Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 7-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | REPUBLIC FIRST BANCORP INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 37,815,503 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 834285 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $25,316 | $14,822 |
Interest bearing deposits with banks | 133,321 | 114,004 |
Federal funds sold | 3,891 | 0 |
Cash and cash equivalents | 162,528 | 128,826 |
Investment securities available for sale, at fair value | 187,024 | 185,379 |
Investment securities held to maturity, at amortized cost (fair value of $67,878 and $68,253, respectively) | 66,742 | 67,866 |
Restricted stock, at cost | 1,157 | 1,157 |
Loans held for sale | 4,955 | 1,676 |
Loans receivable (net of allowance for loan losses of $10,944 and $11,536, respectively) | 777,857 | 770,404 |
Premises and equipment, net | 36,573 | 35,030 |
Other real estate owned, net | 3,827 | 3,715 |
Accrued interest receivable | 3,401 | 3,226 |
Other assets | 19,919 | 17,319 |
Total Assets | 1,263,983 | 1,214,598 |
Deposits | ||
Demand – non-interest bearing | 237,307 | 224,245 |
Demand – interest bearing | 310,595 | 283,768 |
Money market and savings | 498,862 | 488,848 |
Time deposits | 74,633 | 75,369 |
Total Deposits | 1,121,397 | 1,072,230 |
Accrued interest payable | 260 | 265 |
Other liabilities | 5,950 | 6,816 |
Subordinated debt | 22,476 | 22,476 |
Total Liabilities | 1,150,083 | 1,101,787 |
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 38,344,348 | 383 | 383 |
Additional paid in capital | 152,352 | 152,234 |
Accumulated deficit | -34,738 | -35,266 |
Treasury stock at cost (503,408 shares) | -3,725 | -3,725 |
Stock held by deferred compensation plan (25,437 shares) | -183 | -183 |
Accumulated other comprehensive loss | -189 | -632 |
Total Shareholders’ Equity | 113,900 | 112,811 |
Total Liabilities and Shareholders’ Equity | $1,263,983 | $1,214,598 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Investment securities held to maturity, at fair value (in Dollars) | $67,878 | $68,253 |
Loans receivable, allowance for loan losses (in Dollars) | $10,944 | $11,536 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 38,344,348 | 38,344,348 |
Treasury stock | 503,408 | 503,408 |
Stock held by deferred compensation plan | 25,437 | 25,437 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income | ||
Interest and fees on taxable loans | $8,951 | $8,241 |
Interest and fees on tax-exempt loans | 126 | 82 |
Interest and dividends on taxable investment securities | 1,482 | 1,241 |
Interest and dividends on tax-exempt investment securities | 125 | 79 |
Interest on federal funds sold and other interest-earning assets | 77 | 12 |
Total interest income | 10,761 | 9,655 |
Interest expense | ||
Demand-interest bearing | 290 | 191 |
Money market and savings | 553 | 416 |
Time deposits | 175 | 173 |
Other borrowings | 276 | 276 |
Total interest expense | 1,294 | 1,056 |
Net interest income | 9,467 | 8,599 |
Provision for loan losses | 0 | 0 |
Net interest income after provision for loan losses | 9,467 | 8,599 |
Non-interest income | ||
Loan advisory and servicing fees | 599 | 437 |
Gain on sales of SBA loans | 578 | 1,154 |
Service fees on deposit accounts | 363 | 293 |
Other than temporary impairment | -13 | 0 |
Portion recognized in other comprehensive income (before taxes) | 10 | 0 |
Net impairment loss on investment securities | -3 | 0 |
Other non-interest income | 40 | 46 |
Total non-interest income | 1,577 | 1,930 |
Non-interest expenses | ||
Salaries and employee benefits | 5,222 | 5,040 |
Occupancy | 1,165 | 1,038 |
Depreciation and amortization | 723 | 498 |
Legal | 239 | 255 |
Other real estate owned | 377 | 346 |
Advertising | 151 | 148 |
Data processing | 352 | 300 |
Insurance | 180 | 157 |
Professional fees | 325 | 402 |
Regulatory assessments and costs | 292 | 337 |
Taxes, other | 221 | 215 |
Other operating expenses | 1,271 | 1,079 |
Total non-interest expense | 10,518 | 9,815 |
Income before benefit for income taxes | 526 | 714 |
Benefit for income taxes | -2 | -41 |
Net income | $528 | $755 |
Net income per share | ||
Basic (in Dollars per share) | $0.01 | $0.03 |
Diluted (in Dollars per share) | $0.01 | $0.03 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $528 | $755 |
Other comprehensive income, net of tax | ||
Unrealized gain on available for sale securities (pre-tax $630, and $2,056 respectively) | 404 | 1,318 |
Reclassification adjustment for impairment charge (pre-tax $3, and $- respectively) | 2 | 0 |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity: | ||
Amortization of net unrealized holding losses to income during the period (pre-tax $58, and $- respectively) | 37 | 0 |
Total other comprehensive income | 443 | 1,318 |
Total comprehensive income | $971 | $2,073 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Unrealized gain on securities, pre-tax | $630 | $2,056 |
Reclassificiation adjustment for impairment charge, pre-tax | 3 | 0 |
Amortization of net unrealized holding losses to income during the period, pre-tax | $58 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income | $528 | $755 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Write down of other real estate owned | 148 | 300 |
Depreciation and amortization | 723 | 498 |
Stock based compensation | 118 | 88 |
Amortization of premiums on investment securities | 112 | 126 |
Proceeds from sales of SBA loans originated for sale | 5,825 | 12,465 |
SBA loans originated for sale | -8,526 | -10,176 |
Gains on sales of SBA loans originated for sale | -578 | -1,154 |
Increase in accrued interest receivable and other assets | -3,023 | -394 |
Decrease in accrued interest payable and other liabilities | -871 | -312 |
Net cash (used in) provided by operating activities | -5,544 | 2,196 |
Cash flows from investing activities | ||
Purchase of investment securities available for sale | -6,356 | -517 |
Proceeds from the maturity or call of securities available for sale | 5,273 | 6,077 |
Proceeds from the maturity or call of securities held to maturity | 1,141 | 0 |
Proceeds from redemption of FHLB stock | 0 | 3 |
Net increase in loans | -8,032 | -17,850 |
Net proceeds from sale of other real estate owned | 319 | 63 |
Premises and equipment expenditures | -2,266 | -1,890 |
Net cash used in investing activities | -9,921 | -14,114 |
Cash flows from financing activities | ||
Net increase in demand, money market and savings deposits | 49,903 | 12,560 |
Net decrease in time deposits | -736 | -2,212 |
Net cash provided by financing activities | 49,167 | 10,348 |
Net increase (decrease) in cash and cash equivalents | 33,702 | -1,570 |
Cash and cash equivalents, beginning of year | 128,826 | 35,880 |
Cash and cash equivalents, end of period | 162,528 | 34,310 |
Supplemental disclosures | ||
Interest paid | 1,299 | 1,067 |
Income taxes paid | 0 | 50 |
Non-cash transfers from loans to other real estate owned | $579 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation, Share-based Payments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2013 | $265 | $107,078 | ($37,708) | ($3,099) | ($809) | ($2,828) | $62,899 |
Net income | 755 | 755 | |||||
Other comprehensive income, net of tax | 1,318 | 1,318 | |||||
Stock based compensation | 88 | 88 | |||||
Balance at Mar. 31, 2014 | 265 | 107,166 | -36,953 | -3,099 | -809 | -1,510 | 65,060 |
Balance at Dec. 31, 2014 | 383 | 152,234 | -35,266 | -3,725 | -183 | -632 | 112,811 |
Net income | 528 | 528 | |||||
Other comprehensive income, net of tax | 443 | 443 | |||||
Stock based compensation | 118 | 118 | |||||
Balance at Mar. 31, 2015 | $383 | $152,352 | ($34,738) | ($3,725) | ($183) | ($189) | $113,900 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: Basis of Presentation |
Republic First Bancorp, Inc. (the “Company”) is a corporation established under the laws of the Commonwealth of Pennsylvania and a registered bank holding company. The Company offers a variety of retail and commercial banking services to individuals and businesses throughout the Greater Philadelphia and Southern New Jersey area through its wholly-owned subsidiary, Republic First Bank (“Republic” or the “Bank”) which does business under the name Republic Bank. The Company also has three unconsolidated subsidiaries, which are statutory trusts established by the Company in connection with its sponsorship of three separate issuances of trust preferred securities. | |
The Company and Republic encounter vigorous competition for market share in the geographic areas they serve from bank holding companies, national, regional and other community banks, thrift institutions, credit unions and other non-bank financial organizations, such as mutual fund companies, insurance companies and brokerage companies. | |
The Company and Republic are subject to regulations of certain state and federal agencies. These regulatory agencies periodically examine the Company and Republic for adherence to laws and regulations. As a consequence, the cost of doing business may be affected. | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Republic. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“U.S. GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to United States Securities and Exchange Commission (“SEC”) Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for financial statements for a complete fiscal year. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. All significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. The Company has evaluated subsequent events through the date of issuance of the financial data included herein. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Significant Accounting Policies [Text Block] | 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 March 31, 2015, 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. The plan terminates pursuant to its terms on November 14, 2015. | |||||||||
On April 29, 2014 the Company’s shareholders approved the 2014 Republic First Bancorp, Inc. 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. | |||||||||
During the three months ended March 31, 2015, 3,000 options were granted under the Plan with a weighted average grant date fair value of $4,819. During the three months ended March 31, 2015, 490,200 options were granted under the 2014 Plan with a weighted average grant date fair value of $747,152. | |||||||||
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 2015 and 2014 are as follows: | |||||||||
2015 | 2014 | ||||||||
Dividend yield(1) | 0 | % | 0 | % | |||||
Expected volatility(2) | 53.78% to 56.00 | % | 55.79% to 57.99 | % | |||||
Risk-free interest rate(3) | 1.49% to 1.95 | % | 1.51% to 2.13 | % | |||||
Expected life(4) (in years) | 5.5 to 7.0 | 5.5 to 7.0 | |||||||
(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 three months ended March 31, 2015 and 2014, 312,812 shares and 147,575 shares vested, respectively. Expense is recognized ratably over the period required to vest. At March 31, 2015, the intrinsic value of the 1,986,974 options outstanding was $942,801, while the intrinsic value of the 766,948 exercisable (vested) options was $301,700. During the three months ended March 31, 2015, 625 options were forfeited with a weighted average grant date fair value of $931. | |||||||||
Information regarding stock based compensation for the three months ended March 31, 2015 and 2014 is set forth below: | |||||||||
2015 | 2014 | ||||||||
Stock based compensation expense recognized | $ | 118,000 | $ | 88,000 | |||||
Number of unvested stock options | 1,220,026 | 1,116,138 | |||||||
Fair value of unvested stock options | $ | 1,911,407 | $ | 1,620,736 | |||||
Amount remaining to be recognized as expense | $ | 1,335,438 | $ | 1,021,120 | |||||
The remaining amount of $1,335,438 will be recognized ratably as expense through February 2019. | |||||||||
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 net income. For the three months ended March 31, 2015 and 2014, 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 calculations. | |||||||||
The calculation of EPS for the three months ended March 31, 2015 and 2014 is as follows (in thousands, except per share amounts): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income - basic and diluted | $ | 528 | $ | 755 | |||||
Weighted average shares outstanding | 37,816 | 25,973 | |||||||
Net income per share – basic | $ | 0.01 | $ | 0.03 | |||||
Weighted average shares outstanding (including dilutive CSEs) | 38,047 | 26,212 | |||||||
Net income per share – diluted | $ | 0.01 | $ | 0.03 | |||||
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 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 purpose of this guidance is to clarify the principles for recognizing revenue. 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, early adoption of the update will be effective for interim and annual periods beginning after December 15, 2016. For public companies that elect to defer the update, adoption will be effective for interim and annual periods beginning after December 15, 2017. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect a material impact. | |||||||||
ASU 2014-14 | |||||||||
In August 2014, the FASB issued ASU 2014-14, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure - a consensus of the FASB Emerging Issues Task Force.”The amendments in this Update address a practice issue related to the classification of certain foreclosed residential and nonresidential mortgage loans that are either fully or partially guaranteed under government programs. Specifically, creditors should reclassify loans that meet certain conditions to "other receivables" upon foreclosure, rather than reclassifying them to other real estate owned (OREO). The separate other receivable recorded upon foreclosure is to be measured based on the amount of the loan balance (principal and interest) the creditor expects to recover from the guarantor. The ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For all other entities, the amendments are effective for annual periods ending after December 15, 2015, and interim periods beginning after December 15, 2015. The Company adopted ASU 2014-14 effective January 1, 2015. The adoption of ASU 2014-14 did not have a material effect on the Company’s consolidated financial statements. |
Note_3_Legal_Proceedings
Note 3 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | 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. |
Note_4_Segment_Reporting
Note 4 - Segment Reporting | 3 Months Ended |
Mar. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 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. |
Note_5_Investment_Securities
Note 5 - Investment Securities | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5: Investment Securities | ||||||||||||||||||||||||||||||
A summary of the amortized cost and market value of securities available for sale and securities held to maturity at March 31, 2015 and December 31, 2014 is as follows: | |||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross Unrealized Gains | Gross Unrealized Losses | Fair | |||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 99,421 | $ | 1,508 | $ | (142 | ) | $ | 100,787 | ||||||||||||||||||||||
Mortgage-backed securities | 12,474 | 549 | (45 | ) | 12,978 | ||||||||||||||||||||||||||
Municipal securities | 17,031 | 404 | (47 | ) | 17,388 | ||||||||||||||||||||||||||
Corporate bonds | 33,817 | 555 | (51 | ) | 34,321 | ||||||||||||||||||||||||||
Asset-backed securities | 18,164 | 222 | - | 18,386 | |||||||||||||||||||||||||||
Trust preferred securities | 5,240 | - | (2,198 | ) | 3,042 | ||||||||||||||||||||||||||
Other securities | 115 | 7 | - | 122 | |||||||||||||||||||||||||||
Total securities available for sale | $ | 186,262 | $ | 3,245 | $ | (2,483 | ) | $ | 187,024 | ||||||||||||||||||||||
U.S. Government agencies | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||||||||
