Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | REPUBLIC FIRST BANCORP INC | ||
Trading Symbol | frbk | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 37,837,253 | ||
Entity Public Float | $ 117,557,540 | ||
Amendment Flag | false | ||
Entity Central Index Key | 834,285 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and due from banks | $ 13,777 | $ 14,822 | |
Interest bearing deposits with banks | 13,362 | 114,004 | |
Cash and cash equivalents | 27,139 | 128,826 | |
Investment securities available for sale, at fair value | 284,795 | 185,379 | |
Investment securities held to maturity, at amortized cost (fair value of $171,845 and $68,253, respectively) | 172,277 | 67,866 | |
Restricted stock, at cost | 3,059 | 1,157 | |
Loans held for sale | 3,653 | 1,676 | |
Loans receivable (net of allowance for loan losses of $8,703 and $11,536, respectively) | 866,066 | 770,404 | |
Premises and equipment, net | 46,164 | 35,030 | |
Other real estate owned, net | 11,313 | 3,715 | |
Accrued interest receivable | 4,216 | 3,226 | |
Other assets | 20,761 | 17,319 | |
Total Assets | 1,439,443 | 1,214,598 | |
Deposits | |||
Demand – non-interest bearing | 243,695 | 224,245 | |
Demand – interest bearing | 381,499 | 283,768 | |
Money market and savings | 556,526 | 488,848 | |
Time deposits | 67,578 | 75,369 | |
Total Deposits | 1,249,298 | 1,072,230 | |
Short-term borrowings | 47,000 | ||
Accrued interest payable | 245 | 265 | |
Other liabilities | 7,049 | 6,816 | |
Subordinated debt | 22,476 | 22,476 | |
Total Liabilities | 1,326,068 | 1,101,787 | |
Shareholders’ Equity | |||
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 | |
Common stock, par value $0.01 per share: 50,000,000 shares authorized; shares issued 38,365,848 as of December 31, 2015 and 38,344,348 as of December 31, 2014; shares outstanding 37,837,003 as of December 31, 2015 and 37,815,503 as of December 31, 2014 | 384 | 383 | |
Additional paid in capital | 152,897 | 152,234 | |
Accumulated deficit | (32,833) | (35,266) | |
Treasury stock at cost (503,408 shares as of December 31, 2015 and December 31, 2014) | (3,725) | (3,725) | |
Stock held by deferred compensation plan (25,437 shares as of December 31, 2015 and December 31, 2014) | (183) | (183) | |
Accumulated other comprehensive loss | [1] | (3,165) | (632) |
Total Shareholders’ Equity | 113,375 | 112,811 | |
Total Liabilities and Shareholders’ Equity | $ 1,439,443 | $ 1,214,598 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities held to maturity, at fair value (in Dollars) | $ 171,845 | $ 68,253 |
Loans receivable, allowance for loan losses (in Dollars) | $ 8,703 | $ 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 |
Preferred stock, shares outstanding | 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 | 38,365,848 | 38,344,348 |
Common stock, shares outstanding | 37,837,003 | 37,815,503 |
Treasury stock | 503,408 | 503,408 |
Stock held by deferred compensation plan | 25,437 | 25,437 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | |||
Interest and fees on taxable loans | $ 37,241,000 | $ 34,530,000 | $ 31,986,000 |
Interest and fees on tax-exempt loans | 540,000 | 339,000 | 349,000 |
Interest and dividends on taxable investment securities | 6,792,000 | 5,053,000 | 4,435,000 |
Interest and dividends on tax-exempt investment securities | 585,000 | 364,000 | 250,000 |
Interest on federal funds sold and other interest-earning assets | 278,000 | 187,000 | 185,000 |
Total interest income | 45,436,000 | 40,473,000 | 37,205,000 |
Interest expense | |||
Demand- interest bearing | 1,401,000 | 888,000 | 825,000 |
Money market and savings | 2,170,000 | 1,929,000 | 1,786,000 |
Time deposits | 695,000 | 719,000 | 867,000 |
Other borrowings | 1,115,000 | 1,108,000 | 1,112,000 |
Total interest expense | 5,381,000 | 4,644,000 | 4,590,000 |
Net interest income | 40,055,000 | 35,829,000 | 32,615,000 |
Provision for loan losses | 500,000 | 900,000 | 4,935,000 |
Net interest income after provision for loan losses | 39,555,000 | 34,929,000 | 27,680,000 |
Non-interest income | |||
Loan advisory and servicing fees | 2,226,000 | 1,452,000 | 1,615,000 |
Gain on sales of SBA loans | 3,139,000 | 4,717,000 | 5,338,000 |
Service fees on deposit accounts | 1,720,000 | 1,224,000 | 1,046,000 |
Legal settlements | 2,550,000 | 0 | 238,000 |
Gain on sale of investment securities | 108,000 | 458,000 | 703,000 |
Other-than-temporary impairment | (13,000) | 21,000 | 0 |
Portion recognized in other comprehensive income (before taxes) | 10,000 | (28,000) | 0 |
Net impairment loss on investment securities | (3,000) | (7,000) | 0 |
Bank owned life insurance income | 0 | 0 | 13,000 |
Other non-interest income | 203,000 | 173,000 | 263,000 |
