Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'REPUBLIC FIRST BANCORP INC | ' |
Entity Central Index Key | '0000834285 | ' |
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 | ' | 37,815,003 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $17,070 | $12,525 |
Interest bearing deposits with banks | 66,050 | 23,355 |
Cash and cash equivalents | 83,120 | 35,880 |
Investment securities available for sale, at fair value | 219,634 | 204,891 |
Investment securities held to maturity, at amortized cost (fair value of $21 and $21, respectively) | 21 | 21 |
Restricted stock, at cost | 1,725 | 1,570 |
Loans held for sale | 491 | 4,931 |
Loans receivable (net of allowance for loan losses of $12,063 and $12,263, respectively) | 706,806 | 667,048 |
Premises and equipment, net | 29,041 | 22,748 |
Other real estate owned, net | 3,637 | 4,059 |
Accrued interest receivable | 3,104 | 3,049 |
Other assets | 17,555 | 17,468 |
Total Assets | 1,065,134 | 961,665 |
Deposits | ' | ' |
Demand - non-interest bearing | 199,553 | 157,806 |
Demand - interest bearing | 212,710 | 230,221 |
Money market and savings | 431,612 | 402,671 |
Time deposits | 80,809 | 78,836 |
Total Deposits | 924,684 | 869,534 |
Accrued interest payable | 292 | 237 |
Other liabilities | 6,259 | 6,519 |
Subordinated debt | 22,476 | 22,476 |
Total Liabilities | 953,711 | 898,766 |
Shareholders' Equity | ' | ' |
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized; no shares issued | 0 | 0 |
Common stock, par value $0.01 per share: 50,000,000 shares authorized; shares issued 38,343,848 as of June 30, 2014 and 26,501,742 as of December 31, 2013 | 383 | 265 |
Additional paid in capital | 152,131 | 107,078 |
Accumulated deficit | -36,416 | -37,708 |
Treasury stock at cost (416,303 shares) | -3,099 | -3,099 |
Stock held by deferred compensation plan (112,542 shares) | -809 | -809 |
Accumulated other comprehensive loss | -767 | -2,828 |
Total Shareholders' Equity | 111,423 | 62,899 |
Total Liabilities and Shareholders' Equity | $1,065,134 | $961,665 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Investments securities held to maturity at fair value | $21 | $21 |
Allowance for loan losses | $12,063 | $12,263 |
Shareholders' Equity | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Common stock par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued (in shares) | 38,343,848 | 26,501,742 |
Treasury Stock, Shares (in shares) | 416,303 | 416,303 |
Deferred Compensation Plan, Shares (in shares) | 112,542 | 112,542 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Interest and fees on taxable loans | $8,226 | $7,991 | $16,467 | $15,828 |
Interest and fees on tax-exempt loans | 84 | 89 | 166 | 180 |
Interest and dividends on taxable investment securities | 1,188 | 1,043 | 2,429 | 2,090 |
Interest and dividends on tax-exempt investment securities | 83 | 48 | 162 | 121 |
Interest on federal funds sold and other interest-earning assets | 50 | 44 | 62 | 103 |
Total interest income | 9,631 | 9,215 | 19,286 | 18,322 |
Interest expense: | ' | ' | ' | ' |
Demand- interest bearing | 225 | 207 | 416 | 402 |
Money market and savings | 467 | 428 | 883 | 930 |
Time deposits | 178 | 204 | 351 | 483 |
Other borrowings | 277 | 278 | 553 | 556 |
Total interest expense | 1,147 | 1,117 | 2,203 | 2,371 |
Net interest income | 8,484 | 8,098 | 17,083 | 15,951 |
Provision for loan losses | 300 | 925 | 300 | 925 |
Net interest income after provision for loan losses | 8,184 | 7,173 | 16,783 | 15,026 |
Non-interest income: | ' | ' | ' | ' |
Loan advisory and servicing fees | 466 | 436 | 903 | 774 |
Gain on sales of SBA loans | 1,046 | 2,107 | 2,200 | 2,757 |
Service fees on deposit accounts | 287 | 265 | 580 | 499 |
Legal settlements | 0 | 0 | 0 | 238 |
Gain on sale of investment securities | 458 | 0 | 458 | 703 |
Other-than-temporary impairment | 21 | 0 | 21 | 0 |
Portion recognized in other comprehensive income (before taxes) | -28 | 0 | -28 | 0 |
Impairment charges on investment securities | -7 | 0 | -7 | 0 |
Bank owned life insurance income | 0 | 0 | 0 | 13 |
Other non-interest income | 39 | 62 | 85 | 129 |
Total non-interest income | 2,289 | 2,870 | 4,219 | 5,113 |
Non-interest expenses: | ' | ' | ' | ' |
Salaries and employee benefits | 4,828 | 4,503 | 9,868 | 8,790 |
Occupancy | 1,027 | 876 | 2,065 | 1,720 |
Depreciation and amortization | 571 | 472 | 1,069 | 955 |
Legal | 444 | 503 | 699 | 867 |
Other real estate owned | 340 | 109 | 686 | 1,026 |
Advertising | 214 | 117 | 362 | 218 |
Data processing | 354 | 307 | 654 | 415 |
Insurance | 122 | 153 | 279 | 311 |
Professional fees | 428 | 359 | 830 | 682 |
Regulatory assessments and costs | 196 | 241 | 533 | 585 |
Taxes, other | 234 | 253 | 449 | 503 |
Other operating expenses | 1,199 | 1,163 | 2,278 | 2,114 |
Total non-interest expense | 9,957 | 9,056 | 19,772 | 18,186 |
Income before benefit for income taxes | 516 | 987 | 1,230 | 1,953 |
Benefit for income taxes | -21 | -24 | -62 | -50 |
Net income | $537 | $1,011 | $1,292 | $2,003 |
Net income per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.02 | $0.04 | $0.04 | $0.08 |
Diluted (in dollars per share) | $0.02 | $0.04 | $0.04 | $0.08 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive Income (unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $537 | $1,011 | $1,292 | $2,003 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain (loss) on securities (pre-tax $1,610, $(3,504), $3,666, and $(3,498), respectively) | 1,032 | -2,246 | 2,350 | -2,242 |
Reclassification adjustment for securities gains (pre-tax $458, $-,$458, and $703, respectively) | -293 | 0 | -293 | -450 |
Reclassification adjustment for impairment charge (pre-tax $7, $-, $7, and $-, respectively) | 4 | 0 | 4 | 0 |
Total other comprehensive income (loss) | 743 | -2,246 | 2,061 | -2,692 |
Total comprehensive income (loss) | $1,280 | ($1,235) | $3,353 | ($689) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Unrealized gain on securities, pre-tax | $1,610 | ($3,504) | $3,666 | ($3,498) |
Reclassification adjustment for securities gains, pre-tax | 458 | 0 | 458 | 703 |
Reclassification adjustment for impairment charge, pre-tax | $7 | $0 | $7 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $1,292 | $2,003 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 300 | 925 |
Gain on sale of other real estate owned | 0 | -229 |
Write down of other real estate owned | 552 | 809 |
Depreciation and amortization | 1,069 | 955 |
Stock based compensation | 198 | 155 |
Gain on sale and call of investment securities | -458 | -703 |
Impairment charges on investment securities | 7 | 0 |
Amortization of premiums on investment securities | 293 | 380 |
Proceeds from sales of SBA loans originated for sale | 23,370 | 27,410 |
SBA loans originated for sale | -16,730 | -24,853 |
Gains on sales of SBA loans originated for sale | -2,200 | -2,757 |
Increase in value of bank owned life insurance | 0 | -13 |
Increase in accrued interest receivable and other assets | -1,295 | -416 |
Decrease in accrued interest payable and other liabilities | -205 | -109 |
Net cash provided by operating activities | 6,193 | 3,557 |
Cash flows from investing activities | ' | ' |
Purchase of investment securities available for sale | -31,364 | -25,289 |
Proceeds from the sale of securities available for sale | 5,700 | 7,946 |
Proceeds from maturity or call of securities available for sale | 14,293 | 18,352 |
Net (purchase) redemption of restricted stock | -155 | 1,490 |
Net increase in loans | -40,251 | -21,213 |
Net proceeds from sale of other real estate owned | 63 | 1,994 |
Surrender proceeds on bank owned life insurance | 0 | 10,503 |
Premises and equipment expenditures | -7,362 | -211 |
Net cash used in investing activities | -59,076 | -6,428 |
Cash flow from financing activities | ' | ' |
Net proceeds from stock offering | 44,973 | 0 |
Net increase (decrease) in demand, money market and savings deposits | 53,177 | -33,325 |
Net increase (decrease) in time deposits | 1,973 | -35,024 |
Net cash provided by (used in) financing activities | 100,123 | -68,349 |
Net increase (decrease) in cash and cash equivalents | 47,240 | -71,220 |
Cash and cash equivalents, beginning of year | 35,880 | 128,004 |
Cash and cash equivalents, end of period | 83,120 | 56,784 |
Supplemental disclosures | ' | ' |
Interest paid | 2,148 | 2,150 |
Income taxes paid | 70 | 175 |
Non-cash transfers from loans to other real estate owned | $193 | $246 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Stock Held by Deferred Compensation Plan [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||||
Shareholders' equity, beginning at Dec. 31, 2012 | $265 | $106,753 | ($34,228) | ($3,099) | ($809) | $1,020 | $69,902 |
Net income | ' | ' | 2,003 | ' | ' | ' | 2,003 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | -2,692 | -2,692 |
Stock based compensation | ' | 155 | ' | ' | ' | ' | 155 |
Shareholders' equity, ending at Jun. 30, 2013 | 265 | 106,908 | -32,225 | -3,099 | -809 | -1,672 | 69,368 |
Shareholders' equity, beginning at Dec. 31, 2013 | 265 | 107,078 | -37,708 | -3,099 | -809 | -2,828 | 62,899 |
Net income | ' | ' | 1,292 | ' | ' | ' | 1,292 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | 2,061 | 2,061 |
Proceeds from shares issued under common stock offering (11,842,106 shares) net of offering costs (pre-tax $27) | 118 | 44,855 | ' | ' | ' | ' | 44,973 |
Stock based compensation | ' | 198 | ' | ' | ' | ' | 198 |
Shareholders' equity, ending at Jun. 30, 2014 | $383 | $152,131 | ($36,416) | ($3,099) | ($809) | ($767) | $111,423 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Consolidated Statements of Changes in Shareholders' Equity (unaudited) [Abstract] | ' |
Proceeds from shares issued under common stock offering (in shares) | 11,842,106 |
Net of offering costs, pre-tax | $27 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Basis of Presentation [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Note 2: Summary of Significant Accounting Policies | |||||||||||||||||
Risks and Uncertainties | |||||||||||||||||
The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are dependent primarily upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. | |||||||||||||||||
Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may cause significant fluctuations in interest margins. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. | |||||||||||||||||
In estimating the allowance for loan losses, management considers current economic conditions, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant factors. An estimate for the carrying value of other real estate owned is normally determined through appraisals which are updated on a regular basis or through agreements of sale that have been negotiated. Because the allowance for loan losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may be beyond the Company’s and Republic’s control, the estimates of the allowance for loan losses and the carrying values of other real estate owned could differ materially in the near term. | |||||||||||||||||
In estimating OTTI of investment securities, securities are evaluated on at least a quarterly basis and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other than temporary. To determine whether a loss in value is other than temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not being required to sell the security prior to an anticipated recovery in the fair value. The term “other than temporary” is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of investment. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized. | |||||||||||||||||
In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence. Management also makes assumptions on the amount of future taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments that are consistent with the plans and estimates used to manage the Company’s business. As a result of cumulative losses in recent years and the slow pace of recovery in the current economic environment, the Company has decided to currently exclude future taxable income from its analysis of the ability to recover deferred tax assets and has recorded a valuation allowance against its deferred tax assets. An increase or decrease in the valuation allowance would result in an adjustment to income tax expense in the period and could have a significant impact on the Company’s future earnings. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company has a Stock Option and Restricted Stock Plan (“Plan”), under which the Company may grant options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The Plan became effective on November 14, 1995, and was amended and approved at the Company’s 2005 annual meeting of shareholders. Under the terms of the Plan, 1.5 million shares of common stock, plus an annual increase equal to the number of shares needed to restore the maximum number of shares that may be available for grant under the Plan to 1.5 million shares, are available for such grants. As of June 30, 2014, the only grants under the Plan have been option grants. The Plan provides that the exercise price of each option granted equals the market price of the Company’s stock on the date of the grant. Options granted pursuant to the Plan vest within one to four years and have a maximum term of 10 years. | |||||||||||||||||
On April 29, 2014 the Company’s shareholders approved the 2014 Equity Incentive Plan (the “2014 Plan”), under which the Company may grant options, restricted stock, stock units, or stock appreciation rights to the Company’s employees, directors, independent contractors, and consultants. Under the terms of the 2014 Plan, 2.6 million shares of common stock, plus an annual adjustment to be no less than 10% of the outstanding shares or such lower number as the Board of Directors may determine, are available for such grants. | |||||||||||||||||
The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for 2014 and 2013 are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Dividend yield(1) | 0.00% | 0.00% | |||||||||||||||
Expected volatility(2) | 55.79% to 57.99% | 54.88% to 55.08% | |||||||||||||||
Risk-free interest rate(3) | 1.51% to 2.13% | 1.28% to 2.02% | |||||||||||||||
Expected life(4) | 5.5 to 7.0 years | 7.0 years | |||||||||||||||
(1) A dividend yield of 0.0% is utilized because cash dividends have never been paid. | |||||||||||||||||
(2) Expected volatility is based on Bloomberg’s five and one-half to seven year volatility calculation for “FRBK” stock. | |||||||||||||||||
(3) The risk-free interest rate is based on the five to seven year Treasury bond. | |||||||||||||||||
(4) The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. | |||||||||||||||||
During the six months ended June 30, 2014 and 2013, 198,825 options and 109,787 options vested, respectively. Expense is recognized ratably over the period required to vest. At June 30, 2014, the intrinsic value of the 1,501,149 options outstanding was $2,635,473, while the intrinsic value of the 446,136 exercisable (vested) options was $408,949. During the six months ended June 30, 2014, 68,781 options were forfeited with a weighted average grant date fair value of $21,091. | |||||||||||||||||
Information regarding stock based compensation for the six months ended June 30, 2014 and 2013 is set forth below: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock based compensation expense recognized | $ | 198,000 | $ | 155,000 | |||||||||||||
Number of unvested stock options | 1,055,013 | 911,563 | |||||||||||||||
Fair value of unvested stock options | $ | 1,545,988 | $ | 1,245,470 | |||||||||||||
Amount remaining to be recognized as expense | $ | 910,590 | $ | 687,636 | |||||||||||||
The remaining amount of $910,590 will be recognized as expense through February 2018. | |||||||||||||||||
Earnings per Share | |||||||||||||||||
Earnings per share (“EPS”) consist of two separate components: basic EPS and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for each period presented. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding plus dilutive common stock equivalents (“CSEs”). CSEs consist of dilutive stock options granted through the Company’s Plan and 2014 Plan and convertible securities related to the trust preferred securities issued in 2008. In the diluted EPS computation, the after tax interest expense on the trust preferred securities issuance is added back to the net income. For the three and six months ended June 30, 2014 and 2013, the effect of CSEs (convertible securities related to the trust preferred securities only) and the related add back of after tax interest expense was considered anti-dilutive and therefore was not included in the EPS calculation. | |||||||||||||||||
The calculation of EPS for the three and six months ended June 30, 2014 and 2013 is as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (basic and diluted) | $ | 537 | $ | 1,011 | $ | 1,292 | $ | 2,003 | |||||||||
Weighted average shares outstanding | 35,157 | 25,973 | 30,590 | 25,973 | |||||||||||||
Net income per share – basic | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.08 | |||||||||
Weighted average shares outstanding (including dilutive CSEs) | 35,609 | 26,103 | 30,932 | 26,062 | |||||||||||||
Net income per share – diluted | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.08 | |||||||||
Recent Accounting Pronouncements | |||||||||||||||||
ASU 2014-04 | |||||||||||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructuring by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure – a consensus of the FASB Emerging Issues Task Force.” The guidance clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. For public business entities, the ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For entities other than public business entities, the ASU is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The Company does not believe the adoption of the amendment to this guidance will have a material impact on the consolidated financial statements. | |||||||||||||||||
ASU 2014-09 | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 660): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs – Contracts with Customers (Subtopic 340-40).” The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect the guidance to have a material impact on the Company’s consolidated financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note 2: Summary of Significant Accounting Policies | |||||||||||||||||
Risks and Uncertainties | |||||||||||||||||
The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are dependent primarily upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. | |||||||||||||||||
Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may cause significant fluctuations in interest margins. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. | |||||||||||||||||
In estimating the allowance for loan losses, management considers current economic conditions, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant factors. An estimate for the carrying value of other real estate owned is normally determined through appraisals which are updated on a regular basis or through agreements of sale that have been negotiated. Because the allowance for loan losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may be beyond the Company’s and Republic’s control, the estimates of the allowance for loan losses and the carrying values of other real estate owned could differ materially in the near term. | |||||||||||||||||
In estimating OTTI of investment securities, securities are evaluated on at least a quarterly basis and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other than temporary. To determine whether a loss in value is other than temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not being required to sell the security prior to an anticipated recovery in the fair value. The term “other than temporary” is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of investment. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized. | |||||||||||||||||
In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence. Management also makes assumptions on the amount of future taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments that are consistent with the plans and estimates used to manage the Company’s business. As a result of cumulative losses in recent years and the slow pace of recovery in the current economic environment, the Company has decided to currently exclude future taxable income from its analysis of the ability to recover deferred tax assets and has recorded a valuation allowance against its deferred tax assets. An increase or decrease in the valuation allowance would result in an adjustment to income tax expense in the period and could have a significant impact on the Company’s future earnings. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company has a Stock Option and Restricted Stock Plan (“Plan”), under which the Company may grant options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The Plan became effective on November 14, 1995, and was amended and approved at the Company’s 2005 annual meeting of shareholders. Under the terms of the Plan, 1.5 million shares of common stock, plus an annual increase equal to the number of shares needed to restore the maximum number of shares that may be available for grant under the Plan to 1.5 million shares, are available for such grants. As of June 30, 2014, the only grants under the Plan have been option grants. The Plan provides that the exercise price of each option granted equals the market price of the Company’s stock on the date of the grant. Options granted pursuant to the Plan vest within one to four years and have a maximum term of 10 years. | |||||||||||||||||