Collateralized mortgage obligations | 66,721 | 1,136 | - | 67,857 | |||||||||||||||||||||||||||
Other securities | 20 | - | - | 20 | |||||||||||||||||||||||||||
Total securities held to maturity | $ | 66,742 | $ | 1,136 | $ | - | $ | 67,878 | |||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross Unrealized Gains | Gross Unrealized Losses | Fair | |||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 98,626 | $ | 692 | $ | (96 | ) | $ | 99,222 | ||||||||||||||||||||||
Mortgage-backed securities | 13,271 | 564 | (33 | ) | 13,802 | ||||||||||||||||||||||||||
Municipal securities | 15,784 | 363 | (40 | ) | 16,107 | ||||||||||||||||||||||||||
Corporate bonds | 33,840 | 621 | (34 | ) | 34,427 | ||||||||||||||||||||||||||
Asset-backed securities | 18,353 | 152 | - | 18,505 | |||||||||||||||||||||||||||
Trust preferred securities | 5,261 | - | (2,068 | ) | 3,193 | ||||||||||||||||||||||||||
Other securities | 115 | 8 | - | 123 | |||||||||||||||||||||||||||
Total securities available for sale | $ | 185,250 | $ | 2,400 | $ | (2,271 | ) | $ | 185,379 | ||||||||||||||||||||||
U.S. Government agencies | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||||||||
Collateralized mortgage obligations | 67,845 | 531 | (144 | ) | 68,232 | ||||||||||||||||||||||||||
Other securities | 20 | - | - | 20 | |||||||||||||||||||||||||||
Total securities held to maturity | $ | 67,866 | $ | 531 | $ | (144 | ) | $ | 68,253 | ||||||||||||||||||||||
The maturity distribution of the amortized cost and estimated market value of investment securities by contractual maturity at March 31, 2015 is as follows: | |||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
Due in 1 year or less | $ | 13,398 | $ | 13,498 | $ | - | $ | - | |||||||||||||||||||||||
After 1 year to 5 years | 86,809 | 87,202 | 43,315 | 44,104 | |||||||||||||||||||||||||||
After 5 years to 10 years | 75,048 | 75,062 | 23,427 | 23,774 | |||||||||||||||||||||||||||
After 10 years | 11,007 | 11,262 | - | - | |||||||||||||||||||||||||||
Total | $ | 186,262 | $ | 187,024 | $ | 66,742 | $ | 67,878 | |||||||||||||||||||||||
Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. | |||||||||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014. In addition, the Company did not hold any private issued CMO’s as of March 31, 2015 and December 31, 2014. As of March 31, 2015 and December 31, 2014, the asset-backed securities consist 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 the three months ended March 31, 2015 amounted to $3,000. There were no impairment charges (credit losses) on trust preferred securities for the three months ended March 31, 2014. | |||||||||||||||||||||||||||||||
The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at March 31, 2015 and 2014 for which a portion of OTTI was recognized in other comprehensive income: | |||||||||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||||
Beginning Balance, January 1st | $ | 3,966 | $ | 3,959 | |||||||||||||||||||||||||||
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 3 | - | |||||||||||||||||||||||||||||
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, March 31st | $ | 3,969 | $ | 3,959 | |||||||||||||||||||||||||||
No securities were sold during the three months ended March 31, 2015 and March 31, 2014. | |||||||||||||||||||||||||||||||
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 in the available for sale and held to maturity section: | |||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||
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 | $ | 22,105 | $ | 142 | $ | - | $ | - | $ | 22,105 | $ | 142 | |||||||||||||||||||
Mortgage-backed securities | 5,128 | 24 | 1,057 | 21 | 6,185 | 45 | |||||||||||||||||||||||||
Municipal securities | 2,064 | 26 | 1,405 | 21 | 3,469 | 47 | |||||||||||||||||||||||||
Corporate bonds | 4,951 | 51 | - | - | 4,951 | 51 | |||||||||||||||||||||||||
Trust preferred securities | - | - | 3,042 | 2,198 | 3,042 | 2,198 | |||||||||||||||||||||||||
Total Available for Sale | $ | 34,248 | $ | 243 | $ | 5,504 | $ | 2,240 | $ | 39,752 | $ | 2,483 | |||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||
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 | $ | - | - | $ | - | - | $ | - | - | ||||||||||||||||||||||
Total Held to Maturity | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
At December 31, 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 | $ | 17,331 | $ | 96 | $ | - | $ | - | $ | 17,331 | $ | 96 | |||||||||||||||||||
Mortgage-backed securities | 3,997 | 2 | 1,069 | 31 | 5,066 | 33 | |||||||||||||||||||||||||
Municipal securities | 1,298 | 10 | 1,395 | 30 | 2,693 | 40 | |||||||||||||||||||||||||
Corporate bonds | 4,880 | 34 | - | - | 4,880 | 34 | |||||||||||||||||||||||||
Trust preferred securities | - | - | 3,193 | 2,068 | 3,193 | 2,068 | |||||||||||||||||||||||||
Total Available for Sale | $ | 27,506 | $ | 142 | $ | 5,657 | $ | 2,129 | $ | 33,163 | $ | 2,271 | |||||||||||||||||||
At December 31, 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 | $ | 19,766 | 92 | $ | 9,232 | 52 | $ | 28,998 | 144 | ||||||||||||||||||||||
Total Held to Maturity | $ | 19,766 | $ | 92 | $ | 9,232 | $ | 52 | $ | 28,998 | $ | 144 | |||||||||||||||||||
The impairment of the investment portfolio amounted to $2.5 million on securities with a total fair value of $39.8 million at March 31, 2015. The most significant components of this impairment are related to the trust preferred securities held in the portfolio. 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 March 31, 2015, the investment portfolio included thirty-five collateralized mortgage obligations with a total market value of $168.6 million. Four of these securities carried an unrealized loss at March 31, 2015. At March 31, 2015, the investment portfolio included forty-two mortgage-backed securities with a total market value of $13.0 million. Three of these securities carried an unrealized loss at March 31, 2015. At March 31, 2015, the investment portfolio included two asset-backed securities with a total market value of $18.4 million. None of these securities carried an unrealized loss at March 31, 2015. Management found no evidence of OTTI on any of these securities and the unrealized losses are due to changes in market value resulting from changes in market interest rates and are considered temporary as of March 31, 2015. | |||||||||||||||||||||||||||||||
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 the trust preferred securities held in the portfolio as of March 31, 2015. | |||||||||||||||||||||||||||||||
(dollars in thousands) | Class / Tranche | Amortized Cost | Fair | Unrealized Losses | Lowest Credit Rating Assigned | Number of Banks Currently Performing | Deferrals / Defaults as % of Current Balance | Cumulative OTTI Life to Date | |||||||||||||||||||||||
Value | Conditional Default Rates for 2014 and beyond | ||||||||||||||||||||||||||||||
Preferred Term Securities IV | Mezzanine Notes | $ | 49 | $ | 39 | $ | (10 | ) | B1 | 6 | 18 | % | 0.32 | % | $ | - | |||||||||||||||
Preferred Term Securities VII | Mezzanine Notes | 961 | 788 | (173 | ) | D | 12 | 50 | 0.45 | 2,173 | |||||||||||||||||||||
TPREF Funding II | Class B Notes | 732 | 371 | (361 | ) | C | 18 | 39 | 0.38 | 267 | |||||||||||||||||||||
TPREF Funding III | Class B2 Notes | 1,518 | 739 | (779 | ) | C | 15 | 36 | 0.3 | 483 | |||||||||||||||||||||
Trapeza CDO I, LLC | Class C1 Notes | 556 | 295 | (261 | ) | C | 8 | 50 | 0.31 | 470 | |||||||||||||||||||||
ALESCO Preferred Funding IV | Class B1 Notes | 604 | 396 | (208 | ) | C | 41 | 6 | 0.33 | 396 | |||||||||||||||||||||
ALESCO Preferred Funding V | Class C1 Notes | 820 | 414 | (406 | ) | C | 39 | 17 | 0.34 | 180 | |||||||||||||||||||||
Total | $ | 5,240 | $ | 3,042 | $ | (2,198 | ) | 139 | 31 | % | $ | 3,969 | |||||||||||||||||||
At March 31, 2015, the investment portfolio included thirty municipal securities with a total market value of $17.4 million. Four of these securities carried an unrealized loss at March 31, 2015. 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 and New Jersey where twenty-three municipal securities had a market value of $12.9 million. As of March 31, 2015, management found no evidence of OTTI on any of the municipal securities held in the investment securities portfolio. | |||||||||||||||||||||||||||||||
In July 2014, thirteen CMOs with a fair value of $70.1 million that were previously classified as available-for-sale were transferred to the held-to-maturity category. These securities were transferred at fair value. 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. At March 31, 2015, the fair market value of the securities transferred to held-for-maturity is $67.9 million and the unrealized gains are $79,000. |
Note_6_Loans_Receivable_and_Al
Note 6 - Loans Receivable and Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 6: Loans Receivable and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
The following table sets forth the Company’s gross loans by major categories as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 364,397 | $ | 379,259 | |||||||||||||||||||||||||||||
Construction and land development | 35,238 | 29,861 | |||||||||||||||||||||||||||||||
Commercial and industrial | 159,819 | 145,113 | |||||||||||||||||||||||||||||||
Owner occupied real estate | 188,783 | 188,025 | |||||||||||||||||||||||||||||||
Consumer and other | 40,468 | 39,713 | |||||||||||||||||||||||||||||||
Residential mortgage | 405 | 408 | |||||||||||||||||||||||||||||||
Total loans receivable | 789,110 | 782,379 | |||||||||||||||||||||||||||||||
Deferred costs (fees) | (309 | ) | (439 | ) | |||||||||||||||||||||||||||||
Allowance for loan losses | (10,944 | ) | (11,536 | ) | |||||||||||||||||||||||||||||
Net loans receivable | $ | 777,857 | $ | 770,404 | |||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Unpaid Principal Balance | Related | Recorded | Unpaid Principal Balance | Related | |||||||||||||||||||||||||||
Investment | Allowance | Investment | Allowance | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 11,764 | $ | 11,863 | $ | - | $ | 11,964 | $ | 11,969 | $ | - | |||||||||||||||||||||
Construction and land development | 155 | 3,899 | - | 61 | 158 | - | |||||||||||||||||||||||||||
Commercial and industrial | 3,943 | 5,229 | - | 3,764 | 7,275 | - | |||||||||||||||||||||||||||
Owner occupied real estate | 878 | 1,083 | - | 524 | 528 | - | |||||||||||||||||||||||||||
Consumer and other | 573 | 840 | - | 429 | 708 | - | |||||||||||||||||||||||||||
Total | $ | 17,313 | $ | 22,914 | $ | - | $ | 16,742 | $ | 20,638 | $ | - | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,013 | $ | 13,140 | $ | 3,838 | $ | 13,118 | $ | 13,245 | $ | 3,858 | |||||||||||||||||||||
Construction and land development | - | - | - | 316 | 3,741 | 217 | |||||||||||||||||||||||||||
Commercial and industrial | 1,559 | 4,226 | 308 | 1,457 | 2,057 | 211 | |||||||||||||||||||||||||||
Owner occupied real estate | 4,409 | 4,410 | 825 | 4,011 | 4,162 | 844 | |||||||||||||||||||||||||||
Consumer and other | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total | $ | 18,981 | $ | 21,776 | $ | 4,971 | $ | 18,902 | $ | 23,205 | $ | 5,130 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 24,777 | $ | 25,003 | $ | 3,838 | $ | 25,082 | $ | 25,214 | $ | 3,858 | |||||||||||||||||||||
Construction and land development | 155 | 3,899 | - | 377 | 3,899 | 217 | |||||||||||||||||||||||||||
Commercial and industrial | 5,502 | 9,455 | 308 | 5,221 | 9,332 | 211 | |||||||||||||||||||||||||||
Owner occupied real estate | 5,287 | 5,493 | 825 | 4,535 | 4,690 | 844 | |||||||||||||||||||||||||||
Consumer and other | 573 | 840 | - | 429 | 708 | - | |||||||||||||||||||||||||||
Total | $ | 36,294 | $ | 44,690 | $ | 4,971 | $ | 35,644 | $ | 43,843 | $ | 5,130 | |||||||||||||||||||||
The following table presents additional information regarding the Company’s impaired loans for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 11,864 | $ | 162 | $ | 6,772 | $ | 106 | |||||||||||||||||||||||||
Construction and land development | 108 | - | 799 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 3,854 | 21 | 2,539 | 1 | |||||||||||||||||||||||||||||
Owner occupied real estate | 701 | 1 | 678 | 5 | |||||||||||||||||||||||||||||
Consumer and other | 501 | 1 | 548 | 1 | |||||||||||||||||||||||||||||
Total | $ | 17,028 | $ | 185 | $ | 11,336 | $ | 113 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,066 | $ | - | $ | 13,173 | $ | 138 | |||||||||||||||||||||||||
Construction and land development | 158 | - | 641 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1,508 | - | 4,308 | 1 | |||||||||||||||||||||||||||||
Owner occupied real estate | 4,209 | 33 | 2,911 | 35 | |||||||||||||||||||||||||||||
Consumer and other | - | - | 101 | - | |||||||||||||||||||||||||||||
Total | $ | 18,941 | $ | 33 | $ | 21,134 | $ | 174 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 24,930 | $ | 162 | $ | 19,945 | $ | 244 | |||||||||||||||||||||||||
Construction and land development | 266 | - | 1,440 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 5,362 | 21 | 6,847 | 2 | |||||||||||||||||||||||||||||
Owner occupied real estate | 4,910 | 34 | 3,589 | 40 | |||||||||||||||||||||||||||||
Consumer and other | 501 | 1 | 649 | 1 | |||||||||||||||||||||||||||||
Total | $ | 35,969 | $ | 218 | $ | 32,470 | $ | 287 | |||||||||||||||||||||||||
If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $245,000 and $143,000 for the three months ended March 31, 2015 and 2014, 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 months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,828 | $ | 917 | $ | 1,579 | $ | 1,638 | $ | 234 | $ | 2 | $ | 338 | $ | 11,536 | |||||||||||||||||
Charge-offs | (231 | ) | (222 | ) | (169 | ) | (55 | ) | - | - | - | (677 | ) | ||||||||||||||||||||
Recoveries | 4 | 5 | 45 | - | 31 | - | - | 85 | |||||||||||||||||||||||||
Provisions (credits) | (338 | ) | (445 | ) | 469 | (5 | ) | (35 | ) | - | 354 | - | |||||||||||||||||||||
Ending balance | $ | 6,263 | $ | 255 | $ | 1,924 | $ | 1,578 | $ | 230 | $ | 2 | $ | 692 | $ | 10,944 | |||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,454 | $ | 1,948 | $ | 2,309 | $ | 985 | $ | 225 | $ | 14 | $ | 328 | $ | 12,263 | |||||||||||||||||
Charge-offs | - | (20 | ) | (283 | ) | - | (10 | ) | - | - | (313 | ) | |||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provisions (credits) | (180 | ) | (1,067 | ) | 614 | 143 | (18 | ) | (1 | ) | 509 | - | |||||||||||||||||||||
Ending balance | $ | 6,274 | $ | 861 | $ | 2,640 | $ | 1,128 | $ | 197 | $ | 13 | $ | 837 | $ | 11,950 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,838 | $ | - | $ | 294 | $ | 839 | $ | - | $ | - | $ | - | $ | 4,971 | |||||||||||||||||
Collectively evaluated for impairment | 2,425 | 255 | 1,630 | 739 | 230 | 2 | 692 | 5,973 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 6,263 | $ | 255 | $ | 1,924 | $ | 1,578 | $ | 230 | $ | 2 | $ | 692 | $ | 10,944 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 24,777 | $ | 155 | $ | 5,502 | $ | 5,287 | $ | 573 | $ | - | $ | - | $ | 36,294 | |||||||||||||||||
Loans evaluated collectively | 339,620 | 35,083 | 154,317 | 183,496 | 39,895 | 405 | - | 752,816 | |||||||||||||||||||||||||
Total loans receivable | $ | 364,397 | $ | 35,238 | $ | 159,819 | $ | 188,783 | $ | 40,468 | $ | 405 | $ | - | $ | 789,110 | |||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,858 | $ | 217 | $ | 211 | $ | 844 | $ | - | $ | - | $ | - | $ | 5,130 | |||||||||||||||||
Collectively evaluated for impairment | 2,970 | 700 | 1,368 | 794 | 234 | 2 | 338 | 6,406 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 6,828 | $ | 917 | $ | 1,579 | $ | 1,638 | $ | 234 | $ | 2 | $ | 338 | $ | 11,536 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 25,082 | $ | 377 | $ | 5,221 | $ | 4,535 | $ | 429 | $ | - | $ | - | $ | 35,644 | |||||||||||||||||
