10,180,162 | ||||||||||||||||
Other expenses | 7,088,935 | 485,024 | 103,219 | (361,252 | ) | 7,315,926 | |||||||||||||||
Total operating expenses | 20,111,654 | 1,585,677 | 373,110 | (365,021 | ) | 21,705,420 | |||||||||||||||
Income before taxes | 1,898,605 | 317,278 | 1,717,398 | (1,756,158 | ) | 2,177,123 | |||||||||||||||
Income tax expense (benefit) | 352,186 | 107,539 | 890 | 0 | 460,615 | ||||||||||||||||
Net income | $ | 1,546,419 | $ | 209,739 | $ | 1,716,508 | $ | (1,756,158 | ) | $ | 1,716,508 | ||||||||||
Total assets | $ | 868,035,982 | $ | 5,229,142 | $ | 87,516,934 | $ | (88,463,223 | ) | $ | 872,318,835 |
General_Details
General (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 16, 2012 | Apr. 19, 2012 | |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Contractor contract fees | ' | ' | ' | $12,200,000 | $2,100,000 |
Contractor fees paid | 9,300,000 | 9,300,000 | ' | ' | ' |
Number of branches consolidated | 4 | ' | ' | ' | ' |
Un-depreciated value of furniture and equipment to be disposed | 6,000 | 6,000 | ' | ' | ' |
Un-depreciated value of furniture and equipment to be redeployed | 8,000 | 8,000 | ' | ' | ' |
Real Estate Transferred to Other Real Estate | 379,000 | 506,296 | 0 | ' | ' |
New General Contractor Contract [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Subsequent Event, Description | ' | 'The Company is expanding the building of a current branch office. | ' | ' | ' |
Contract, Date | ' | 19-Apr-12 | ' | ' | ' |
Lower range of the expected cost of the project for next one to two years | ' | 13,000,000 | ' | ' | ' |
Higher range of the expected cost of the project over the next one or two years | ' | $15,000,000 | ' | ' | ' |
Securities_Details
Securities (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment | Segment | ||
Amortized cost and fair value of securities held-to-maturity [Abstract] | ' | ' | ' |
Amortized Cost | $93,819,000 | ' | ' |
Gross Unrealized Gains | 1,740,000 | ' | ' |
Gross Unrealized Losses | -721,000 | ' | ' |
Fair Value | 94,838,000 | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' | ' |
Amortized Cost | 166,091,000 | ' | 326,436,000 |
Gross Unrealized Gains | 326,000 | ' | 3,992,000 |
Gross Unrealized Losses | -8,270,000 | ' | -972,000 |
Fair Value | 158,147,000 | ' | 329,456,000 |
Securities transferred from available-for-sale to held-to-maturity | 68,015,458 | 0 | ' |
Unrealized Gain or Loss on AFS to HTM Transfers | -6,231,880 | 0 | ' |
Securities transferred from available-for-sale to held-to-maturity, amortized cost | 74,247,338 | ' | ' |
Amortization of Unrealized Gain or Loss on Securities Transferred from AFS to HTM | 68,166 | 0 | ' |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' | ' |
Less Than Twelve Months | 7,516,000 | ' | 972,000 |
More Than Twelve Months | 754,000 | ' | 0 |
Total | 8,270,000 | ' | 972,000 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' | ' |
Less than Twelve Months | 130,802,000 | ' | 119,404,000 |
More Than Twelve Months | 11,324,000 | ' | 0 |
Total | 142,126,000 | ' | 119,404,000 |
Securities Held-to-Maturity, Gross Unrealized Loss [Abstract] | ' | ' | ' |
Less Than Twelve Months | 721,000 | ' | ' |
More Than Twelve Months | 0 | ' | ' |
Total | 721,000 | ' | ' |
Securities Held-to-Maturity, Fair Value [Abstract] | ' | ' | ' |
Less than Twelve Months | 20,730,000 | ' | ' |
More Than Twelve Months | 0 | ' | ' |
Total | 20,730,000 | ' | ' |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' | ' |
Cause | 'caused by increases in market interest rates. | ' | ' |
Number of Securities | 106 | ' | 36 |
Held-to-maturity securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' | ' |
Number of Securities | 43 | ' | ' |
Obligations of U.S. Government agencies [Member] | ' | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' | ' |
Amortized Cost | 15,193,000 | ' | 35,787,000 |
Gross Unrealized Gains | 249,000 | ' | 1,314,000 |
Gross Unrealized Losses | -378,000 | ' | -13,000 |
Fair Value | 15,064,000 | ' | 37,088,000 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' | ' |
Less Than Twelve Months | 378,000 | ' | 13,000 |
More Than Twelve Months | 0 | ' | 0 |
Total | 378,000 | ' | 13,000 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' | ' |
Less than Twelve Months | 4,454,000 | ' | 5,103,000 |
More Than Twelve Months | 0 | ' | 0 |
Total | 4,454,000 | ' | 5,103,000 |
Securities Held-to-Maturity, Gross Unrealized Loss [Abstract] | ' | ' | ' |
Less Than Twelve Months | 5,000 | ' | ' |
More Than Twelve Months | 0 | ' | ' |
Total | 5,000 | ' | ' |
Securities Held-to-Maturity, Fair Value [Abstract] | ' | ' | ' |
Less than Twelve Months | 95,000 | ' | ' |
More Than Twelve Months | 0 | ' | ' |
Total | 95,000 | ' | ' |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' | ' |
Number of Securities | 1 | ' | 1 |
Held-to-maturity securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' | ' |
Number of Securities | 1 | ' | ' |
Obligations of states and political subdivisions [Member] | ' | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' | ' |
Amortized Cost | 51,362,000 | ' | 43,276,000 |
Gross Unrealized Gains | 77,000 | ' | 712,000 |
Gross Unrealized Losses | -4,389,000 | ' | -214,000 |
Fair Value | 47,050,000 | ' | 43,774,000 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' | ' |
Less Than Twelve Months | 4,251,000 | ' | 214,000 |
More Than Twelve Months | 138,000 | ' | 0 |
Total | 4,389,000 | ' | 214,000 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' | ' |
Less than Twelve Months | 40,686,000 | ' | 9,535,000 |
More Than Twelve Months | 1,944,000 | ' | 0 |
Total | 42,630,000 | ' | 9,535,000 |
Securities Held-to-Maturity, Gross Unrealized Loss [Abstract] | ' | ' | ' |
Less Than Twelve Months | 716,000 | ' | ' |
More Than Twelve Months | 0 | ' | ' |
Total | 716,000 | ' | ' |
Securities Held-to-Maturity, Fair Value [Abstract] | ' | ' | ' |