On April 29, 2014 the Company’s shareholders approved the 2014 Equity Incentive Plan (the “2014 Plan”), under which the Company may grant options, restricted stock, stock units, or stock appreciation rights to the Company’s employees, directors, independent contractors, and consultants. Under the terms of the 2014 Plan, 2.6 million shares of common stock, plus an annual adjustment to be no less than 10% of the outstanding shares or such lower number as the Board of Directors may determine, are available for such grants. | |||||||||||||||||
The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for 2014 and 2013 are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Dividend yield(1) | 0.00% | 0.00% | |||||||||||||||
Expected volatility(2) | 55.79% to 57.99% | 54.88% to 55.08% | |||||||||||||||
Risk-free interest rate(3) | 1.51% to 2.13% | 1.28% to 2.02% | |||||||||||||||
Expected life(4) | 5.5 to 7.0 years | 7.0 years | |||||||||||||||
(1) A dividend yield of 0.0% is utilized because cash dividends have never been paid. | |||||||||||||||||
(2) Expected volatility is based on Bloomberg’s five and one-half to seven year volatility calculation for “FRBK” stock. | |||||||||||||||||
(3) The risk-free interest rate is based on the five to seven year Treasury bond. | |||||||||||||||||
(4) The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. | |||||||||||||||||
During the six months ended June 30, 2014 and 2013, 198,825 options and 109,787 options vested, respectively. Expense is recognized ratably over the period required to vest. At June 30, 2014, the intrinsic value of the 1,501,149 options outstanding was $2,635,473, while the intrinsic value of the 446,136 exercisable (vested) options was $408,949. During the six months ended June 30, 2014, 68,781 options were forfeited with a weighted average grant date fair value of $21,091. | |||||||||||||||||
Information regarding stock based compensation for the six months ended June 30, 2014 and 2013 is set forth below: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock based compensation expense recognized | $ | 198,000 | $ | 155,000 | |||||||||||||
Number of unvested stock options | 1,055,013 | 911,563 | |||||||||||||||
Fair value of unvested stock options | $ | 1,545,988 | $ | 1,245,470 | |||||||||||||
Amount remaining to be recognized as expense | $ | 910,590 | $ | 687,636 | |||||||||||||
The remaining amount of $910,590 will be recognized as expense through February 2018. | |||||||||||||||||
Earnings per Share | |||||||||||||||||
Earnings per share (“EPS”) consist of two separate components: basic EPS and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for each period presented. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding plus dilutive common stock equivalents (“CSEs”). CSEs consist of dilutive stock options granted through the Company’s Plan and 2014 Plan and convertible securities related to the trust preferred securities issued in 2008. In the diluted EPS computation, the after tax interest expense on the trust preferred securities issuance is added back to the net income. For the three and six months ended June 30, 2014 and 2013, the effect of CSEs (convertible securities related to the trust preferred securities only) and the related add back of after tax interest expense was considered anti-dilutive and therefore was not included in the EPS calculation. | |||||||||||||||||
The calculation of EPS for the three and six months ended June 30, 2014 and 2013 is as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (basic and diluted) | $ | 537 | $ | 1,011 | $ | 1,292 | $ | 2,003 | |||||||||
Weighted average shares outstanding | 35,157 | 25,973 | 30,590 | 25,973 | |||||||||||||
Net income per share – basic | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.08 | |||||||||
Weighted average shares outstanding (including dilutive CSEs) | 35,609 | 26,103 | 30,932 | 26,062 | |||||||||||||
Net income per share – diluted | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.08 | |||||||||
Recent Accounting Pronouncements | |||||||||||||||||
ASU 2014-04 | |||||||||||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructuring by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure – a consensus of the FASB Emerging Issues Task Force.” The guidance clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. For public business entities, the ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For entities other than public business entities, the ASU is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The Company does not believe the adoption of the amendment to this guidance will have a material impact on the consolidated financial statements. | |||||||||||||||||
ASU 2014-09 | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 660): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs – Contracts with Customers (Subtopic 340-40).” The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect the guidance to have a material impact on the Company’s consolidated financial statements. |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2014 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
Note 3: Legal Proceedings | |
The Company and Republic are from time to time parties (plaintiff or defendant) to lawsuits in the normal course of business. While any litigation involves an element of uncertainty, management is of the opinion that the liability of the Company and Republic, if any, resulting from such actions will not have a material effect on the financial condition or results of operations of the Company and Republic. | |
Segment_Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Reporting | ' |
Note 4: Segment Reporting | |
The Company has one reportable segment: community banking. The community bank segment primarily encompasses the commercial loan and deposit activities of Republic, as well as consumer loan products in the area surrounding its stores. |
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||||||||||
Note 5: Investment Securities | |||||||||||||||||||||||||||||||||||
A summary of the amortized cost and market value of securities available for sale and securities held to maturity at June 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized Losses | Value | ||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 144,452 | $ | 1,106 | $ | (1,835 | ) | $ | 143,723 | ||||||||||||||||||||||||||
Mortgage-backed securities | 13,608 | 631 | (39 | ) | 14,200 | ||||||||||||||||||||||||||||||
Municipal securities | 11,754 | 241 | (51 | ) | 11,944 | ||||||||||||||||||||||||||||||
Corporate bonds | 26,905 | 713 | - | 27,618 | |||||||||||||||||||||||||||||||
Asset-backed securities | 18,727 | 320 | - | 19,047 | |||||||||||||||||||||||||||||||
Trust preferred securities | 5,270 | - | (2,293 | ) | 2,977 | ||||||||||||||||||||||||||||||
Other securities | 115 | 10 | - | 125 | |||||||||||||||||||||||||||||||
Total securities available for sale | $ | 220,831 | $ | 3,021 | $ | (4,218 | ) | $ | 219,634 | ||||||||||||||||||||||||||
U.S. Government agencies | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||||||||||||
Other securities | 20 | - | - | 20 | |||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 21 | $ | - | $ | - | $ | 21 | |||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized Losses | Value | ||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 127,242 | $ | 665 | $ | (4,467 | ) | $ | 123,440 | ||||||||||||||||||||||||||
Mortgage-backed securities | 15,669 | 623 | (111 | ) | 16,181 | ||||||||||||||||||||||||||||||
Municipal securities | 9,737 | 68 | (162 | ) | 9,643 | ||||||||||||||||||||||||||||||
Corporate bonds | 32,174 | 1,079 | - | 33,253 | |||||||||||||||||||||||||||||||
Asset-backed securities | 19,089 | 318 | - | 19,407 | |||||||||||||||||||||||||||||||
Trust preferred securities | 5,277 | - | (2,427 | ) | 2,850 | ||||||||||||||||||||||||||||||
Other securities | 115 | 2 | - | 117 | |||||||||||||||||||||||||||||||
Total securities available for sale | $ | 209,303 | $ | 2,755 | $ | (7,167 | ) | $ | 204,891 | ||||||||||||||||||||||||||
U.S. Government agencies | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||||||||||||
Other securities | 20 | - | - | 20 | |||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 21 | $ | - | $ | - | $ | 21 | |||||||||||||||||||||||||||
The maturity distribution of the amortized cost and estimated market value of investment securities by contractual maturity at June 30, 2014 is as follows: | |||||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||
Due in 1 year or less | $ | 6,216 | $ | 6,304 | $ | - | $ | - | |||||||||||||||||||||||||||
After 1 year to 5 years | 99,871 | 99,886 | 21 | 21 | |||||||||||||||||||||||||||||||
After 5 years to 10 years | 104,453 | 102,885 | - | - | |||||||||||||||||||||||||||||||
After 10 years | 10,291 | 10,559 | - | - | |||||||||||||||||||||||||||||||
Total | $ | 220,831 | $ | 219,634 | $ | 21 | $ | 21 | |||||||||||||||||||||||||||
Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. | |||||||||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the collateralized mortgage obligations and mortgage backed securities included in the investment securities portfolio consist solely of securities issued by U.S. government sponsored agencies. There were no private label mortgage securities held in the investment securities portfolio as of those dates. The Company did not hold any mortgage-backed securities that were rated “Alt-A” or “Subprime” as of June 30, 2014 and December 31, 2013. In addition, the Company did not hold any private issued CMO’s as of June 30, 2014 and December 31, 2013. As of June 30, 2014 and December 31, 2013, the asset-backed securities consisted solely of Sallie Mae bonds collateralized by student loans which are guaranteed by the U.S. Department of Education. | |||||||||||||||||||||||||||||||||||
In instances when a determination is made that an other-than-temporary impairment exists with respect to a debt security but the investor does not intend to sell the debt security and it is more likely than not that the investor will not be required to sell the debt security prior to its anticipated recovery, accounting standards require the other-than-temporary impairment to be separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income. Impairment charges (credit losses) on trust preferred securities for both the three and six month periods ended June 30, 2014 amounted to $7,000. There were no impairment charges (credit losses) on trust preferred securities for the three and six months ended June 30, 2013. | |||||||||||||||||||||||||||||||||||
The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at June 30, 2014 and 2013 for which a portion of OTTI was recognized in other comprehensive income: | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Beginning Balance, January 1st | $ | 3,959 | $ | 3,959 | |||||||||||||||||||||||||||||||
Additional credit-related impairment loss on securities for which an | |||||||||||||||||||||||||||||||||||
other-than-temporary impairment was previously recognized | 7 | - | |||||||||||||||||||||||||||||||||
Reductions for securities paid off during the period | - | - | |||||||||||||||||||||||||||||||||
Reductions for securities for which the amount previously recognized in other | |||||||||||||||||||||||||||||||||||
comprehensive income was recognized in earnings because the Company | |||||||||||||||||||||||||||||||||||
intends to sell the security | - | - | |||||||||||||||||||||||||||||||||
Ending Balance, June 30th | $ | 3,966 | $ | 3,959 | |||||||||||||||||||||||||||||||
The Company realized gross gains on the sale of securities of $458,000 during the three and six months ended June 30, 2014. The related sale proceeds amounted to $5.7 million. The tax provision applicable to these gross gains in 2014 amounted to approximately $165,000. The Company realized gross gains on the sale of securities of $703,000 during the six months ended June 30, 2013. The related sale proceeds amounted to $7.9 million. The tax provision applicable to these gross gains in 2013 amounted to approximately $253,000. | |||||||||||||||||||||||||||||||||||
The following tables show the fair value and gross unrealized losses associated with the investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 16,811 | $ | 71 | $ | 50,670 | $ | 1,764 | $ | 67,481 | $ | 1,835 | |||||||||||||||||||||||
Mortgage-backed securities | - | - | 1,106 | 39 | 1,106 | 39 | |||||||||||||||||||||||||||||
Municipal securities | - | - | 1,374 | 51 | 1,374 | 51 | |||||||||||||||||||||||||||||
Trust preferred securities | - | - | 2,977 | 2,293 | 2,977 | 2,293 | |||||||||||||||||||||||||||||
Total | $ | 16,811 | $ | 71 | $ | 56,127 | $ | 4,147 | $ | 72,938 | $ | 4,218 | |||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 73,137 | $ | 3,923 | $ | 8,697 | $ | 544 | $ | 81,834 | $ | 4,467 | |||||||||||||||||||||||
Mortgage-backed securities | 1,450 | 41 | 1,123 | 70 | 2,573 | 111 | |||||||||||||||||||||||||||||
Municipal Securities | 5,108 | 162 | - | - | 5,108 | 162 | |||||||||||||||||||||||||||||
Trust preferred securities | - | - | 2,850 | 2,427 | 2,850 | 2,427 | |||||||||||||||||||||||||||||
Total | $ | 79,695 | $ | 4,126 | $ | 12,670 | $ | 3,041 | $ | 92,365 | $ | 7,167 | |||||||||||||||||||||||
The impairment of the investment portfolio amounted to $4.2 million on securities with a total fair value of $72.9 million at June 30, 2014. The most significant components of this impairment are related to the collateralized mortgage obligations and the trust preferred securities held in the portfolio. The unrealized losses on the CMO’s are primarily related to the recent movement in market interest rates rather than the underlying credit quality of the issuers. The Company does not currently intend to sell these securities prior to their maturity or the recovery of their cost bases and does not believe it will be forced to sell these securities prior to maturity or recovering the cost bases. | |||||||||||||||||||||||||||||||||||
At June 30, 2014, the investment portfolio included thirty collateralized mortgage obligations with a total market value of $143.7 million. Fifteen of these securities carried an unrealized loss at June 30, 2014. At June 30, 2014, the investment portfolio included forty-two mortgage-backed securities with a total market value of $14.2 million. Two of these securities carried an unrealized loss at June 30, 2014. Management found no evidence of OTTI on any of these securities and the unrealized losses are due to changes in fair value resulting from changes in market interest rates and are considered temporary as of June 30, 2014. | |||||||||||||||||||||||||||||||||||
The unrealized losses on the trust preferred securities are primarily the result of the secondary market for such securities becoming inactive and are also considered temporary at this time. | |||||||||||||||||||||||||||||||||||
The following table provides additional detail about trust preferred securities held in the portfolio as of June 30, 2014. | |||||||||||||||||||||||||||||||||||
Class / Tranche | Amortized Cost | Fair | Unrealized Losses | Lowest Credit Rating Assigned | Number of Banks Currently Performing | Deferrals / Defaults as % of Current Balance | Conditional Default Rates for 2014 and beyond | Cumulative OTTI Life to Date | |||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Preferred Term Securities IV | Mezzanine | $ | 49 | $ | 40 | $ | (9 | ) | B1 | 6 | 18 | % | 0.34 | % | $ | - | |||||||||||||||||||
Notes | |||||||||||||||||||||||||||||||||||
Preferred Term | Mezzanine | 989 | 768 | (221 | ) | D | 11 | 54 | 0.37 | 2,173 | |||||||||||||||||||||||||
Securities VII | Notes | ||||||||||||||||||||||||||||||||||
TPREF Funding II | Class B Notes | 732 | 350 | (382 | ) | C | 17 | 41 | 0.39 | 267 | |||||||||||||||||||||||||
TPREF Funding III | Class B2 Notes | 1,520 | 710 | (810 | ) | C | 16 | 34 | 0.29 | 480 | |||||||||||||||||||||||||
Trapeza CDO I, LLC | Class C1 Notes | 556 | 308 | (248 | ) | C | 9 | 49 | 0.31 | 470 | |||||||||||||||||||||||||
ALESCO Preferred | Class B1 Notes | 604 | 387 | (217 | ) | C | 40 | 8 | 0.36 | 396 | |||||||||||||||||||||||||
Funding IV | |||||||||||||||||||||||||||||||||||
ALESCO Preferred | Class C1 Notes | 820 | 414 | (406 | ) | C | 41 | 15 | 0.33 | 180 | |||||||||||||||||||||||||
Funding V | |||||||||||||||||||||||||||||||||||
Total | $ | 5,270 | 2,977 | $ | (2,293 | ) | 140 | 30 | % | $ | 3,966 | ||||||||||||||||||||||||
At June 30, 2014, the investment portfolio included twenty-one municipal securities with a total market value of $11.9 million. Two of these securities carried an unrealized loss at June 30, 2014. Each of the municipal securities is reviewed quarterly for impairment. Research on each issuer is completed to ensure the financial stability of the municipal entity. The largest geographic concentration was in Pennsylvania where ten municipal securities had a market value of $5.9 million. As of June 30, 2014, management found no evidence of OTTI on any of the municipal securities held in the investment securities portfolio. | |||||||||||||||||||||||||||||||||||
Subsequent to the period ended June 30, 2014, investment securities with a fair value of $70.1 million that were previously classified as available-for-sale were transferred to the held-to-maturity category. Unrealized losses of $1.2 million associated with the transferred securities will remain in other comprehensive income and be amortized as an adjustment to yield over the remaining life of those securities. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Note 6: Loans Receivable and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
The following table sets forth the Company’s gross loans by major categories as of June 30, 2014, and December 31, 2013: | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 353,458 | $ | 342,794 | |||||||||||||||||||||||||||||
Construction and land development | 31,224 | 23,977 | |||||||||||||||||||||||||||||||
Commercial and industrial | 127,818 | 118,209 | |||||||||||||||||||||||||||||||
Owner occupied real estate | 167,130 | 160,229 | |||||||||||||||||||||||||||||||
Consumer and other | 37,255 | 31,981 | |||||||||||||||||||||||||||||||
Residential mortgage | 2,330 | 2,359 | |||||||||||||||||||||||||||||||
Total loans receivable | 719,215 | 679,549 | |||||||||||||||||||||||||||||||
Deferred costs (fees) | (346 | ) | (238 | ) | |||||||||||||||||||||||||||||
Allowance for loan losses | (12,063 | ) | (12,263 | ) | |||||||||||||||||||||||||||||
Net loans receivable | $ | 706,806 | $ | 667,048 | |||||||||||||||||||||||||||||
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 loans, but also include internally classified accruing loans. | |||||||||||||||||||||||||||||||||
The following table summarizes information with regard to impaired loans by loan portfolio class as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid | Related Allowance | Recorded Investment | Unpaid | Related Allowance | |||||||||||||||||||||||||||
Principal | Principal | ||||||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,658 | $ | 6,662 | $ | - | $ | 6,850 | $ | 6,971 | $ | - | |||||||||||||||||||||
Construction and land development | 593 | 3,700 | - | 902 | 4,076 | - | |||||||||||||||||||||||||||
Commercial and industrial | 3,018 | 6,247 | - | 2,043 | 2,882 | - | |||||||||||||||||||||||||||
Owner occupied real estate | 864 | 1,183 | - | 542 | 862 | - | |||||||||||||||||||||||||||
Consumer and other | 446 | 714 | - | 453 | 711 | - | |||||||||||||||||||||||||||
Total | $ | 11,579 | $ | 18,506 | $ | - | $ | 10,790 | $ | 15,502 | $ | - | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,401 | $ | 13,643 | $ | 4,045 | $ | 13,044 | $ | 13,044 | $ | 3,679 | |||||||||||||||||||||
Construction and land development | 669 | 3,908 | 294 | 716 | 3,867 | 237 | |||||||||||||||||||||||||||
Commercial and industrial | 3,719 | 4,350 | 1,618 | 4,889 | 7,634 | 1,254 | |||||||||||||||||||||||||||
Owner occupied real estate | 3,518 | 3,520 | 424 | 2,891 | 2,891 | 430 | |||||||||||||||||||||||||||
Consumer and other | - | - | - | 203 | 210 | 10 | |||||||||||||||||||||||||||
Total | $ | 21,307 | $ | 25,421 | $ | 6,381 | $ | 21,743 | $ | 27,646 | $ | 5,610 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,059 | $ | 20,305 | $ | 4,045 | $ | 19,894 | $ | 20,015 | $ | 3,679 | |||||||||||||||||||||
Construction and land development | 1,262 | 7,608 | 294 | 1,618 | 7,943 | 237 | |||||||||||||||||||||||||||
Commercial and industrial | 6,737 | 10,597 | 1,618 | 6,932 | 10,516 | 1,254 | |||||||||||||||||||||||||||
Owner occupied real estate | 4,382 | 4,703 | 424 | 3,433 | 3,753 | 430 | |||||||||||||||||||||||||||
Consumer and other | 446 | 714 | - | 656 | 921 | 10 | |||||||||||||||||||||||||||
Total | $ | 32,886 | $ | 43,927 | $ | 6,381 | $ | 32,533 | $ | 43,148 | $ | 5,610 | |||||||||||||||||||||