Loans evaluated collectively | 354,177 | 29,484 | 139,892 | 183,490 | 39,284 | 408 | - | 746,735 | |||||||||||||||||||||||||
Total loans receivable | $ | 379,259 | $ | 29,861 | $ | 145,113 | $ | 188,025 | $ | 39,713 | $ | 408 | $ | - | $ | 782,379 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | Greater than 90 Days | Total | Current | Total | Loans Receivable > 90 Days and Accruing | ||||||||||||||||||||||||||
Days Past Due | Days Past Due | Past Due | Loans Receivable | ||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,874 | $ | 27 | $ | 18,726 | $ | 25,627 | $ | 338,770 | $ | 364,397 | $ | 5,013 | |||||||||||||||||||
Construction and land development | 275 | - | 155 | 430 | 34,808 | 35,238 | - | ||||||||||||||||||||||||||
Commercial and industrial | 937 | 1,631 | 3,203 | 5,771 | 154,048 | 159,819 | - | ||||||||||||||||||||||||||
Owner occupied real estate | 3,622 | 209 | 2,459 | 6,290 | 182,493 | 188,783 | - | ||||||||||||||||||||||||||
Consumer and other | 147 | - | 426 | 573 | 39,895 | 40,468 | - | ||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 405 | 405 | - | ||||||||||||||||||||||||||
Total | $ | 11,855 | $ | 1,867 | $ | 24,969 | $ | 38,691 | $ | 750,419 | $ | 789,110 | $ | 5,013 | |||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | Greater than 90 Days | Total | Current | Total | Loans Receivable > 90 Days and Accruing | ||||||||||||||||||||||||||
Days Past Due | Days Past Due | Past Due | Loans Receivable | ||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 713 | $ | 11,034 | $ | 13,979 | $ | 25,726 | $ | 353,533 | $ | 379,259 | $ | - | |||||||||||||||||||
Construction and land development | - | - | 377 | 377 | 29,484 | 29,861 | - | ||||||||||||||||||||||||||
Commercial and industrial | 193 | 2,186 | 4,349 | 6,728 | 138,385 | 145,113 | - | ||||||||||||||||||||||||||
Owner occupied real estate | 626 | 812 | 2,306 | 3,744 | 184,281 | 188,025 | - | ||||||||||||||||||||||||||
Consumer and other | 149 | 30 | 429 | 608 | 39,105 | 39,713 | - | ||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 408 | 408 | - | ||||||||||||||||||||||||||
Total | $ | 1,681 | $ | 14,062 | $ | 21,440 | $ | 37,183 | $ | 745,196 | $ | 782,379 | $ | - | |||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 330,950 | $ | 8,142 | $ | 25,305 | $ | - | $ | 364,397 | |||||||||||||||||||||||
Construction and land development | 34,808 | 275 | 155 | - | 35,238 | ||||||||||||||||||||||||||||
Commercial and industrial | 153,511 | 679 | 4,200 | 1,429 | 159,819 | ||||||||||||||||||||||||||||
Owner occupied real estate | 182,649 | 847 | 5,287 | - | 188,783 | ||||||||||||||||||||||||||||
Consumer and other | 39,562 | 75 | 831 | - | 40,468 | ||||||||||||||||||||||||||||
Residential mortgage | 405 | - | - | - | 405 | ||||||||||||||||||||||||||||
Total | $ | 741,885 | $ | 10,018 | $ | 35,778 | $ | 1,429 | $ | 789,110 | |||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 345,444 | $ | 8,199 | $ | 25,616 | $ | - | $ | 379,259 | |||||||||||||||||||||||
Construction and land development | 29,484 | - | 377 | - | 29,861 | ||||||||||||||||||||||||||||
Commercial and industrial | 139,062 | 702 | 3,920 | 1,429 | 145,113 | ||||||||||||||||||||||||||||
Owner occupied real estate | 181,940 | 1,550 | 4,535 | - | 188,025 | ||||||||||||||||||||||||||||
Consumer and other | 38,951 | 75 | 687 | - | 39,713 | ||||||||||||||||||||||||||||
Residential mortgage | 408 | - | - | - | 408 | ||||||||||||||||||||||||||||
Total | $ | 735,289 | $ | 10,526 | $ | 35,135 | $ | 1,429 | $ | 782,379 | |||||||||||||||||||||||
The following table shows non-accrual loans by class as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,713 | $ | 13,979 | |||||||||||||||||||||||||||||
Construction and land development | 155 | 377 | |||||||||||||||||||||||||||||||
Commercial and industrial | 3,203 | 4,349 | |||||||||||||||||||||||||||||||
Owner occupied real estate | 2,459 | 2,306 | |||||||||||||||||||||||||||||||
Consumer and other | 426 | 429 | |||||||||||||||||||||||||||||||
Residential mortgage | - | - | |||||||||||||||||||||||||||||||
Total | $ | 19,956 | $ | 21,440 | |||||||||||||||||||||||||||||
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 at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Accrual Status | Non-Accrual Status | Total TDRs | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 6,051 | $ | - | $ | 6,051 | ||||||||||||||||||||||||||
Construction and land development | - | - | - | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | 969 | 969 | |||||||||||||||||||||||||||||
Owner occupied real estate | 1 | 1,849 | - | 1,849 | |||||||||||||||||||||||||||||
Consumer and other | - | - | - | - | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||||||
Total | 3 | $ | 7,900 | $ | 969 | $ | 8,869 | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 6,069 | $ | - | $ | 6,069 | ||||||||||||||||||||||||||
Construction and land development | - | - | - | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | 1,673 | 1,673 | |||||||||||||||||||||||||||||
Owner occupied real estate | 1 | 1,852 | - | 1,852 | |||||||||||||||||||||||||||||
Consumer and other | - | - | - | - | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||||||
Total | 3 | $ | 7,921 | $ | 1,673 | $ | 9,594 | ||||||||||||||||||||||||||
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 made during the three months ended March 31, 2015 and 2014 that met the criteria of a TDR. | |||||||||||||||||||||||||||||||||
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. There were no TDRs that subsequently defaulted during the three months ended March 31, 2015 and 2014. Partial writedowns were recorded during the year ended December 31, 2014 and the three months ended March 31, 2015, related to a TDR that subsequently defaulted in 2013. A portion of the balance was transferred to other real estate owned during the three months ended March 31, 2015. |
Note_7_Fair_Value_of_Financial
Note 7 - Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | 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 sales 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 March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||
(dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Collateralized mortgage obligations | $ | 100,787 | $ | - | $ | 100,787 | $ | - | |||||||||||||
Mortgage-backed securities | 12,978 | - | 12,978 | - | |||||||||||||||||
Municipal securities | 17,388 | - | 17,388 | - | |||||||||||||||||
Corporate bonds | 34,321 | - | 31,315 | 3,006 | |||||||||||||||||
Asset-backed securities | 18,386 | - | 18,386 | - | |||||||||||||||||
Trust Preferred Securities | 3,042 | - | - | 3,042 | |||||||||||||||||
Other securities | 122 | - | 122 | - | |||||||||||||||||
Securities Available for Sale | $ | 187,024 | $ | - | $ | 180,976 | $ | 6,048 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||
Collateralized mortgage obligations | $ | 99,222 | $ | - | $ | 99,222 | $ | - | |||||||||||||
Mortgage-backed securities | 13,802 | - | 13,802 | - | |||||||||||||||||
Municipal securities | 16,107 | - | 16,107 | - | |||||||||||||||||
Corporate bonds | 34,427 | - | 31,422 | 3,005 | |||||||||||||||||
Asset-backed securities | 18,505 | - | 18,505 | - | |||||||||||||||||
Trust Preferred Securities | 3,193 | - | - | 3,193 | |||||||||||||||||
Other securities | 123 | - | 123 | - | |||||||||||||||||
Securities Available for Sale | $ | 185,379 | $ | - | $ | 179,181 | $ | 6,198 | |||||||||||||
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 months ended March 31, 2015 and 2014: | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||
Level 3 Investments Only | Trust Preferred Securities | Corporate | Trust Preferred Securities | Corporate | |||||||||||||||||
(dollars in thousands) | Bonds | Bonds | |||||||||||||||||||
Balance, January 1st | $ | 3,193 | $ | 3,005 | $ | 2,850 | $ | 3,006 | |||||||||||||
Unrealized (losses) gains | (129 | ) | 1 | (43 | ) | - | |||||||||||||||
Paydowns | (19 | ) | - | - | - | ||||||||||||||||
Impairment charges on Level 3 | (3 | ) | - | - | - | ||||||||||||||||
Balance, March 31st | $ | 3,042 | $ | 3,006 | $ | 2,807 | $ | 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 March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||
(dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Impaired loans | $ | 15,718 | $ | - | $ | - | $ | 15,718 | |||||||||||||
Other real estate owned | 1,141 | - | - | 1,141 | |||||||||||||||||
SBA servicing assets | 4,267 | - | - | 4,267 | |||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Impaired loans | $ | 15,838 | $ | - | $ | - | $ | 15,838 | |||||||||||||
Other real estate owned | 2,135 | - | - | 2,135 | |||||||||||||||||
SBA servicing assets | 4,099 | - | - | 4,099 | |||||||||||||||||
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 Technique | Unobservable Input | Range Weighted Average | |||||||||||||||||
March 31, 2015: | |||||||||||||||||||||
Impaired loans | $ | 15,718 | Fair Value of Collateral (1) | Appraised Value (2) | 16% | - | 91% | -31% | -4 | ||||||||||||
Other real estate owned | $ | 1,141 | Fair Value of Collateral (1) | Appraised Value (2) Sales Price | 7% | - | 28% | -12% | -4 | ||||||||||||
SBA Servicing Assets | $ | 4,267 | Fair Value | Individual Loan Valuation (3) | -3 | ||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Impaired loans | $ | 15,838 | Fair Value of Collateral (1) | Appraised Value (2) | 0% | - | 89% | -30% | -4 | ||||||||||||
Other real estate owned | $ | 2,135 | Fair Value of Collateral (1) | Appraised Value (2) Sales Price | 7% | - | 39% | -22% | -4 | ||||||||||||
SBA Servicing Assets | $ | 4,099 | Fair Value | Individual Loan Valuation (3) | -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 months ended March 31, 2015 and 2014: | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
(dollars in thousands) | 2015 | 2014 | |||||||||||||||||||
Beginning balance | $ | 4,099 | $ | 3,477 | |||||||||||||||||
Additions | 135 | 304 | |||||||||||||||||||
Fair value adjustments | 33 | 24 | |||||||||||||||||||
Ending balance | $ | 4,267 | $ | 3,805 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014. | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. Financial information on the issuers was also obtained from Bloomberg, the FDIC, 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 three months ended March 31, 2015 and the year ended December 31, 2014. | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 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 March 31, 2015 and December 31, 2014, 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) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||
SBA Servicing Asset | |||||||||||||||||||||
Fair Value of SBA Servicing Asset | $ | 4,267 | $ | 4,099 | |||||||||||||||||
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 (in years) | 21.1 | 21.2 | |||||||||||||||||||
Prepayment Speed | 7.76 | % | 7.45 | % | |||||||||||||||||
Effect on fair value of a 10% increase | $ | (132 | ) | $ | (116 | ) | |||||||||||||||
Effect on fair value of a 20% increase | (256 | ) | (226 | ) | |||||||||||||||||
Weighted Average Discount Rate | 11.31 | % | 12.48 | % | |||||||||||||||||
Effect on fair value of a 10% increase | $ | (214 | ) | $ | (195 | ) | |||||||||||||||
Effect on fair value of a 20% increase | (413 | ) | (378 | ) | |||||||||||||||||
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 its 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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||
Fair Value Measurements at March 31, 2015 | |||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 162,528 | $ | 162,528 | $ | 162,528 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 187,024 | 187,024 | - | 180,976 | 6,048 | ||||||||||||||||
Investment securities held to maturity | 66,742 | 67,878 | - | 67,878 | - | ||||||||||||||||
Restricted stock | 1,157 | 1,157 | - | 1,157 | - | ||||||||||||||||
Loans held for sale | 4,955 | 5,426 | - | - | 5,426 | ||||||||||||||||
Loans receivable, net | 777,857 | 767,153 | - | - | 767,153 | ||||||||||||||||
SBA servicing assets | 4,267 | 4,267 | - | - | 4,267 | ||||||||||||||||
Accrued interest receivable | 3,401 | 3,401 | - | 3,401 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Demand, savings and money market | $ | 1,046,764 | $ | 1,046,764 | $ | - | $ | 1,046,764 | $ | - | |||||||||||
Time | 74,633 | 74,837 | - | 74,837 | - | ||||||||||||||||
Subordinated debt | 22,476 | 18,570 | - | - | 18,570 | ||||||||||||||||
Accrued interest payable | 260 | 260 | - | 260 | - | ||||||||||||||||
Off-Balance Sheet Data | |||||||||||||||||||||
Commitments to extend credit | - | - | |||||||||||||||||||
Standby letters-of-credit | - | - | |||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 128,826 | $ | 128,826 | $ | 128,826 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 185,379 | 185,379 | - | 179,181 | 6,198 | ||||||||||||||||
Investment securities held to maturity | 67,866 | 68,253 | - | 68,253 | - | ||||||||||||||||
Restricted stock | 1,157 | 1,157 | - | 1,157 | - | ||||||||||||||||
Loans held for sale | 1,676 | 1,699 | - | - | 1,699 | ||||||||||||||||
Loans receivable, net | 770,404 | 760,163 | - | - | 760,163 | ||||||||||||||||
SBA servicing assets | 4,099 | 4,099 | - | - | 4,099 | ||||||||||||||||
Accrued interest receivable | 3,226 | 3,226 | - | 3,226 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Demand, savings and money market | $ | 996,861 | $ | 996,861 | $ | - | $ | 996,861 | $ | - | |||||||||||
Time | 75,369 | 75,592 | - | 75,592 | - | ||||||||||||||||
Subordinated debt | 22,476 | 18,221 | - | - | 18,221 | ||||||||||||||||
Accrued interest payable | 265 | 265 | - | 265 | - | ||||||||||||||||
Off-Balance Sheet Data | |||||||||||||||||||||
Commitments to extend credit | - | - | |||||||||||||||||||
Standby letters-of-credit | - | - | |||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Risks and Uncertainties and Certain Significant Estimates [Policy Text Block] | 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, Policy [Policy Text Block] | 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. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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 March 31, 2015, 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. The plan terminates pursuant to its terms on November 14, 2015. | |||||||||
On April 29, 2014 the Company’s shareholders approved the 2014 Republic First Bancorp, Inc. 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. | |||||||||
During the three months ended March 31, 2015, 3,000 options were granted under the Plan with a weighted average grant date fair value of $4,819. During the three months ended March 31, 2015, 490,200 options were granted under the 2014 Plan with a weighted average grant date fair value of $747,152. | |||||||||
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 2015 and 2014 are as follows: | |||||||||
2015 | 2014 | ||||||||
Dividend yield(1) | 0 | % | 0 | % | |||||
Expected volatility(2) | 53.78% to 56.00 | % | 55.79% to 57.99 | % | |||||
Risk-free interest rate(3) | 1.49% to 1.95 | % | 1.51% to 2.13 | % | |||||
Expected life(4) (in years) | 5.5 to 7.0 | 5.5 to 7.0 | |||||||
(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 three months ended March 31, 2015 and 2014, 312,812 shares and 147,575 shares vested, respectively. Expense is recognized ratably over the period required to vest. At March 31, 2015, the intrinsic value of the 1,986,974 options outstanding was $942,801, while the intrinsic value of the 766,948 exercisable (vested) options was $301,700. During the three months ended March 31, 2015, 625 options were forfeited with a weighted average grant date fair value of $931. | |||||||||
Information regarding stock based compensation for the three months ended March 31, 2015 and 2014 is set forth below: | |||||||||
2015 | 2014 | ||||||||