Less than Twelve Months | 20,635,000 | ' | ' |
More Than Twelve Months | 0 | ' | ' |
Total | 20,635,000 | ' | ' |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' | ' |
Number of Securities | 83 | ' | 24 |
Held-to-maturity securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' | ' |
Number of Securities | 42 | ' | ' |
Mortgage-backed securities [Member] | ' | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' | ' |
Amortized Cost | 97,245,000 | ' | 246,132,000 |
Gross Unrealized Gains | 0 | ' | 1,966,000 |
Gross Unrealized Losses | -3,477,000 | ' | -743,000 |
Fair Value | 93,768,000 | ' | 247,355,000 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' | ' |
Less Than Twelve Months | 2,863,000 | ' | 743,000 |
More Than Twelve Months | 614,000 | ' | 0 |
Total | 3,477,000 | ' | 743,000 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' | ' |
Less than Twelve Months | 84,487,000 | ' | 104,066,000 |
More Than Twelve Months | 9,282,000 | ' | 0 |
Total | 93,769,000 | ' | 104,066,000 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' | ' |
Number of Securities | 12 | ' | 9 |
Money market investments [Member] | ' | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' | ' |
Amortized Cost | 892,000 | ' | 541,000 |
Gross Unrealized Gains | 0 | ' | 0 |
Gross Unrealized Losses | 0 | ' | 0 |
Fair Value | 892,000 | ' | 541,000 |
Corporate bond and other securities [Member] | ' | ' | ' |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' | ' |
Less Than Twelve Months | 24,000 | ' | 2,000 |
More Than Twelve Months | 2,000 | ' | 0 |
Total | 26,000 | ' | 2,000 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' | ' |
Less than Twelve Months | 1,175,000 | ' | 700,000 |
More Than Twelve Months | 98,000 | ' | 0 |
Total | 1,273,000 | ' | 700,000 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' | ' |
Number of Securities | 10 | ' | 2 |
Corporate Bonds [Member] | ' | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' | ' |
Amortized Cost | 1,399,000 | ' | 700,000 |
Gross Unrealized Gains | 0 | ' | 0 |
Gross Unrealized Losses | -26,000 | ' | -2,000 |
Fair Value | 1,373,000 | ' | 698,000 |
Obligations of U.S. Government agencies [Member] | ' | ' | ' |
Amortized cost and fair value of securities held-to-maturity [Abstract] | ' | ' | ' |
Amortized Cost | 570,000 | ' | 570,000 |
Gross Unrealized Gains | 2,000 | ' | 4,000 |
Gross Unrealized Losses | -5,000 | ' | 0 |
Fair Value | 567,000 | ' | 574,000 |
Obligations of states and political subdivisions [Member] | ' | ' | ' |
Amortized cost and fair value of securities held-to-maturity [Abstract] | ' | ' | ' |
Amortized Cost | 25,669,000 | ' | ' |
Gross Unrealized Gains | 3,000 | ' | ' |
Gross Unrealized Losses | -716,000 | ' | ' |
Fair Value | 24,956,000 | ' | ' |
Collateralized Mortgage Backed Securities [Member] | ' | ' | ' |
Amortized cost and fair value of securities held-to-maturity [Abstract] | ' | ' | ' |
Amortized Cost | 67,580,000 | ' | ' |
Gross Unrealized Gains | 1,735,000 | ' | ' |
Gross Unrealized Losses | 0 | ' | ' |
Fair Value | $69,315,000 | ' | ' |
Loans_and_the_Allowance_for_Lo2
Loans and the Allowance for Loan Losses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | $480,167,000 | $471,133,000 |
Allowance for loan losses | 6,979,663 | 7,324,310 |
Loans, net of allowance for loan losses | 473,187,156 | 463,808,457 |
Bank overdrafts | 780,000 | 1,600,000 |
Residential 1-4 Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 81,982,000 | 77,267,000 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 285,811,000 | 274,613,000 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 12,624,000 | 12,005,000 |
Second Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 12,976,000 | 14,315,000 |
Equity Line of Credit [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 31,155,000 | 32,327,000 |
Total Mortgage Loans on Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 424,548,000 | 410,527,000 |
Commercial Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 29,880,000 | 25,341,000 |
Consumer Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 10,260,000 | 13,146,000 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | $15,479,000 | $22,119,000 |
Loans_and_the_Allowance_for_Lo3
Loans and the Allowance for Loan Losses, Credit Quality (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | $480,167 | $471,133 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 454,741 | 442,157 |
OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 7,692 | 9,436 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 17,734 | 19,540 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 81,982 | 77,267 |
Residential 1-4 Family [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 75,763 | 70,961 |
Residential 1-4 Family [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 1,175 | 1,711 |
Residential 1-4 Family [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 5,044 | 4,595 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 285,811 | 274,613 |
Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 271,020 | 258,195 |
Commercial [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 6,245 | 6,781 |
Commercial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 8,546 | 9,637 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 12,624 | 12,005 |
Construction [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 9,916 | 8,651 |
Construction [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 162 | 254 |
Construction [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 2,546 | 3,100 |
Second Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 12,976 | 14,315 |
Second Mortgages [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 12,905 | 13,488 |
Second Mortgages [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 242 |
Second Mortgages [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 71 | 585 |