The following table presents additional information regarding the Company’s impaired loans for the three months ended June 30, 2014 and June 30, 2013: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
Recorded Investment | Income Recognized | Recorded Investment | Income Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,696 | $ | 106 | $ | 15,343 | $ | 202 | |||||||||||||||||||||||||
Construction and land development | 661 | - | 1,822 | 8 | |||||||||||||||||||||||||||||
Commercial and industrial | 2,859 | - | 2,953 | 5 | |||||||||||||||||||||||||||||
Owner occupied real estate | 802 | (3 | ) | 180 | - | ||||||||||||||||||||||||||||
Consumer and other | 480 | - | 725 | - | |||||||||||||||||||||||||||||
Total | $ | 11,498 | $ | 103 | $ | 21,023 | $ | 215 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,325 | $ | (130 | ) | $ | 7,056 | $ | 25 | ||||||||||||||||||||||||
Construction and land development | 659 | - | 494 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 3,914 | (1 | ) | 3,504 | 14 | ||||||||||||||||||||||||||||
Owner occupied real estate | 3,315 | 35 | 3,149 | 37 | |||||||||||||||||||||||||||||
Consumer and other | 35 | - | 25 | - | |||||||||||||||||||||||||||||
Total | $ | 21,248 | $ | (96 | ) | $ | 14,228 | $ | 76 | ||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,021 | $ | (24 | ) | $ | 22,399 | $ | 227 | ||||||||||||||||||||||||
Construction and land development | 1,320 | - | 2,316 | 8 | |||||||||||||||||||||||||||||
Commercial and industrial | 6,773 | (1 | ) | 6,457 | 19 | ||||||||||||||||||||||||||||
Owner occupied real estate | 4,117 | 32 | 3,329 | 37 | |||||||||||||||||||||||||||||
Consumer and other | 515 | - | 750 | - | |||||||||||||||||||||||||||||
Total | $ | 32,746 | $ | 7 | $ | 35,251 | $ | 291 | |||||||||||||||||||||||||
If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $399,000 and $130,000 for the three months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
The following table presents additional information regarding the Company’s impaired loans for the six months ended June 30, 2014 and June 30, 2013: | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
Recorded Investment | Income Recognized | Recorded Investment | Income Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,734 | $ | 212 | $ | 17,766 | $ | 421 | |||||||||||||||||||||||||
Construction and land development | 730 | - | 2,615 | 29 | |||||||||||||||||||||||||||||
Commercial and industrial | 2,699 | 1 | 2,935 | 11 | |||||||||||||||||||||||||||||
Owner occupied real estate | 740 | 2 | 216 | - | |||||||||||||||||||||||||||||
Consumer and other | 514 | 1 | 781 | 1 | |||||||||||||||||||||||||||||
Total | $ | 11,417 | $ | 216 | $ | 24,313 | $ | 462 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,249 | $ | 8 | $ | 5,885 | $ | 61 | |||||||||||||||||||||||||
Construction and land development | 650 | - | 395 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 4,111 | - | 3,746 | 28 | |||||||||||||||||||||||||||||
Owner occupied real estate | 3,113 | 70 | 3,295 | 73 | |||||||||||||||||||||||||||||
Consumer and other | 68 | - | 49 | - | |||||||||||||||||||||||||||||
Total | $ | 21,191 | $ | 78 | $ | 13,370 | $ | 162 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 19,983 | $ | 220 | $ | 23,651 | $ | 482 | |||||||||||||||||||||||||
Construction and land development | 1,380 | - | 3,010 | 29 | |||||||||||||||||||||||||||||
Commercial and industrial | 6,810 | 1 | 6,681 | 39 | |||||||||||||||||||||||||||||
Owner occupied real estate | 3,853 | 72 | 3,511 | 73 | |||||||||||||||||||||||||||||
Consumer and other | 582 | 1 | 830 | 1 | |||||||||||||||||||||||||||||
Total | $ | 32,608 | $ | 294 | $ | 37,683 | $ | 624 | |||||||||||||||||||||||||
If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $542,000 and $339,000 for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and | Owner Occupied Real Estate | Consumer | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Industrial | and Other | ||||||||||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,274 | $ | 861 | $ | 2,640 | $ | 1,128 | $ | 197 | $ | 13 | $ | 837 | $ | 11,950 | |||||||||||||||||
Charge-offs | (188 | ) | - | - | - | - | - | - | (188 | ) | |||||||||||||||||||||||
Recoveries | - | - | 1 | - | - | - | - | 1 | |||||||||||||||||||||||||
Provisions (credits) | 690 | 163 | 150 | 1 | 23 | - | (727 | ) | 300 | ||||||||||||||||||||||||
Ending balance | $ | 6,776 | $ | 1,024 | $ | 2,791 | $ | 1,129 | $ | 220 | $ | 13 | $ | 110 | $ | 12,063 | |||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 3,257 | $ | 1,835 | $ | 2,336 | $ | 1,297 | $ | 170 | $ | 14 | $ | 444 | $ | 9,353 | |||||||||||||||||
Charge-offs | (349 | ) | - | (361 | ) | (319 | ) | - | - | - | (1,029 | ) | |||||||||||||||||||||
Recoveries | 54 | - | 4 | - | 25 | - | - | 83 | |||||||||||||||||||||||||
Provisions (credits) | 619 | 667 | 18 | 8 | (4 | ) | - | (383 | ) | 925 | |||||||||||||||||||||||
Ending balance | $ | 3,581 | $ | 2,502 | $ | 1,997 | $ | 986 | $ | 191 | $ | 14 | $ | 61 | $ | 9,332 | |||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and | Owner Occupied Real Estate | Consumer | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Industrial | and Other | ||||||||||||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,454 | $ | 1,948 | $ | 2,309 | $ | 985 | $ | 225 | $ | 14 | $ | 328 | $ | 12,263 | |||||||||||||||||
Charge-offs | (188 | ) | (20 | ) | (283 | ) | - | (10 | ) | - | - | (501 | ) | ||||||||||||||||||||
Recoveries | - | - | 1 | - | - | - | - | 1 | |||||||||||||||||||||||||
Provisions (credits) | 510 | (904 | ) | 764 | 144 | 5 | (1 | ) | (218 | ) | 300 | ||||||||||||||||||||||
Ending balance | $ | 6,776 | $ | 1,024 | $ | 2,791 | $ | 1,129 | $ | 220 | $ | 13 | $ | 110 | $ | 12,063 | |||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning Balance: | $ | 3,979 | $ | 1,273 | $ | 1,880 | $ | 1,967 | $ | 234 | $ | 17 | $ | 192 | $ | 9,542 | |||||||||||||||||
Charge-offs | (409 | ) | (55 | ) | (361 | ) | (319 | ) | (75 | ) | - | - | (1,219 | ) | |||||||||||||||||||
Recoveries | 54 | - | 5 | - | 25 | - | - | 84 | |||||||||||||||||||||||||
Provisions (credits) | (43 | ) | 1,284 | 473 | (662 | ) | 7 | (3 | ) | (131 | ) | 925 | |||||||||||||||||||||
Ending balance | $ | 3,581 | $ | 2,502 | $ | 1,997 | $ | 986 | $ | 191 | $ | 14 | $ | 61 | $ | 9,332 | |||||||||||||||||
The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and | Owner Occupied Real Estate | Consumer | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Industrial | and Other | ||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,045 | $ | 294 | $ | 1,618 | $ | 424 | $ | - | $ | - | $ | - | $ | 6,381 | |||||||||||||||||
Collectively evaluated for impairment | 2,731 | 730 | 1,173 | 705 | 220 | 13 | 110 | 5,682 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 6,776 | $ | 1,024 | $ | 2,791 | $ | 1,129 | $ | 220 | $ | 13 | $ | 110 | $ | 12,063 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 20,059 | $ | 1,262 | $ | 6,737 | $ | 4,382 | $ | 446 | $ | - | $ | - | $ | 32,886 | |||||||||||||||||
Loans evaluated collectively | 333,399 | 29,962 | 121,081 | 162,748 | 36,809 | 2,330 | - | 686,329 | |||||||||||||||||||||||||
Total loans receivable | $ | 353,458 | $ | 31,224 | $ | 127,818 | $ | 167,130 | $ | 37,255 | $ | 2,330 | $ | - | $ | 719,215 | |||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and | Owner Occupied Real Estate | Consumer | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Industrial | and Other | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,679 | $ | 237 | $ | 1,254 | $ | 430 | $ | 10 | $ | - | $ | - | $ | 5,610 | |||||||||||||||||
Collectively evaluated for impairment | 2,775 | 1,711 | 1,055 | 555 | 215 | 14 | 328 | 6,653 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 6,454 | $ | 1,948 | $ | 2,309 | $ | 985 | $ | 225 | $ | 14 | $ | 328 | $ | 12,263 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 19,894 | $ | 1,618 | $ | 6,932 | $ | 3,433 | $ | 656 | $ | - | $ | - | $ | 32,533 | |||||||||||||||||
Loans evaluated collectively | 322,900 | 22,359 | 111,277 | 156,796 | 31,325 | 2,359 | - | 647,016 | |||||||||||||||||||||||||
Total loans receivable | $ | 342,794 | $ | 23,977 | $ | 118,209 | $ | 160,229 | $ | 31,981 | $ | 2,359 | $ | - | $ | 679,549 | |||||||||||||||||
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Total | Loans | ||||||||||||||||||||||||||||||
Days Past | Days Past | Greater | Total | Loans | Receivable | ||||||||||||||||||||||||||||
(dollars in thousands) | Due | Due | than 90 | Past | Current | Receivable | > 90 Days | ||||||||||||||||||||||||||
Days | Due | and | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | $ | 13,865 | $ | 14,741 | $ | 28,606 | $ | 324,852 | $ | 353,458 | $ | 524 | |||||||||||||||||||
Construction and land development | - | - | 1,262 | 1,262 | 29,962 | 31,224 | - | ||||||||||||||||||||||||||
Commercial and industrial | - | 422 | 7,679 | 8,101 | 119,717 | 127,818 | 942 | ||||||||||||||||||||||||||
Owner occupied real estate | - | - | 2,790 | 2,790 | 164,340 | 167,130 | 1,256 | ||||||||||||||||||||||||||
Consumer and other | 184 | - | 446 | 630 | 36,625 | 37,255 | - | ||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 2,330 | 2,330 | - | ||||||||||||||||||||||||||
Total | $ | 184 | $ | 14,287 | $ | 26,918 | $ | 41,389 | $ | 677,826 | $ | 719,215 | $ | 2,722 | |||||||||||||||||||
30-59 | 60-89 | Total | Loans | ||||||||||||||||||||||||||||||
Days Past | Days Past | Greater | Total | Loans | Receivable | ||||||||||||||||||||||||||||
(dollars in thousands) | Due | Due | than 90 | Past | Current | Receivable | > 90 Days | ||||||||||||||||||||||||||
Days | Due | and | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 19,707 | $ | 5,635 | $ | 1,104 | $ | 26,446 | $ | 316,348 | $ | 342,794 | $ | - | |||||||||||||||||||
Construction and land development | - | - | 1,618 | 1,618 | 22,359 | 23,977 | - | ||||||||||||||||||||||||||
Commercial and industrial | 951 | 71 | 6,837 | 7,859 | 110,350 | 118,209 | - | ||||||||||||||||||||||||||
Owner occupied real estate | 808 | 1,281 | 205 | 2,294 | 157,935 | 160,229 | - | ||||||||||||||||||||||||||
Consumer and other | 38 | - | 656 | 694 | 31,287 | 31,981 | - | ||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 2,359 | 2,359 | - | ||||||||||||||||||||||||||
Total | $ | 21,504 | $ | 6,987 | $ | 10,420 | $ | 38,911 | $ | 640,638 | $ | 679,549 | $ | - | |||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
(dollars in thousands) | Mention | ||||||||||||||||||||||||||||||||
At June 30, 2014: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 315,868 | $ | 16,989 | $ | 20,601 | $ | - | $ | 353,458 | |||||||||||||||||||||||
Construction and land development | 29,962 | - | 1,262 | - | 31,224 | ||||||||||||||||||||||||||||
Commercial and industrial | 119,227 | 782 | 7,809 | - | 127,818 | ||||||||||||||||||||||||||||
Owner occupied real estate | 161,051 | 1,697 | 4,382 | - | 167,130 | ||||||||||||||||||||||||||||
Consumer and other | 36,476 | 75 | 704 | - | 37,255 | ||||||||||||||||||||||||||||
Residential mortgage | 2,330 | - | - | - | 2,330 | ||||||||||||||||||||||||||||
Total | $ | 664,914 | $ | 19,543 | $ | 34,758 | $ | - | $ | 719,215 | |||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
(dollars in thousands) | Mention | ||||||||||||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 305,974 | $ | 16,372 | $ | 20,448 | $ | - | $ | 342,794 | |||||||||||||||||||||||
Construction and land development | 22,359 | - | 1,618 | - | 23,977 | ||||||||||||||||||||||||||||
Commercial and industrial | 110,629 | 611 | 6,969 | - | 118,209 | ||||||||||||||||||||||||||||
Owner occupied real estate | 155,648 | 1,485 | 3,096 | - | 160,229 | ||||||||||||||||||||||||||||
Consumer and other | 30,993 | 75 | 913 | - | 31,981 | ||||||||||||||||||||||||||||
Residential mortgage | 2,359 | - | - | - | 2,359 | ||||||||||||||||||||||||||||
Total | $ | 627,962 | $ | 18,543 | $ | 33,044 | $ | - | $ | 679,549 | |||||||||||||||||||||||
The following table shows non-accrual loans by class as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | June 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 14,217 | $ | 1,104 | |||||||||||||||||||||||||||||
Construction and land development | 1,262 | 1,618 | |||||||||||||||||||||||||||||||
Commercial and industrial | 6,737 | 6,837 | |||||||||||||||||||||||||||||||
Owner occupied real estate | 1,534 | 205 | |||||||||||||||||||||||||||||||
Consumer and other | 446 | 656 | |||||||||||||||||||||||||||||||
Residential mortgage | - | - | |||||||||||||||||||||||||||||||
Total | $ | 24,196 | $ | 10,420 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
A modification to the contractual terms of a loan which results in a concession to a borrower that is experiencing financial difficulty is classified as a troubled debt restructuring (“TDR”). The concessions made in a TDR are those that would not otherwise be considered for a borrower or collateral with similar risk characteristics. A TDR is typically the result of efforts to minimize potential losses that may be incurred during loan workouts, foreclosure, or repossession of collateral at a time when collateral values are declining. Concessions include a reduction in interest rate below current market rates, a material extension of time to the loan term or amortization period, partial forgiveness of the outstanding principal balance, acceptance of interest only payments for a period of time, or a combination of any of these conditions. | |||||||||||||||||||||||||||||||||
The following table summarizes the balance of outstanding TDRs June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Number | Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||||||
(dollars in thousands) | of Loans | Status | Status | TDRs | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||
Construction and land development | - | - | - | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | 2,188 | 2,188 | |||||||||||||||||||||||||||||
Owner occupied real estate | 1 | 1,877 | - | 1,877 | |||||||||||||||||||||||||||||
Consumer and other | - | - | - | - | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||||||
Total | 2 | $ | 1,877 | $ | 2,188 | $ | 4,065 | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 103 | $ | - | $ | 103 | ||||||||||||||||||||||||||
Construction and land development | - | - | - | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | 2,188 | 2,188 | |||||||||||||||||||||||||||||
Owner occupied real estate | 1 | 1,894 | - | 1,894 | |||||||||||||||||||||||||||||
Consumer and other | - | - | - | - | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||||||
Total | 3 | $ | 1,997 | $ | 2,188 | $ | 4,185 | ||||||||||||||||||||||||||
All TDRs are considered impaired and are therefore individually evaluated for impairment in the calculation of the allowance for loan losses. Some TDRs may not ultimately result in the full collection of principal and interest as restructured and could lead to potential incremental losses. These potential incremental losses would be factored into our estimate of the allowance for loan losses. The level of any subsequent defaults will likely be affected by future economic conditions. There were no loan modifications that were considered TDRs during the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
After a loan is determined to be a TDR, we continue to track its performance under the most recent restructured terms. One loan classified as a TDR subsequently paid off during the three months ended March 31, 2014. One loan classified as a TDR subsequently defaulted during the year ended December 31, 2013. There were no troubled debt restructurings that subsequently defaulted during the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Note 7: Fair Value of Financial Instruments | |||||||||||||||||||||
Management uses its best judgment in estimating the fair value of the Company's financial instruments, however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. | |||||||||||||||||||||
The Company follows the guidance issued under ASC 820, Fair Value Measurement, which defines fair value, establishes a framework for measuring fair value under GAAP, and identifies required disclosures on fair value measurements. | |||||||||||||||||||||
ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are as follows: | |||||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | |||||||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). | |||||||||||||||||||||
An asset or liability's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||
Total | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Collateralized mortgage obligations | $ | 143,723 | $ | - | $ | 143,723 | $ | - | |||||||||||||
Mortgage-backed securities | 14,200 | - | 14,200 | - | |||||||||||||||||
Municipal securities | 11,944 | - | 11,944 | - | |||||||||||||||||
Corporate bonds | 27,618 | - | 24,612 | 3,006 | |||||||||||||||||
Asset-backed securities | 19,047 | - | 19,047 | - | |||||||||||||||||
Trust Preferred Securities | 2,977 | - | - | 2,977 | |||||||||||||||||
Other securities | 125 | - | 125 | - | |||||||||||||||||
Securities Available for Sale | $ | 219,634 | $ | - | $ | 213,651 | $ | 5,983 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Collateralized mortgage obligations | $ | 123,440 | $ | - | $ | 123,440 | $ | - | |||||||||||||
Mortgage-backed securities | 16,181 | - | 16,181 | - | |||||||||||||||||
Municipal securities | 9,643 | - | 9,643 | - | |||||||||||||||||
Corporate bonds | 33,253 | - | 30,247 | 3,006 | |||||||||||||||||
Asset-backed securities | 19,407 | - | 19,407 | - | |||||||||||||||||
Trust Preferred Securities | 2,850 | - | - | 2,850 | |||||||||||||||||
Other securities | 117 | - | 117 | - | |||||||||||||||||
Securities Available for Sale | $ | 204,891 | $ | - | $ | 199,035 | $ | 5,856 | |||||||||||||
The following table presents a reconciliation of the securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||
Level 3 Investments Only | Trust | Corporate | Trust Preferred Securities | Corporate | |||||||||||||||||
(dollars in thousands) | Preferred Securities | Bonds | Bonds | ||||||||||||||||||
Balance, April 1st | $ | 2,807 | $ | 3,006 | $ | 3,238 | $ | 3,007 | |||||||||||||
Unrealized gains (losses) | 177 | - | (65 | ) | (1 | ) | |||||||||||||||
Paydowns | - | - | (11 | ) | - | ||||||||||||||||
Impairment charges on Level 3 | (7 | ) | - | - | - | ||||||||||||||||
Balance, June 30th | $ | 2,977 | $ | 3,006 | $ | 3,162 | $ | 3,006 | |||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||
Level 3 Investments Only | Trust | Corporate | Trust Preferred Securities | Corporate | |||||||||||||||||
(dollars in thousands) | Preferred Securities | Bonds | Bonds | ||||||||||||||||||
Balance, January 1st | $ | 2,850 | $ | 3,006 | $ | 3,187 | $ | 3,007 | |||||||||||||
Unrealized gains (losses) | 134 | - | (7 | ) | (1 | ) | |||||||||||||||
Paydowns | - | - | (18 | ) | - | ||||||||||||||||
Impairment charges on Level 3 | (7 | ) | - | - | - | ||||||||||||||||
Balance, June 30th | $ | 2,977 | $ | 3,006 | $ | 3,162 | $ | 3,006 | |||||||||||||
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||
Total | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
June 30, 2014: | |||||||||||||||||||||
Impaired loans | $ | 16,355 | $ | - | $ | - | $ | 16,355 | |||||||||||||
Other real estate owned | 1,059 | - | - | 1,059 | |||||||||||||||||
SBA servicing assets | 4,067 | - | - | 4,067 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | $ | 17,474 | $ | - | $ | - | $ | 17,474 | |||||||||||||
Other real estate owned | 3,921 | - | - | 3,921 | |||||||||||||||||
SBA servicing assets | 3,477 | - | - | 3,477 | |||||||||||||||||
The table below presents additional quantitative information about level 3 assets measured at fair value on a nonrecurring basis (dollars in thousands): | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
Asset Description | Fair Value | Valuation | Unobservable Input | Range Weighted | |||||||||||||||||
Technique | Average | ||||||||||||||||||||
June 30, 2014: | |||||||||||||||||||||
Impaired loans | $ | 16,355 | Fair Value of | Appraised Value (2) | 0% - 78% (29%) (4) | ||||||||||||||||
Collateral (1) | |||||||||||||||||||||
Other real estate owned | $ | 1,059 | Fair Value of | Appraised Value (2) | 8% - 38% (33%)(4) | ||||||||||||||||
Collateral (1) | Sales Price | ||||||||||||||||||||
SBA Servicing Assets | $ | 4,067 | Individual Loan | -3 | |||||||||||||||||
Fair Value | Valuation (3) | ||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | $ | 17,474 | Fair Value of | Appraised Value (2) | 0% - 40% (23%) (4) | ||||||||||||||||
Collateral (1) | |||||||||||||||||||||
Other real estate owned | $ | 3,921 | Fair Value of | Appraised Value (2) | 4% - 77% (17%) (4) | ||||||||||||||||
Collateral (1) | Sales Price | ||||||||||||||||||||
SBA Servicing Assets | $ | 3,477 | Individual Loan | -3 | |||||||||||||||||
Fair Value | Valuation (3) | ||||||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | ||||||||||||||||||||
(2) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | ||||||||||||||||||||
(3) | There is a lack of transactional data in this market place for the non-guaranteed portion of SBA loans. | ||||||||||||||||||||
(4) | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. | ||||||||||||||||||||