Stock based compensation expense recognized | $ | 118,000 | $ | 88,000 | |||||
Number of unvested stock options | 1,220,026 | 1,116,138 | |||||||
Fair value of unvested stock options | $ | 1,911,407 | $ | 1,620,736 | |||||
Amount remaining to be recognized as expense | $ | 1,335,438 | $ | 1,021,120 | |||||
The remaining amount of $1,335,438 will be recognized ratably as expense through February 2019. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | 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 net income. For the three months ended March 31, 2015 and 2014, 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 calculations. | |||||||||
The calculation of EPS for the three months ended March 31, 2015 and 2014 is as follows (in thousands, except per share amounts): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income - basic and diluted | $ | 528 | $ | 755 | |||||
Weighted average shares outstanding | 37,816 | 25,973 | |||||||
Net income per share – basic | $ | 0.01 | $ | 0.03 | |||||
Weighted average shares outstanding (including dilutive CSEs) | 38,047 | 26,212 | |||||||
Net income per share – diluted | $ | 0.01 | $ | 0.03 | |||||
New Accounting Pronouncements, Policy [Policy Text Block] | 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 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 purpose of this guidance is to clarify the principles for recognizing revenue. 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, early adoption of the update will be effective for interim and annual periods beginning after December 15, 2016. For public companies that elect to defer the update, adoption will be effective for interim and annual periods beginning after December 15, 2017. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect a material impact. | |||||||||
ASU 2014-14 | |||||||||
In August 2014, the FASB issued ASU 2014-14, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure - a consensus of the FASB Emerging Issues Task Force.”The amendments in this Update address a practice issue related to the classification of certain foreclosed residential and nonresidential mortgage loans that are either fully or partially guaranteed under government programs. Specifically, creditors should reclassify loans that meet certain conditions to "other receivables" upon foreclosure, rather than reclassifying them to other real estate owned (OREO). The separate other receivable recorded upon foreclosure is to be measured based on the amount of the loan balance (principal and interest) the creditor expects to recover from the guarantor. The ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For all other entities, the amendments are effective for annual periods ending after December 15, 2015, and interim periods beginning after December 15, 2015. The Company adopted ASU 2014-14 effective January 1, 2015. The adoption of ASU 2014-14 did not have a material effect on the Company’s consolidated financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 | 2014 | |||||||
Dividend yield(1) | 0 | % | 0 | % | |||||
Expected volatility(2) | 53.78% to 56.00 | % | 55.79% to 57.99 | % | |||||
Risk-free interest rate(3) | 1.49% to 1.95 | % | 1.51% to 2.13 | % | |||||
Expected life(4) (in years) | 5.5 to 7.0 | 5.5 to 7.0 | |||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | 2015 | 2014 | |||||||
Stock based compensation expense recognized | $ | 118,000 | $ | 88,000 | |||||
Number of unvested stock options | 1,220,026 | 1,116,138 | |||||||
Fair value of unvested stock options | $ | 1,911,407 | $ | 1,620,736 | |||||
Amount remaining to be recognized as expense | $ | 1,335,438 | $ | 1,021,120 | |||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Net income - basic and diluted | $ | 528 | $ | 755 | |||||
Weighted average shares outstanding | 37,816 | 25,973 | |||||||
Net income per share – basic | $ | 0.01 | $ | 0.03 | |||||
Weighted average shares outstanding (including dilutive CSEs) | 38,047 | 26,212 | |||||||
Net income per share – diluted | $ | 0.01 | $ | 0.03 |
Note_5_Investment_Securities_T
Note 5 - Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | At March 31, 2015 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross Unrealized Gains | Gross Unrealized Losses | Fair | |||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 99,421 | $ | 1,508 | $ | (142 | ) | $ | 100,787 | ||||||||||||||||||||||
Mortgage-backed securities | 12,474 | 549 | (45 | ) | 12,978 | ||||||||||||||||||||||||||
Municipal securities | 17,031 | 404 | (47 | ) | 17,388 | ||||||||||||||||||||||||||
Corporate bonds | 33,817 | 555 | (51 | ) | 34,321 | ||||||||||||||||||||||||||
Asset-backed securities | 18,164 | 222 | - | 18,386 | |||||||||||||||||||||||||||
Trust preferred securities | 5,240 | - | (2,198 | ) | 3,042 | ||||||||||||||||||||||||||
Other securities | 115 | 7 | - | 122 | |||||||||||||||||||||||||||
Total securities available for sale | $ | 186,262 | $ | 3,245 | $ | (2,483 | ) | $ | 187,024 | ||||||||||||||||||||||
U.S. Government agencies | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||||||||
Collateralized mortgage obligations | 66,721 | 1,136 | - | 67,857 | |||||||||||||||||||||||||||
Other securities | 20 | - | - | 20 | |||||||||||||||||||||||||||
Total securities held to maturity | $ | 66,742 | $ | 1,136 | $ | - | $ | 67,878 | |||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross Unrealized Gains | Gross Unrealized Losses | Fair | |||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 98,626 | $ | 692 | $ | (96 | ) | $ | 99,222 | ||||||||||||||||||||||
Mortgage-backed securities | 13,271 | 564 | (33 | ) | 13,802 | ||||||||||||||||||||||||||
Municipal securities | 15,784 | 363 | (40 | ) | 16,107 | ||||||||||||||||||||||||||
Corporate bonds | 33,840 | 621 | (34 | ) | 34,427 | ||||||||||||||||||||||||||
Asset-backed securities | 18,353 | 152 | - | 18,505 | |||||||||||||||||||||||||||
Trust preferred securities | 5,261 | - | (2,068 | ) | 3,193 | ||||||||||||||||||||||||||
Other securities | 115 | 8 | - | 123 | |||||||||||||||||||||||||||
Total securities available for sale | $ | 185,250 | $ | 2,400 | $ | (2,271 | ) | $ | 185,379 | ||||||||||||||||||||||
U.S. Government agencies | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||||||||
Collateralized mortgage obligations | 67,845 | 531 | (144 | ) | 68,232 | ||||||||||||||||||||||||||
Other securities | 20 | - | - | 20 | |||||||||||||||||||||||||||
Total securities held to maturity | $ | 67,866 | $ | 531 | $ | (144 | ) | $ | 68,253 | ||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale | Held to Maturity | |||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
Due in 1 year or less | $ | 13,398 | $ | 13,498 | $ | - | $ | - | |||||||||||||||||||||||
After 1 year to 5 years | 86,809 | 87,202 | 43,315 | 44,104 | |||||||||||||||||||||||||||
After 5 years to 10 years | 75,048 | 75,062 | 23,427 | 23,774 | |||||||||||||||||||||||||||
After 10 years | 11,007 | 11,262 | - | - | |||||||||||||||||||||||||||
Total | $ | 186,262 | $ | 187,024 | $ | 66,742 | $ | 67,878 | |||||||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | (dollars in thousands) | 2015 | 2014 | ||||||||||||||||||||||||||||
Beginning Balance, January 1st | $ | 3,966 | $ | 3,959 | |||||||||||||||||||||||||||
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 3 | - | |||||||||||||||||||||||||||||
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, March 31st | $ | 3,969 | $ | 3,959 | |||||||||||||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At March 31, 2015 | ||||||||||||||||||||||||||||||
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 | $ | 22,105 | $ | 142 | $ | - | $ | - | $ | 22,105 | $ | 142 | |||||||||||||||||||
Mortgage-backed securities | 5,128 | 24 | 1,057 | 21 | 6,185 | 45 | |||||||||||||||||||||||||
Municipal securities | 2,064 | 26 | 1,405 | 21 | 3,469 | 47 | |||||||||||||||||||||||||
Corporate bonds | 4,951 | 51 | - | - | 4,951 | 51 | |||||||||||||||||||||||||
Trust preferred securities | - | - | 3,042 | 2,198 | 3,042 | 2,198 | |||||||||||||||||||||||||
Total Available for Sale | $ | 34,248 | $ | 243 | $ | 5,504 | $ | 2,240 | $ | 39,752 | $ | 2,483 | |||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||
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 | $ | - | - | $ | - | - | $ | - | - | ||||||||||||||||||||||
Total Held to Maturity | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
At December 31, 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 | $ | 17,331 | $ | 96 | $ | - | $ | - | $ | 17,331 | $ | 96 | |||||||||||||||||||
Mortgage-backed securities | 3,997 | 2 | 1,069 | 31 | 5,066 | 33 | |||||||||||||||||||||||||
Municipal securities | 1,298 | 10 | 1,395 | 30 | 2,693 | 40 | |||||||||||||||||||||||||
Corporate bonds | 4,880 | 34 | - | - | 4,880 | 34 | |||||||||||||||||||||||||
Trust preferred securities | - | - | 3,193 | 2,068 | 3,193 | 2,068 | |||||||||||||||||||||||||
Total Available for Sale | $ | 27,506 | $ | 142 | $ | 5,657 | $ | 2,129 | $ | 33,163 | $ | 2,271 | |||||||||||||||||||
At December 31, 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 | $ | 19,766 | 92 | $ | 9,232 | 52 | $ | 28,998 | 144 | ||||||||||||||||||||||
Total Held to Maturity | $ | 19,766 | $ | 92 | $ | 9,232 | $ | 52 | $ | 28,998 | $ | 144 | |||||||||||||||||||
Schedule of Trust Preferred Securities [Table Text Block] | (dollars in thousands) | Class / Tranche | Amortized Cost | Fair | Unrealized Losses | Lowest Credit Rating Assigned | Number of Banks Currently Performing | Deferrals / Defaults as % of Current Balance | Cumulative OTTI Life to Date | ||||||||||||||||||||||
Value | Conditional Default Rates for 2014 and beyond | ||||||||||||||||||||||||||||||
Preferred Term Securities IV | Mezzanine Notes | $ | 49 | $ | 39 | $ | (10 | ) | B1 | 6 | 18 | % | 0.32 | % | $ | - | |||||||||||||||
Preferred Term Securities VII | Mezzanine Notes | 961 | 788 | (173 | ) | D | 12 | 50 | 0.45 | 2,173 | |||||||||||||||||||||
TPREF Funding II | Class B Notes | 732 | 371 | (361 | ) | C | 18 | 39 | 0.38 | 267 | |||||||||||||||||||||
TPREF Funding III | Class B2 Notes | 1,518 | 739 | (779 | ) | C | 15 | 36 | 0.3 | 483 | |||||||||||||||||||||
Trapeza CDO I, LLC | Class C1 Notes | 556 | 295 | (261 | ) | C | 8 | 50 | 0.31 | 470 | |||||||||||||||||||||
ALESCO Preferred Funding IV | Class B1 Notes | 604 | 396 | (208 | ) | C | 41 | 6 | 0.33 | 396 | |||||||||||||||||||||
ALESCO Preferred Funding V | Class C1 Notes | 820 | 414 | (406 | ) | C | 39 | 17 | 0.34 | 180 | |||||||||||||||||||||
Total | $ | 5,240 | $ | 3,042 | $ | (2,198 | ) | 139 | 31 | % | $ | 3,969 |
Note_6_Loans_Receivable_and_Al1
Note 6 - Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 364,397 | $ | 379,259 | |||||||||||||||||||||||||||||
Construction and land development | 35,238 | 29,861 | |||||||||||||||||||||||||||||||
Commercial and industrial | 159,819 | 145,113 | |||||||||||||||||||||||||||||||
Owner occupied real estate | 188,783 | 188,025 | |||||||||||||||||||||||||||||||
Consumer and other | 40,468 | 39,713 | |||||||||||||||||||||||||||||||
Residential mortgage | 405 | 408 | |||||||||||||||||||||||||||||||
Total loans receivable | 789,110 | 782,379 | |||||||||||||||||||||||||||||||
Deferred costs (fees) | (309 | ) | (439 | ) | |||||||||||||||||||||||||||||
Allowance for loan losses | (10,944 | ) | (11,536 | ) | |||||||||||||||||||||||||||||
Net loans receivable | $ | 777,857 | $ | 770,404 | |||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | March 31, 2015 | 31-Dec-14 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded | Unpaid Principal Balance | Related | Recorded | Unpaid Principal Balance | Related | |||||||||||||||||||||||||||
Investment | Allowance | Investment | Allowance | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 11,764 | $ | 11,863 | $ | - | $ | 11,964 | $ | 11,969 | $ | - | |||||||||||||||||||||
Construction and land development | 155 | 3,899 | - | 61 | 158 | - | |||||||||||||||||||||||||||
Commercial and industrial | 3,943 | 5,229 | - | 3,764 | 7,275 | - | |||||||||||||||||||||||||||
Owner occupied real estate | 878 | 1,083 | - | 524 | 528 | - | |||||||||||||||||||||||||||
Consumer and other | 573 | 840 | - | 429 | 708 | - | |||||||||||||||||||||||||||
Total | $ | 17,313 | $ | 22,914 | $ | - | $ | 16,742 | $ | 20,638 | $ | - | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,013 | $ | 13,140 | $ | 3,838 | $ | 13,118 | $ | 13,245 | $ | 3,858 | |||||||||||||||||||||
Construction and land development | - | - | - | 316 | 3,741 | 217 | |||||||||||||||||||||||||||
Commercial and industrial | 1,559 | 4,226 | 308 | 1,457 | 2,057 | 211 | |||||||||||||||||||||||||||
Owner occupied real estate | 4,409 | 4,410 | 825 | 4,011 | 4,162 | 844 | |||||||||||||||||||||||||||
Consumer and other | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total | $ | 18,981 | $ | 21,776 | $ | 4,971 | $ | 18,902 | $ | 23,205 | $ | 5,130 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 24,777 | $ | 25,003 | $ | 3,838 | $ | 25,082 | $ | 25,214 | $ | 3,858 | |||||||||||||||||||||
Construction and land development | 155 | 3,899 | - | 377 | 3,899 | 217 | |||||||||||||||||||||||||||
Commercial and industrial | 5,502 | 9,455 | 308 | 5,221 | 9,332 | 211 | |||||||||||||||||||||||||||
Owner occupied real estate | 5,287 | 5,493 | 825 | 4,535 | 4,690 | 844 | |||||||||||||||||||||||||||
Consumer and other | 573 | 840 | - | 429 | 708 | - | |||||||||||||||||||||||||||
Total | $ | 36,294 | $ | 44,690 | $ | 4,971 | $ | 35,644 | $ | 43,843 | $ | 5,130 | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 11,864 | $ | 162 | $ | 6,772 | $ | 106 | |||||||||||||||||||||||||
Construction and land development | 108 | - | 799 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 3,854 | 21 | 2,539 | 1 | |||||||||||||||||||||||||||||
Owner occupied real estate | 701 | 1 | 678 | 5 | |||||||||||||||||||||||||||||
Consumer and other | 501 | 1 | 548 | 1 | |||||||||||||||||||||||||||||
Total | $ | 17,028 | $ | 185 | $ | 11,336 | $ | 113 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,066 | $ | - | $ | 13,173 | $ | 138 | |||||||||||||||||||||||||
Construction and land development | 158 | - | 641 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1,508 | - | 4,308 | 1 | |||||||||||||||||||||||||||||
Owner occupied real estate | 4,209 | 33 | 2,911 | 35 | |||||||||||||||||||||||||||||
Consumer and other | - | - | 101 | - | |||||||||||||||||||||||||||||
Total | $ | 18,941 | $ | 33 | $ | 21,134 | $ | 174 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 24,930 | $ | 162 | $ | 19,945 | $ | 244 | |||||||||||||||||||||||||
Construction and land development | 266 | - | 1,440 | - | |||||||||||||||||||||||||||||
Commercial and industrial | 5,362 | 21 | 6,847 | 2 | |||||||||||||||||||||||||||||
Owner occupied real estate | 4,910 | 34 | 3,589 | 40 | |||||||||||||||||||||||||||||
Consumer and other | 501 | 1 | 649 | 1 | |||||||||||||||||||||||||||||
Total | $ | 35,969 | $ | 218 | $ | 32,470 | $ | 287 | |||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | ||||||||||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,828 | $ | 917 | $ | 1,579 | $ | 1,638 | $ | 234 | $ | 2 | $ | 338 | $ | 11,536 | |||||||||||||||||
Charge-offs | (231 | ) | (222 | ) | (169 | ) | (55 | ) | - | - | - | (677 | ) | ||||||||||||||||||||
Recoveries | 4 | 5 | 45 | - | 31 | - | - | 85 | |||||||||||||||||||||||||
Provisions (credits) | (338 | ) | (445 | ) | 469 | (5 | ) | (35 | ) | - | 354 | - | |||||||||||||||||||||
Ending balance | $ | 6,263 | $ | 255 | $ | 1,924 | $ | 1,578 | $ | 230 | $ | 2 | $ | 692 | $ | 10,944 | |||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,454 | $ | 1,948 | $ | 2,309 | $ | 985 | $ | 225 | $ | 14 | $ | 328 | $ | 12,263 | |||||||||||||||||
Charge-offs | - | (20 | ) | (283 | ) | - | (10 | ) | - | - | (313 | ) | |||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provisions (credits) | (180 | ) | (1,067 | ) | 614 | 143 | (18 | ) | (1 | ) | 509 | - | |||||||||||||||||||||