Equity Line of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 31,155 | 32,327 |
Equity Line of Credit [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 30,679 | 31,704 |
Equity Line of Credit [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 239 |
Equity Line of Credit [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 476 | 384 |
Total Mortgage Loans on Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 424,548 | 410,527 |
Total Mortgage Loans on Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 400,283 | 382,999 |
Total Mortgage Loans on Real Estate [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 7,582 | 9,227 |
Total Mortgage Loans on Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 16,683 | 18,301 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 29,880 | 25,341 |
Commercial Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 28,750 | 23,997 |
Commercial Loans [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 110 | 209 |
Commercial Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 1,020 | 1,135 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 10,260 | 13,146 |
Consumer Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 10,229 | 13,042 |
Consumer Loans [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Consumer Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 31 | 104 |
Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 15,479 | 22,119 |
Other [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 15,479 | 22,119 |
Other [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | $0 | $0 |
Loans_and_the_Allowance_for_Lo4
Loans and the Allowance for Loan Losses, Past Due (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | $2,214 | ' | $2,079 | ||
60 to 89 Days Past Due | 1,642 | ' | 42 | ||
90 or More Days Past Due | 9,269 | ' | 8,399 | ||
Total Past Due | 13,125 | ' | 10,520 | ||
Total Current Loans | 467,042 | [1] | ' | 460,613 | [1] |
Ending balance | 480,167 | ' | 471,133 | ||
Recorded Investment > 90 Days Past Due and Accruing | 18 | ' | 447 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 9,901 | ' | 10,632 | ||
Interest income that would have been recorded under original loan terms [Abstract] | ' | ' | ' | ||
Interest income that would have been recorded under original loan terms | 482 | 823 | ' | ||
Actual interest income recorded for the period | 95 | 235 | ' | ||
Reduction in interest income on non accrual loans | 387 | 588 | ' | ||
Residential 1-4 Family [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 649 | ' | 1,115 | ||
60 to 89 Days Past Due | 174 | ' | 0 | ||
90 or More Days Past Due | 4,098 | ' | 3,783 | ||
Total Past Due | 4,921 | ' | 4,898 | ||
Total Current Loans | 77,061 | [1] | ' | 72,369 | [1] |
Ending balance | 81,982 | ' | 77,267 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 348 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 4,350 | ' | 3,663 | ||
Commercial [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 1,263 | ' | 207 | ||
60 to 89 Days Past Due | 0 | ' | 0 | ||
90 or More Days Past Due | 2,608 | ' | 724 | ||
Total Past Due | 3,871 | ' | 931 | ||
Total Current Loans | 281,940 | [1] | ' | 273,682 | [1] |
Ending balance | 285,811 | ' | 274,613 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 0 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 3,005 | ' | 3,037 | ||
Construction [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 0 | ' | 140 | ||
60 to 89 Days Past Due | 402 | ' | 0 | ||
90 or More Days Past Due | 2,545 | ' | 2,925 | ||
Total Past Due | 2,947 | ' | 3,065 | ||
Total Current Loans | 9,677 | [1] | ' | 8,940 | [1] |
Ending balance | 12,624 | ' | 12,005 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 0 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 2,546 | ' | 3,065 | ||
Second Mortgages [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 29 | ' | 113 | ||
60 to 89 Days Past Due | 0 | ' | 0 | ||
90 or More Days Past Due | 0 | ' | 544 | ||
Total Past Due | 29 | ' | 657 | ||
Total Current Loans | 12,947 | [1] | ' | 13,658 | [1] |
Ending balance | 12,976 | ' | 14,315 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 60 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 0 | ' | 484 | ||
Equity Line of Credit [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 121 | ' | 90 | ||
60 to 89 Days Past Due | 0 | ' | 0 | ||
90 or More Days Past Due | 0 | ' | 287 | ||
Total Past Due | 121 | ' | 377 | ||
Total Current Loans | 31,034 | [1] | ' | 31,950 | [1] |
Ending balance | 31,155 | ' | 32,327 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 0 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 0 | ' | 286 | ||
Total Mortgage Loans on Real Estate [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 2,062 | ' | 1,665 | ||
60 to 89 Days Past Due | 576 | ' | 0 | ||
90 or More Days Past Due | 9,251 | ' | 8,263 | ||
Total Past Due | 11,889 | ' | 9,928 | ||
Total Current Loans | 412,659 | [1] | ' | 400,599 | [1] |
Ending balance | 424,548 | ' | 410,527 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 408 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 9,901 | ' | 10,535 | ||
Commercial Loans [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 35 | ' | 275 | ||
60 to 89 Days Past Due | 1,025 | ' | 13 | ||
90 or More Days Past Due | 0 | ' | 122 | ||
Total Past Due | 1,060 | ' | 410 | ||
Total Current Loans | 28,820 | [1] | ' | 24,931 | [1] |
Ending balance | 29,880 | ' | 25,341 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 25 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 0 | ' | 97 | ||
Consumer Loans [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 55 | ' | 85 | ||
60 to 89 Days Past Due | 24 | ' | 22 | ||
90 or More Days Past Due | 13 | ' | 11 | ||
Total Past Due | 92 | ' | 118 | ||
Total Current Loans | 10,168 | [1] | ' | 13,028 | [1] |
Ending balance | 10,260 | ' | 13,146 | ||