The significant unobservable inputs for impaired loans and other real estate owned are the appraised value or an agreed upon sales price. These values are adjusted for estimated costs to sell which are incremental direct costs to transact a sale such as broker commissions, legal fees, closing costs and title transfer fees. The costs must be considered essential to the sale and would not have been incurred if the decision to sell had not been made. The costs to sell are based on costs associated with the Company's actual sales of other real estate owned which are assessed annually. | |||||||||||||||||||||
The following table presents an analysis of the activity in the SBA servicing assets for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | 3,805 | $ | 2,491 | $ | 3,477 | $ | 2,340 | |||||||||||||
Additions | 271 | 482 | 575 | 628 | |||||||||||||||||
Fair value adjustments | (9 | ) | (69 | ) | 15 | (64 | ) | ||||||||||||||
Ending balance | $ | 4,067 | $ | 2,904 | $ | 4,067 | $ | 2,904 | |||||||||||||
Fair Value Assumptions | |||||||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company's assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company's financial instruments at June 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Cash and Cash Equivalents (Carried at Cost) | |||||||||||||||||||||
The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets' fair values. | |||||||||||||||||||||
Investment Securities | |||||||||||||||||||||
The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted prices. For certain securities, which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments, are generally based on available market evidence (Level 3). In the absence of such evidence, management's best estimate is used. Management's best estimate consists of both internal and external support on certain Level 3 investments. Internal cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) were used to support fair values of certain Level 3 investments. | |||||||||||||||||||||
The types of instruments valued based on matrix pricing in active markets include all of the Company's U.S. government and agency securities, corporate bonds, asset backed securities, and municipal obligations. Such instruments are generally classified within Level 2 of the fair value hierarchy. As required by ASC 820-10, the Company does not adjust the matrix pricing for such instruments. | |||||||||||||||||||||
Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, and may be adjusted to reflect illiquidity and/or non-transferability, with such adjustment generally based on available market evidence. In the absence of such evidence, management's best estimate is used. Subsequent to inception, management only changes Level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. The Level 3 investment securities classified as available for sale are comprised of various issues of trust preferred securities and a single corporate bond. | |||||||||||||||||||||
The trust preferred securities are pools of similar securities that are grouped into an asset structure commonly referred to as collateralized debt obligations ("CDOs") which consist of the debt instruments of various banks, diversified by the number of participants in the security as well as geographically. The secondary market for these securities has become inactive, and therefore these securities are classified as Level 3 securities. The fair value analysis does not reflect or represent the actual terms or prices at which any party could purchase the securities. There is currently a limited secondary market for the securities and there can be no assurance that any secondary market for the securities will expand. | |||||||||||||||||||||
An independent, third party pricing service is used to estimate the current fair market value of each CDO held in the investment securities portfolio. The calculations used to determine fair value are based on the attributes of the trust preferred securities, the financial condition of the issuers of the trust preferred securities, and market based assumptions. The INTEX CDO Deal Model Library was utilized to obtain information regarding the attributes of each security and its specific collateral as of June 30, 2014 and December 31, 2013. Financial information on the issuers was also obtained from Bloomberg, the FDIC, the Office of Thrift Supervision and SNL Financial. Both published and unpublished industry sources were utilized in estimating fair value. Such information includes loan prepayment speed assumptions, discount rates, default rates, and loss severity percentages. Due to the current state of the global capital and financial markets, the fair market valuation is subject to greater uncertainty than would otherwise exist. | |||||||||||||||||||||
The fair market valuation for each CDO was determined based on discounted cash flow analyses. The cash flows are primarily dependent on the estimated speeds at which the trust preferred securities are expected to prepay, the estimated rates at which the trust preferred securities are expected to defer payments, the estimated rates at which the trust preferred securities are expected to default, and the severity of the losses on securities that do default. | |||||||||||||||||||||
Increases (decreases) in actual or expected issuer defaults tend to decrease (increase) the fair value of the Company's senior and mezzanine tranches of CDOs. The values of the Company's mezzanine tranches of CDOs are also affected by expected future interest rates. However, due to the structure of each security, timing of cash flows, and secondary effects on the financial performance of the underlying issuers, the effects of changes in future interest rates on the fair value of the Company's holdings are not quantifiably estimable. | |||||||||||||||||||||
Also included in Level 3 investment securities classified as available for sale is a single-issuer corporate bond since the bond is not actively traded. Impairment would depend on the repayment ability of the underlying issuer, which is assessed through a detailed quarterly review of the issuer's financial statements. The issuer is a "well capitalized" financial institution as defined by federal banking regulations and has demonstrated the ability to raise additional capital, when necessary, through the public capital markets. The fair value of this corporate bond is estimated by obtaining a price of a comparable floating rate debt instrument through Bloomberg. | |||||||||||||||||||||
Loans Held For Sale (Carried at Lower of Cost or Fair Value) | |||||||||||||||||||||
The fair values of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for the specific attributes of that loan. The Company did not write down any loans held for sale during the six months ended June 30, 2014 and the year ended December 31, 2013. | |||||||||||||||||||||
Loans Receivable (Carried at Cost) | |||||||||||||||||||||
The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Due to the significant judgment involved in evaluating credit quality, loans are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Impaired Loans (Carried at Lower of Cost or Fair Value) | |||||||||||||||||||||
Impaired loans are those that the Company has measured impairment based on the fair value of the loan's collateral. Fair value is generally determined based upon independent third party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consists of the loan balances less any valuation allowance. The valuation allowance amount is calculated as the difference between the recorded investment in a loan and the present value of expected future cash flows or it is calculated based on discounted collateral values if the loans are collateral dependent. | |||||||||||||||||||||
Other Real Estate Owned (Carried at Lower of Cost or Fair Value) | |||||||||||||||||||||
These assets are carried at the lower of cost or fair value. At June 30, 2014 and December 31, 2013 these assets are carried at current fair value. | |||||||||||||||||||||
SBA Servicing Asset (Carried at Fair Value) | |||||||||||||||||||||
The SBA servicing asset is initially recorded when loans are sold and the servicing rights are retained and recorded on the balance sheet. Updated fair values are obtained on a quarterly basis and adjustments are presented as loan advisory and servicing fees on the consolidated statement of income. The valuation begins with the projection of future cash flows for each asset based on their unique characteristics, our market-based assumptions for prepayment speeds and estimated losses and recoveries. The present value of the future cash flows are then calculated utilizing our market-based discount ratio assumptions. In all cases, we model expected payments for every loan for each quarterly period in order to create the most detailed cash flow stream possible. | |||||||||||||||||||||
The Company uses assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. At June 30, 2014 and December 31, 2013, the sensitivity of the current fair value of the SBA loan servicing rights to immediate 10% and 20% adverse changes in key assumptions are included in the accompanying table. | |||||||||||||||||||||
(dollars in thousands) | June 30, | December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
SBA Servicing Asset | |||||||||||||||||||||
Fair Value of SBA Servicing Asset | $ | 4,067 | $ | 3,477 | |||||||||||||||||
Composition of SBA Loans Serviced for Others | |||||||||||||||||||||
Fixed-rate SBA loans | 0 | % | 0 | % | |||||||||||||||||
Adjustable-rate SBA loans | 100 | % | 100 | % | |||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||
Weighted Average Remaining Term | 21.1 years | 21.4 years | |||||||||||||||||||
Prepayment Speed | 6.99 | % | 6.72 | % | |||||||||||||||||
Effect on fair value of a 10% increase | $ | (111 | ) | $ | (83 | ) | |||||||||||||||
Effect on fair value of a 20% increase | (218 | ) | (163 | ) | |||||||||||||||||
Weighted Average Discount Rate | 11.59 | % | 13.59 | % | |||||||||||||||||
Effect on fair value of a 10% increase | $ | (203 | ) | $ | (162 | ) | |||||||||||||||
Effect on fair value of a 20% increase | (391 | ) | (316 | ) | |||||||||||||||||
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in value may not be linear. Also in this table, the effect of an adverse variation in a particular assumption on the value of the SBA servicing rights is calculated without changing any other assumption. While in reality, changes in one factor may magnify or counteract the effect of the change. | |||||||||||||||||||||
Restricted Stock (Carried at Cost) | |||||||||||||||||||||
The carrying amount of restricted stock approximates fair value, and considers the limited marketability of such securities. | |||||||||||||||||||||
Accrued Interest Receivable and Payable (Carried at Cost) | |||||||||||||||||||||
The carrying amount of accrued interest receivable and accrued interest payable approximates fair value. | |||||||||||||||||||||
Deposit Liabilities (Carried at Cost) | |||||||||||||||||||||
The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||||||
Subordinated Debt (Carried at Cost) | |||||||||||||||||||||
Fair values of subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity. Due to the significant judgment involved in developing the spreads used to value the subordinated debt, it is classified within level 3 of the fair value hierarchy. | |||||||||||||||||||||
Off-Balance Sheet Financial Instruments (Disclosed at notional amounts) | |||||||||||||||||||||
Fair values for the Company's off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties' credit standing. | |||||||||||||||||||||
The estimated fair values of the Company's financial instruments were as follows at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant Unobservable Inputs | |||||||||||||||||
(dollars in thousands) | Amount | Value | in Active | Other | (Level 3) | ||||||||||||||||
Markets for Identical Assets | Observable | ||||||||||||||||||||
(Level 1) | Inputs | ||||||||||||||||||||
(Level 2) | |||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 83,120 | $ | 83,120 | $ | 83,120 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 219,634 | 219,634 | - | 213,651 | 5,983 | ||||||||||||||||
Investment securities held to maturity | 21 | 21 | - | 21 | - | ||||||||||||||||
Restricted stock | 1,725 | 1,725 | - | 1,725 | - | ||||||||||||||||
Loans held for sale | 491 | 491 | - | - | 491 | ||||||||||||||||
Loans receivable, net | 706,806 | 699,188 | - | - | 699,188 | ||||||||||||||||
SBA servicing assets | 4,067 | 4,067 | - | - | 4,067 | ||||||||||||||||
Accrued interest receivable | 3,104 | 3,104 | - | 3,104 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Demand, savings and money market | $ | 843,875 | $ | 843,875 | $ | - | $ | 843,875 | $ | - | |||||||||||
Time | 80,809 | 81,235 | - | 81,235 | - | ||||||||||||||||
Subordinated debt | 22,476 | 18,224 | - | - | 18,224 | ||||||||||||||||
Accrued interest payable | 292 | 292 | - | 292 | - | ||||||||||||||||
Off-Balance Sheet Data | |||||||||||||||||||||
Commitments to extend credit | - | - | |||||||||||||||||||
Standby letters-of-credit | - | - | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant Unobservable Inputs | |||||||||||||||||
(dollars in thousands) | Amount | Value | in Active | Other | (Level 3) | ||||||||||||||||
Markets for Identical Assets | Observable | ||||||||||||||||||||
(Level 1) | Inputs | ||||||||||||||||||||
(Level 2) | |||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 35,880 | $ | 35,880 | $ | 35,880 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 204,891 | 204,891 | - | 199,035 | 5,856 | ||||||||||||||||
Investment securities held to maturity | 21 | 21 | - | 21 | - | ||||||||||||||||
Restricted stock | 1,570 | 1,570 | - | 1,570 | - | ||||||||||||||||
Loans held for sale | 4,931 | 5,225 | - | - | 5,225 | ||||||||||||||||
Loans receivable, net | 667,048 | 660,237 | - | - | 660,237 | ||||||||||||||||
SBA servicing assets | 3,477 | 3,477 | - | - | 3,477 | ||||||||||||||||
Accrued interest receivable | 3,049 | 3,049 | - | 3,049 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Demand, savings and money market | $ | 790,698 | $ | 790,698 | $ | - | $ | 790,698 | $ | - | |||||||||||
Time | 78,836 | 79,323 | - | 79,323 | - | ||||||||||||||||
Subordinated debt | 22,476 | 17,835 | - | - | 17,835 | ||||||||||||||||
Accrued interest payable | 237 | 237 | - | 237 | - | ||||||||||||||||
Off-Balance Sheet Data | |||||||||||||||||||||
Commitments to extend credit | - | - | |||||||||||||||||||
Standby letters-of-credit | - | - |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Risk and Uncertainties | ' | ||||||||||||||||
Risks and Uncertainties | |||||||||||||||||
The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are dependent primarily upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. | |||||||||||||||||
Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may cause significant fluctuations in interest margins. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. | |||||||||||||||||
In estimating the allowance for loan losses, management considers current economic conditions, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant factors. An estimate for the carrying value of other real estate owned is normally determined through appraisals which are updated on a regular basis or through agreements of sale that have been negotiated. Because the allowance for loan losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may be beyond the Company’s and Republic’s control, the estimates of the allowance for loan losses and the carrying values of other real estate owned could differ materially in the near term. | |||||||||||||||||
In estimating OTTI of investment securities, securities are evaluated on at least a quarterly basis and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other than temporary. To determine whether a loss in value is other than temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not being required to sell the security prior to an anticipated recovery in the fair value. The term “other than temporary” is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of investment. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized. | |||||||||||||||||
In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence. Management also makes assumptions on the amount of future taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments that are consistent with the plans and estimates used to manage the Company’s business. As a result of cumulative losses in recent years and the slow pace of recovery in the current economic environment, the Company has decided to currently exclude future taxable income from its analysis of the ability to recover deferred tax assets and has recorded a valuation allowance against its deferred tax assets. An increase or decrease in the valuation allowance would result in an adjustment to income tax expense in the period and could have a significant impact on the Company’s future earnings. | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company has a Stock Option and Restricted Stock Plan (“Plan”), under which the Company may grant options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The Plan became effective on November 14, 1995, and was amended and approved at the Company’s 2005 annual meeting of shareholders. Under the terms of the Plan, 1.5 million shares of common stock, plus an annual increase equal to the number of shares needed to restore the maximum number of shares that may be available for grant under the Plan to 1.5 million shares, are available for such grants. As of June 30, 2014, the only grants under the Plan have been option grants. The Plan provides that the exercise price of each option granted equals the market price of the Company’s stock on the date of the grant. Options granted pursuant to the Plan vest within one to four years and have a maximum term of 10 years. | |||||||||||||||||
On April 29, 2014 the Company’s shareholders approved the 2014 Equity Incentive Plan (the “2014 Plan”), under which the Company may grant options, restricted stock, stock units, or stock appreciation rights to the Company’s employees, directors, independent contractors, and consultants. Under the terms of the 2014 Plan, 2.6 million shares of common stock, plus an annual adjustment to be no less than 10% of the outstanding shares or such lower number as the Board of Directors may determine, are available for such grants. | |||||||||||||||||
The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for 2014 and 2013 are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Dividend yield(1) | 0.00% | 0.00% | |||||||||||||||
Expected volatility(2) | 55.79% to 57.99% | 54.88% to 55.08% | |||||||||||||||
Risk-free interest rate(3) | 1.51% to 2.13% | 1.28% to 2.02% | |||||||||||||||
Expected life(4) | 5.5 to 7.0 years | 7.0 years | |||||||||||||||
(1) A dividend yield of 0.0% is utilized because cash dividends have never been paid. | |||||||||||||||||
(2) Expected volatility is based on Bloomberg’s five and one-half to seven year volatility calculation for “FRBK” stock. | |||||||||||||||||
(3) The risk-free interest rate is based on the five to seven year Treasury bond. | |||||||||||||||||
(4) The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. | |||||||||||||||||
During the six months ended June 30, 2014 and 2013, 198,825 options and 109,787 options vested, respectively. Expense is recognized ratably over the period required to vest. At June 30, 2014, the intrinsic value of the 1,501,149 options outstanding was $2,635,473, while the intrinsic value of the 446,136 exercisable (vested) options was $408,949. During the six months ended June 30, 2014, 68,781 options were forfeited with a weighted average grant date fair value of $21,091. | |||||||||||||||||
Information regarding stock based compensation for the six months ended June 30, 2014 and 2013 is set forth below: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock based compensation expense recognized | $ | 198,000 | $ | 155,000 | |||||||||||||
Number of unvested stock options | 1,055,013 | 911,563 | |||||||||||||||
Fair value of unvested stock options | $ | 1,545,988 | $ | 1,245,470 | |||||||||||||
Amount remaining to be recognized as expense | $ | 910,590 | $ | 687,636 | |||||||||||||
The remaining amount of $910,590 will be recognized as expense through February 2018. | |||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
Earnings per Share | |||||||||||||||||
Earnings per share (“EPS”) consist of two separate components: basic EPS and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for each period presented. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding plus dilutive common stock equivalents (“CSEs”). CSEs consist of dilutive stock options granted through the Company’s Plan and 2014 Plan and convertible securities related to the trust preferred securities issued in 2008. In the diluted EPS computation, the after tax interest expense on the trust preferred securities issuance is added back to the net income. For the three and six months ended June 30, 2014 and 2013, the effect of CSEs (convertible securities related to the trust preferred securities only) and the related add back of after tax interest expense was considered anti-dilutive and therefore was not included in the EPS calculation. | |||||||||||||||||