Ending balance | $ | 6,274 | $ | 861 | $ | 2,640 | $ | 1,128 | $ | 197 | $ | 13 | $ | 837 | $ | 11,950 | |||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,838 | $ | - | $ | 294 | $ | 839 | $ | - | $ | - | $ | - | $ | 4,971 | |||||||||||||||||
Collectively evaluated for impairment | 2,425 | 255 | 1,630 | 739 | 230 | 2 | 692 | 5,973 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 6,263 | $ | 255 | $ | 1,924 | $ | 1,578 | $ | 230 | $ | 2 | $ | 692 | $ | 10,944 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 24,777 | $ | 155 | $ | 5,502 | $ | 5,287 | $ | 573 | $ | - | $ | - | $ | 36,294 | |||||||||||||||||
Loans evaluated collectively | 339,620 | 35,083 | 154,317 | 183,496 | 39,895 | 405 | - | 752,816 | |||||||||||||||||||||||||
Total loans receivable | $ | 364,397 | $ | 35,238 | $ | 159,819 | $ | 188,783 | $ | 40,468 | $ | 405 | $ | - | $ | 789,110 | |||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,858 | $ | 217 | $ | 211 | $ | 844 | $ | - | $ | - | $ | - | $ | 5,130 | |||||||||||||||||
Collectively evaluated for impairment | 2,970 | 700 | 1,368 | 794 | 234 | 2 | 338 | 6,406 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 6,828 | $ | 917 | $ | 1,579 | $ | 1,638 | $ | 234 | $ | 2 | $ | 338 | $ | 11,536 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 25,082 | $ | 377 | $ | 5,221 | $ | 4,535 | $ | 429 | $ | - | $ | - | $ | 35,644 | |||||||||||||||||
Loans evaluated collectively | 354,177 | 29,484 | 139,892 | 183,490 | 39,284 | 408 | - | 746,735 | |||||||||||||||||||||||||
Total loans receivable | $ | 379,259 | $ | 29,861 | $ | 145,113 | $ | 188,025 | $ | 39,713 | $ | 408 | $ | - | $ | 782,379 | |||||||||||||||||
Past Due Financing Receivables [Table Text Block] | (dollars in thousands) | 30-59 | 60-89 | Greater than 90 Days | Total | Current | Total | Loans Receivable > 90 Days and Accruing | |||||||||||||||||||||||||
Days Past Due | Days Past Due | Past Due | Loans Receivable | ||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,874 | $ | 27 | $ | 18,726 | $ | 25,627 | $ | 338,770 | $ | 364,397 | $ | 5,013 | |||||||||||||||||||
Construction and land development | 275 | - | 155 | 430 | 34,808 | 35,238 | - | ||||||||||||||||||||||||||
Commercial and industrial | 937 | 1,631 | 3,203 | 5,771 | 154,048 | 159,819 | - | ||||||||||||||||||||||||||
Owner occupied real estate | 3,622 | 209 | 2,459 | 6,290 | 182,493 | 188,783 | - | ||||||||||||||||||||||||||
Consumer and other | 147 | - | 426 | 573 | 39,895 | 40,468 | - | ||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 405 | 405 | - | ||||||||||||||||||||||||||
Total | $ | 11,855 | $ | 1,867 | $ | 24,969 | $ | 38,691 | $ | 750,419 | $ | 789,110 | $ | 5,013 | |||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | Greater than 90 Days | Total | Current | Total | Loans Receivable > 90 Days and Accruing | ||||||||||||||||||||||||||
Days Past Due | Days Past Due | Past Due | Loans Receivable | ||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 713 | $ | 11,034 | $ | 13,979 | $ | 25,726 | $ | 353,533 | $ | 379,259 | $ | - | |||||||||||||||||||
Construction and land development | - | - | 377 | 377 | 29,484 | 29,861 | - | ||||||||||||||||||||||||||
Commercial and industrial | 193 | 2,186 | 4,349 | 6,728 | 138,385 | 145,113 | - | ||||||||||||||||||||||||||
Owner occupied real estate | 626 | 812 | 2,306 | 3,744 | 184,281 | 188,025 | - | ||||||||||||||||||||||||||
Consumer and other | 149 | 30 | 429 | 608 | 39,105 | 39,713 | - | ||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 408 | 408 | - | ||||||||||||||||||||||||||
Total | $ | 1,681 | $ | 14,062 | $ | 21,440 | $ | 37,183 | $ | 745,196 | $ | 782,379 | $ | - | |||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||
At March 31, 2015: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 330,950 | $ | 8,142 | $ | 25,305 | $ | - | $ | 364,397 | |||||||||||||||||||||||
Construction and land development | 34,808 | 275 | 155 | - | 35,238 | ||||||||||||||||||||||||||||
Commercial and industrial | 153,511 | 679 | 4,200 | 1,429 | 159,819 | ||||||||||||||||||||||||||||
Owner occupied real estate | 182,649 | 847 | 5,287 | - | 188,783 | ||||||||||||||||||||||||||||
Consumer and other | 39,562 | 75 | 831 | - | 40,468 | ||||||||||||||||||||||||||||
Residential mortgage | 405 | - | - | - | 405 | ||||||||||||||||||||||||||||
Total | $ | 741,885 | $ | 10,018 | $ | 35,778 | $ | 1,429 | $ | 789,110 | |||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||
At December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 345,444 | $ | 8,199 | $ | 25,616 | $ | - | $ | 379,259 | |||||||||||||||||||||||
Construction and land development | 29,484 | - | 377 | - | 29,861 | ||||||||||||||||||||||||||||
Commercial and industrial | 139,062 | 702 | 3,920 | 1,429 | 145,113 | ||||||||||||||||||||||||||||
Owner occupied real estate | 181,940 | 1,550 | 4,535 | - | 188,025 | ||||||||||||||||||||||||||||
Consumer and other | 38,951 | 75 | 687 | - | 39,713 | ||||||||||||||||||||||||||||
Residential mortgage | 408 | - | - | - | 408 | ||||||||||||||||||||||||||||
Total | $ | 735,289 | $ | 10,526 | $ | 35,135 | $ | 1,429 | $ | 782,379 | |||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (dollars in thousands) | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,713 | $ | 13,979 | |||||||||||||||||||||||||||||
Construction and land development | 155 | 377 | |||||||||||||||||||||||||||||||
Commercial and industrial | 3,203 | 4,349 | |||||||||||||||||||||||||||||||
Owner occupied real estate | 2,459 | 2,306 | |||||||||||||||||||||||||||||||
Consumer and other | 426 | 429 | |||||||||||||||||||||||||||||||
Residential mortgage | - | - | |||||||||||||||||||||||||||||||
Total | $ | 19,956 | $ | 21,440 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (dollars in thousands) | Number of Loans | Accrual Status | Non-Accrual Status | Total TDRs | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 6,051 | $ | - | $ | 6,051 | ||||||||||||||||||||||||||
Construction and land development | - | - | - | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | 969 | 969 | |||||||||||||||||||||||||||||
Owner occupied real estate | 1 | 1,849 | - | 1,849 | |||||||||||||||||||||||||||||
Consumer and other | - | - | - | - | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||||||
Total | 3 | $ | 7,900 | $ | 969 | $ | 8,869 | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 6,069 | $ | - | $ | 6,069 | ||||||||||||||||||||||||||
Construction and land development | - | - | - | - | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | 1,673 | 1,673 | |||||||||||||||||||||||||||||
Owner occupied real estate | 1 | 1,852 | - | 1,852 | |||||||||||||||||||||||||||||
Consumer and other | - | - | - | - | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||||||
Total | 3 | $ | 7,921 | $ | 1,673 | $ | 9,594 |
Note_7_Fair_Value_of_Financial1
Note 7 - Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Collateralized mortgage obligations | $ | 100,787 | $ | - | $ | 100,787 | $ | - | |||||||||||||
Mortgage-backed securities | 12,978 | - | 12,978 | - | |||||||||||||||||
Municipal securities | 17,388 | - | 17,388 | - | |||||||||||||||||
Corporate bonds | 34,321 | - | 31,315 | 3,006 | |||||||||||||||||
Asset-backed securities | 18,386 | - | 18,386 | - | |||||||||||||||||
Trust Preferred Securities | 3,042 | - | - | 3,042 | |||||||||||||||||
Other securities | 122 | - | 122 | - | |||||||||||||||||
Securities Available for Sale | $ | 187,024 | $ | - | $ | 180,976 | $ | 6,048 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||
Collateralized mortgage obligations | $ | 99,222 | $ | - | $ | 99,222 | $ | - | |||||||||||||
Mortgage-backed securities | 13,802 | - | 13,802 | - | |||||||||||||||||
Municipal securities | 16,107 | - | 16,107 | - | |||||||||||||||||
Corporate bonds | 34,427 | - | 31,422 | 3,005 | |||||||||||||||||
Asset-backed securities | 18,505 | - | 18,505 | - | |||||||||||||||||
Trust Preferred Securities | 3,193 | - | - | 3,193 | |||||||||||||||||
Other securities | 123 | - | 123 | - | |||||||||||||||||
Securities Available for Sale | $ | 185,379 | $ | - | $ | 179,181 | $ | 6,198 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended | Three Months Ended | |||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||
Level 3 Investments Only | Trust Preferred Securities | Corporate | Trust Preferred Securities | Corporate | |||||||||||||||||
(dollars in thousands) | Bonds | Bonds | |||||||||||||||||||
Balance, January 1st | $ | 3,193 | $ | 3,005 | $ | 2,850 | $ | 3,006 | |||||||||||||
Unrealized (losses) gains | (129 | ) | 1 | (43 | ) | - | |||||||||||||||
Paydowns | (19 | ) | - | - | - | ||||||||||||||||
Impairment charges on Level 3 | (3 | ) | - | - | - | ||||||||||||||||
Balance, March 31st | $ | 3,042 | $ | 3,006 | $ | 2,807 | $ | 3,006 | |||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Impaired loans | $ | 15,718 | $ | - | $ | - | $ | 15,718 | |||||||||||||
Other real estate owned | 1,141 | - | - | 1,141 | |||||||||||||||||
SBA servicing assets | 4,267 | - | - | 4,267 | |||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Impaired loans | $ | 15,838 | $ | - | $ | - | $ | 15,838 | |||||||||||||
Other real estate owned | 2,135 | - | - | 2,135 | |||||||||||||||||
SBA servicing assets | 4,099 | - | - | 4,099 | |||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
Asset Description | Fair Value | Valuation Technique | Unobservable Input | Range Weighted Average | |||||||||||||||||
March 31, 2015: | |||||||||||||||||||||
Impaired loans | $ | 15,718 | Fair Value of Collateral (1) | Appraised Value (2) | 16% | - | 91% | -31% | -4 | ||||||||||||
Other real estate owned | $ | 1,141 | Fair Value of Collateral (1) | Appraised Value (2) Sales Price | 7% | - | 28% | -12% | -4 | ||||||||||||
SBA Servicing Assets | $ | 4,267 | Fair Value | Individual Loan Valuation (3) | -3 | ||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Impaired loans | $ | 15,838 | Fair Value of Collateral (1) | Appraised Value (2) | 0% | - | 89% | -30% | -4 | ||||||||||||
Other real estate owned | $ | 2,135 | Fair Value of Collateral (1) | Appraised Value (2) Sales Price | 7% | - | 39% | -22% | -4 | ||||||||||||
SBA Servicing Assets | $ | 4,099 | Fair Value | Individual Loan Valuation (3) | -3 | ||||||||||||||||
Schedule of Servicing Assets at Fair Value [Table Text Block] | Three Months Ended March 31, | ||||||||||||||||||||
(dollars in thousands) | 2015 | 2014 | |||||||||||||||||||
Beginning balance | $ | 4,099 | $ | 3,477 | |||||||||||||||||
Additions | 135 | 304 | |||||||||||||||||||
Fair value adjustments | 33 | 24 | |||||||||||||||||||
Ending balance | $ | 4,267 | $ | 3,805 | |||||||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | (dollars in thousands) | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
SBA Servicing Asset | |||||||||||||||||||||
Fair Value of SBA Servicing Asset | $ | 4,267 | $ | 4,099 | |||||||||||||||||
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 (in years) | 21.1 | 21.2 | |||||||||||||||||||
Prepayment Speed | 7.76 | % | 7.45 | % | |||||||||||||||||
Effect on fair value of a 10% increase | $ | (132 | ) | $ | (116 | ) | |||||||||||||||
Effect on fair value of a 20% increase | (256 | ) | (226 | ) | |||||||||||||||||
Weighted Average Discount Rate | 11.31 | % | 12.48 | % | |||||||||||||||||
Effect on fair value of a 10% increase | $ | (214 | ) | $ | (195 | ) | |||||||||||||||
Effect on fair value of a 20% increase | (413 | ) | (378 | ) | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at March 31, 2015 | ||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 162,528 | $ | 162,528 | $ | 162,528 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 187,024 | 187,024 | - | 180,976 | 6,048 | ||||||||||||||||
Investment securities held to maturity | 66,742 | 67,878 | - | 67,878 | - | ||||||||||||||||
Restricted stock | 1,157 | 1,157 | - | 1,157 | - | ||||||||||||||||
Loans held for sale | 4,955 | 5,426 | - | - | 5,426 | ||||||||||||||||
Loans receivable, net | 777,857 | 767,153 | - | - | 767,153 | ||||||||||||||||
SBA servicing assets | 4,267 | 4,267 | - | - | 4,267 | ||||||||||||||||
Accrued interest receivable | 3,401 | 3,401 | - | 3,401 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Demand, savings and money market | $ | 1,046,764 | $ | 1,046,764 | $ | - | $ | 1,046,764 | $ | - | |||||||||||
Time | 74,633 | 74,837 | - | 74,837 | - | ||||||||||||||||
Subordinated debt | 22,476 | 18,570 | - | - | 18,570 | ||||||||||||||||
Accrued interest payable | 260 | 260 | - | 260 | - | ||||||||||||||||
Off-Balance Sheet Data | |||||||||||||||||||||
Commitments to extend credit | - | - | |||||||||||||||||||
Standby letters-of-credit | - | - | |||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 128,826 | $ | 128,826 | $ | 128,826 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 185,379 | 185,379 | - | 179,181 | 6,198 | ||||||||||||||||
Investment securities held to maturity | 67,866 | 68,253 | - | 68,253 | - | ||||||||||||||||
Restricted stock | 1,157 | 1,157 | - | 1,157 | - | ||||||||||||||||
Loans held for sale | 1,676 | 1,699 | - | - | 1,699 | ||||||||||||||||
Loans receivable, net | 770,404 | 760,163 | - | - | 760,163 | ||||||||||||||||
SBA servicing assets | 4,099 | 4,099 | - | - | 4,099 | ||||||||||||||||
Accrued interest receivable | 3,226 | 3,226 | - | 3,226 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Demand, savings and money market | $ | 996,861 | $ | 996,861 | $ | - | $ | 996,861 | $ | - | |||||||||||
Time | 75,369 | 75,592 | - | 75,592 | - | ||||||||||||||||
Subordinated debt | 22,476 | 18,221 | - | - | 18,221 | ||||||||||||||||
Accrued interest payable | 265 | 265 | - | 265 | - | ||||||||||||||||
Off-Balance Sheet Data | |||||||||||||||||||||
Commitments to extend credit | - | - | |||||||||||||||||||
Standby letters-of-credit | - | - |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) | Mar. 31, 2015 |
Disclosure Text Block [Abstract] | |
Number of Unconsolidated Subsidiaries | 3 |
Number of Trust Preferred Securities Issued | 3 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | [1] | 0.00% | [1] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 312,812 | 147,575 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,986,974 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars) | $942,801 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 766,948 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value (in Dollars) | 301,700 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 625 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Options Forfeited, Weighted Average Grant Date Fair Value, Amount (in Dollars) | 931 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | 1,335,438 | 1,021,120 | |||
Minimum [Member] | Stock Option and Restricted Stock Plan [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Minimum [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Treasury Bond Term On Which Risk Free Interest Rate is Based | 5 years | ||||
Maximum [Member] | Stock Option and Restricted Stock Plan [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Maximum [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Term | 7 years | ||||
Treasury Bond Term On Which Risk Free Interest Rate is Based | 7 years | ||||
Stock Option and Restricted Stock Plan [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Amount (in Dollars) | 4,819 | ||||
2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,600,000 | ||||
Minimum Percentage of Outstanding Shares As an Annual Adjustment | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 490,200 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Amount (in Dollars) | $747,152 | ||||
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Valuation Assumptions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Note 2 - Summary of Significant Accounting Policies (Details) - Valuation Assumptions [Line Items] | ||||
Dividend yield(1) | 0.00% | [1] | 0.00% | [1] |