Recorded Investment > 90 Days Past Due and Accruing | 13 | ' | 11 | ||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ||
Loans in nonaccrual status | 0 | ' | 0 | ||
Other [Member] | ' | ' | ' | ||
Loans, Aging [Abstract] | ' | ' | ' | ||
30 to 59 Days Past Due | 62 | ' | 54 | ||
60 to 89 Days Past Due | 17 | ' | 7 | ||
90 or More Days Past Due | 5 | ' | 3 | ||
Total Past Due | 84 | ' | 64 | ||
Total Current Loans | 15,395 | [1] | ' | 22,055 | [1] |
Ending balance | 15,479 | ' | 22,119 | ||
Recorded Investment > 90 Days Past Due and Accruing | $5 | ' | $3 | ||
[1] | For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. |
Loans_and_the_Allowance_for_Lo5
Loans and the Allowance for Loan Losses, Troubled Debt Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans restructured and given below market rates | ' | ' | 7 | 2 |
Principal forgiveness on all loans | ' | ' | $0 | $530 |
Loans restructured given principal reductions | ' | ' | 0 | 2 |
Loans restructured given principal reductions and below market rate | ' | ' | 0 | 1 |
Recorded investment in defaulting TDRs | ' | ' | 1,908 | 0 |
Residential 1-4 Family [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Recorded investment in defaulting TDRs | ' | ' | 79 | 0 |
Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Recorded investment in defaulting TDRs | ' | ' | 1,829 | 0 |
Total Mortgage Loans on Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | 3 | 2 | 7 | 5 |
Recorded Investment Prior to Modification | 488 | 560 | 1,371 | 3,690 |
Recorded Investment After Modification | 488 | 554 | 1,371 | 3,160 |
Current Investment | 487 | 496 | 1,358 | 2,993 |
Recorded investment in defaulting TDRs | ' | ' | 1,908 | 0 |
Total Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | 3 | 1 | 6 | 1 |
Recorded Investment Prior to Modification | 488 | 93 | 1,164 | 93 |
Recorded Investment After Modification | 488 | 87 | 1,164 | 87 |
Current Investment | 487 | 71 | 1,158 | 72 |
Total Mortgage Loans on Real Estate [Member] | Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | 0 | 1 | 1 | 3 |
Recorded Investment Prior to Modification | 0 | 467 | 207 | 3,486 |
Recorded Investment After Modification | 0 | 467 | 207 | 2,928 |
Current Investment | 0 | 425 | 200 | 2,782 |
Total Mortgage Loans on Real Estate [Member] | Second Mortgage [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | ' | 0 | ' | 1 |
Recorded Investment Prior to Modification | ' | 0 | ' | 111 |
Recorded Investment After Modification | ' | 0 | ' | 145 |
Current Investment | ' | $0 | ' | $139 |
Loans_and_the_Allowance_for_Lo6
Loans and the Allowance for Loan Losses, Impaired Loans (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | $21,974 | $21,540 |
Without Valuation Allowance | 4,922 | 8,372 |
With Valuation Allowance | 13,089 | 9,196 |
Associated Allowance | 1,920 | 444 |
Average Recorded Investment | 19,111 | 16,888 |
Interest Income Recognized | 394 | 366 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 5,943 | 4,100 |
Without Valuation Allowance | 1,443 | 681 |
With Valuation Allowance | 4,236 | 3,235 |
Associated Allowance | 1,065 | 226 |
Average Recorded Investment | 5,053 | 2,354 |
Interest Income Recognized | 71 | 136 |
Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 12,563 | 12,459 |
Without Valuation Allowance | 3,472 | 3,741 |
With Valuation Allowance | 6,156 | 5,817 |
Associated Allowance | 571 | 180 |
Average Recorded Investment | 10,414 | 10,151 |
Interest Income Recognized | 317 | 242 |
Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 3,305 | 3,782 |
Without Valuation Allowance | 0 | 3,064 |
With Valuation Allowance | 2,546 | 0 |
Associated Allowance | 149 | 0 |
Average Recorded Investment | 2,880 | 3,320 |
Interest Income Recognized | 0 | -9 |
Second Mortgages [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 147 | 695 |
Without Valuation Allowance | 7 | 583 |
With Valuation Allowance | 135 | 47 |
Associated Allowance | 135 | 5 |
Average Recorded Investment | 546 | 542 |
Interest Income Recognized | 5 | 12 |
Equity Line of Credit [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 370 |
Without Valuation Allowance | 0 | 286 |
With Valuation Allowance | 0 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 193 | 391 |
Interest Income Recognized | 0 | -2 |
Total Mortgage Loans on Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 21,958 | 21,406 |
Without Valuation Allowance | 4,922 | 8,355 |
With Valuation Allowance | 13,073 | 9,099 |
Associated Allowance | 1,920 | 411 |
Average Recorded Investment | 19,086 | 16,758 |
Interest Income Recognized | 393 | 379 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 117 |
Without Valuation Allowance | 0 | 0 |
With Valuation Allowance | 0 | 97 |
Associated Allowance | 0 | 33 |
Average Recorded Investment | 8 | 104 |
Interest Income Recognized | 0 | -14 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 16 | 17 |
Without Valuation Allowance | 0 | 17 |
With Valuation Allowance | 16 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 17 | 26 |
Interest Income Recognized | $1 | $1 |
Loans_and_the_Allowance_for_Lo7
Loans and the Allowance for Loan Losses, Activity In Period (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | $7,324 | $8,498 |
Charges-offs | -1,462 | -3,969 |
Recoveries | 318 | 395 |
Provision for loan losses | 800 | 2,400 |
Ending balance | 6,980 | 7,324 |
Ending balances individually evaluated for impairment | 1,920 | 444 |
Ending balances collectively evaluated for impairment | 5,060 | 6,880 |
Ending balance | 6,980 | 7,324 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 18,011 | 17,568 |
Ending balance collectively evaluated for impairment | 462,156 | 453,565 |
Ending balance | 480,167 | 471,133 |
Calculated provision based on prior methodology | 856 | ' |
Changes for allowance for loan losses | -56 | ' |
Commercial [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 677 | 1,011 |
Charges-offs | -120 | -138 |
Recoveries | 67 | 67 |