Total non-interest income | 9,943,000 | 8,017,000 | 9,216,000 |
Non-interest expenses | |||
Salaries and employee benefits | 22,488,000 | 20,089,000 | 17,064,000 |
Occupancy | 4,929,000 | 4,247,000 | 3,635,000 |
Depreciation and amortization | 3,080,000 | 2,382,000 | 2,105,000 |
Legal | 915,000 | 1,290,000 | 1,878,000 |
Other real estate owned | 4,239,000 | 1,794,000 | 3,179,000 |
Advertising | 627,000 | 597,000 | 447,000 |
Data processing | 1,593,000 | 1,345,000 | 1,000,000 |
Insurance | 720,000 | 586,000 | 625,000 |
Professional fees | 1,268,000 | 1,468,000 | 1,420,000 |
Regulatory assessments and costs | 1,248,000 | 1,065,000 | 1,257,000 |
Taxes, other | 689,000 | 616,000 | 557,000 |
Legal settlements | 0 | 0 | 1,875,000 |
Other operating expenses | 5,295,000 | 5,071,000 | 5,369,000 |
Total non-interest expense | 47,091,000 | 40,550,000 | 40,411,000 |
Income (loss) before benefit for income taxes | 2,407,000 | 2,396,000 | (3,515,000) |
Benefit for income taxes | (26,000) | (46,000) | (35,000) |
Net income (loss) | $ 2,433,000 | $ 2,442,000 | $ (3,480,000) |
Net income (loss) per share | |||
Basic (in Dollars per share) | $ 0.06 | $ 0.07 | $ (0.13) |
Diluted (in Dollars per share) | $ 0.06 | $ 0.07 | $ (0.13) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net income (loss) | $ 2,433 | $ 2,442 | $ (3,480) | |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on securities (pre-tax $(4,021), $4,992 and $(5,301), respectively) | (2,577) | 3,199 | (3,398) | |
Reclassification adjustment for securities gains (pre-tax $108, $458 and $703, respectively) | (69) | (293) | (450) | |
Reclassification adjustment for impairment charge (pre-tax $3, $7 and $-, respectively) | 2 | 4 | 0 | |
Net unrealized gains (losses) on securities | [1] | (2,644) | 2,910 | (3,848) |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity (pre-tax $-, $(1,233) and $-, respectively) | 0 | (790) | 0 | |
Amortization of net unrealized holding losses during the period (pre-tax $173, $118 and $-, respectively) | 111 | 76 | 0 | |
Total other comprehensive income (loss) | [1] | (2,533) | 2,196 | (3,848) |
Total comprehensive income (loss) | $ (100) | $ 4,638 | $ (7,328) | |
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrealized gain (loss) on securities, pre-tax | $ (4,021) | $ 4,992 | $ (5,301) |
Reclassification adjustment for securities gains, pre-tax | 108 | 458 | 703 |
Reclassification adjustment for impairment charge, pre-tax | 3 | 7 | 0 |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity, pre-tax | 0 | (1,233) | 0 |
Amortization of net unrealized holding losses during the period, pre-tax | $ 173 | $ 118 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income (loss) | $ 2,433,000 | $ 2,442,000 | $ (3,480,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Provision for loan losses | 500,000 | 900,000 | 4,935,000 |
Loss (gain) on sale of other real estate owned | 0 | 9,000 | (68,000) |
Write down of other real estate owned | 3,069,000 | 1,138,000 | 2,567,000 |
Depreciation and amortization | 3,080,000 | 2,382,000 | 2,105,000 |
Deferred income taxes | (84,000) | (142,000) | (304,000) |
Stock based compensation | 600,000 | 420,000 | 325,000 |
Gain on sale and call of investment securities | (108,000) | (458,000) | (703,000) |
Impairment charges on investment securities | 3,000 | 7,000 | 0 |
Amortization of premiums on investment securities | 840,000 | 540,000 | 731,000 |
Accretion of discounts on retained SBA loans | (1,005,000) | (899,000) | (448,000) |
Fair value adjustments on SBA servicing assets | 14,000 | 655,000 | 212,000 |
Proceeds from sales of SBA loans originated for sale | 32,922,000 | 51,388,000 | 58,175,000 |
SBA loans originated for sale | (31,760,000) | (43,416,000) | (57,450,000) |
Gains on sales of SBA loans originated for sale | (3,139,000) | (4,717,000) | (5,338,000) |
Increase in value of bank owned life insurance | 0 | 0 | (13,000) |
Increase in accrued interest receivable and other assets | (2,942,000) | (1,772,000) | (363,000) |
Net increase (decrease) in accrued interest payable and other liabilities | 213,000 | 325,000 | (323,000) |
Net cash provided by operating activities | 4,636,000 | 8,802,000 | 560,000 |
Cash flows from investing activities | |||
Purchase of investment securities available for sale | (146,668,000) | (78,825,000) | (62,544,000) |
Purchase of investment securities held to maturity | (121,402,000) | 0 | 0 |
Proceeds from the sale of securities available for sale | 11,707,000 | 5,700,000 | 7,946,000 |
Proceeds from the maturity or call of securities available for sale | 31,159,000 | 25,822,000 | 32,931,000 |
Proceeds from the maturity or call of securities held to maturity | 16,689,000 | 2,308,000 | 48,000 |