Minimum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) - Valuation Assumptions [Line Items] | ||||
Expected volatility(2) | 53.78% | [2] | 55.79% | [2] |
Risk-free interest rate(3) | 1.49% | [3] | 1.51% | [3] |
Expected life(4) (in years) | 5 years 6 months | [4] | 5 years 6 months | [4] |
Maximum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) - Valuation Assumptions [Line Items] | ||||
Expected volatility(2) | 56.00% | [2] | 57.99% | [2] |
Risk-free interest rate(3) | 1.95% | [3] | 2.13% | [3] |
Expected life(4) (in years) | 7 years | [4] | 7 years | [4] |
[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. |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Stock-based Compensation (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Stock-based Compensation [Abstract] | ||
Stock based compensation expense recognized | $118,000 | $88,000 |
Number of unvested stock options (in Shares) | 1,220,026 | 1,116,138 |
Fair value of unvested stock options | 1,911,407 | 1,620,736 |
Amount remaining to be recognized as expense | $1,335,438 | $1,021,120 |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Calculation of EPS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Calculation of EPS [Abstract] | ||
Net income - basic and diluted | $528 | $755 |
Weighted average shares outstanding | 37,816 | 25,973 |
Net income per share – basic | $0.01 | $0.03 |
Weighted average shares outstanding (including dilutive CSEs) | 38,047 | 26,212 |
Net income per share – diluted | $0.01 | $0.03 |
Note_4_Segment_Reporting_Detai
Note 4 - Segment Reporting (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Note_5_Investment_Securities_D
Note 5 - Investment Securities (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | |
Note 5 - Investment Securities (Details) [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses (in Dollars) | $3,000 | $0 | ||
Proceeds from Sale and Maturity of Marketable Securities (in Dollars) | 0 | 0 | ||
Securities, Continuous Loss Position, Accumulated Loss (in Dollars) | 2,500,000 | |||
Securities, Continuous Unrealized Loss Position, Fair Value (in Dollars) | 39,800,000 | |||
Available-for-sale Securities (in Dollars) | 187,024,000 | 185,379,000 | ||
Other Than Temporary Impairment On Investment Securities, Number | 0 | |||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Collateralized Mortgage Backed Securities [Member] | Alt-A [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Collateralized Mortgage Backed Securities [Member] | Subprime [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Collateralized Mortgage Backed Securities [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 42 | |||
Available-for-sale Securities and Held-to-maturity Securities (in Dollars) | 13,000,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | |||
Available-for-sale Securities (in Dollars) | 12,978,000 | 13,802,000 | ||
Collateralized Mortgage Obligations, Private Enterprises [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Collateralized Mortgage Obligations [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 35 | |||
Available-for-sale Securities and Held-to-maturity Securities (in Dollars) | 168,600,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | |||
Available-for-sale Securities (in Dollars) | 100,787,000 | 99,222,000 | ||
Number of Securities Transferred to Held-to-maturity | 13 | |||
Held-to-maturity Securities Transferred from Available-for-sale (in Dollars) | 67,900,000 | 70,100,000 | ||
Securities Transferred to Held-to-maturity Unrealized Gain (Loss) (in Dollars) | 79,000 | 1,200,000 | ||
Asset-backed Securities [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 2 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 0 | |||
Available-for-sale Securities (in Dollars) | 18,386,000 | 18,505,000 | ||
US States and Political Subdivisions Debt Securities [Member] | Geographic Concentration Risk [Member] | Pennsylvania and New Jersey [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 23 | |||
Available-for-sale Securities and Held-to-maturity Securities (in Dollars) | 12,900,000 | |||
US States and Political Subdivisions Debt Securities [Member] | ||||
Note 5 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 30 | |||
Available-for-sale Securities and Held-to-maturity Securities (in Dollars) | 17,400,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | |||
Available-for-sale Securities (in Dollars) | $17,388,000 | $16,107,000 | ||
Other Than Temporary Impairment On Investment Securities, Number | 0 |
Note_5_Investment_Securities_D1
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | $186,262 | $185,250 |
Investment securities available for sale, gross unrealized gains | 3,245 | 2,400 |
Investment securities available for sale, gross unrealized losses | -2,483 | -2,271 |
Investment securities available for sale, at fair value | 187,024 | 185,379 |
Investment securities held to maturity, at amortized cost | 66,742 | 67,866 |
Investment securities held to maturity, gross unrealized gains | 1,136 | 531 |
Investment securities held to maturity, gross unrealized losses | 0 | -144 |
Investment securities held to maturity, at fair value | 67,878 | 68,253 |
Collateralized Mortgage Obligations [Member] | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 99,421 | 98,626 |
Investment securities available for sale, gross unrealized gains | 1,508 | 692 |
Investment securities available for sale, gross unrealized losses | -142 | -96 |
Investment securities available for sale, at fair value | 100,787 | 99,222 |
Investment securities held to maturity, at amortized cost | 66,721 | 67,845 |
Investment securities held to maturity, gross unrealized gains | 1,136 | 531 |
Investment securities held to maturity, gross unrealized losses | 0 | -144 |
Investment securities held to maturity, at fair value | 67,857 | 68,232 |
Collateralized Mortgage Backed Securities [Member] | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 12,474 | 13,271 |
Investment securities available for sale, gross unrealized gains | 549 | 564 |
Investment securities available for sale, gross unrealized losses | -45 | -33 |
Investment securities available for sale, at fair value | 12,978 | 13,802 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 17,031 | 15,784 |
Investment securities available for sale, gross unrealized gains | 404 | 363 |
Investment securities available for sale, gross unrealized losses | -47 | -40 |
Investment securities available for sale, at fair value | 17,388 | 16,107 |
Corporate Debt Securities [Member] | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 33,817 | 33,840 |
Investment securities available for sale, gross unrealized gains | 555 | 621 |
Investment securities available for sale, gross unrealized losses | -51 | -34 |
Investment securities available for sale, at fair value | 34,321 | 34,427 |
Asset-backed Securities [Member] | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 18,164 | 18,353 |
Investment securities available for sale, gross unrealized gains | 222 | 152 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale, at fair value | 18,386 | 18,505 |
Collateralized Debt Obligations [Member] | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 5,240 | 5,261 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | -2,198 | -2,068 |
Investment securities available for sale, at fair value | 3,042 | 3,193 |
Other Debt Obligations [Member] | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 115 | 115 |
Investment securities available for sale, gross unrealized gains | 7 | 8 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale, at fair value | 122 | 123 |
Investment securities held to maturity, at amortized cost | 20 | 20 |
Investment securities held to maturity, gross unrealized gains | 0 | 0 |
Investment securities held to maturity, gross unrealized losses | 0 | 0 |
Investment securities held to maturity, at fair value | 20 | 20 |
US Government Agencies Debt Securities [Member] | ||
Note 5 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities held to maturity, at amortized cost | 1 | 1 |
Investment securities held to maturity, gross unrealized gains | 0 | 0 |
Investment securities held to maturity, gross unrealized losses | 0 | 0 |
Investment securities held to maturity, at fair value | $1 | $1 |
Note_5_Investment_Securities_D2
Note 5 - Investment Securities (Details) - Investment Securities by Contractual Maturity (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment Securities by Contractual Maturity [Abstract] | ||
Due in 1 year or less | $13,398 | |
Due in 1 year or less | 13,498 | |
Due in 1 year or less | 0 | |
Due in 1 year or less | 0 | |
After 1 year to 5 years | 86,809 | |
After 1 year to 5 years | 87,202 | |
After 1 year to 5 years | 43,315 | |
After 1 year to 5 years | 44,104 | |
After 5 years to 10 years | 75,048 | |
After 5 years to 10 years | 75,062 | |
After 5 years to 10 years | 23,427 | |
After 5 years to 10 years | 23,774 | |
After 10 years | 11,007 | |
After 10 years | 11,262 | |
After 10 years | 0 | |
After 10 years | 0 | |
Total | 186,262 | |
Total | 187,024 | 185,379 |
Total | 66,742 | 67,866 |
Total | $67,878 | $68,253 |
Note_5_Investment_Securities_D3
Note 5 - Investment Securities (Details) - Credit-related Impairment Losses On Securities (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Credit-related Impairment Losses On Securities [Abstract] | ||
Beginning Balance, January 1st | $3,966,000 | $3,959,000 |
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 3,000 | 0 |
Ending Balance, March 31st | $3,969,000 | $3,959,000 |
Note_5_Investment_Securities_D4
Note 5 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 5 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $34,248 | $27,506 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 243 | 142 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 5,504 | 5,657 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,240 | 2,129 |
Available for sale securities in a continuous unrealized loss position, fair value | 39,752 | 33,163 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 2,483 | 2,271 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 19,766 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 92 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 9,232 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 52 |
Held to maturity securities in a continuous unrealized loss position, fair value | 0 | 28,998 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 0 | 144 |
Collateralized Mortgage Obligations [Member] | ||
Note 5 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 22,105 | 17,331 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 142 | 96 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, fair value | 22,105 | 17,331 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 142 | 96 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 19,766 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 92 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 9,232 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 52 |
Held to maturity securities in a continuous unrealized loss position, fair value | 0 | 28,998 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 0 | 144 |
Collateralized Mortgage Backed Securities [Member] | ||
Note 5 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 5,128 | 3,997 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 24 | 2 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 1,057 | 1,069 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 21 | 31 |
Available for sale securities in a continuous unrealized loss position, fair value | 6,185 | 5,066 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 45 | 33 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 5 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 2,064 | 1,298 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 26 | 10 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 1,405 | 1,395 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 21 | 30 |
Available for sale securities in a continuous unrealized loss position, fair value | 3,469 | 2,693 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 47 | 40 |
Corporate Debt Securities [Member] | ||
Note 5 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 4,951 | 4,880 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 51 | 34 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, fair value | 4,951 | 4,880 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 51 | 34 |
Collateralized Debt Obligations [Member] | ||
Note 5 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 3,042 | 3,193 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,198 | 2,068 |
Available for sale securities in a continuous unrealized loss position, fair value | 3,042 | 3,193 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $2,198 | $2,068 |
Note_5_Investment_Securities_D5
Note 5 - Investment Securities (Details) - Trust Preferred Securities (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Amortized cost | $186,262 | $185,250 | ||
Fair value | 187,024 | 185,379 | ||
Unrealized losses | -2,483 | -2,271 | ||
Cumulative OTTI life to date | 3,969 | 3,966 | 3,959 | 3,959 |
Preferred Term Securities IV [Member] | ||||
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Class / tranche | Mezzanine Notes | |||
Amortized cost | 49 | |||
Fair value | 39 | |||
Unrealized losses | -10 | |||
Lowest credit rating assigned | B1 | |||
Number of banks currently performing | 6 | |||
Deferrals / defaults as % of current balance | 18.00% | |||
Conditional default rates for 2013 and beyond | 0.32% | |||
Preferred Term Securities VII [Member] | ||||
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Class / tranche | Mezzanine Notes | |||
Amortized cost | 961 | |||
Fair value | 788 | |||
Unrealized losses | -173 | |||
Lowest credit rating assigned | D | |||
Number of banks currently performing | 12 | |||
Deferrals / defaults as % of current balance | 50.00% | |||
Conditional default rates for 2013 and beyond | 0.45% | |||
Cumulative OTTI life to date | 2,173 | |||
TPREF Funding II [Member] | ||||
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Class / tranche | Class B Notes | |||
Amortized cost | 732 | |||
Fair value | 371 | |||
Unrealized losses | -361 | |||
Lowest credit rating assigned | C | |||
Number of banks currently performing | 18 | |||
Deferrals / defaults as % of current balance | 39.00% | |||
Conditional default rates for 2013 and beyond | 0.38% | |||
Cumulative OTTI life to date | 267 | |||
TPREF Funding III [Member] | ||||
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Class / tranche | Class B2 Notes | |||
Amortized cost | 1,518 | |||
Fair value | 739 | |||
Unrealized losses | -779 | |||
Lowest credit rating assigned | C | |||
Number of banks currently performing | 15 | |||
Deferrals / defaults as % of current balance | 36.00% | |||
Conditional default rates for 2013 and beyond | 0.30% | |||
Cumulative OTTI life to date | 483 | |||
Trapeza CDO I, LLC [Member] | ||||
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Class / tranche | Class C1 Notes | |||
Amortized cost | 556 | |||
Fair value | 295 | |||
Unrealized losses | -261 | |||
Lowest credit rating assigned | C | |||
Number of banks currently performing | 8 | |||
Deferrals / defaults as % of current balance | 50.00% | |||
Conditional default rates for 2013 and beyond | 0.31% | |||
Cumulative OTTI life to date | 470 | |||
ALESCO Preferred Funding IV [Member] | ||||
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Class / tranche | Class B1 Notes | |||
Amortized cost | 604 | |||
Fair value | 396 | |||
Unrealized losses | -208 | |||
Lowest credit rating assigned | C | |||
Number of banks currently performing | 41 | |||
Deferrals / defaults as % of current balance | 6.00% | |||
Conditional default rates for 2013 and beyond | 0.33% | |||
Cumulative OTTI life to date | 396 | |||