Provision for loan losses | -368 | -263 |
Ending balance | 256 | 677 |
Ending balances individually evaluated for impairment | 0 | 33 |
Ending balances collectively evaluated for impairment | 256 | 644 |
Ending balance | 256 | 677 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 0 | 97 |
Ending balance collectively evaluated for impairment | 29,880 | 25,244 |
Ending balance | 29,880 | 25,341 |
Calculated provision based on prior methodology | -346 | ' |
Changes for allowance for loan losses | -22 | ' |
Real Estate - Construction [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 187 | 323 |
Charges-offs | -99 | -831 |
Recoveries | 4 | 30 |
Provision for loan losses | 516 | 665 |
Ending balance | 608 | 187 |
Ending balances individually evaluated for impairment | 149 | 0 |
Ending balances collectively evaluated for impairment | 459 | 187 |
Ending balance | 608 | 187 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 2,546 | 3,064 |
Ending balance collectively evaluated for impairment | 10,078 | 8,941 |
Ending balance | 12,624 | 12,005 |
Calculated provision based on prior methodology | 371 | ' |
Changes for allowance for loan losses | 145 | ' |
Real Estate - Mortgage [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 6,179 | 6,735 |
Charges-offs | -1,037 | -2,554 |
Recoveries | 137 | 162 |
Provision for loan losses | 504 | 1,836 |
Ending balance | 5,783 | 6,179 |
Ending balances individually evaluated for impairment | 1,771 | 411 |
Ending balances collectively evaluated for impairment | 4,012 | 5,768 |
Ending balance | 5,783 | 6,179 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 15,449 | 14,390 |
Ending balance collectively evaluated for impairment | 396,475 | 384,132 |
Ending balance | 411,924 | 398,522 |
Calculated provision based on prior methodology | 859 | ' |
Changes for allowance for loan losses | -355 | ' |
Consumer [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 204 | 300 |
Charges-offs | -83 | -259 |
Recoveries | 60 | 70 |
Provision for loan losses | -13 | 93 |
Ending balance | 168 | 204 |
Ending balances individually evaluated for impairment | 0 | 0 |
Ending balances collectively evaluated for impairment | 168 | 204 |
Ending balance | 168 | 204 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 16 | 17 |
Ending balance collectively evaluated for impairment | 10,244 | 13,129 |
Ending balance | 10,260 | 13,146 |
Calculated provision based on prior methodology | -64 | ' |
Changes for allowance for loan losses | 51 | ' |
Other [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 77 | 129 |
Charges-offs | -123 | -187 |
Recoveries | 50 | 66 |
Provision for loan losses | 161 | 69 |
Ending balance | 165 | 77 |
Ending balances individually evaluated for impairment | 0 | 0 |
Ending balances collectively evaluated for impairment | 165 | 77 |
Ending balance | 165 | 77 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 0 | 0 |
Ending balance collectively evaluated for impairment | 15,479 | 22,119 |
Ending balance | 15,479 | 22,119 |
Calculated provision based on prior methodology | 36 | ' |
Changes for allowance for loan losses | $125 | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Share-Based Compensation [Abstract] | ' | ' |
Options maximum term period | ' | '10 years |
Shares [Roll Forward] | ' | ' |
Options outstanding, beginning of period (in shares) | ' | 156,960 |
Granted (in shares) | 0 | ' |
Exercised (in shares) | 0 | ' |
Canceled or expired (in shares) | -2,500 | ' |
Options outstanding, end of period (in shares) | 154,460 | 154,460 |
Options exercisable, end of period (in shares) | 154,460 | 154,460 |
Weighted Average Exercise Price [Roll Forward] | ' | ' |
Options outstanding, beginning of period (in dollars per share) | ' | $21.63 |
Granted (in dollars per share) | $0 | ' |
Exercised (in dollars per share) | $0 | ' |
Canceled or expired (in dollars per share) | $21.94 | ' |
Options outstanding, end of period (in dollars per share) | $21.63 | $21.63 |
Options exercisable, end of period (in dollars per share) | $21.63 | $21.63 |
Weighted Average Remaining Contractual Life (in years) [Abstract] | ' | ' |
Options outstanding, end of period | '2 years 8 months 16 days | ' |
Options exercisable, end of period | '2 years 8 months 16 days | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' |
Options outstanding, end of period | $0 | $0 |
Options exercisable, end of period | 0 | 0 |
Unrecognized compensation expense related to nonvested options | $0 | $0 |
Pension_Plan_Details
Pension Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of net periodic pension cost [Abstract] | ' | ' | ' | ' |
Interest cost | $63,178 | $72,889 | $189,144 | $216,389 |
Expected return on plan assets | -87,165 | -82,743 | -263,963 | -277,743 |
Loss related to early retirement plan | 0 | 291,829 | 0 | 291,829 |
Amortization of net loss | 76,771 | 84,330 | 225,819 | 196,830 |
Net Periodic Pension Plan Cost | $52,784 | $366,305 | $151,000 | $427,305 |
Stockholders_Equity_and_Earnin2
Stockholders' Equity and Earnings per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Available-for-sale securities [Abstract] | ' | ' | ' | ' |
Realized gains on sales of securities | ' | ' | $26,000 | ($1,704,000) |
Tax effect | ' | ' | 9,000 | -579,000 |
Available-for-sale Securities | ' | ' | 17,000 | -1,125,000 |
Unrealized Gains (Losses) on Securities [Abstract] | ' | ' | ' | ' |
Balance at beginning of the period | ' | ' | 1,992,000 | 1,525,000 |
Net change for the year | ' | ' | -7,235,000 | 2,403,000 |
Balance at end of the period | -5,243,000 | 3,928,000 | -5,243,000 | 3,928,000 |
Other Comprehensive Income -- AFS to HTM [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 0 | 0 |
Net change for the quarter | ' | ' | -4,068,000 | 0 |
Balance at end of period | -4,068,000 | 0 | -4,068,000 | 0 |
Defined Benefit Pension Plans [Abstract] | ' | ' | ' | ' |