The calculation of EPS for the three and six months ended June 30, 2014 and 2013 is as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (basic and diluted) | $ | 537 | $ | 1,011 | $ | 1,292 | $ | 2,003 | |||||||||
Weighted average shares outstanding | 35,157 | 25,973 | 30,590 | 25,973 | |||||||||||||
Net income per share – basic | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.08 | |||||||||
Weighted average shares outstanding (including dilutive CSEs) | 35,609 | 26,103 | 30,932 | 26,062 | |||||||||||||
Net income per share – diluted | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.08 | |||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
ASU 2014-04 | |||||||||||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructuring by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure – a consensus of the FASB Emerging Issues Task Force.” The guidance clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. For public business entities, the ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For entities other than public business entities, the ASU is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The Company does not believe the adoption of the amendment to this guidance will have a material impact on the consolidated financial statements. | |||||||||||||||||
ASU 2014-09 | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 660): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs – Contracts with Customers (Subtopic 340-40).” The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect the guidance to have a material impact on the Company’s consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Assumptions | ' | ||||||||||||||||
The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for 2014 and 2013 are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Dividend yield(1) | 0.00% | 0.00% | |||||||||||||||
Expected volatility(2) | 55.79% to 57.99% | 54.88% to 55.08% | |||||||||||||||
Risk-free interest rate(3) | 1.51% to 2.13% | 1.28% to 2.02% | |||||||||||||||
Expected life(4) | 5.5 to 7.0 years | 7.0 years | |||||||||||||||
(1) A dividend yield of 0.0% is utilized because cash dividends have never been paid. | |||||||||||||||||
(2) Expected volatility is based on Bloomberg’s five and one-half to seven year volatility calculation for “FRBK” stock. | |||||||||||||||||
(3) The risk-free interest rate is based on the five to seven year Treasury bond. | |||||||||||||||||
(4) The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. | |||||||||||||||||
Summary of Stock-Based Compensation | ' | ||||||||||||||||
Information regarding stock based compensation for the six months ended June 30, 2014 and 2013 is set forth below: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock based compensation expense recognized | $ | 198,000 | $ | 155,000 | |||||||||||||
Number of unvested stock options | 1,055,013 | 911,563 | |||||||||||||||
Fair value of unvested stock options | $ | 1,545,988 | $ | 1,245,470 | |||||||||||||
Amount remaining to be recognized as expense | $ | 910,590 | $ | 687,636 | |||||||||||||
Calculation of EPS | ' | ||||||||||||||||
The calculation of EPS for the three and six months ended June 30, 2014 and 2013 is as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (basic and diluted) | $ | 537 | $ | 1,011 | $ | 1,292 | $ | 2,003 | |||||||||
Weighted average shares outstanding | 35,157 | 25,973 | 30,590 | 25,973 | |||||||||||||
Net income per share – basic | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.08 | |||||||||
Weighted average shares outstanding (including dilutive CSEs) | 35,609 | 26,103 | 30,932 | 26,062 | |||||||||||||
Net income per share – diluted | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.08 | |||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments | ' | ||||||||||||||||||||||||||||||||||
A summary of the amortized cost and market value of securities available for sale and securities held to maturity at June 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized Losses | Value | ||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 144,452 | $ | 1,106 | $ | (1,835 | ) | $ | 143,723 | ||||||||||||||||||||||||||
Mortgage-backed securities | 13,608 | 631 | (39 | ) | 14,200 | ||||||||||||||||||||||||||||||
Municipal securities | 11,754 | 241 | (51 | ) | 11,944 | ||||||||||||||||||||||||||||||
Corporate bonds | 26,905 | 713 | - | 27,618 | |||||||||||||||||||||||||||||||
Asset-backed securities | 18,727 | 320 | - | 19,047 | |||||||||||||||||||||||||||||||
Trust preferred securities | 5,270 | - | (2,293 | ) | 2,977 | ||||||||||||||||||||||||||||||
Other securities | 115 | 10 | - | 125 | |||||||||||||||||||||||||||||||
Total securities available for sale | $ | 220,831 | $ | 3,021 | $ | (4,218 | ) | $ | 219,634 | ||||||||||||||||||||||||||
U.S. Government agencies | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||||||||||||
Other securities | 20 | - | - | 20 | |||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 21 | $ | - | $ | - | $ | 21 | |||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized Losses | Value | ||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 127,242 | $ | 665 | $ | (4,467 | ) | $ | 123,440 | ||||||||||||||||||||||||||
Mortgage-backed securities | 15,669 | 623 | (111 | ) | 16,181 | ||||||||||||||||||||||||||||||
Municipal securities | 9,737 | 68 | (162 | ) | 9,643 | ||||||||||||||||||||||||||||||
Corporate bonds | 32,174 | 1,079 | - | 33,253 | |||||||||||||||||||||||||||||||
Asset-backed securities | 19,089 | 318 | - | 19,407 | |||||||||||||||||||||||||||||||
Trust preferred securities | 5,277 | - | (2,427 | ) | 2,850 | ||||||||||||||||||||||||||||||
Other securities | 115 | 2 | - | 117 | |||||||||||||||||||||||||||||||
Total securities available for sale | $ | 209,303 | $ | 2,755 | $ | (7,167 | ) | $ | 204,891 | ||||||||||||||||||||||||||
U.S. Government agencies | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||||||||||||
Other securities | 20 | - | - | 20 | |||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 21 | $ | - | $ | - | $ | 21 | |||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | ' | ||||||||||||||||||||||||||||||||||
The maturity distribution of the amortized cost and estimated market value of investment securities by contractual maturity at June 30, 2014 is as follows: | |||||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||
Due in 1 year or less | $ | 6,216 | $ | 6,304 | $ | - | $ | - | |||||||||||||||||||||||||||
After 1 year to 5 years | 99,871 | 99,886 | 21 | 21 | |||||||||||||||||||||||||||||||
After 5 years to 10 years | 104,453 | 102,885 | - | - | |||||||||||||||||||||||||||||||
After 10 years | 10,291 | 10,559 | - | - | |||||||||||||||||||||||||||||||
Total | $ | 220,831 | $ | 219,634 | $ | 21 | $ | 21 | |||||||||||||||||||||||||||
Schedule of Credit-Related Impairment Losses on Securities | ' | ||||||||||||||||||||||||||||||||||
The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at June 30, 2014 and 2013 for which a portion of OTTI was recognized in other comprehensive income: | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Beginning Balance, January 1st | $ | 3,959 | $ | 3,959 | |||||||||||||||||||||||||||||||
Additional credit-related impairment loss on securities for which an | |||||||||||||||||||||||||||||||||||
other-than-temporary impairment was previously recognized | 7 | - | |||||||||||||||||||||||||||||||||
Reductions for securities paid off during the period | - | - | |||||||||||||||||||||||||||||||||
Reductions for securities for which the amount previously recognized in other | |||||||||||||||||||||||||||||||||||
comprehensive income was recognized in earnings because the Company | |||||||||||||||||||||||||||||||||||
intends to sell the security | - | - | |||||||||||||||||||||||||||||||||
Ending Balance, June 30th | $ | 3,966 | $ | 3,959 | |||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments | ' | ||||||||||||||||||||||||||||||||||
The following tables show the fair value and gross unrealized losses associated with the investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 16,811 | $ | 71 | $ | 50,670 | $ | 1,764 | $ | 67,481 | $ | 1,835 | |||||||||||||||||||||||
Mortgage-backed securities | - | - | 1,106 | 39 | 1,106 | 39 | |||||||||||||||||||||||||||||
Municipal securities | - | - | 1,374 | 51 | 1,374 | 51 | |||||||||||||||||||||||||||||
Trust preferred securities | - | - | 2,977 | 2,293 | 2,977 | 2,293 | |||||||||||||||||||||||||||||
Total | $ | 16,811 | $ | 71 | $ | 56,127 | $ | 4,147 | $ | 72,938 | $ | 4,218 | |||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 73,137 | $ | 3,923 | $ | 8,697 | $ | 544 | $ | 81,834 | $ | 4,467 | |||||||||||||||||||||||
Mortgage-backed securities | 1,450 | 41 | 1,123 | 70 | 2,573 | 111 | |||||||||||||||||||||||||||||
Municipal Securities | 5,108 | 162 | - | - | 5,108 | 162 | |||||||||||||||||||||||||||||
Trust preferred securities | - | - | 2,850 | 2,427 | 2,850 | 2,427 | |||||||||||||||||||||||||||||
Total | $ | 79,695 | $ | 4,126 | $ | 12,670 | $ | 3,041 | $ | 92,365 | $ | 7,167 | |||||||||||||||||||||||
Schedule of Trust Preferred Securities | ' | ||||||||||||||||||||||||||||||||||
The following table provides additional detail about trust preferred securities held in the portfolio as of June 30, 2014. | |||||||||||||||||||||||||||||||||||
Class / Tranche | Amortized Cost | Fair | Unrealized Losses | Lowest Credit Rating Assigned | Number of Banks Currently Performing | Deferrals / Defaults as % of Current Balance | Conditional Default Rates for 2014 and beyond | Cumulative OTTI Life to Date | |||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Preferred Term Securities IV | Mezzanine | $ | 49 | $ | 40 | $ | (9 | ) | B1 | 6 | 18 | % | 0.34 | % | $ | - | |||||||||||||||||||
Notes | |||||||||||||||||||||||||||||||||||
Preferred Term | Mezzanine | 989 | 768 | (221 | ) | D | 11 | 54 | 0.37 | 2,173 | |||||||||||||||||||||||||
Securities VII | Notes | ||||||||||||||||||||||||||||||||||
TPREF Funding II | Class B Notes | 732 | 350 | (382 | ) | C | 17 | 41 | 0.39 | 267 | |||||||||||||||||||||||||
TPREF Funding III | Class B2 Notes | 1,520 | 710 | (810 | ) | C | 16 | 34 | 0.29 | 480 | |||||||||||||||||||||||||
Trapeza CDO I, LLC | Class C1 Notes | 556 | 308 | (248 | ) | C | 9 | 49 | 0.31 | 470 | |||||||||||||||||||||||||
ALESCO Preferred | Class B1 Notes | 604 | 387 | (217 | ) | C | 40 | 8 | 0.36 | 396 | |||||||||||||||||||||||||
Funding IV | |||||||||||||||||||||||||||||||||||
ALESCO Preferred | Class C1 Notes | 820 | 414 | (406 | ) | C | 41 | 15 | 0.33 | 180 | |||||||||||||||||||||||||
Funding V | |||||||||||||||||||||||||||||||||||
Total | $ | 5,270 | 2,977 | $ | (2,293 | ) | 140 | 30 | % | $ | 3,966 |
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||||||
Gross Loans By Loan Portfolio Class | ' | ||||||||||||||||||||||||||||||||
The following table sets forth the Company’s gross loans by major categories as of June 30, 2014, and December 31, 2013: | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 353,458 | $ | 342,794 | |||||||||||||||||||||||||||||
Construction and land development | 31,224 | 23,977 | |||||||||||||||||||||||||||||||
Commercial and industrial | 127,818 | 118,209 | |||||||||||||||||||||||||||||||
Owner occupied real estate | 167,130 | 160,229 | |||||||||||||||||||||||||||||||
Consumer and other | 37,255 | 31,981 | |||||||||||||||||||||||||||||||
Residential mortgage | 2,330 | 2,359 | |||||||||||||||||||||||||||||||
Total loans receivable | 719,215 | 679,549 | |||||||||||||||||||||||||||||||
Deferred costs (fees) | (346 | ) | (238 | ) | |||||||||||||||||||||||||||||
Allowance for loan losses | (12,063 | ) | (12,263 | ) | |||||||||||||||||||||||||||||
Net loans receivable | $ | 706,806 | $ | 667,048 | |||||||||||||||||||||||||||||
Impaired Loans By Loan Portfolio Class | ' | ||||||||||||||||||||||||||||||||
The following table summarizes information with regard to impaired loans by loan portfolio class as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid | Related Allowance | Recorded Investment | Unpaid | Related Allowance | |||||||||||||||||||||||||||
Principal | Principal | ||||||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,658 | $ | 6,662 | $ | - | $ | 6,850 | $ | 6,971 | $ | - | |||||||||||||||||||||
Construction and land development | 593 | 3,700 | - | 902 | 4,076 | - | |||||||||||||||||||||||||||
Commercial and industrial | 3,018 | 6,247 | - | 2,043 | 2,882 | - | |||||||||||||||||||||||||||
Owner occupied real estate | 864 | 1,183 | - | 542 | 862 | - | |||||||||||||||||||||||||||
Consumer and other | 446 | 714 | - | 453 | 711 | - | |||||||||||||||||||||||||||
Total | $ | 11,579 | $ | 18,506 | $ | - | $ | 10,790 | $ | 15,502 | $ | - | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,401 | $ | 13,643 | $ | 4,045 | $ | 13,044 | $ | 13,044 | $ | 3,679 | |||||||||||||||||||||
Construction and land development | 669 | 3,908 | 294 | 716 | 3,867 | 237 | |||||||||||||||||||||||||||
Commercial and industrial | 3,719 | 4,350 | 1,618 | 4,889 | 7,634 | 1,254 | |||||||||||||||||||||||||||
Owner occupied real estate | 3,518 | 3,520 | 424 | 2,891 | 2,891 | 430 | |||||||||||||||||||||||||||
Consumer and other | - | - | - | 203 | 210 | 10 | |||||||||||||||||||||||||||
Total | $ | 21,307 | $ | 25,421 | $ | 6,381 | $ | 21,743 | $ | 27,646 | $ | 5,610 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,059 | $ | 20,305 | $ | 4,045 | $ | 19,894 | $ | 20,015 | $ | 3,679 | |||||||||||||||||||||
Construction and land development | 1,262 | 7,608 | 294 | 1,618 | 7,943 | 237 | |||||||||||||||||||||||||||
Commercial and industrial | 6,737 | 10,597 | 1,618 | 6,932 | 10,516 | 1,254 | |||||||||||||||||||||||||||
Owner occupied real estate | 4,382 | 4,703 | 424 | 3,433 | 3,753 | 430 | |||||||||||||||||||||||||||
Consumer and other | 446 | 714 | - | 656 | 921 | 10 | |||||||||||||||||||||||||||
Total | $ | 32,886 | $ | 43,927 | $ | 6,381 | $ | 32,533 | $ | 43,148 | $ | 5,610 | |||||||||||||||||||||
Average Of Impaired Loans And Related Interest Income By Loan Portfolio Class | ' | ||||||||||||||||||||||||||||||||
The following table presents additional information regarding the Company’s impaired loans for the three months ended June 30, 2014 and June 30, 2013: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
Recorded Investment | Income Recognized | Recorded Investment | Income Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,696 | $ | 106 | $ | 15,343 | $ | 202 | |||||||||||||||||||||||||
Construction and land development | 661 | - | 1,822 | 8 | |||||||||||||||||||||||||||||
Commercial and industrial | 2,859 | - | 2,953 | 5 | |||||||||||||||||||||||||||||
Owner occupied real estate | 802 | (3 | ) | 180 | - | ||||||||||||||||||||||||||||
Consumer and other | 480 | - | 725 | - | |||||||||||||||||||||||||||||
Total | $ | 11,498 | $ | 103 | $ | 21,023 | $ | 215 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,325 | $ | (130 | ) | $ | 7,056 | $ | 25 | ||||||||||||||||||||||||
Construction and land development | 659 | - | 494 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 3,914 | (1 | ) | 3,504 | 14 | ||||||||||||||||||||||||||||
Owner occupied real estate | 3,315 | 35 | 3,149 | 37 | |||||||||||||||||||||||||||||
Consumer and other | 35 | - | 25 | - | |||||||||||||||||||||||||||||
Total | $ | 21,248 | $ | (96 | ) | $ | 14,228 | $ | 76 | ||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,021 | $ | (24 | ) | $ | 22,399 | $ | 227 | ||||||||||||||||||||||||
Construction and land development | 1,320 | - | 2,316 | 8 | |||||||||||||||||||||||||||||
Commercial and industrial | 6,773 | (1 | ) | 6,457 | 19 | ||||||||||||||||||||||||||||
Owner occupied real estate | 4,117 | 32 | 3,329 | 37 | |||||||||||||||||||||||||||||
Consumer and other | 515 | - | 750 | - | |||||||||||||||||||||||||||||
Total | $ | 32,746 | $ | 7 | $ | 35,251 | $ | 291 | |||||||||||||||||||||||||
Activity In And Ending Balances Of The Allowance For Loan Losses By Loan Portfolio Class | ' | ||||||||||||||||||||||||||||||||
The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and | Owner Occupied Real Estate | Consumer | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Industrial | and Other | ||||||||||||||||||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,274 | $ | 861 | $ | 2,640 | $ | 1,128 | $ | 197 | $ | 13 | $ | 837 | $ | 11,950 | |||||||||||||||||
Charge-offs | (188 | ) | - | - | - | - | - | - | (188 | ) | |||||||||||||||||||||||
Recoveries | - | - | 1 | - | - | - | - | 1 | |||||||||||||||||||||||||
Provisions (credits) | 690 | 163 | 150 | 1 | 23 | - | (727 | ) | 300 | ||||||||||||||||||||||||
Ending balance | $ | 6,776 | $ | 1,024 | $ | 2,791 | $ | 1,129 | $ | 220 | $ | 13 | $ | 110 | $ | 12,063 | |||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 3,257 | $ | 1,835 | $ | 2,336 | $ | 1,297 | $ | 170 | $ | 14 | $ | 444 | $ | 9,353 | |||||||||||||||||
Charge-offs | (349 | ) | - | (361 | ) | (319 | ) | - | - | - | (1,029 | ) | |||||||||||||||||||||
Recoveries | 54 | - | 4 | - | 25 | - | - | 83 | |||||||||||||||||||||||||
Provisions (credits) | 619 | 667 | 18 | 8 | (4 | ) | - | (383 | ) | 925 | |||||||||||||||||||||||
Ending balance | $ | 3,581 | $ | 2,502 | $ | 1,997 | $ | 986 | $ | 191 | $ | 14 | $ | 61 | $ | 9,332 | |||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and | Owner Occupied Real Estate | Consumer | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Industrial | and Other | ||||||||||||||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,454 | $ | 1,948 | $ | 2,309 | $ | 985 | $ | 225 | $ | 14 | $ | 328 | $ | 12,263 | |||||||||||||||||
Charge-offs | (188 | ) | (20 | ) | (283 | ) | - | (10 | ) | - | - | (501 | ) | ||||||||||||||||||||
Recoveries | - | - | 1 | - | - | - | - | 1 | |||||||||||||||||||||||||
Provisions (credits) | 510 | (904 | ) | 764 | 144 | 5 | (1 | ) | (218 | ) | 300 | ||||||||||||||||||||||
Ending balance | $ | 6,776 | $ | 1,024 | $ | 2,791 | $ | 1,129 | $ | 220 | $ | 13 | $ | 110 | $ | 12,063 | |||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning Balance: | $ | 3,979 | $ | 1,273 | $ | 1,880 | $ | 1,967 | $ | 234 | $ | 17 | $ | 192 | $ | 9,542 | |||||||||||||||||
Charge-offs | (409 | ) | (55 | ) | (361 | ) | (319 | ) | (75 | ) | - | - | (1,219 | ) | |||||||||||||||||||
Recoveries | 54 | - | 5 | - | 25 | - | - | 84 | |||||||||||||||||||||||||
Provisions (credits) | (43 | ) | 1,284 | 473 | (662 | ) | 7 | (3 | ) | (131 | ) | 925 | |||||||||||||||||||||
Ending balance | $ | 3,581 | $ | 2,502 | $ | 1,997 | $ | 986 | $ | 191 | $ | 14 | $ | 61 | $ | 9,332 | |||||||||||||||||
The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and | Owner Occupied Real Estate | Consumer | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Industrial | and Other | ||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,045 | $ | 294 | $ | 1,618 | $ | 424 | $ | - | $ | - | $ | - | $ | 6,381 | |||||||||||||||||
Collectively evaluated for impairment | 2,731 | 730 | 1,173 | 705 | 220 | 13 | 110 | 5,682 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 6,776 | $ | 1,024 | $ | 2,791 | $ | 1,129 | $ | 220 | $ | 13 | $ | 110 | $ | 12,063 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 20,059 | $ | 1,262 | $ | 6,737 | $ | 4,382 | $ | 446 | $ | - | $ | - | $ | 32,886 | |||||||||||||||||
Loans evaluated collectively | 333,399 | 29,962 | 121,081 | 162,748 | 36,809 | 2,330 | - | 686,329 | |||||||||||||||||||||||||
Total loans receivable | $ | 353,458 | $ | 31,224 | $ | 127,818 | $ | 167,130 | $ | 37,255 | $ | 2,330 | $ | - | $ | 719,215 | |||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and | Owner Occupied Real Estate | Consumer | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Industrial | and Other | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,679 | $ | 237 | $ | 1,254 | $ | 430 | $ | 10 | $ | - | $ | - | $ | 5,610 | |||||||||||||||||
Collectively evaluated for impairment | 2,775 | 1,711 | 1,055 | 555 | 215 | 14 | 328 | 6,653 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 6,454 | $ | 1,948 | $ | 2,309 | $ | 985 | $ | 225 | $ | 14 | $ | 328 | $ | 12,263 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 19,894 | $ | 1,618 | $ | 6,932 | $ | 3,433 | $ | 656 | $ | - | $ | - | $ | 32,533 | |||||||||||||||||
Loans evaluated collectively | 322,900 | 22,359 | 111,277 | 156,796 | 31,325 | 2,359 | - | 647,016 | |||||||||||||||||||||||||
Total loans receivable | $ | 342,794 | $ | 23,977 | $ | 118,209 | $ | 160,229 | $ | 31,981 | $ | 2,359 | $ | - | $ | 679,549 | |||||||||||||||||
Past Due Financing Receivables | ' | ||||||||||||||||||||||||||||||||
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Total | Loans | ||||||||||||||||||||||||||||||
Days Past | Days Past | Greater | Total | Loans | Receivable | ||||||||||||||||||||||||||||
(dollars in thousands) | Due | Due | than 90 | Past | Current | Receivable | > 90 Days | ||||||||||||||||||||||||||
Days | Due | and | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | $ | 13,865 | $ | 14,741 | $ | 28,606 | $ | 324,852 | $ | 353,458 | $ | 524 | |||||||||||||||||||
Construction and land development | - | - | 1,262 | 1,262 | 29,962 | 31,224 | - | ||||||||||||||||||||||||||
Commercial and industrial | - | 422 | 7,679 | 8,101 | 119,717 | 127,818 | 942 | ||||||||||||||||||||||||||
Owner occupied real estate | - | - | 2,790 | 2,790 | 164,340 | 167,130 | 1,256 | ||||||||||||||||||||||||||