ALESCO Preferred Funding V [Member] | ||||
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Class / tranche | Class C1 Notes | |||
Amortized cost | 820 | |||
Fair value | 414 | |||
Unrealized losses | -406 | |||
Lowest credit rating assigned | C | |||
Number of banks currently performing | 39 | |||
Deferrals / defaults as % of current balance | 17.00% | |||
Conditional default rates for 2013 and beyond | 0.34% | |||
Cumulative OTTI life to date | 180 | |||
Collateralized Debt Obligations [Member] | ||||
Note 5 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | ||||
Amortized cost | 5,240 | 5,261 | ||
Fair value | 3,042 | 3,193 | ||
Unrealized losses | -2,198 | -2,068 | ||
Number of banks currently performing | 139 | |||
Deferrals / defaults as % of current balance | 31.00% | |||
Cumulative OTTI life to date | $3,969 |
Note_6_Loans_Receivable_and_Al2
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Receivables [Abstract] | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans (in Dollars) | $245,000 | $143,000 |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 |
Financing Receivable Modifications, Subsequent Paid, Number of Contracts | 1 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 |
Note_6_Loans_Receivable_and_Al3
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Gross Loans by Major Categories (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $789,110 | $782,379 |
Deferred costs (fees) | -309 | -439 |
Allowance for loan losses | -10,944 | -11,536 |
Net loans receivable | 777,857 | 770,404 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 364,397 | 379,259 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 35,238 | 29,861 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 159,819 | 145,113 |
Owner Occupied Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 188,783 | 188,025 |
Consumer Other Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 40,468 | 39,713 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $405 | $408 |
Note_6_Loans_Receivable_and_Al4
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Impaired Loans (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance, recorded investment | $17,313 | $16,742 | |
Impaired loans with no related allowance, unpaid principal balance | 22,914 | 20,638 | |
Impaired loans with allowance, recorded investment | 18,981 | 18,902 | |
Impaired loans with allowance, unpaid principal balance | 21,776 | 23,205 | |
Impaired loans with allowance, related allowance | 4,971 | 5,130 | |
Impaired loans, recorded investment | 36,294 | 35,644 | |
Impaired loans, unpaid principal balance | 44,690 | 43,843 | |
Impaired loans, related allowance | 4,971 | 5,130 | |
Impaired loans with no related allowance, average recorded investment | 17,028 | 11,336 | |
Impaired loans with no related allowance, interest income recognized | 185 | 113 | |
Impaired loans with allowance, average recorded investment | 18,941 | 21,134 | |
Impaired loans with allowance, interest income recognized | 33 | 174 | |
Impaired loans,average recorded investment | 35,969 | 32,470 | |
Impaired loans, interest income recognized | 218 | 287 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance, recorded investment | 11,764 | 11,964 | |
Impaired loans with no related allowance, unpaid principal balance | 11,863 | 11,969 | |
Impaired loans with allowance, recorded investment | 13,013 | 13,118 | |
Impaired loans with allowance, unpaid principal balance | 13,140 | 13,245 | |
Impaired loans with allowance, related allowance | 3,838 | 3,858 | |
Impaired loans, recorded investment | 24,777 | 25,082 | |
Impaired loans, unpaid principal balance | 25,003 | 25,214 | |
Impaired loans, related allowance | 3,838 | 3,858 | |
Impaired loans with no related allowance, average recorded investment | 11,864 | 6,772 | |
Impaired loans with no related allowance, interest income recognized | 162 | 106 | |
Impaired loans with allowance, average recorded investment | 13,066 | 13,173 | |
Impaired loans with allowance, interest income recognized | 138 | ||
Impaired loans,average recorded investment | 24,930 | 19,945 | |
Impaired loans, interest income recognized | 162 | 244 | |
Commercial Real Estate Construction Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance, recorded investment | 155 | 61 | |
Impaired loans with no related allowance, unpaid principal balance | 3,899 | 158 | |
Impaired loans with allowance, recorded investment | 316 | ||
Impaired loans with allowance, unpaid principal balance | 3,741 | ||
Impaired loans with allowance, related allowance | 217 | ||
Impaired loans, recorded investment | 155 | 377 | |
Impaired loans, unpaid principal balance | 3,899 | 3,899 | |
Impaired loans, related allowance | 217 | ||
Impaired loans with no related allowance, average recorded investment | 108 | 799 | |
Impaired loans with allowance, average recorded investment | 158 | 641 | |
Impaired loans,average recorded investment | 266 | 1,440 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance, recorded investment | 3,943 | 3,764 | |
Impaired loans with no related allowance, unpaid principal balance | 5,229 | 7,275 | |
Impaired loans with allowance, recorded investment | 1,559 | 1,457 | |
Impaired loans with allowance, unpaid principal balance | 4,226 | 2,057 | |
Impaired loans with allowance, related allowance | 308 | 211 | |
Impaired loans, recorded investment | 5,502 | 5,221 | |
Impaired loans, unpaid principal balance | 9,455 | 9,332 | |
Impaired loans, related allowance | 308 | 211 | |
Impaired loans with no related allowance, average recorded investment | 3,854 | 2,539 | |
Impaired loans with no related allowance, interest income recognized | 21 | 1 | |
Impaired loans with allowance, average recorded investment | 1,508 | 4,308 | |
Impaired loans with allowance, interest income recognized | 1 | ||
Impaired loans,average recorded investment | 5,362 | 6,847 | |
Impaired loans, interest income recognized | 21 | 2 | |
Owner Occupied Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance, recorded investment | 878 | 524 | |
Impaired loans with no related allowance, unpaid principal balance | 1,083 | 528 | |
Impaired loans with allowance, recorded investment | 4,409 | 4,011 | |
Impaired loans with allowance, unpaid principal balance | 4,410 | 4,162 | |
Impaired loans with allowance, related allowance | 825 | 844 | |
Impaired loans, recorded investment | 5,287 | 4,535 | |
Impaired loans, unpaid principal balance | 5,493 | 4,690 | |
Impaired loans, related allowance | 825 | 844 | |
Impaired loans with no related allowance, average recorded investment | 701 | 678 | |
Impaired loans with no related allowance, interest income recognized | 1 | 5 | |
Impaired loans with allowance, average recorded investment | 4,209 | 2,911 | |
Impaired loans with allowance, interest income recognized | 33 | 35 | |
Impaired loans,average recorded investment | 4,910 | 3,589 | |
Impaired loans, interest income recognized | 34 | 40 | |
Consumer Other Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance, recorded investment | 573 | 429 | |
Impaired loans with no related allowance, unpaid principal balance | 840 | 708 | |
Impaired loans, recorded investment | 573 | 429 | |
Impaired loans, unpaid principal balance | 840 | 708 | |
Impaired loans with no related allowance, average recorded investment | 501 | 548 | |
Impaired loans with no related allowance, interest income recognized | 1 | 1 | |
Impaired loans with allowance, average recorded investment | 101 | ||
Impaired loans,average recorded investment | 501 | 649 | |
Impaired loans, interest income recognized | $1 | $1 |
Note_6_Loans_Receivable_and_Al5
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Activity in Allowance for Loan Losses (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Allowance for loan losses: | |||
Beginning balance | $11,536 | $12,263 | |
Charge-offs | -677 | -313 | |
Recoveries | 85 | 0 | |
Provisions (credits) | 0 | 0 | |
Ending balance | 10,944 | 11,950 | |
Allowance for loan losses: | |||
Allowance for loan losses: individually evaluated for impairment | 4,971 | 5,130 | |
Allowance for loan losses: collectively evaluated for impairment | 5,973 | 6,406 | |
Total allowance for loan losses | 10,944 | 11,950 | |
Loans receivable: | |||
Loans receivable: loans evaluated individually | 36,294 | 35,644 | |
Loans receivable: loans evaluated collectively | 752,816 | 746,735 | |
Total loans receivable | 789,110 | 782,379 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 6,828 | 6,454 | |
Charge-offs | -231 | 0 | |
Recoveries | 4 | 0 | |
Provisions (credits) | -338 | -180 | |
Ending balance | 6,263 | 6,274 | |
Allowance for loan losses: | |||
Allowance for loan losses: individually evaluated for impairment | 3,838 | 3,858 | |
Allowance for loan losses: collectively evaluated for impairment | 2,425 | 2,970 | |
Total allowance for loan losses | 6,263 | 6,274 | |
Loans receivable: | |||
Loans receivable: loans evaluated individually | 24,777 | 25,082 | |
Loans receivable: loans evaluated collectively | 339,620 | 354,177 | |
Total loans receivable | 364,397 | 379,259 | |
Commercial Real Estate Construction Financing Receivable [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 917 | 1,948 | |
Charge-offs | -222 | -20 | |
Recoveries | 5 | 0 | |
Provisions (credits) | -445 | -1,067 | |
Ending balance | 255 | 861 | |
Allowance for loan losses: | |||
Allowance for loan losses: individually evaluated for impairment | 0 | 217 | |
Allowance for loan losses: collectively evaluated for impairment | 255 | 700 | |
Total allowance for loan losses | 255 | 861 | |
Loans receivable: | |||
Loans receivable: loans evaluated individually | 155 | 377 | |
Loans receivable: loans evaluated collectively | 35,083 | 29,484 | |
Total loans receivable | 35,238 | 29,861 | |
Commercial Portfolio Segment [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 1,579 | 2,309 | |
Charge-offs | -169 | -283 | |
Recoveries | 45 | 0 | |
Provisions (credits) | 469 | 614 | |
Ending balance | 1,924 | 2,640 | |
Allowance for loan losses: | |||
Allowance for loan losses: individually evaluated for impairment | 294 | 211 | |
Allowance for loan losses: collectively evaluated for impairment | 1,630 | 1,368 | |
Total allowance for loan losses | 1,924 | 2,640 | |
Loans receivable: | |||
Loans receivable: loans evaluated individually | 5,502 | 5,221 | |
Loans receivable: loans evaluated collectively | 154,317 | 139,892 | |
Total loans receivable | 159,819 | 145,113 | |
Owner Occupied Real Estate [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 1,638 | 985 | |
Charge-offs | -55 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | -5 | 143 | |
Ending balance | 1,578 | 1,128 | |
Allowance for loan losses: | |||
Allowance for loan losses: individually evaluated for impairment | 839 | 844 | |
Allowance for loan losses: collectively evaluated for impairment | 739 | 794 | |
Total allowance for loan losses | 1,578 | 1,128 | |
Loans receivable: | |||
Loans receivable: loans evaluated individually | 5,287 | 4,535 | |
Loans receivable: loans evaluated collectively | 183,496 | 183,490 | |
Total loans receivable | 188,783 | 188,025 | |
Consumer Other Financing Receivable [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 234 | 225 | |
Charge-offs | 0 | -10 | |
Recoveries | 31 | 0 | |
Provisions (credits) | -35 | -18 | |
Ending balance | 230 | 197 | |
Allowance for loan losses: | |||
Allowance for loan losses: individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses: collectively evaluated for impairment | 230 | 234 | |
Total allowance for loan losses | 230 | 197 | |
Loans receivable: | |||
Loans receivable: loans evaluated individually | 573 | 429 | |
Loans receivable: loans evaluated collectively | 39,895 | 39,284 | |
Total loans receivable | 40,468 | 39,713 | |
Residential Portfolio Segment [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 2 | 14 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 0 | -1 | |
Ending balance | 2 | 13 | |
Allowance for loan losses: | |||
Allowance for loan losses: individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses: collectively evaluated for impairment | 2 | 2 | |
Total allowance for loan losses | 2 | 13 | |
Loans receivable: | |||
Loans receivable: loans evaluated individually | 0 | 0 | |
Loans receivable: loans evaluated collectively | 405 | 408 | |
Total loans receivable | 405 | 408 | |
Unallocated Financing Receivables [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 338 | 328 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 354 | 509 | |
Ending balance | 692 | 837 | |
Allowance for loan losses: | |||
Allowance for loan losses: individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses: collectively evaluated for impairment | 692 | 338 | |
Total allowance for loan losses | 692 | 837 | |
Loans receivable: | |||
Loans receivable: loans evaluated individually | 0 | 0 | |
Loans receivable: loans evaluated collectively | 0 | 0 | |
Total loans receivable | $0 | $0 |
Note_6_Loans_Receivable_and_Al6
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Past Due Loans (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, 30-59 days past due | $11,855 | $1,681 |
Loans receivable, 60 to 89 days past due | 1,867 | 14,062 |
Loans receivable, greater than 90 days | 24,969 | 21,440 |
Loans receivable, total past due | 38,691 | 37,183 |
Loans receivable, current | 750,419 | 745,196 |
Loans receivable | 789,110 | 782,379 |
Loans receivable > 90 days and accruing | 5,013 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, 30-59 days past due | 6,874 | 713 |
Loans receivable, 60 to 89 days past due | 27 | 11,034 |
Loans receivable, greater than 90 days | 18,726 | 13,979 |
Loans receivable, total past due | 25,627 | 25,726 |
Loans receivable, current | 338,770 | 353,533 |
Loans receivable | 364,397 | 379,259 |
Loans receivable > 90 days and accruing | 5,013 | |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, 30-59 days past due | 275 | 0 |
Loans receivable, 60 to 89 days past due | 0 | 0 |
Loans receivable, greater than 90 days | 155 | 377 |
Loans receivable, total past due | 430 | 377 |
Loans receivable, current | 34,808 | 29,484 |
Loans receivable | 35,238 | 29,861 |
Loans receivable > 90 days and accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, 30-59 days past due | 937 | 193 |
Loans receivable, 60 to 89 days past due | 1,631 | 2,186 |
Loans receivable, greater than 90 days | 3,203 | 4,349 |
Loans receivable, total past due | 5,771 | 6,728 |
Loans receivable, current | 154,048 | 138,385 |
Loans receivable | 159,819 | 145,113 |
Loans receivable > 90 days and accruing | 0 | 0 |
Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, 30-59 days past due | 3,622 | 626 |
Loans receivable, 60 to 89 days past due | 209 | 812 |
Loans receivable, greater than 90 days | 2,459 | 2,306 |
Loans receivable, total past due | 6,290 | 3,744 |
Loans receivable, current | 182,493 | 184,281 |
Loans receivable | 188,783 | 188,025 |
Loans receivable > 90 days and accruing | 0 | 0 |
Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, 30-59 days past due | 147 | 149 |
Loans receivable, 60 to 89 days past due | 0 | 30 |
Loans receivable, greater than 90 days | 426 | 429 |
Loans receivable, total past due | 573 | 608 |
Loans receivable, current | 39,895 | 39,105 |
Loans receivable | 40,468 | 39,713 |
Loans receivable > 90 days and accruing | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, 30-59 days past due | 0 | 0 |
Loans receivable, 60 to 89 days past due | 0 | 0 |
Loans receivable, greater than 90 days | 0 | 0 |
Loans receivable, total past due | 0 | 0 |
Loans receivable, current | 405 | 408 |
Loans receivable | 405 | 408 |
Loans receivable > 90 days and accruing | $0 | $0 |
Note_6_Loans_Receivable_and_Al7