Balance at beginning of the period | ' | ' | -2,184,000 | -1,875,000 |
Net change for the year | ' | ' | 0 | 0 |
Balance at end of the period | -2,184,000 | -1,875,000 | -2,184,000 | -1,875,000 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Balance at beginning of the period | ' | ' | -191,463 | -349,581 |
Net change for the year | -3,080,300 | 2,153,604 | -11,303,284 | 2,403,011 |
Balance at end of the period | -11,494,747 | 2,053,430 | -11,494,747 | 2,053,430 |
Other comprehensive income, pretax [Abstract] | ' | ' | ' | ' |
Unrealized holding losses arising during the period | ' | ' | -10,988,000 | 5,345,000 |
Realized gains on sales of securities | ' | ' | -26,000 | 1,704,000 |
Net unrealized losses on securities | ' | ' | -10,962,000 | 3,641,000 |
Unrealized loss transferred | ' | ' | -6,232,000 | ' |
Amortization | ' | ' | 68,000 | ' |
Net effect of market adjustment on securities transferred to held-to-maturity | ' | ' | -6,164,000 | ' |
Total decrease in other comprehensive loss | ' | ' | -17,126,000 | 3,641,000 |
Other comprehensive income tax expense (benefit) [Abstract] | ' | ' | ' | ' |
Unrealized holding losses arising during the period | ' | ' | -3,736,000 | 1,817,000 |
Less reclassification adjustment for losses recognized in income | ' | ' | -9,000 | 579,000 |
Net unrealized losses on securities | ' | ' | -3,727,000 | 1,238,000 |
Unrealized loss transferred tax | ' | ' | -2,119,000 | ' |
Amortization tax | ' | ' | 23,000 | ' |
Net effect of market adjustment on securities transferred to held-to-maturity | ' | ' | -2,096,000 | ' |
Total decrease in other comprehensive loss | ' | ' | -5,823,000 | 1,238,000 |
Other comprehensive income, net-of-tax [Abstract] | ' | ' | ' | ' |
Unrealized holding losses arising during the period | ' | ' | -7,252,000 | 3,528,000 |
Less reclassification adjustment for losses recognized in income | ' | ' | -17,000 | 1,125,000 |
Unrealized gains (losses) on securities, net of all adjustments | ' | ' | -7,235,000 | 2,403,000 |
Unrealized loss transferred net | ' | ' | -4,113,000 | ' |
Amortization net of tax | ' | ' | 45,000 | ' |
Net effect of market adjustment on securities transferred to held-to-maturity | ' | ' | -4,068,000 | ' |
Total decrease in other comprehensive loss | ' | ' | -11,303,000 | 2,403,000 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | 155 | ' |
Gain on sale of available-for-sale securities, net [Member] | ' | ' | ' | ' |
Available-for-sale securities [Abstract] | ' | ' | ' | ' |
Realized gains on sales of securities | -5,000 | 620,000 | -26,000 | 1,704,000 |
Other comprehensive income, pretax [Abstract] | ' | ' | ' | ' |
Realized gains on sales of securities | 5,000 | -620,000 | 26,000 | -1,704,000 |
Income tax expense [Member] | ' | ' | ' | ' |
Available-for-sale securities [Abstract] | ' | ' | ' | ' |
Tax effect | -2,000 | 211,000 | -9,000 | 579,000 |
Other comprehensive income tax expense (benefit) [Abstract] | ' | ' | ' | ' |
Less reclassification adjustment for losses recognized in income | 2,000 | -211,000 | 9,000 | -579,000 |
Net of tax [Member] | ' | ' | ' | ' |
Available-for-sale securities [Abstract] | ' | ' | ' | ' |
Available-for-sale Securities | -3,000 | 409,000 | -17,000 | 1,125,000 |
Other comprehensive income, net-of-tax [Abstract] | ' | ' | ' | ' |
Less reclassification adjustment for losses recognized in income | $3,000 | ($409,000) | $17,000 | ($1,125,000) |
Fair_Value_Measurements_Recurr
Fair Value Measurements, Recurring and Nonrecurring Basis (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities [Abstract] | ' | ' |
Fair Value | $158,147 | $329,456 |
Recurring [Member] | ' | ' |
Available-for-sale securities [Abstract] | ' | ' |
Obligations of U.S. Government agencies | 15,064 | 37,088 |
Obligations of state and political subdivisions | 47,050 | 43,774 |
Mortgage-backed securities | 93,768 | 247,355 |
Money market investments | 892 | 541 |
Corporate Bonds | 1,373 | 698 |
Fair Value | 158,147 | 329,456 |
Nonrecurring [Member] | ' | ' |
Mortgage loans on real estate: [Abstract] | ' | ' |
Residential 1-4 family | 3,001 | 3,009 |
Commercial | 2,201 | 2,271 |
Construction | 2,396 | ' |
Second mortgages | 0 | 42 |
Total mortgage loans on real estate | 7,598 | 5,322 |
Commercial loans | ' | 64 |
Total | ' | 5,386 |
Foreclosed assets [Abstract] | ' | ' |
Residential 1-4 family | 216 | 676 |
Commercial | 2,444 | 2,094 |
Construction | 3,722 | 3,804 |
Total | 6,382 | 6,574 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | ' | ' |
Available-for-sale securities [Abstract] | ' | ' |
Obligations of U.S. Government agencies | 0 | 0 |
Obligations of state and political subdivisions | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Money market investments | 0 | 0 |
Corporate Bonds | 0 | 0 |
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | ' | ' |
Mortgage loans on real estate: [Abstract] | ' | ' |
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | ' |
Second mortgages | 0 | 0 |
Total mortgage loans on real estate | 0 | 0 |
Commercial loans | ' | 0 |
Total | ' | 0 |
Foreclosed assets [Abstract] | ' | ' |
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | ' | ' |
Available-for-sale securities [Abstract] | ' | ' |
Obligations of U.S. Government agencies | 15,064 | 37,088 |
Obligations of state and political subdivisions | 47,050 | 43,774 |
Mortgage-backed securities | 93,768 | 247,355 |
Money market investments | 892 | 541 |
Corporate Bonds | 1,373 | 698 |
Fair Value | 158,147 | 329,456 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | ' | ' |
Mortgage loans on real estate: [Abstract] | ' | ' |
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | ' |
Second mortgages | 0 | 0 |
Total mortgage loans on real estate | 0 | 0 |
Commercial loans | ' | 0 |
Total | ' | 0 |
Foreclosed assets [Abstract] | ' | ' |
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | ' | ' |
Available-for-sale securities [Abstract] | ' | ' |