Consumer and other | 184 | - | 446 | 630 | 36,625 | 37,255 | - | ||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 2,330 | 2,330 | - | ||||||||||||||||||||||||||
Total | $ | 184 | $ | 14,287 | $ | 26,918 | $ | 41,389 | $ | 677,826 | $ | 719,215 | $ | 2,722 | |||||||||||||||||||
30-59 | 60-89 | Total | Loans | ||||||||||||||||||||||||||||||
Days Past | Days Past | Greater | Total | Loans | Receivable | ||||||||||||||||||||||||||||
(dollars in thousands) | Due | Due | than 90 | Past | Current | Receivable | > 90 Days | ||||||||||||||||||||||||||
Days | Due | and | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 19,707 | $ | 5,635 | $ | 1,104 | $ | 26,446 | $ | 316,348 | $ | 342,794 | $ | - | |||||||||||||||||||
Construction and land development | - | - | 1,618 | 1,618 | 22,359 | 23,977 | - | ||||||||||||||||||||||||||
Commercial and industrial | 951 | 71 | 6,837 | 7,859 | 110,350 | 118,209 | - | ||||||||||||||||||||||||||
Owner occupied real estate | 808 | 1,281 | 205 | 2,294 | 157,935 | 160,229 | - | ||||||||||||||||||||||||||
Consumer and other | 38 | - | 656 | 694 | 31,287 | 31,981 | - | ||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 2,359 | 2,359 | - | ||||||||||||||||||||||||||
Total | $ | 21,504 | $ | 6,987 | $ | 10,420 | $ | 38,911 | $ | 640,638 | $ | 679,549 | $ | - | |||||||||||||||||||
Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating | ' | ||||||||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
(dollars in thousands) | Mention | ||||||||||||||||||||||||||||||||
At June 30, 2014: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 315,868 | $ | 16,989 | $ | 20,601 | $ | - | $ | 353,458 | |||||||||||||||||||||||
Construction and land development | 29,962 | - | 1,262 | - | 31,224 | ||||||||||||||||||||||||||||
Commercial and industrial | 119,227 | 782 | 7,809 | - | 127,818 | ||||||||||||||||||||||||||||
Owner occupied real estate | 161,051 | 1,697 | 4,382 | - | 167,130 | ||||||||||||||||||||||||||||
Consumer and other | 36,476 | 75 | 704 | - | 37,255 | ||||||||||||||||||||||||||||
Residential mortgage | 2,330 | - | - | - | 2,330 | ||||||||||||||||||||||||||||
Total | $ | 664,914 | $ | 19,543 | $ | 34,758 | $ | - | $ | 719,215 | |||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
(dollars in thousands) | Mention | ||||||||||||||||||||||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 305,974 | $ | 16,372 | $ | 20,448 | $ | - | $ | 342,794 | |||||||||||||||||||||||
Construction and land development | 22,359 | - | 1,618 | - | 23,977 | ||||||||||||||||||||||||||||
Commercial and industrial | 110,629 | 611 | 6,969 | - | 118,209 | ||||||||||||||||||||||||||||
Owner occupied real estate | 155,648 | 1,485 | 3,096 | - | 160,229 | ||||||||||||||||||||||||||||
Consumer and other | 30,993 | 75 | 913 | - | 31,981 | ||||||||||||||||||||||||||||
Residential mortgage | 2,359 | - | - | - | 2,359 | ||||||||||||||||||||||||||||
Total | $ | 627,962 | $ | 18,543 | $ | 33,044 | $ | - | $ | 679,549 | |||||||||||||||||||||||
Nonaccrual Loans By Classes Of The Loan Portfolio | ' | ||||||||||||||||||||||||||||||||
The following table shows non-accrual loans by class as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | June 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 14,217 | $ | 1,104 | |||||||||||||||||||||||||||||
Construction and land development | 1,262 | 1,618 | |||||||||||||||||||||||||||||||
Commercial and industrial | 6,737 | 6,837 | |||||||||||||||||||||||||||||||
Owner occupied real estate | 1,534 | 205 | |||||||||||||||||||||||||||||||
Consumer and other | 446 | 656 | |||||||||||||||||||||||||||||||
Residential mortgage | - | - | |||||||||||||||||||||||||||||||
Total | $ | 24,196 | $ | 10,420 | |||||||||||||||||||||||||||||
Summary of Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the balance of outstanding TDRs June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Number | Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||||||
(dollars in thousands) | of Loans | Status | Status | TDRs | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||
Construction and land development | - | - | - | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | 2,188 | 2,188 | |||||||||||||||||||||||||||||
Owner occupied real estate | 1 | 1,877 | - | 1,877 | |||||||||||||||||||||||||||||
Consumer and other | - | - | - | - | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||||||
Total | 2 | $ | 1,877 | $ | 2,188 | $ | 4,065 | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 103 | $ | - | $ | 103 | ||||||||||||||||||||||||||
Construction and land development | - | - | - | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | 2,188 | 2,188 | |||||||||||||||||||||||||||||
Owner occupied real estate | 1 | 1,894 | - | 1,894 | |||||||||||||||||||||||||||||
Consumer and other | - | - | - | - | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||||||
Total | 3 | $ | 1,997 | $ | 2,188 | $ | 4,185 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||||
For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||
Total | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Collateralized mortgage obligations | $ | 143,723 | $ | - | $ | 143,723 | $ | - | |||||||||||||
Mortgage-backed securities | 14,200 | - | 14,200 | - | |||||||||||||||||
Municipal securities | 11,944 | - | 11,944 | - | |||||||||||||||||
Corporate bonds | 27,618 | - | 24,612 | 3,006 | |||||||||||||||||
Asset-backed securities | 19,047 | - | 19,047 | - | |||||||||||||||||
Trust Preferred Securities | 2,977 | - | - | 2,977 | |||||||||||||||||
Other securities | 125 | - | 125 | - | |||||||||||||||||
Securities Available for Sale | $ | 219,634 | $ | - | $ | 213,651 | $ | 5,983 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Collateralized mortgage obligations | $ | 123,440 | $ | - | $ | 123,440 | $ | - | |||||||||||||
Mortgage-backed securities | 16,181 | - | 16,181 | - | |||||||||||||||||
Municipal securities | 9,643 | - | 9,643 | - | |||||||||||||||||
Corporate bonds | 33,253 | - | 30,247 | 3,006 | |||||||||||||||||
Asset-backed securities | 19,407 | - | 19,407 | - | |||||||||||||||||
Trust Preferred Securities | 2,850 | - | - | 2,850 | |||||||||||||||||
Other securities | 117 | - | 117 | - | |||||||||||||||||
Securities Available for Sale | $ | 204,891 | $ | - | $ | 199,035 | $ | 5,856 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||||||
The following table presents a reconciliation of the securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||
Level 3 Investments Only | Trust | Corporate | Trust Preferred Securities | Corporate | |||||||||||||||||
(dollars in thousands) | Preferred Securities | Bonds | Bonds | ||||||||||||||||||
Balance, April 1st | $ | 2,807 | $ | 3,006 | $ | 3,238 | $ | 3,007 | |||||||||||||
Unrealized gains (losses) | 177 | - | (65 | ) | (1 | ) | |||||||||||||||
Paydowns | - | - | (11 | ) | - | ||||||||||||||||
Impairment charges on Level 3 | (7 | ) | - | - | - | ||||||||||||||||
Balance, June 30th | $ | 2,977 | $ | 3,006 | $ | 3,162 | $ | 3,006 | |||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||
Level 3 Investments Only | Trust | Corporate | Trust Preferred Securities | Corporate | |||||||||||||||||
(dollars in thousands) | Preferred Securities | Bonds | Bonds | ||||||||||||||||||
Balance, January 1st | $ | 2,850 | $ | 3,006 | $ | 3,187 | $ | 3,007 | |||||||||||||
Unrealized gains (losses) | 134 | - | (7 | ) | (1 | ) | |||||||||||||||
Paydowns | - | - | (18 | ) | - | ||||||||||||||||
Impairment charges on Level 3 | (7 | ) | - | - | - | ||||||||||||||||
Balance, June 30th | $ | 2,977 | $ | 3,006 | $ | 3,162 | $ | 3,006 | |||||||||||||
Fair Value Measurements, Nonrecurring | ' | ||||||||||||||||||||
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||
Total | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
June 30, 2014: | |||||||||||||||||||||
Impaired loans | $ | 16,355 | $ | - | $ | - | $ | 16,355 | |||||||||||||
Other real estate owned | 1,059 | - | - | 1,059 | |||||||||||||||||
SBA servicing assets | 4,067 | - | - | 4,067 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | $ | 17,474 | $ | - | $ | - | $ | 17,474 | |||||||||||||
Other real estate owned | 3,921 | - | - | 3,921 | |||||||||||||||||
SBA servicing assets | 3,477 | - | - | 3,477 | |||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | ||||||||||||||||||||
The table below presents additional quantitative information about level 3 assets measured at fair value on a nonrecurring basis (dollars in thousands): | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
Asset Description | Fair Value | Valuation | Unobservable Input | Range Weighted | |||||||||||||||||
Technique | Average | ||||||||||||||||||||
June 30, 2014: | |||||||||||||||||||||
Impaired loans | $ | 16,355 | Fair Value of | Appraised Value (2) | 0% - 78% (29%) (4) | ||||||||||||||||
Collateral (1) | |||||||||||||||||||||
Other real estate owned | $ | 1,059 | Fair Value of | Appraised Value (2) | 8% - 38% (33%)(4) | ||||||||||||||||
Collateral (1) | Sales Price | ||||||||||||||||||||
SBA Servicing Assets | $ | 4,067 | Individual Loan | -3 | |||||||||||||||||
Fair Value | Valuation (3) | ||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | $ | 17,474 | Fair Value of | Appraised Value (2) | 0% - 40% (23%) (4) | ||||||||||||||||
Collateral (1) | |||||||||||||||||||||
Other real estate owned | $ | 3,921 | Fair Value of | Appraised Value (2) | 4% - 77% (17%) (4) | ||||||||||||||||
Collateral (1) | Sales Price | ||||||||||||||||||||
SBA Servicing Assets | $ | 3,477 | Individual Loan | -3 | |||||||||||||||||
Fair Value | Valuation (3) | ||||||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | ||||||||||||||||||||
(2) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | ||||||||||||||||||||
(3) | There is a lack of transactional data in this market place for the non-guaranteed portion of SBA loans. | ||||||||||||||||||||
(4) | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. | ||||||||||||||||||||
Schedule of Servicing Assets at Fair Value | ' | ||||||||||||||||||||
The following table presents an analysis of the activity in the SBA servicing assets for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | 3,805 | $ | 2,491 | $ | 3,477 | $ | 2,340 | |||||||||||||
Additions | 271 | 482 | 575 | 628 | |||||||||||||||||
Fair value adjustments | (9 | ) | (69 | ) | 15 | (64 | ) | ||||||||||||||
Ending balance | $ | 4,067 | $ | 2,904 | $ | 4,067 | $ | 2,904 | |||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | ' | ||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the sensitivity of the current fair value of the SBA loan servicing rights to immediate 10% and 20% adverse changes in key assumptions are included in the accompanying table. | |||||||||||||||||||||
(dollars in thousands) | June 30, | December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
SBA Servicing Asset | |||||||||||||||||||||
Fair Value of SBA Servicing Asset | $ | 4,067 | $ | 3,477 | |||||||||||||||||
Composition of SBA Loans Serviced for Others | |||||||||||||||||||||
Fixed-rate SBA loans | 0 | % | 0 | % | |||||||||||||||||
Adjustable-rate SBA loans | 100 | % | 100 | % | |||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||
Weighted Average Remaining Term | 21.1 years | 21.4 years | |||||||||||||||||||
Prepayment Speed | 6.99 | % | 6.72 | % | |||||||||||||||||
Effect on fair value of a 10% increase | $ | (111 | ) | $ | (83 | ) | |||||||||||||||
Effect on fair value of a 20% increase | (218 | ) | (163 | ) | |||||||||||||||||
Weighted Average Discount Rate | 11.59 | % | 13.59 | % | |||||||||||||||||
Effect on fair value of a 10% increase | $ | (203 | ) | $ | (162 | ) | |||||||||||||||
Effect on fair value of a 20% increase | (391 | ) | (316 | ) | |||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant Unobservable Inputs | |||||||||||||||||
(dollars in thousands) | Amount | Value | in Active | Other | (Level 3) | ||||||||||||||||
Markets for Identical Assets | Observable | ||||||||||||||||||||
(Level 1) | Inputs | ||||||||||||||||||||
(Level 2) | |||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 83,120 | $ | 83,120 | $ | 83,120 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 219,634 | 219,634 | - | 213,651 | 5,983 | ||||||||||||||||
Investment securities held to maturity | 21 | 21 | - | 21 | - | ||||||||||||||||
Restricted stock | 1,725 | 1,725 | - | 1,725 | - | ||||||||||||||||
Loans held for sale | 491 | 491 | - | - | 491 | ||||||||||||||||
Loans receivable, net | 706,806 | 699,188 | - | - | 699,188 | ||||||||||||||||
SBA servicing assets | 4,067 | 4,067 | - | - | 4,067 | ||||||||||||||||
Accrued interest receivable | 3,104 | 3,104 | - | 3,104 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Demand, savings and money market | $ | 843,875 | $ | 843,875 | $ | - | $ | 843,875 | $ | - | |||||||||||
Time | 80,809 | 81,235 | - | 81,235 | - | ||||||||||||||||
Subordinated debt | 22,476 | 18,224 | - | - | 18,224 | ||||||||||||||||
Accrued interest payable | 292 | 292 | - | 292 | - | ||||||||||||||||
Off-Balance Sheet Data | |||||||||||||||||||||
Commitments to extend credit | - | - | |||||||||||||||||||
Standby letters-of-credit | - | - | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant Unobservable Inputs | |||||||||||||||||
(dollars in thousands) | Amount | Value | in Active | Other | (Level 3) | ||||||||||||||||
Markets for Identical Assets | Observable | ||||||||||||||||||||
(Level 1) | Inputs | ||||||||||||||||||||
(Level 2) | |||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 35,880 | $ | 35,880 | $ | 35,880 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 204,891 | 204,891 | - | 199,035 | 5,856 | ||||||||||||||||
Investment securities held to maturity | 21 | 21 | - | 21 | - | ||||||||||||||||
Restricted stock | 1,570 | 1,570 | - | 1,570 | - | ||||||||||||||||
Loans held for sale | 4,931 | 5,225 | - | - | 5,225 | ||||||||||||||||
Loans receivable, net | 667,048 | 660,237 | - | - | 660,237 | ||||||||||||||||
SBA servicing assets | 3,477 | 3,477 | - | - | 3,477 | ||||||||||||||||
Accrued interest receivable | 3,049 | 3,049 | - | 3,049 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Demand, savings and money market | $ | 790,698 | $ | 790,698 | $ | - | $ | 790,698 | $ | - | |||||||||||
Time | 78,836 | 79,323 | - | 79,323 | - | ||||||||||||||||
Subordinated debt | 22,476 | 17,835 | - | - | 17,835 | ||||||||||||||||
Accrued interest payable | 237 | 237 | - | 237 | - | ||||||||||||||||
Off-Balance Sheet Data | |||||||||||||||||||||
Commitments to extend credit | - | - | |||||||||||||||||||
Standby letters-of-credit | - | - | |||||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | Jun. 30, 2014 |
Security | |
Subsidiary | |
Basis of Presentation [Abstract] | ' |
Number of unconsolidated subsidiaries | 3 |
Number of trust preferred securities issued | 3 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares authorized for issuance (in shares) | 1,500,000 | ' |
Shares of common stock available for grant (in shares) | 2,600,000 | ' |
Vested shares (in shares) | 198,825 | 109,787 |
Intrinsic value of outstanding shares | $1,501,149 | ' |
Outstanding options (in shares) | 2,635,473 | ' |
Exercisable (vested) options | 446,136 | ' |
Intrinsic value of exercisable shares | 408,949 | ' |
Forfeited shares (in shares) | 68,781 | ' |
Forfeitures and expirations, weighted average grant date fair value | $21,091 | ' |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '1 year | ' |
Minimum percentage of outstanding shares as an annual adjustment (in hundredths) | 10.00% | ' |
Treasury bond term on which risk free interest rate is based | '5 years | ' |
Vesting period used in stock option valuation | '1 year | ' |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '4 years | ' |
Vesting period used in stock option valuation | '4 years | ' |
Maximum Term [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '10 years | ' |
Treasury bond term on which risk free interest rate is based | '7 years | ' |
Vesting period used in stock option valuation | '10 years | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Summary Of Assumptions) (Details) | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | |||
Share-based Compensation Arrangements Assumptions [Line Items] | ' | ' | ||
Dividend yield (in hundredths) | 0.00% | [1] | 0.00% | [1] |
Expected life | ' | '7 years | [2] | |
Minimum [Member] | ' | ' | ||
Share-based Compensation Arrangements Assumptions [Line Items] | ' | ' | ||
Expected volatility (in hundredths) | 55.79% | [3] | 54.88% | [3] |
Risk-free interest rate (in hundredths) | 1.51% | [4] | 1.28% | [4] |
Expected life | '5 years 6 months | [2] | ' | |
Maximum [Member] | ' | ' | ||
Share-based Compensation Arrangements Assumptions [Line Items] | ' | ' | ||
Expected volatility (in hundredths) | 57.99% | [3] | 55.08% | [3] |
Risk-free interest rate (in hundredths) | 2.13% | [4] | 2.02% | [4] |
Expected life | '7 years | [2] | ' | |
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. | |||
[2] | The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. | |||
[3] | Expected volatility is based on Bloombergbs five and one-half to seven year volatility calculation for bFRBKb stock. | |||
[4] | The risk-free interest rate is based on the five to seven year Treasury bond. |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Summary of Stock-Based Compensation) (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' | ' |
Stock based compensation expense recognized | $198,000 | $155,000 |
Number of unvested stock options (in shares) | 1,055,013 | 911,563 |
Fair value of unvested stock options | 1,545,988 | 1,245,470 |
Amount remaining to be recognized as expense | $910,590 | $687,636 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Calculation Of EPS) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Net income (basic and diluted) | $537 | $1,011 | $1,292 | $2,003 |
Weighted average shares outstanding (in shares) | 35,157 | 25,973 | 30,590 | 25,973 |
Net income per share - basic (in dollars per share) | $0.02 | $0.04 | $0.04 | $0.08 |
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 35,609 | 26,103 | 30,932 | 26,062 |
Net income per share - diluted (in dollars per share) | $0.02 | $0.04 | $0.04 | $0.08 |
Segment_Reporting_Details
Segment Reporting (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 1 |
Investment_Securities_Unrealiz
Investment Securities (Unrealized Gain (Loss) on Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | $220,831 | $209,303 |
Gross Unrealized Gains | 3,021 | 2,755 |
Gross Unrealized Losses | -4,218 | -7,167 |
Fair Value | 219,634 | 204,891 |
Held-to-maturity Securities | 21 | 21 |
Held-to-maturity Securities, Unrecognized Holding Gains | 0 | 0 |
Held-to-maturity Securities, Unrecognized Holding Losses | 0 | 0 |
Fair Value | 21 | 21 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 144,452 | 127,242 |
Gross Unrealized Gains | 1,106 | 665 |
Gross Unrealized Losses | -1,835 | -4,467 |
Fair Value | 143,723 | 123,440 |
Mortgage-backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 13,608 | 15,669 |
Gross Unrealized Gains | 631 | 623 |
Gross Unrealized Losses | -39 | -111 |
Fair Value | 14,200 | 16,181 |
Municipal Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 11,754 | 9,737 |
Gross Unrealized Gains | 241 | 68 |
Gross Unrealized Losses | -51 | -162 |
Fair Value | 11,944 | 9,643 |
Corporate Bonds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 26,905 | 32,174 |
Gross Unrealized Gains | 713 | 1,079 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 27,618 | 33,253 |
Asset-backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 18,727 | 19,089 |
Gross Unrealized Gains | 320 | 318 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 19,047 | 19,407 |
Trust Preferred Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 5,270 | 5,277 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -2,293 | -2,427 |
Fair Value | 2,977 | 2,850 |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity Securities | 1 | 1 |
Held-to-maturity Securities, Unrecognized Holding Gains | 0 | 0 |
Held-to-maturity Securities, Unrecognized Holding Losses | 0 | 0 |
Fair Value | 1 | 1 |
Other Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 115 | 115 |
Gross Unrealized Gains | 10 | 2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 125 | 117 |
Held-to-maturity Securities | 20 | 20 |
Held-to-maturity Securities, Unrecognized Holding Gains | 0 | 0 |
Held-to-maturity Securities, Unrecognized Holding Losses | 0 | 0 |
Fair Value | $20 | $20 |
Investment_Securities_Investme
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities [Abstract] | ' | ' |
Available for Sale: Amortized Cost: Due in 1 year or less | $6,216 | ' |
Available for Sale: Amortized Cost: After 1 year to 5 years | 99,871 | ' |
Available for Sale: Amortized Cost: After 5 years to 10 years | 104,453 | ' |
Available for Sale: Amortized Cost: After 10 years | 10,291 | ' |
Available for Sale: Amortized Cost: Total | 220,831 | ' |
Available for Sale: Fair Value: Due in 1 year or less | 6,304 | ' |
Available for Sale: Fair Value: After 1 year to 5 years | 99,886 | ' |
Available for Sale: Fair Value: After 5 years to 10 years | 102,885 | ' |
Available for Sale: Fair Value: After 10 years | 10,559 | ' |
Investment securities available for sale, at fair value | 219,634 | 204,891 |
Held to Maturity: Amortized Cost: Due in 1 year or less | 0 | ' |
Held to Maturity: Amortized Cost: After 1 year to 5 years | 21 | ' |