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Loans by Internal Risk Rating (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $789,110 | $782,379 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 330,950 | 345,444 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,142 | 8,199 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 25,305 | 25,616 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 364,397 | 379,259 |
Commercial Real Estate Construction Financing Receivable [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 34,808 | 29,484 |
Commercial Real Estate Construction Financing Receivable [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 275 | 0 |
Commercial Real Estate Construction Financing Receivable [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 155 | 377 |
Commercial Real Estate Construction Financing Receivable [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 35,238 | 29,861 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 153,511 | 139,062 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 679 | 702 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,200 | 3,920 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,429 | 1,429 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 159,819 | 145,113 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 182,649 | 181,940 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 847 | 1,550 |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 5,287 | 4,535 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 188,783 | 188,025 |
Consumer Other Financing Receivable [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 39,562 | 38,951 |
Consumer Other Financing Receivable [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 75 | 75 |
Consumer Other Financing Receivable [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 831 | 687 |
Consumer Other Financing Receivable [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 40,468 | 39,713 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 405 | 408 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 405 | 408 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 741,885 | 735,289 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,018 | 10,526 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 35,778 | 35,135 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $1,429 | $1,429 |
Note_6_Loans_Receivable_and_Al8
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Non-accrual Loans (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | $19,956 | $21,440 |
Commercial Real Estate Portfolio Segment [Member] | ||
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 13,713 | 13,979 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 155 | 377 |
Commercial Portfolio Segment [Member] | ||
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 3,203 | 4,349 |
Owner Occupied Real Estate [Member] | ||
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 2,459 | 2,306 |
Consumer Other Financing Receivable [Member] | ||
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 426 | 429 |
Residential Portfolio Segment [Member] | ||
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | $0 | $0 |
Note_6_Loans_Receivable_and_Al9
Note 6 - Loans Receivable and Allowance for Loan Losses (Details) - Troubled Debt Restructurings (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 3 | 3 |
Troubled debt restructurings, accrual status | $7,900 | $7,921 |
Troubled debt restructurings, non-accrual status | 969 | 1,673 |
Troubled debt restructurings | 8,869 | 9,594 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 1 |
Troubled debt restructurings, accrual status | 6,051 | 6,069 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | 6,051 | 6,069 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 0 |
Troubled debt restructurings, accrual status | 0 | 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 1 |
Troubled debt restructurings, accrual status | 0 | 0 |
Troubled debt restructurings, non-accrual status | 969 | 1,673 |
Troubled debt restructurings | 969 | 1,673 |
Owner Occupied Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 1 |
Troubled debt restructurings, accrual status | 1,849 | 1,852 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | 1,849 | 1,852 |
Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 0 |
Troubled debt restructurings, accrual status | 0 | 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 0 |
Troubled debt restructurings, accrual status | 0 | 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $0 | $0 |
Note_7_Fair_Value_of_Financial2
Note 7 - Fair Value of Financial Instruments (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Adverse Changes in Key Assumptions | 10.00% | 20.00% |
Note_7_Fair_Value_of_Financial3
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | $187,024 | $185,379 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 100,787 | 99,222 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 100,787 | 99,222 |
Collateralized Mortgage Obligations [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 100,787 | 99,222 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 12,978 | 13,802 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 12,978 | 13,802 |
Collateralized Mortgage Backed Securities [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 12,978 | 13,802 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 17,388 | 16,107 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 17,388 | 16,107 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 17,388 | 16,107 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 31,315 | 31,422 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 3,006 | 3,005 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 34,321 | 34,427 |
Corporate Debt Securities [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 34,321 | 34,427 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 18,386 | 18,505 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 18,386 | 18,505 |
Asset-backed Securities [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 18,386 | 18,505 |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 3,042 | 3,193 |
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 3,042 | 3,193 |
Collateralized Debt Obligations [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 3,042 | 3,193 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 122 | 123 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 122 | 123 |
Other Debt Obligations [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 122 | 123 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 180,976 | 179,181 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 180,976 | 179,181 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 6,048 | 6,198 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | 6,048 | 6,198 |
Fair Value, Measurements, Recurring [Member] | ||
Note 7 - Fair Value of Financial Instruments (Details) - Financial Assets Measured at On a Recurring Basis [Line Items] | ||
Securities available for sale | $187,024 | $185,379 |
Note_7_Fair_Value_of_Financial4
Note 7 - Fair Value of Financial Instruments (Details) - Asstets Measured On a Recurring Basis Using Significant Unobservable Inputs (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Impairment charges on Level 3 | ($13) | $0 | |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance, January 1st | 3,193 | 2,850 | |
Balance, March 31st | 3,042 | 2,807 | |
Unrealized (losses) gains | -129 | -43 | |
Paydowns | -19 | ||
Impairment charges on Level 3 | -3 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance, January 1st | 3,005 | 3,006 | |
Balance, March 31st | 3,006 | 3,006 | 3,006 |
Unrealized (losses) gains | $1 |
Note_7_Fair_Value_of_Financial5
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis [Line Items] | ||||
SBA servicing assets | $4,267 | $4,099 | $3,805 | $3,477 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate owned | 0 | 0 | ||
SBA servicing assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis [Line Items] | ||||
SBA servicing assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate owned | 0 | 0 | ||
SBA servicing assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis [Line Items] | ||||
SBA servicing assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis [Line Items] | ||||
Impaired loans | 15,718 | 15,838 | ||
Other real estate owned | 1,141 | 2,135 | ||
SBA servicing assets | 4,267 | 4,099 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis [Line Items] | ||||
SBA servicing assets | 4,267 | 4,099 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Note 7 - Fair Value of Financial Instruments (Details) - Assets Measured On a Nonrecurring Basis [Line Items] | ||||
Impaired loans | 15,718 | 15,838 | ||
Other real estate owned | 1,141 | 2,135 | ||
SBA servicing assets | $4,267 | $4,099 |
Note_7_Fair_Value_of_Financial6
Note 7 - Fair Value of Financial Instruments (Details) - Quantitative Information About Level 3 Assets (Market Approach Valuation Technique [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Impaired Loans [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Appraised value range | 16.00% | 0.00% | ||
Appraised value weighted average | -16.00% | 0.00% | ||
Impaired Loans [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Appraised value range | 91.00% | 89.00% | ||
Appraised value weighted average | -91.00% | -89.00% | ||
Impaired Loans [Member] | Weighted Average [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Appraised value range | 31.00% | [1] | 30.00% | [1] |
Appraised value weighted average | -31.00% | [1] | -30.00% | [1] |
Impaired Loans [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair value (in Dollars) | 15,718 | 15,838 | ||
Valuation technique | Fair Value of Collateral (1) | [2] | Fair Value of Collateral (1) | [2] |
Unobservable input | Appraised Value (2) | [3] | Appraised Value (2) | [3] |
Other Real Estate Owned [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Appraised value range | 7.00% | 7.00% | ||
Appraised value weighted average | -7.00% | -7.00% | ||
Other Real Estate Owned [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Appraised value range | 28.00% | 39.00% | ||
Appraised value weighted average | -28.00% | -39.00% | ||
Other Real Estate Owned [Member] | Weighted Average [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Appraised value range | 12.00% | [1] | 22.00% | [1] |
Appraised value weighted average | -12.00% | [1] | -22.00% | [1] |
Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair value (in Dollars) | 1,141 | 2,135 | ||
Valuation technique | Fair Value of Collateral (1) | [2] | Fair Value of Collateral (1) | [2] |
Unobservable input | Appraised Value (2) Sales Price | [3] | Appraised Value (2) Sales Price | [3] |
SBA Servicing Assets [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Appraised value range | -3.00% | [4] | -3.00% | [4] |
Appraised value weighted average | 3.00% | [4] | 3.00% | [4] |
SBA Servicing Assets [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair value (in Dollars) | 4,267 | 4,099 | ||
Valuation technique | Fair Value | Fair Value | ||
Unobservable input | Individual Loan Valuation (3) | [4] | Individual Loan Valuation (3) | [4] |
[1] | 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. | |||
[2] | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | |||
[3] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||
[4] | There is a lack of transactional data in this market place for the non-guaranteed portion of SBA loans. |
Note_7_Fair_Value_of_Financial7
Note 7 - Fair Value of Financial Instruments (Details) - SBA Servicing Assets Activity (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
SBA Servicing Assets Activity [Abstract] | ||
Beginning balance | $4,099 | $3,477 |
Additions | 135 | 304 |
Fair value adjustments | 33 | 24 |
Ending balance | $4,267 | $3,805 |
Note_7_Fair_Value_of_Financial8
Note 7 - Fair Value of Financial Instruments (Details) - SBA Servicing Assets Sensitivity Analysis (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
SBA Servicing Asset | ||||
Fair Value of SBA Servicing Asset | $4,267 | $4,099 | $3,805 | $3,477 |
Composition of SBA Loans Serviced for Others | ||||
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||
Weighted Average Remaining Term (in years) | 21 years 36 days | 21 years 73 days | ||
Prepayment Speed | 7.76% | 7.45% | ||
Effect on fair value of a 10% increase | -132 | -116 | ||
Effect on fair value of a 20% increase | -256 | -226 | ||
Weighted Average Discount Rate | 11.31% | 12.48% | ||
Effect on fair value of a 10% increase | -214 | -195 | ||
Effect on fair value of a 20% increase | ($413) | ($378) | ||
Fixed Rate SBA Loans [Member] | ||||
Composition of SBA Loans Serviced for Others | ||||
Composition of SBA loans serviced for others | 0.00% | 0.00% | ||
Adjustable Rate SBA Loans [Member] | ||||
Composition of SBA Loans Serviced for Others | ||||
Composition of SBA loans serviced for others | 100.00% | 100.00% |
Note_7_Fair_Value_of_Financial9
Note 7 - Fair Value of Financial Instruments (Details) - Fair Values of Financial Instruments (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Securities available for sale | $187,024 | $185,379 | ||
Investment securities held to maturity | 67,878 | 68,253 | ||
SBA servicing assets | 4,267 | 4,099 | 3,805 | 3,477 |
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 162,528 | 128,826 | ||
Securities available for sale | 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 | ||||
Demand, savings and money market | 0 | 0 | ||
Time | 0 | 0 | ||
Subordinated debt | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 180,976 | 179,181 | ||
Investment securities held to maturity | 67,878 | 68,253 | ||
Restricted stock | 1,157 | 1,157 | ||
Loans held for sale | 0 | 0 | ||
Loans receivable, net | 0 | 0 | ||
SBA servicing assets | 0 | 0 | ||
Accrued interest receivable | 3,401 | 3,226 | ||
Deposits | ||||
Demand, savings and money market | 1,046,764 | 996,861 | ||
Time | 74,837 | 75,592 | ||
Subordinated debt | 0 | 0 | ||
Accrued interest payable | 260 | 265 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 6,048 | 6,198 | ||
Investment securities held to maturity | 0 | 0 | ||
Restricted stock | 0 | 0 | ||
Loans held for sale | 5,426 | 1,699 | ||
Loans receivable, net | 767,153 | 760,163 | ||
SBA servicing assets | 4,267 | 4,099 | ||
Accrued interest receivable | 0 | 0 | ||
Deposits | ||||
Demand, savings and money market | 0 | 0 | ||
Time | 0 | 0 | ||
Subordinated debt | 18,570 | 18,221 | ||
Accrued interest payable | 0 | 0 | ||
Reported Value Measurement [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 162,528 | 128,826 | ||
Securities available for sale | 187,024 | 185,379 | ||
Investment securities held to maturity | 66,742 | 67,866 | ||
Restricted stock | 1,157 | 1,157 | ||
Loans held for sale | 4,955 | 1,676 | ||
Loans receivable, net | 777,857 | 770,404 | ||
SBA servicing assets | 4,267 | 4,099 | ||
Accrued interest receivable | 3,401 | 3,226 | ||
Deposits | ||||
Demand, savings and money market | 1,046,764 | 996,861 | ||
Time | 74,633 | 75,369 | ||
Subordinated debt | 22,476 | 22,476 | ||
Accrued interest payable | 260 | 265 | ||
Off-Balance Sheet Data | ||||
Commitments to extend credit | 0 | 0 | ||
Standby letters-of-credit | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 162,528 | 128,826 | ||
Securities available for sale | 187,024 | 185,379 | ||
Investment securities held to maturity | 67,878 | 68,253 | ||
Restricted stock | 1,157 | 1,157 | ||
Loans held for sale | 5,426 | 1,699 | ||
Loans receivable, net | 767,153 | 760,163 | ||
SBA servicing assets | 4,267 | 4,099 | ||
Accrued interest receivable | 3,401 | 3,226 | ||
Deposits | ||||
Demand, savings and money market | 1,046,764 | 996,861 | ||
Time | 74,837 | 75,592 | ||
Subordinated debt | 18,570 | 18,221 | ||
Accrued interest payable | 260 | 265 | ||
Off-Balance Sheet Data | ||||
Commitments to extend credit | 0 | 0 | ||
Standby letters-of-credit | $0 | $0 |