Obligations of U.S. Government agencies | 0 | 0 |
Obligations of state and political subdivisions | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Money market investments | 0 | 0 |
Corporate Bonds | 0 | 0 |
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | ' | ' |
Mortgage loans on real estate: [Abstract] | ' | ' |
Residential 1-4 family | 3,001 | 3,009 |
Commercial | 2,201 | 2,271 |
Construction | 2,396 | ' |
Second mortgages | 0 | 42 |
Total mortgage loans on real estate | 7,598 | 5,322 |
Commercial loans | ' | 64 |
Total | ' | 5,386 |
Foreclosed assets [Abstract] | ' | ' |
Residential 1-4 family | 216 | 676 |
Commercial | 2,444 | 2,094 |
Construction | 3,722 | 3,804 |
Total | $6,382 | $6,574 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Financial assets [Abstract] | ' | ' |
Securities available-for-sale | 158,147 | 329,456 |
Securities held-to-maturity | 94,838 | ' |
Carrying Value [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and Cash Equivalents | 66,714 | 42,317 |
Securities available-for-sale | 158,147 | 329,456 |
Securities held-to-maturity | 93,819 | 570 |
Restricted securities | 2,378 | 2,562 |
Loans, net of allowances for loan losses | 473,187 | 463,809 |
Bank owned life insurance | 22,472 | 21,824 |
Accrued Interest Receivable | 2,340 | 2,420 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 730,824 | 753,816 |
Federal Funds Purchased | 0 | 0 |
Overnight repurchase agreements | 37,020 | 35,946 |
Term repurchase agreements | 411 | 1,280 |
Federal Home Loan Bank advances | 25,000 | 25,000 |
Accrued interest payable | 350 | 439 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and Cash Equivalents | 66,714 | 42,317 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Restricted securities | 0 | 0 |
Loans, net of allowances for loan losses | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 0 | 0 |
Federal Funds Purchased | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Term repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and Cash Equivalents | 0 | 0 |
Securities available-for-sale | 158,147 | 329,456 |
Securities held-to-maturity | 94,838 | 574 |
Restricted securities | 2,378 | 2,562 |
Loans, net of allowances for loan losses | 0 | 0 |
Bank owned life insurance | 22,472 | 21,824 |
Accrued Interest Receivable | 2,340 | 2,420 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 734,017 | 757,923 |
Federal Funds Purchased | 0 | 0 |
Overnight repurchase agreements | 37,020 | 35,946 |
Term repurchase agreements | 411 | 1,282 |
Federal Home Loan Bank advances | 27,814 | 28,681 |
Accrued interest payable | 350 | 439 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and Cash Equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Restricted securities | 0 | 0 |
Loans, net of allowances for loan losses | 475,990 | 466,492 |
Bank owned life insurance | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 0 | 0 |
Federal Funds Purchased | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Term repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Impaired Loans, Residential 1-4 Family Real Estate [Member] | Market Comparables [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 3,001 | 3,009 |
Impaired Loans, Residential 1-4 Family Real Estate [Member] | Market Comparables [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 13.00% | 4.75% |
Liquidation Discount | 6.50% | 0.00% |
Impaired Loans, Residential 1-4 Family Real Estate [Member] | Market Comparables [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 14.00% | 6.00% |
Liquidation Discount | 6.50% | 5.00% |
Impaired Loans, Residential 1-4 Family Real Estate [Member] | Market Comparables [Member] | Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 13.00% | 6.00% |
Liquidation Discount | 6.50% | 5.00% |
Impaired Loans, Commercial Real Estate [Member] | Market Comparables [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 2,201 | 2,271 |
Impaired Loans, Commercial Real Estate [Member] | Market Comparables [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 5.00% | 0.00% |
Liquidation Discount | 10.00% | ' |
Impaired Loans, Commercial Real Estate [Member] | Market Comparables [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 14.00% | 6.00% |
Liquidation Discount | 10.00% | ' |
Impaired Loans, Commercial Real Estate [Member] | Market Comparables [Member] | Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 10.00% | 4.00% |
Liquidation Discount | 10.00% | ' |
Impaired Loans, Construction Loans [Member] | Market Comparables [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 2,396 | ' |
Impaired Loans, Construction Loans [Member] | Market Comparables [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 10.00% | ' |
Liquidation Discount | 15.50% | ' |
Impaired Loans, Construction Loans [Member] | Market Comparables [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 10.00% | ' |
Liquidation Discount | 15.50% | ' |
Impaired Loans, Construction Loans [Member] | Market Comparables [Member] | Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 10.00% | ' |
Liquidation Discount | 15.50% | ' |
Impaired Loans, Second Mortgages [Member] | Market Comparables [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 0 | 42 |
Impaired Loans, Second Mortgages [Member] | Market Comparables [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 0.00% | ' |
Liquidation Discount | 0.00% | ' |
Impaired Loans, Second Mortgages [Member] | Market Comparables [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 0.00% | ' |
Liquidation Discount | 0.00% | ' |
Impaired Loans, Second Mortgages [Member] | Market Comparables [Member] | Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 0.00% | ' |
Liquidation Discount | 0.00% | ' |