Held-to-Maturity: After 5 years to 10 years | 0 | ' |
Held-to-Maturity: After 10 years | 0 | ' |
Held to Maturity: Amortized Cost: Total | 21 | 21 |
Held to Maturity: Fair Value: Due in 1 year or less | 0 | ' |
Held to Maturity: Fair Value: After 1 year to 5 years | 21 | ' |
Held-to-Maturity: After 5 years to 10 years | 0 | ' |
Held-to-Maturity: After 10 years | 0 | ' |
Held to Maturity: Fair Value: Total | $21 | $21 |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Impairment charges (credit losses) on trust preferred securities | $7,000 | ' | $7,000 | $0 | ' |
Gain on sale of investment securities | 458,000 | 0 | 458,000 | 703,000 | ' |
Sale proceeds from sale of securities | ' | ' | 5,700,000 | 7,946,000 | ' |
Income tax provision on gross gain on sale of securities | ' | ' | 165,000 | 253,000 | ' |
Available-for-sale securities | 219,634,000 | ' | 219,634,000 | ' | 204,891,000 |
Municipal Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Number of municipal securities in investment portfolio | 21 | ' | 21 | ' | ' |
Available-for-sale securities | 11,944,000 | ' | 11,944,000 | ' | 9,643,000 |
Securities in unrealized loss positions, number of positions | 2 | ' | 2 | ' | ' |
Number of securities in the geographical area with the highest concentration of municipal securities | 10 | ' | 10 | ' | ' |
Market value of securities in the Pennsylvania geographical area with the highest concentration of municipal securities | 5,900,000 | ' | 5,900,000 | ' | ' |
Number of municipal securities with OTTI impairment | 0 | ' | 0 | ' | ' |
Other Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale securities | 125,000 | ' | 125,000 | ' | 117,000 |
Collateralized Mortgage Obligations [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Number of municipal securities in investment portfolio | 30 | ' | 30 | ' | ' |
Available-for-sale securities | 143,723,000 | ' | 143,723,000 | ' | 123,440,000 |
Securities in unrealized loss positions, number of positions | 15 | ' | 15 | ' | ' |
Asset-backed Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale securities | 19,047,000 | ' | 19,047,000 | ' | 19,407,000 |
Corporate Bonds [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale securities | 27,618,000 | ' | 27,618,000 | ' | 33,253,000 |
Mortgage-backed Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Number of municipal securities in investment portfolio | 42 | ' | 42 | ' | ' |
Available-for-sale securities | $14,200,000 | ' | $14,200,000 | ' | $16,181,000 |
Securities in unrealized loss positions, number of positions | 2 | ' | 2 | ' | ' |
Investment_Securities_Schedule
Investment Securities (Schedule of Credit-Related Impairment Losses on Securities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Investment Securities [Abstract] | ' | ' | ' |
Beginning Balance | ' | $3,959,000 | $3,959,000 |
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 7,000 | 7,000 | 0 |
Reductions for securities paid off during the period | ' | 0 | 0 |
Reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the Company intends to sell the security | ' | 0 | 0 |
Ending Balance | $3,966,000 | $3,966,000 | $3,959,000 |
Investment_Securities_Schedule1
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | $16,811 | $79,695 |
12 Months or more: Fair Value | 56,127 | 12,670 |
Total: Fair Value | 72,938 | 92,365 |
Less than 12 Months: Unrealized Losses | 71 | 4,126 |
12 Months or more: Unrealized Losses | 4,147 | 3,041 |
Total: Unrealized Losses | 4,218 | 7,167 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | 16,811 | 73,137 |
12 Months or more: Fair Value | 50,670 | 8,697 |
Total: Fair Value | 67,481 | 81,834 |
Less than 12 Months: Unrealized Losses | 71 | 3,923 |
12 Months or more: Unrealized Losses | 1,764 | 544 |
Total: Unrealized Losses | 1,835 | 4,467 |
Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | 0 | 1,450 |
12 Months or more: Fair Value | 1,106 | 1,123 |
Total: Fair Value | 1,106 | 2,573 |
Less than 12 Months: Unrealized Losses | 0 | 41 |
12 Months or more: Unrealized Losses | 39 | 70 |
Total: Unrealized Losses | 39 | 111 |
Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | 0 | 5,108 |
12 Months or more: Fair Value | 1,374 | 0 |
Total: Fair Value | 1,374 | 5,108 |
Less than 12 Months: Unrealized Losses | 0 | 162 |
12 Months or more: Unrealized Losses | 51 | 0 |
Total: Unrealized Losses | 51 | 162 |
Trust Preferred Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | 0 | 0 |
12 Months or more: Fair Value | 2,977 | 2,850 |
Total: Fair Value | 2,977 | 2,850 |
Less than 12 Months: Unrealized Losses | 0 | 0 |
12 Months or more: Unrealized Losses | 2,293 | 2,427 |
Total: Unrealized Losses | $2,293 | $2,427 |
Investment_Securities_Schedule2
Investment Securities (Schedule of Trust Preferred Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Numberofloans | Preferred Term Securities IV [Member] | Preferred Term Securities VII [Member] | TPREF Funding II [Member] | TPREF Funding III [Member] | Trapeza CDO I, LLC [Member] | ALESCO Preferred Funding IV [Member] | ALESCO Preferred Funding V [Member] | Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | |||
Numberofloans | Numberofloans | Numberofloans | Numberofloans | Numberofloans | Numberofloans | Numberofloans | |||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class / Tranche | ' | ' | ' | ' | 'Mezzanine Notes | 'Mezzanine Notes | 'Class B Notes | 'Class B2 Notes | 'Class C1 Notes | 'Class B1 Notes | 'Class C1 Notes | ' | ' |
Amortized Cost | $220,831 | $209,303 | ' | ' | $49 | $989 | $732 | $1,520 | $556 | $604 | $820 | $5,270 | $5,277 |
Fair Value | 219,634 | 204,891 | ' | ' | 40 | 768 | 350 | 710 | 308 | 387 | 414 | 2,977 | 2,850 |
Unrealized Losses | -4,218 | -7,167 | ' | ' | -9 | -221 | -382 | -810 | -248 | -217 | -406 | -2,293 | -2,427 |
Lowest Credit Rating Assigned | ' | ' | ' | ' | 'B1 | 'D | 'C | 'C | 'C | 'C | 'C | ' | ' |
Number of banks currently performing | 140 | ' | ' | ' | 6 | 11 | 17 | 16 | 9 | 40 | 41 | ' | ' |
Deferrals / Defaults as % of Current Balance | 30.00% | ' | ' | ' | 18.00% | 54.00% | 41.00% | 34.00% | 49.00% | 8.00% | 15.00% | ' | ' |
Conditional Default Rates for 2014 and beyond | ' | ' | ' | ' | 0.34% | 0.37% | 0.39% | 0.29% | 0.31% | 0.36% | 0.33% | ' | ' |
Cumulative OTTI Life to Date | $3,966 | $3,959 | $3,959 | $3,959 | $0 | $2,173 | $267 | $480 | $470 | $396 | $180 | ' | ' |
Investment_Securities_Subseque
Investment Securities, Subsequent Event (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Aug. 06, 2014 |
Subsequent Event [Member] | ||||||
Transfer [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Investment securities available for sale, at fair value | $219,634 | ' | $219,634 | ' | $204,891 | ($70,100) |
Held-to-maturity Securities | 21 | ' | 21 | ' | 21 | 70,100 |
Unrealized gain (loss) on securities | $1,032 | ($2,246) | $2,350 | ($2,242) | ' | $1,200 |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses (Gross Loans By Loan Portfolio Class) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable Portfolio Summary [Line Items] | ' | ' |
Total loans receivable | $719,215 | $679,549 |
Deferred costs (fees) | -346 | -238 |
Allowance for loan losses | -12,063 | -12,263 |
Net loans receivable | 706,806 | 667,048 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable Portfolio Summary [Line Items] | ' | ' |
Total loans receivable | 353,458 | 342,794 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable Portfolio Summary [Line Items] | ' | ' |
Total loans receivable | 31,224 | 23,977 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable Portfolio Summary [Line Items] | ' | ' |
Total loans receivable | 127,818 | 118,209 |
Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable Portfolio Summary [Line Items] | ' | ' |
Total loans receivable | 167,130 | 160,229 |
Consumer and Other [Member] | ' | ' |
Financing Receivable Portfolio Summary [Line Items] | ' | ' |
Total loans receivable | 37,255 | 31,981 |
Residential Mortgage [Member] | ' | ' |
Financing Receivable Portfolio Summary [Line Items] | ' | ' |
Total loans receivable | $2,330 | $2,359 |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses (Impaired Loans By Loan Portfolio Class) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $11,579 | $10,790 |
Impaired Loans with an allowance recorded: Recorded Investment | 21,307 | 21,743 |
Total Recorded Investment | 32,886 | 32,533 |
Impaired Loans with no related allowance: Unpaid Principal Balance | 18,506 | 15,502 |
Impaired Loans with an allowance recorded: Unpaid Principal Balance | 25,421 | 27,646 |
Total Unpaid Principal Balance | 43,927 | 43,148 |
Impaired Loans with an allowance recorded: Related Allowance | 6,381 | 5,610 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,658 | 6,850 |
Impaired Loans with an allowance recorded: Recorded Investment | 13,401 | 13,044 |
Total Recorded Investment | 20,059 | 19,894 |
Impaired Loans with no related allowance: Unpaid Principal Balance | 6,662 | 6,971 |
Impaired Loans with an allowance recorded: Unpaid Principal Balance | 13,643 | 13,044 |
Total Unpaid Principal Balance | 20,305 | 20,015 |
Impaired Loans with an allowance recorded: Related Allowance | 4,045 | 3,679 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 593 | 902 |
Impaired Loans with an allowance recorded: Recorded Investment | 669 | 716 |
Total Recorded Investment | 1,262 | 1,618 |
Impaired Loans with no related allowance: Unpaid Principal Balance | 3,700 | 4,076 |
Impaired Loans with an allowance recorded: Unpaid Principal Balance | 3,908 | 3,867 |
Total Unpaid Principal Balance | 7,608 | 7,943 |
Impaired Loans with an allowance recorded: Related Allowance | 294 | 237 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,018 | 2,043 |
Impaired Loans with an allowance recorded: Recorded Investment | 3,719 | 4,889 |
Total Recorded Investment | 6,737 | 6,932 |
Impaired Loans with no related allowance: Unpaid Principal Balance | 6,247 | 2,882 |
Impaired Loans with an allowance recorded: Unpaid Principal Balance | 4,350 | 7,634 |
Total Unpaid Principal Balance | 10,597 | 10,516 |
Impaired Loans with an allowance recorded: Related Allowance | 1,618 | 1,254 |
Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 864 | 542 |
Impaired Loans with an allowance recorded: Recorded Investment | 3,518 | 2,891 |
Total Recorded Investment | 4,382 | 3,433 |
Impaired Loans with no related allowance: Unpaid Principal Balance | 1,183 | 862 |
Impaired Loans with an allowance recorded: Unpaid Principal Balance | 3,520 | 2,891 |
Total Unpaid Principal Balance | 4,703 | 3,753 |
Impaired Loans with an allowance recorded: Related Allowance | 424 | 430 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 446 | 453 |
Impaired Loans with an allowance recorded: Recorded Investment | 0 | 203 |
Total Recorded Investment | 446 | 656 |
Impaired Loans with no related allowance: Unpaid Principal Balance | 714 | 711 |
Impaired Loans with an allowance recorded: Unpaid Principal Balance | 0 | 210 |
Total Unpaid Principal Balance | 714 | 921 |
Impaired Loans with an allowance recorded: Related Allowance | $0 | $10 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses (Average Of Impaired Loans And Related Interest Income By Loan Portfolio Class) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Impaired Loans with no related allowance recorded: Average Recorded Investment | $11,498 | $21,023 | $11,417 | $24,313 |
Impaired Loans with no related allowance recorded: Interest Income Recognized | 103 | 215 | 216 | 462 |
Impaired Loans with an allowance recorded: Average Recorded Investment | 21,248 | 14,228 | 21,191 | 13,370 |
Impaired Loans with an allowance recorded: Interest Income Recognized | -96 | 76 | 78 | 162 |
Total Average Recorded Investment | 32,746 | 35,251 | 32,608 | 37,683 |
Total Interest Income Recognized | 7 | 291 | 294 | 624 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Impaired Loans with no related allowance recorded: Average Recorded Investment | 6,696 | 15,343 | 6,734 | 17,766 |
Impaired Loans with no related allowance recorded: Interest Income Recognized | 106 | 202 | 212 | 421 |
Impaired Loans with an allowance recorded: Average Recorded Investment | 13,325 | 7,056 | 13,249 | 5,885 |
Impaired Loans with an allowance recorded: Interest Income Recognized | -130 | 25 | 8 | 61 |
Total Average Recorded Investment | 20,021 | 22,399 | 19,983 | 23,651 |
Total Interest Income Recognized | -24 | 227 | 220 | 482 |
Construction and Land Development [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Impaired Loans with no related allowance recorded: Average Recorded Investment | 661 | 1,822 | 730 | 2,615 |
Impaired Loans with no related allowance recorded: Interest Income Recognized | 0 | 8 | 0 | 29 |
Impaired Loans with an allowance recorded: Average Recorded Investment | 659 | 494 | 650 | 395 |
Impaired Loans with an allowance recorded: Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Average Recorded Investment | 1,320 | 2,316 | 1,380 | 3,010 |
Total Interest Income Recognized | 0 | 8 | 0 | 29 |
Commercial and Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Impaired Loans with no related allowance recorded: Average Recorded Investment | 2,859 | 2,953 | 2,699 | 2,935 |
Impaired Loans with no related allowance recorded: Interest Income Recognized | 0 | 5 | 1 | 11 |
Impaired Loans with an allowance recorded: Average Recorded Investment | 3,914 | 3,504 | 4,111 | 3,746 |
Impaired Loans with an allowance recorded: Interest Income Recognized | -1 | 14 | 0 | 28 |
Total Average Recorded Investment | 6,773 | 6,457 | 6,810 | 6,681 |
Total Interest Income Recognized | -1 | 19 | 1 | 39 |
Owner occupied Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Impaired Loans with no related allowance recorded: Average Recorded Investment | 802 | 180 | 740 | 216 |
Impaired Loans with no related allowance recorded: Interest Income Recognized | -3 | 0 | 2 | 0 |
Impaired Loans with an allowance recorded: Average Recorded Investment | 3,315 | 3,149 | 3,113 | 3,295 |
Impaired Loans with an allowance recorded: Interest Income Recognized | 35 | 37 | 70 | 73 |
Total Average Recorded Investment | 4,117 | 3,329 | 3,853 | 3,511 |
Total Interest Income Recognized | 32 | 37 | 72 | 73 |
Consumer and Other [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Impaired Loans with no related allowance recorded: Average Recorded Investment | 480 | 725 | 514 | 781 |
Impaired Loans with no related allowance recorded: Interest Income Recognized | 0 | 0 | 1 | 1 |
Impaired Loans with an allowance recorded: Average Recorded Investment | 35 | 25 | 68 | 49 |
Impaired Loans with an allowance recorded: Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Average Recorded Investment | 515 | 750 | 582 | 830 |
Total Interest Income Recognized | $0 | $0 | $1 | $1 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses, Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $399,000 | $130,000 | $542,000 | $339,000 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses (Activity In And Ending Balances Of The Allowance For Loan Losses By Loan Portfolio Class) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance: | $11,950 | $9,353 | $12,263 | $9,542 | ' |
Charge-offs | -188 | -1,029 | -501 | -1,219 | ' |
Recoveries | 1 | 83 | 1 | 84 | ' |
Provisions (credits) | 300 | 925 | 300 | 925 | ' |
Ending balance: | 12,063 | 9,332 | 12,063 | 9,332 | ' |
Allowance for loan losses ending balance: individually evaluated for impairment | 6,381 | ' | 6,381 | ' | 5,610 |
Allowance for loan losses ending balance: collectively evaluated for impairment | 5,682 | ' | 5,682 | ' | 6,653 |
Allowance for loan losses | 12,063 | 9,332 | 12,063 | 9,332 | ' |
Loans receivable ending balance: individually evaluated for impairment | 32,886 | ' | 32,886 | ' | 32,533 |
Loans receivable ending balance: collectively evaluated for impairment | 686,329 | ' | 686,329 | ' | 647,016 |
Total loans receivable | 719,215 | ' | 719,215 | ' | 679,549 |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance: | 6,274 | 3,257 | 6,454 | 3,979 | ' |
Charge-offs | -188 | -349 | -188 | -409 | ' |
Recoveries | 0 | 54 | 0 | 54 | ' |
Provisions (credits) | 690 | 619 | 510 | -43 | ' |
Ending balance: | 6,776 | 3,581 | 6,776 | 3,581 | ' |
Allowance for loan losses ending balance: individually evaluated for impairment | 4,045 | ' | 4,045 | ' | 3,679 |
Allowance for loan losses ending balance: collectively evaluated for impairment | 2,731 | ' | 2,731 | ' | 2,775 |
Allowance for loan losses | 6,776 | 3,581 | 6,776 | 3,581 | ' |
Loans receivable ending balance: individually evaluated for impairment | 20,059 | ' | 20,059 | ' | 19,894 |
Loans receivable ending balance: collectively evaluated for impairment | 333,399 | ' | 333,399 | ' | 322,900 |
Total loans receivable | 353,458 | ' | 353,458 | ' | 342,794 |
Construction and Land Development [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance: | 861 | 1,835 | 1,948 | 1,273 | ' |
Charge-offs | 0 | 0 | -20 | -55 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provisions (credits) | 163 | 667 | -904 | 1,284 | ' |
Ending balance: | 1,024 | 2,502 | 1,024 | 2,502 | ' |
Allowance for loan losses ending balance: individually evaluated for impairment | 294 | ' | 294 | ' | 237 |
Allowance for loan losses ending balance: collectively evaluated for impairment | 730 | ' | 730 | ' | 1,711 |
Allowance for loan losses | 1,024 | 2,502 | 1,024 | 2,502 | ' |
Loans receivable ending balance: individually evaluated for impairment | 1,262 | ' | 1,262 | ' | 1,618 |
Loans receivable ending balance: collectively evaluated for impairment | 29,962 | ' | 29,962 | ' | 22,359 |
Total loans receivable | 31,224 | ' | 31,224 | ' | 23,977 |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance: | 2,640 | 2,336 | 2,309 | 1,880 | ' |
Charge-offs | 0 | -361 | -283 | -361 | ' |
Recoveries | 1 | 4 | 1 | 5 | ' |
Provisions (credits) | 150 | 18 | 764 | 473 | ' |
Ending balance: | 2,791 | 1,997 | 2,791 | 1,997 | ' |
Allowance for loan losses ending balance: individually evaluated for impairment | 1,618 | ' | 1,618 | ' | 1,254 |
Allowance for loan losses ending balance: collectively evaluated for impairment | 1,173 | ' | 1,173 | ' | 1,055 |
Allowance for loan losses | 2,791 | 1,997 | 2,791 | 1,997 | ' |
Loans receivable ending balance: individually evaluated for impairment | 6,737 | ' | 6,737 | ' | 6,932 |
Loans receivable ending balance: collectively evaluated for impairment | 121,081 | ' | 121,081 | ' | 111,277 |
Total loans receivable | 127,818 | ' | 127,818 | ' | 118,209 |
Owner occupied Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance: | 1,128 | 1,297 | 985 | 1,967 | ' |
Charge-offs | 0 | -319 | 0 | -319 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provisions (credits) | 1 | 8 | 144 | -662 | ' |
Ending balance: | 1,129 | 986 | 1,129 | 986 | ' |
Allowance for loan losses ending balance: individually evaluated for impairment | 424 | ' | 424 | ' | 430 |
Allowance for loan losses ending balance: collectively evaluated for impairment | 705 | ' | 705 | ' | 555 |
Allowance for loan losses | 1,129 | 986 | 1,129 | 986 | ' |
Loans receivable ending balance: individually evaluated for impairment | 4,382 | ' | 4,382 | ' | 3,433 |
Loans receivable ending balance: collectively evaluated for impairment | 162,748 | ' | 162,748 | ' | 156,796 |
Total loans receivable | 167,130 | ' | 167,130 | ' | 160,229 |
Consumer and Other [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance: | 197 | 170 | 225 | 234 | ' |
Charge-offs | 0 | 0 | -10 | -75 | ' |
Recoveries | 0 | 25 | 0 | 25 | ' |
Provisions (credits) | 23 | -4 | 5 | 7 | ' |
Ending balance: | 220 | 191 | 220 | 191 | ' |
Allowance for loan losses ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 10 |
Allowance for loan losses ending balance: collectively evaluated for impairment | 220 | ' | 220 | ' | 215 |
Allowance for loan losses | 220 | 191 | 220 | 191 | ' |
Loans receivable ending balance: individually evaluated for impairment | 446 | ' | 446 | ' | 656 |
Loans receivable ending balance: collectively evaluated for impairment | 36,809 | ' | 36,809 | ' | 31,325 |
Total loans receivable | 37,255 | ' | 37,255 | ' | 31,981 |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance: | 13 | 14 | 14 | 17 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provisions (credits) | 0 | 0 | -1 | -3 | ' |
Ending balance: | 13 | 14 | 13 | 14 | ' |
Allowance for loan losses ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Allowance for loan losses ending balance: collectively evaluated for impairment | 13 | ' | 13 | ' | 14 |
Allowance for loan losses | 13 | 14 | 13 | 14 | ' |
Loans receivable ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans receivable ending balance: collectively evaluated for impairment | 2,330 | ' | 2,330 | ' | 2,359 |
Total loans receivable | 2,330 | ' | 2,330 | ' | 2,359 |
Unallocated [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance: | 837 | 444 | 328 | 192 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provisions (credits) | -727 | -383 | -218 | -131 | ' |
Ending balance: | 110 | 61 | 110 | 61 | ' |
Allowance for loan losses ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Allowance for loan losses ending balance: collectively evaluated for impairment | 110 | ' | 110 | ' | 328 |
Allowance for loan losses | 110 | 61 | 110 | 61 | ' |