Net (purchase) redemption of restricted stock | (1,902,000) | 413,000 | 2,246,000 |
Net increase in loans | (106,616,000) | (104,357,000) | (63,870,000) |
Net proceeds from sale of other real estate owned | 792,000 | 197,000 | 2,600,000 |
Surrender proceeds on bank owned life insurance | 0 | 0 | 10,503,000 |
Premises and equipment expenditures | (14,214,000) | (14,664,000) | (2,877,000) |
Net cash used in investing activities | (330,455,000) | (163,406,000) | (73,017,000) |
Cash flows from financing activities | |||
Net proceeds from stock offering | 0 | 44,853,000 | 0 |
Net proceeds from exercise of stock options | 64,624 | 975 | 0 |
Net increase in demand, money market and savings deposits | 184,859,000 | 206,163,000 | 24,731,000 |
Net decrease in time deposits | (7,791,000) | (3,467,000) | (44,398,000) |
Increase in short-term borrowings | 47,000,000 | 0 | 0 |
Net cash provided by (used in) financing activities | 224,132,000 | 247,550,000 | (19,667,000) |
Net increase (decrease) in cash and cash equivalents | (101,687,000) | 92,946,000 | (92,124,000) |
Cash and cash equivalents, beginning of year | 128,826,000 | 35,880,000 | 128,004,000 |
Cash and cash equivalents, end of year | 27,139,000 | 128,826,000 | 35,880,000 |
Supplemental disclosures | |||
Interest paid | 5,401,000 | 4,616,000 | 4,654,000 |
Income taxes paid | 0 | 70,000 | 235,000 |
Non-cash transfers from loans to other real estate owned | 11,459,000 | 1,000,000 | 246,000 |
Transfer of available-for-sale-securities to held-to-maturity securities | $ 0 | $ 70,118,000 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation, Share-based Payments [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance at Dec. 31, 2012 | $ 265 | $ 106,753 | $ (34,228) | $ (3,099) | $ (809) | $ 1,020 | $ 69,902 | |
Net income (loss) | (3,480) | (3,480) | ||||||
Other comprehensive income (loss), net of tax | (3,848) | (3,848) | [1] | |||||
Stock based compensation | 325 | 325 | ||||||
Balance at Dec. 31, 2013 | 265 | 107,078 | (37,708) | (3,099) | (809) | (2,828) | 62,899 | |
Net income (loss) | 2,442 | 2,442 | ||||||
Other comprehensive income (loss), net of tax | 2,196 | 2,196 | [1] | |||||
Proceeds from shares issued under common stock offering (11,842,106 shares) net of offering costs | 118 | 44,735 | 44,853 | |||||
Stock based compensation | 420 | 420 | ||||||
Options exercised | 1 | 1 | ||||||
Transfer from deferred compensation plan to treasury stock (87,105 shares) | (626) | 626 | ||||||
Balance at Dec. 31, 2014 | 383 | 152,234 | (35,266) | (3,725) | (183) | (632) | 112,811 | |
Net income (loss) | 2,433 | 2,433 | ||||||
Other comprehensive income (loss), net of tax | (2,533) | (2,533) | [1] | |||||
Stock based compensation | 600 | 600 | ||||||
Options exercised | 1 | 63 | 64 | |||||
Balance at Dec. 31, 2015 | $ 384 | $ 152,897 | $ (32,833) | $ (3,725) | $ (183) | $ (3,165) | $ 113,375 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Shareholders’ Equity (Parentheticals) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Shares issued | 11,842,106 | |
Options exercised | 21,500 | 500 |
Transfer from deferred compensation plan to treasury stock | 87,105 | |
Common Stock [Member] | ||
Options exercised | 21,500 | 500 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. Nature of Operations Republic First Bancorp, Inc. (“The Company”) is a one-bank holding company organized and incorporated under the laws of the Commonwealth of Pennsylvania. It is comprised of one wholly-owned subsidiary, Republic First Bank, which does business under the name of Republic Bank (“Republic”). Republic is a Pennsylvania state chartered bank that offers a variety of banking services to individuals and businesses throughout the Greater Philadelphia and South Jersey area through its offices and store locations in Philadelphia, Montgomery, Delaware, Camden, Burlington, and Gloucester Counties. 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 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 federal and state regulations governing virtually all aspects of their activities, including but not limited to, lines of business, liquidity, investments, the payment of dividends and others. Such regulations and the cost of adherence to such regulations can have a significant impact on earnings and financial condition. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation 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 (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material intercompany transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. Risks and Uncertainties and Certain Significant Estimates 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, our results of operations are subject to risks and uncertainties surrounding our 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. The preparation of financial statements in conformity with US 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. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Greater Philadelphia region. Note 3 – Investment Securities discusses the types of investment securities that the Company invests in. Note 4 – Loans Receivable discusses the types of lending that the Company engages in as well as loan concentrations. The Company does not have a significant concentration of credit risk with any one customer. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all cash and due from banks, interest-bearing deposits with an original maturity of ninety days or less and federal funds sold, maturing in ninety days or less, to be cash and cash equivalents. Restrictions on Cash and Due from Banks Republic is required to maintain certain average reserve balances as established by the Federal Reserve Board. The amounts of those balances for the reserve computation periods that include December 31, 2015 and 2014 were approximately $10.8 million and $4.0 million, respectively. These requirements were satisfied through the restriction of vault cash and a balance at the Federal Reserve Bank of Philadelphia. Investment Securities Held to Maturity Available for Sale – Investment 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 prospects 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 the investment. Once a decline in value is determined to be other-than-temporary, the portion of the decline related to credit impairment is charged to earnings. Impairment charges on bank pooled trust preferred securities of $3,000, $7,000, and $0 were recognized during the years ended December 31, 2015, 2014, and 2013, respectively, as a result of estimated other-than-temporary impairment. Restricted Stock Restricted stock, which represents a required investment in the capital stock of correspondent banks related to available credit facilities, was carried at cost as of December 31, 2015 and 2014. As of those dates, restricted stock consisted of investments in the capital stock of the FHLB of Pittsburgh and Atlantic Community Bankers Bank (“ACBB”). The required investment in the capital stock of the FHLB is calculated based on outstanding loan balances and open credit facilities with the FHLB. Excess investments are returned to Republic on a quarterly basis. At December 31, 2015 and December 31, 2014, the investment in FHLB stock totaled $2.9 million and $1.0 million, respectively. The increase was due to a short-term borrowing from FHLB. At both December 31, 2015 and December 31, 2014, ACBB stock totaled $143,000. Loans Receivable The loans receivable portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, and residential mortgages. Consumer loans consist of home equity loans and other consumer loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower’s ability to repay their obligation as agreed. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. Accordingly, the repayment of a commercial and industrial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Commercial real estate and owner occupied real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. In addition, the underwriting considers the amount of the principal advanced relative to the property value. Commercial real estate and owner occupied real estate loans may be adversely affected by conditions in the real estate markets or the economy in general. Management monitors and evaluates commercial real estate and owner occupied real estate loans based on cash flow estimates, collateral and risk-rating criteria. The Company also utilizes third-party experts to provide environmental and market valuations. Substantial effort is required to underwrite, monitor and evaluate commercial real estate and owner occupied real estate loans. Construction and land development loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation amounts used are estimates and may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project. Sources of repayment of these loans would be permanent financing upon completion or sales of developed property. These loans are closely monitored by onsite inspections and are considered to be of a higher risk than other real estate loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term financing, interest rate sensitivity, and governmental regulation of real property. Consumer and other loans consist of home equity loans and lines of credit and other loans to individuals originated through the Company’s retail network, which are typically secured by personal property or unsecured. Home equity loans and lines of credit often carry additional risk as a result of typically being in a second position or lower in the event collateral is liquidated. Consumer loans have may also have greater credit risk because of the difference in the underlying collateral, if any. The application of various federal and state bankruptcy and insolvency laws may limit the amount that can be recovered on such loans. Residential mortgage loans are secured by one to four family dwelling units. This group consists of first mortgages and are originated at loan to value ratios of 80% or less. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated based upon the principal amounts outstanding. The Company defers and amortizes certain origination and commitment fees, and certain direct loan origination costs over the contractual life of the related loan. This results in an adjustment of the related loans yield. The Company accounts for amortization of premiums and accretion of discounts related to loans purchased based upon the effective interest method. If a loan prepays in full before the contractual maturity date, any unamortized premiums, discounts or fees are recognized immediately as an adjustment to interest income. Loans are generally classified as non-accrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days, unless such loans are well-secured and in the process of collection. Loans that are on a current payment status or past due less than 90 days may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt. Loans may be returned to accrual status when all principal and interest amounts contractually due are reasonably assured of repayment within an acceptable period of time, and there is a sustained period of repayment performance of interest and principal by the borrower, in accordance with the contractual terms. Generally, in the case of non-accrual loans, cash received is applied to reduce the principal outstanding. Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments would represent management’s estimate of losses inherent in its unfunded loan commitments and would be recorded in other liabilities on the consolidated balance sheet, if necessary. The allowance for credit losses is established through a provision for loan losses charged to operations. Loans are charged against the allowance when management believes that the collectability of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The allowance for credit losses is an amount that represents management’s estimate of known and inherent losses related to the loan portfolio and unfunded loan commitments. Because the allowance for credit losses is dependent, to a great extent, on the general economy and other conditions that may be beyond Republic’s control, the estimate of the allowance for credit losses could differ materially in the near term. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are categorized as impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for several qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All identified losses are immediately charged off and therefore no portion of the allowance for loan losses is restricted to any individual loan or group of loans, and the entire allowance is available to absorb any and all loan losses. In estimating the allowance for credit losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. These qualitative risk factors include: 1) Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices. 2) National, regional and local economic and business conditions as well as the condition of various segments. 3) Nature and volume of the portfolio and terms of loans. 4) Experience, ability and depth of lending management and staff. 5) Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 6) Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 7) Existence and effect of any concentration of credit and changes in the level of such concentrations. 8) Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment, include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, and the borrower’s prior payment record. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Loans classified as troubled debt restructurings are designated as impaired. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Transfers of Financial Assets The Company accounts for the transfers and servicing financial assets in accordance with ASC 860 , Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities , Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. The SBA servicing asset is initially recorded when loans are sold and the servicing rights are retained and recorded on the balance sheet, included in other assets. Updated fair values are obtained from an independent third party on a quarterly basis and adjustments are presented as loan advisory and servicing fees on the statement of operations. 