Impaired Loans, Commercial Loans [Member] | Market Comparables [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | ' | 64 |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 216 | 676 |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 6.00% | 6.00% |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 10.00% | 10.00% |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 6.00% | 6.00% |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 2,444 | 2,094 |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 6.00% | 6.00% |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 10.00% | 10.00% |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 6.00% | 6.00% |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 3,722 | 3,804 |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 6.00% | 6.00% |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 10.00% | 10.00% |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Selling costs (in hundredths) | 6.00% | 6.00% |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment | |||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 3 | ' | ' |
Description of operating segments | ' | ' | 'The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different technologies and marketing strategies. | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | $7,263,333 | $7,958,227 | $22,368,796 | $24,692,037 | ' |
Income from fiduciary activities | 868,598 | 776,615 | 2,634,092 | 2,396,266 | ' |
Other income | 2,328,237 | 3,329,017 | 6,960,245 | 8,858,099 | ' |
Total operating income | 10,460,168 | 12,063,859 | 31,963,133 | 35,946,402 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 1,144,058 | 1,414,095 | 3,576,193 | 4,423,427 | ' |
Provision for loan losses | 300,000 | 750,000 | 800,000 | 1,950,000 | ' |
Salaries and employee benefits | 4,554,101 | 5,259,880 | 14,280,611 | 15,440,042 | ' |
Other expenses | 3,222,048 | 3,492,350 | 9,770,115 | 10,808,276 | ' |
Total operating expenses | 9,220,207 | 10,916,325 | 28,426,919 | 32,621,745 | ' |
Income before income taxes | 1,239,961 | 1,147,534 | 3,536,214 | 3,324,657 | ' |
Income tax expense (benefit) | 202,617 | 73,346 | 582,738 | 533,961 | ' |
Net income | 1,037,344 | 1,074,188 | 2,953,476 | 2,790,696 | ' |
Total assets | 876,556,502 | 887,885,878 | 876,556,502 | 887,885,878 | 907,498,704 |
Bank [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | 7,252,616 | 7,950,468 | 22,339,561 | 24,664,745 | ' |
Income from fiduciary activities | 0 | 0 | 0 | 0 | ' |
Other income | 2,229,311 | 3,224,829 | 6,647,281 | 8,520,811 | ' |
Total operating income | 9,481,927 | 11,175,297 | 28,986,842 | 33,185,556 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 1,144,196 | 1,414,414 | 3,577,023 | 4,424,381 | ' |
Provision for loan losses | 300,000 | 750,000 | 800,000 | 1,950,000 | ' |
Salaries and employee benefits | 3,895,967 | 4,600,299 | 12,334,787 | 13,413,051 | ' |
Other expenses | 2,976,347 | 3,356,522 | 9,117,323 | 10,445,457 | ' |
Total operating expenses | 8,316,510 | 10,121,235 | 25,829,133 | 30,232,889 | ' |
Income before income taxes | 1,165,417 | 1,054,062 | 3,157,709 | 2,952,667 | ' |
Income tax expense (benefit) | 177,434 | 35,348 | 454,543 | 387,534 | ' |
Net income | 987,983 | 1,018,714 | 2,703,166 | 2,565,133 | ' |
Total assets | 871,935,454 | 883,610,555 | 871,935,454 | 883,610,555 | ' |
Trust [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | 10,855 | 7,488 | 30,065 | 26,440 | ' |
Income from fiduciary activities | 868,598 | 776,615 | 2,634,092 | 2,396,266 | ' |
Other income | 114,202 | 119,464 | 358,942 | 383,816 | ' |
Total operating income | 993,655 | 903,567 | 3,023,099 | 2,806,522 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Salaries and employee benefits | 552,542 | 531,492 | 1,621,208 | 1,632,145 | ' |
Other expenses | 233,674 | 243,821 | 677,292 | 728,845 | ' |
Total operating expenses | 786,216 | 775,313 | 2,298,500 | 2,360,990 | ' |
Income before income taxes | 207,439 | 128,254 | 724,599 | 445,532 | ' |
Income tax expense (benefit) | 70,363 | 43,438 | 245,865 | 150,977 | ' |
Net income | 137,076 | 84,816 | 478,734 | 294,555 | ' |
Total assets | 5,585,758 | 5,335,378 | 5,585,758 | 5,335,378 | ' |
Unconsolidated Parent [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | 1,125,059 | 1,105,705 | 3,181,900 | 2,866,213 | ' |
Income from fiduciary activities | 0 | 0 | 0 | 0 | ' |
Other income | 50,100 | 165,000 | 150,300 | 495,000 | ' |
Total operating income | 1,175,159 | 1,270,705 | 3,332,200 | 3,361,213 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 0 | 1,585 | 0 | 4,719 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Salaries and employee benefits | 105,592 | 128,089 | 324,616 | 394,846 | ' |
Other expenses | 77,403 | 72,283 | 171,778 | 175,502 | ' |
Total operating expenses | 182,995 | 201,957 | 496,394 | 575,067 | ' |
Income before income taxes | 992,164 | 1,068,748 | 2,835,806 | 2,786,146 | ' |
Income tax expense (benefit) | -45,180 | -5,440 | -117,670 | -4,550 | ' |
Net income | 1,037,344 | 1,074,188 | 2,953,476 | 2,790,696 | ' |
Total assets | 80,160,864 | 90,524,865 | 80,160,864 | 90,524,865 | ' |
Eliminations [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | -1,125,197 | -1,105,434 | -3,182,730 | -2,865,361 | ' |
Income from fiduciary activities | 0 | 0 | 0 | 0 | ' |
Other income | -65,376 | -180,276 | -196,278 | -541,528 | ' |
Total operating income | -1,190,573 | -1,285,710 | -3,379,008 | -3,406,889 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | -138 | -1,904 | -830 | -5,673 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Salaries and employee benefits | 0 | 0 | 0 | 0 | ' |
Other expenses | -65,376 | -180,276 | -196,278 | -541,528 | ' |
Total operating expenses | -65,514 | -182,180 | -197,108 | -547,201 | ' |
Income before income taxes | -1,125,059 | -1,103,530 | -3,181,900 | -2,859,688 | ' |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | ' |
Net income | -1,125,059 | -1,103,530 | -3,181,900 | -2,859,688 | ' |
Total assets | ($81,125,574) | ($91,584,920) | ($81,125,574) | ($91,584,920) | ' |