Loans receivable ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans receivable ending balance: collectively evaluated for impairment | 0 | ' | 0 | ' | 0 |
Total loans receivable | $0 | ' | $0 | ' | $0 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses (Past Due Financing Receivables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $184 | $21,504 |
60 to 89 Days Past Due | 14,287 | 6,987 |
Greater than 90 Days | 26,918 | 10,420 |
Total Past Due | 41,389 | 38,911 |
Current | 677,826 | 640,638 |
Total loans receivable | 719,215 | 679,549 |
Loans Receivable > 90 Days and Accruing | 2,722 | 0 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 19,707 |
60 to 89 Days Past Due | 13,865 | 5,635 |
Greater than 90 Days | 14,741 | 1,104 |
Total Past Due | 28,606 | 26,446 |
Current | 324,852 | 316,348 |
Total loans receivable | 353,458 | 342,794 |
Loans Receivable > 90 Days and Accruing | 524 | 0 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days | 1,262 | 1,618 |
Total Past Due | 1,262 | 1,618 |
Current | 29,962 | 22,359 |
Total loans receivable | 31,224 | 23,977 |
Loans Receivable > 90 Days and Accruing | 0 | 0 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 951 |
60 to 89 Days Past Due | 422 | 71 |
Greater than 90 Days | 7,679 | 6,837 |
Total Past Due | 8,101 | 7,859 |
Current | 119,717 | 110,350 |
Total loans receivable | 127,818 | 118,209 |
Loans Receivable > 90 Days and Accruing | 942 | 0 |
Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 808 |
60 to 89 Days Past Due | 0 | 1,281 |
Greater than 90 Days | 2,790 | 205 |
Total Past Due | 2,790 | 2,294 |
Current | 164,340 | 157,935 |
Total loans receivable | 167,130 | 160,229 |
Loans Receivable > 90 Days and Accruing | 1,256 | 0 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 184 | 38 |
60 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days | 446 | 656 |
Total Past Due | 630 | 694 |
Current | 36,625 | 31,287 |
Total loans receivable | 37,255 | 31,981 |
Loans Receivable > 90 Days and Accruing | 0 | 0 |
Residential Mortgage [Member] | ' | ' |
Financing Receivable, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 2,330 | 2,359 |
Total loans receivable | 2,330 | 2,359 |
Loans Receivable > 90 Days and Accruing | $0 | $0 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses (Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | $719,215 | $679,549 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 353,458 | 342,794 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 31,224 | 23,977 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 127,818 | 118,209 |
Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 167,130 | 160,229 |
Consumer and Other [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 37,255 | 31,981 |
Residential Mortgage [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 2,330 | 2,359 |
Pass [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 664,914 | 627,962 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 315,868 | 305,974 |
Pass [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 29,962 | 22,359 |
Pass [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 119,227 | 110,629 |
Pass [Member] | Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 161,051 | 155,648 |
Pass [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 36,476 | 30,993 |
Pass [Member] | Residential Mortgage [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 2,330 | 2,359 |
Special Mention [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 19,543 | 18,543 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 16,989 | 16,372 |
Special Mention [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Special Mention [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 782 | 611 |
Special Mention [Member] | Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 1,697 | 1,485 |
Special Mention [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 75 | 75 |
Special Mention [Member] | Residential Mortgage [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Substandard [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 34,758 | 33,044 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 20,601 | 20,448 |
Substandard [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 1,262 | 1,618 |
Substandard [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 7,809 | 6,969 |
Substandard [Member] | Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 4,382 | 3,096 |
Substandard [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 704 | 913 |
Substandard [Member] | Residential Mortgage [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Doubtful [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Doubtful [Member] | Construction and Land Development [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Doubtful [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Doubtful [Member] | Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Doubtful [Member] | Consumer and Other [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | 0 | 0 |
Doubtful [Member] | Residential Mortgage [Member] | ' | ' |
Financing Receivable, Credit quality [Line Items] | ' | ' |
Total loans receivable | $0 | $0 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses (Nonaccrual Loans By Classes Of The Loan Portfolio) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable Nonaccrual Status [Line Items] | ' | ' |
Non-Accrual Status | $24,196 | $10,420 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable Nonaccrual Status [Line Items] | ' | ' |
Non-Accrual Status | 14,217 | 1,104 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable Nonaccrual Status [Line Items] | ' | ' |
Non-Accrual Status | 1,262 | 1,618 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable Nonaccrual Status [Line Items] | ' | ' |
Non-Accrual Status | 6,737 | 6,837 |
Owner occupied Real Estate [Member] | ' | ' |
Financing Receivable Nonaccrual Status [Line Items] | ' | ' |
Non-Accrual Status | 1,534 | 205 |
Consumer and Other [Member] | ' | ' |
Financing Receivable Nonaccrual Status [Line Items] | ' | ' |
Non-Accrual Status | 446 | 656 |
Residential Mortgage [Member] | ' | ' |
Financing Receivable Nonaccrual Status [Line Items] | ' | ' |
Non-Accrual Status | $0 | $0 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructuring) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Numberofloans | Numberofloans | Numberofloans | Numberofloans | Numberofloans | Numberofloans | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | 2 | ' | 3 |
Accrual status | $1,877 | ' | ' | $1,877 | ' | $1,997 |
Non-accrual status | 2,188 | ' | ' | 2,188 | ' | 2,188 |
Total TDRs | 4,065 | ' | ' | 4,065 | ' | 4,185 |
Number of TDR loans that subsequently defaulted | 0 | ' | 0 | 0 | 0 | 1 |
Number of TDR loans that subsequently paid off | ' | 1 | ' | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | 0 | ' | 1 |
Accrual status | 0 | ' | ' | 0 | ' | 103 |
Non-accrual status | 0 | ' | ' | 0 | ' | 0 |
Total TDRs | 0 | ' | ' | 0 | ' | 103 |
Construction and Land Development [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | 0 | ' | 0 |
Accrual status | 0 | ' | ' | 0 | ' | 0 |
Non-accrual status | 0 | ' | ' | 0 | ' | 0 |
Total TDRs | 0 | ' | ' | 0 | ' | 0 |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | 1 | ' | 1 |
Accrual status | 0 | ' | ' | 0 | ' | 0 |
Non-accrual status | 2,188 | ' | ' | 2,188 | ' | 2,188 |
Total TDRs | 2,188 | ' | ' | 2,188 | ' | 2,188 |
Owner occupied Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | 1 | ' | 1 |
Accrual status | 1,877 | ' | ' | 1,877 | ' | 1,894 |
Non-accrual status | 0 | ' | ' | 0 | ' | 0 |
Total TDRs | 1,877 | ' | ' | 1,877 | ' | 1,894 |
Consumer and Other [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | 0 | ' | 0 |
Accrual status | 0 | ' | ' | 0 | ' | 0 |
Non-accrual status | 0 | ' | ' | 0 | ' | 0 |
Total TDRs | 0 | ' | ' | 0 | ' | 0 |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Number of loans | ' | ' | ' | 0 | ' | 0 |
Accrual status | 0 | ' | ' | 0 | ' | 0 |
Non-accrual status | 0 | ' | ' | 0 | ' | 0 |
Total TDRs | $0 | ' | ' | $0 | ' | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Schedule of Fair Value, Assets and Liabilities Measured On Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ' | ' |
Available-for-sale securities | $219,634 | $204,891 |
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ' | ' |
Collateralized mortgage obligations | 143,723 | 123,440 |
Mortgage-backed securities | 14,200 | 16,181 |
Municipal securities | 11,944 | 9,643 |
Corporate bonds | 27,618 | 33,253 |
Asset-backed securities | 19,047 | 19,407 |
Trust preferred securities | 2,977 | 2,850 |
Other securities | 125 | 117 |
Available-for-sale securities | 219,634 | 204,891 |
Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets [Member] | Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ' | ' |
Collateralized mortgage obligations | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Municipal securities | 0 | 0 |
Corporate bonds | 0 | 0 |
Asset-backed securities | 0 | 0 |
Trust preferred securities | 0 | 0 |
Other securities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Significant Other Observable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ' | ' |
Available-for-sale securities | 213,651 | 199,035 |
Significant Other Observable Inputs [Member] | Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ' | ' |
Collateralized mortgage obligations | 143,723 | 123,440 |
Mortgage-backed securities | 14,200 | 16,181 |
Municipal securities | 11,944 | 9,643 |
Corporate bonds | 24,612 | 30,247 |
Asset-backed securities | 19,047 | 19,407 |
Trust preferred securities | 0 | 0 |
Other securities | 125 | 117 |
Available-for-sale securities | 213,651 | 199,035 |
Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ' | ' |
Available-for-sale securities | 5,983 | 5,856 |
Significant Unobservable Inputs [Member] | Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ' | ' |
Collateralized mortgage obligations | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Municipal securities | 0 | 0 |
Corporate bonds | 3,006 | 3,006 |
Asset-backed securities | 0 | 0 |
Trust preferred securities | 2,977 | 2,850 |
Other securities | 0 | 0 |
Available-for-sale securities | $5,983 | $5,856 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Impairment charges on level 3 | $21 | $0 | $21 | $0 |
Trust Preferred Securities [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Balance, beginning | 2,807 | 3,238 | 2,850 | 3,187 |
Unrealized gains (losses) | 177 | -65 | 134 | -7 |
Paydowns | 0 | -11 | 0 | -18 |
Impairment charges on level 3 | -7 | 0 | -7 | 0 |
Balance, ending | 2,977 | 3,162 | 2,977 | 3,162 |
Corporate Bonds [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Balance, beginning | 3,006 | 3,007 | 3,006 | 3,007 |
Unrealized gains (losses) | 0 | -1 | 0 | -1 |
Paydowns | 0 | 0 | 0 | 0 |
Impairment charges on level 3 | 0 | 0 | 0 | 0 |
Balance, ending | $3,006 | $3,006 | $3,006 | $3,006 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Schedule of Fair Value Measurements, Nonrecurring) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
SBA servicing assets | $4,067 | $3,805 | $3,477 | $2,904 | $2,491 | $2,340 |
Nonrecurring [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Impaired loans | 16,355 | ' | 17,474 | ' | ' | ' |
Other real estate owned | 1,059 | ' | 3,921 | ' | ' | ' |
SBA servicing assets | 4,067 | ' | 3,477 | ' | ' | ' |
Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
SBA servicing assets | 0 | ' | 0 | ' | ' | ' |
Quoted Prices in Active Markets for Identical Assets [Member] | Nonrecurring [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Impaired loans | 0 | ' | 0 | ' | ' | ' |
Other real estate owned | 0 | ' | 0 | ' | ' | ' |
SBA servicing assets | 0 | ' | 0 | ' | ' | ' |
Significant Other Observable Inputs [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
SBA servicing assets | 0 | ' | 0 | ' | ' | ' |
Significant Other Observable Inputs [Member] | Nonrecurring [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Impaired loans | 0 | ' | 0 | ' | ' | ' |
Other real estate owned | 0 | ' | 0 | ' | ' | ' |
SBA servicing assets | 0 | ' | 0 | ' | ' | ' |
Significant Unobservable Inputs [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
SBA servicing assets | 4,067 | ' | 3,477 | ' | ' | ' |
Significant Unobservable Inputs [Member] | Nonrecurring [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Impaired loans | 16,355 | ' | 17,474 | ' | ' | ' |
Other real estate owned | 1,059 | ' | 3,921 | ' | ' | ' |
SBA servicing assets | $4,067 | ' | $3,477 | ' | ' | ' |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Fair Value Inputs, Assets, Quantitative Information) (Details) (Level 3 [Member], USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Impaired Loans [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Fair Value | $16,355 | $17,474 | ||
Valuation Technique | 'Fair Value of Collateral | [1] | 'Fair Value of Collateral | [1] |
Unobservable Input | 'Appraised Value | [2] | 'Appraised Value | [2] |
Other Real Estate Owned [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Fair Value | 1,059 | 3,921 | ||
Valuation Technique | 'Fair Value of Collateral | [1] | 'Fair Value of Collateral | [1] |
Unobservable Input | 'Appraised Value Sales Price | [2] | 'Appraised Value Sales Price | [2] |
SBA Servicing Assets [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Fair Value | $4,067 | $3,477 | ||
Valuation Technique | 'Fair Value | 'Fair Value | ||
Unobservable Input | 'Individual Loan Valuation | [3] | 'Individual Loan Valuation | [3] |
SBA Servicing Assets [Member] | Fair Value Approach [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Appraised value | ' | [3] | ' | [3] |
Minimum [Member] | Impaired Loans [Member] | Fair Value Approach [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Appraised value | 0.00% | [4] | 0.00% | [4] |
Minimum [Member] | Other Real Estate Owned [Member] | Fair Value Approach [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Appraised value | 8.00% | [4] | 4.00% | [4] |
Maximum [Member] | Impaired Loans [Member] | Fair Value Approach [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Appraised value | 78.00% | [4] | 40.00% | [4] |
Maximum [Member] | Other Real Estate Owned [Member] | Fair Value Approach [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Appraised value | 38.00% | [4] | 77.00% | [4] |
Weighted Average [Member] | Impaired Loans [Member] | Fair Value Approach [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Appraised value | 29.00% | [4] | 23.00% | [4] |
Weighted Average [Member] | Other Real Estate Owned [Member] | Fair Value Approach [Member] | ' | ' | ||
Fair Value Measurements, Quantitative Information [Line Items] | ' | ' | ||
Appraised value | 33.00% | [4] | 17.00% | [4] |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | |||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||
[3] | There is a lack of transactional data in this market place for the non-guaranteed portion of SBA loans. | |||
[4] | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. |
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Values of Financial Instruments (SBA Servicing Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value of Financial Instruments [Abstract] | ' | ' | ' | ' |
Beginning balance | $3,805 | $2,491 | $3,477 | $2,340 |
Additions | 271 | 482 | 575 | 628 |
Fair value adjustments | -9 | -69 | 15 | -64 |
Ending balance | $4,067 | $2,904 | $4,067 | $2,904 |
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Values of Financial Instruments (Sensitivity Analysis) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ' | ' | ' | ' | ' | ' |
Fair value of SBA Servicing Asset | $4,067 | $3,477 | $3,805 | $2,904 | $2,491 | $2,340 |
Compositions of SBA Loans Service for Other Loans | 100.00% | 100.00% | ' | ' | ' | ' |
Weighted Average Remaining Term | '21 years 1 month 6 days | '21 years 4 months 24 days | ' | ' | ' | ' |
Prepayment Speed | 6.99% | 6.72% | ' | ' | ' | ' |
Prepayment Speed: Effect on fair value of a 10% increase | -111 | -83 | ' | ' | ' | ' |
Prepayment Speed: Effect on fair value of a 20% increase | -218 | -163 | ' | ' | ' | ' |
Weighted Average Discount Rate | 11.59% | 13.59% | ' | ' | ' | ' |
Discount Rate: Effect on fair value of a 10% increase | -203 | -162 | ' | ' | ' | ' |
Discount Rate: Effect on fair value of a 20% increase | ($391) | ($316) | ' | ' | ' | ' |
Fixed Rate SBA Loans [Member] | ' | ' | ' | ' | ' | ' |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ' | ' | ' | ' | ' | ' |
Compositions of SBA Loans Service for Other Loans | 0.00% | 0.00% | ' | ' | ' | ' |
Adjustable Rate SBA Loans [Member] | ' | ' | ' | ' | ' | ' |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ' | ' | ' | ' | ' | ' |
Compositions of SBA Loans Service for Other Loans | 100.00% | 100.00% | ' | ' | ' | ' |
Fair_Value_Measurement_of_Fina
Fair Value Measurement of Financial Instruments (Fair Value, by Balance Sheet Grouping) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Financial Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities | $219,634 | ' | $204,891 | ' | ' | ' |
Investment securities held to maturity | 21 | ' | 21 | ' | ' | ' |
SBA servicing assets | 4,067 | 3,805 | 3,477 | 2,904 | 2,491 | 2,340 |
Carrying Amount [Member] | ' | ' | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 83,120 | ' | 35,880 | ' | ' | ' |
Available-for-sale securities | 219,634 | ' | 204,891 | ' | ' | ' |
Investment securities held to maturity | 21 | ' | 21 | ' | ' | ' |
Restricted stock | 1,725 | ' | 1,570 | ' | ' | ' |
Loans held for sale | 491 | ' | 4,931 | ' | ' | ' |
Loans receivable, net | 706,806 | ' | 667,048 | ' | ' | ' |
SBA servicing assets | 4,067 | ' | 3,477 | ' | ' | ' |
Accrued interest receivable | 3,104 | ' | 3,049 | ' | ' | ' |
Deposits [Abstract] | ' | ' | ' | ' | ' | ' |
Demand, savings and money market | 843,875 | ' | 790,698 | ' | ' | ' |
Time | 80,809 | ' | 78,836 | ' | ' | ' |
Subordinated debt | 22,476 | ' | 22,476 | ' | ' | ' |
Accrued interest payable | 292 | ' | 237 | ' | ' | ' |
Off Balance Sheet Data [Abstract] | ' | ' | ' | ' | ' | ' |
Commitments to extend credit | 0 | ' | 0 | ' | ' | ' |
Standby letters of credit | 0 | ' | 0 | ' | ' | ' |
Fair Value [Member] | ' | ' | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 83,120 | ' | 35,880 | ' | ' | ' |
Available-for-sale securities | 219,634 | ' | 204,891 | ' | ' | ' |
Investment securities held to maturity | 21 | ' | 21 | ' | ' | ' |
Restricted stock | 1,725 | ' | 1,570 | ' | ' | ' |
Loans held for sale | 491 | ' | 5,225 | ' | ' | ' |
Loans receivable, net | 699,188 | ' | 660,237 | ' | ' | ' |
SBA servicing assets | 4,067 | ' | 3,477 | ' | ' | ' |
Accrued interest receivable | 3,104 | ' | 3,049 | ' | ' | ' |
Deposits [Abstract] | ' | ' | ' | ' | ' | ' |
Demand, savings and money market | 843,875 | ' | 790,698 | ' | ' | ' |
Time | 81,235 | ' | 79,323 | ' | ' | ' |
Subordinated debt | 18,224 | ' | 17,835 | ' | ' | ' |
Accrued interest payable | 292 | ' | 237 | ' | ' | ' |
Off Balance Sheet Data [Abstract] | ' | ' | ' | ' | ' | ' |
Commitments to extend credit | 0 | ' | 0 | ' | ' | ' |
Standby letters of credit | 0 | ' | 0 | ' | ' | ' |
Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 83,120 | ' | 35,880 | ' | ' | ' |
Available-for-sale securities | 0 | ' | 0 | ' | ' | ' |
Investment securities held to maturity | 0 | ' | 0 | ' | ' | ' |
Restricted stock | 0 | ' | 0 | ' | ' | ' |
Loans held for sale | 0 | ' | 0 | ' | ' | ' |
Loans receivable, net | 0 | ' | 0 | ' | ' | ' |
SBA servicing assets | 0 | ' | 0 | ' | ' | ' |
Accrued interest receivable | 0 | ' | 0 | ' | ' | ' |
Deposits [Abstract] | ' | ' | ' | ' | ' | ' |
Demand, savings and money market | 0 | ' | 0 | ' | ' | ' |
Time | 0 | ' | 0 | ' | ' | ' |
Subordinated debt | 0 | ' | 0 | ' | ' | ' |
Accrued interest payable | 0 | ' | 0 | ' | ' | ' |
Significant Other Observable Inputs [Member] | ' | ' | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | ' |
Available-for-sale securities | 213,651 | ' | 199,035 | ' | ' | ' |
Investment securities held to maturity | 21 | ' | 21 | ' | ' | ' |
Restricted stock | 1,725 | ' | 1,570 | ' | ' | ' |
Loans held for sale | 0 | ' | 0 | ' | ' | ' |
Loans receivable, net | 0 | ' | 0 | ' | ' | ' |
SBA servicing assets | 0 | ' | 0 | ' | ' | ' |
Accrued interest receivable | 3,104 | ' | 3,049 | ' | ' | ' |
Deposits [Abstract] | ' | ' | ' | ' | ' | ' |
Demand, savings and money market | 843,875 | ' | 790,698 | ' | ' | ' |
Time | 81,235 | ' | 79,323 | ' | ' | ' |
Subordinated debt | 0 | ' | 0 | ' | ' | ' |
Accrued interest payable | 292 | ' | 237 | ' | ' | ' |
Significant Unobservable Inputs [Member] | ' | ' | ' | ' | ' | ' |
Financial Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | ' |
Available-for-sale securities | 5,983 | ' | 5,856 | ' | ' | ' |
Investment securities held to maturity | 0 | ' | 0 | ' | ' | ' |
Restricted stock | 0 | ' | 0 | ' | ' | ' |
Loans held for sale | 491 | ' | 5,225 | ' | ' | ' |
Loans receivable, net | 699,188 | ' | 660,237 | ' | ' | ' |
SBA servicing assets | 4,067 | ' | 3,477 | ' | ' | ' |
Accrued interest receivable | 0 | ' | 0 | ' | ' | ' |
Deposits [Abstract] | ' | ' | ' | ' | ' | ' |
Demand, savings and money market | 0 | ' | 0 | ' | ' | ' |
Time | 0 | ' | 0 | ' | ' | ' |
Subordinated debt | 18,224 | ' | 17,835 | ' | ' | ' |
Accrued interest payable | $0 | ' | $0 | ' | ' | ' |