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. For more information on the SBA servicing asset including the sensitivity of the current fair value of the SBA loan servicing rights to adverse changes in key assumptions, see Note 15 – Fair Value Measurements and Fair Values of Financial Instruments. Loans Held for Sale Loans held for sale consist of the guaranteed portion of SBA loans that the Company intends to sell after origination and are reflected at the lower of aggregate cost or fair value. When the sale of the loan occurs, the premium received is combined with the estimated present value of future cash flows on the related servicing asset and recorded as a Gain on the Sale of SBA loans which is categorized as non-interest income. Subsequent fees collected for servicing of the sold portion of a loan are combined with fair value adjustments to the SBA servicing asset and recorded as a net amount in Loan Advisory and Servicing Fees, which is also categorized as non-interest income. Guarantees The Company accounts for guarantees in accordance with ASC 815 Guarantor’s Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others Premises and Equipment Premises and equipment (including land) are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and equipment is calculated over the estimated useful life of the asset using the straight-line method for financial reporting purposes, and accelerated methods for income tax purposes. The estimated useful lives are 40 years for buildings and 3 to 13 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or terms of their respective leases, which range from 1 to 30 years. Repairs and maintenance are charged to current operations as incurred, and renewals and major improvements are capitalized. Other Real Estate Owned Other real estate owned consists of assets acquired through, or in lieu of, loan foreclosure. They are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from other real estate owned. Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. Income Taxes Income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 Plan”), under which the Company granted options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The 2005 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 2005 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 could be available for grant under the 2005 Plan to 1.5 million shares, were available for such grants. As of December 31, 2015, the only grants under the 2005 Plan were option grants. The 2005 Plan provided that the exercise price of each option granted equaled the market price of the Company’s stock on the date of the grant. Options granted pursuant to the 2005 Plan vest within one to four years and have a maximum term of 10 years. The 2005 Plan terminated on November 14, 2015 in accordance with the terms and conditions specified in the Plan agreement. 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. At December 31, 2015, the maximum number of shares of common shares issuable under the 2014 Plan was 3.9 million. Earnings Per Share Earnings per share (“EPS”) consists of two separate components, basic EPS and diluted EPS. Basic EPS is computed by dividing net income (loss) by the weighted average number of common shares outstanding for each period presented. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding plus dilutive common stock equivalents (“CSE”). CSEs consist of dilutive stock options granted through the Company’s stock option plans and convertible securities related to trust preferred securities issued in 2008. In the diluted EPS computation, the after tax interest expense on the trust preferred securities issuance is added back to the net income. In 2015, 2014, and 2013, the effect of CSEs (convertible securities related to the trust preferred securities only) and the related add back of after tax interest expense was considered anti-dilutive and therefore was not included in the EPS calculations. The calculation of EPS for the years ended December 31, 2015, 2014, and 2013 is as follows: (dollars in thousands, except per share amounts) 2015 2014 2013 Net income (loss) - basic and diluted $ 2,433 $ 2,442 $ (3,480 ) Weighted average shares outstanding 37,818 34,232 25,973 Net income (loss) per share – basic $ 0.06 $ 0.07 $ (0.13 ) Weighted average shares outstanding (including dilutive CSEs) 38,094 34,591 25,973 Net income (loss) per share – diluted $ 0.06 $ 0.07 $ (0.13 ) The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because to do so would have been anti-dilutive for the periods presented. (in thousands) 2015 2014 2013 Anti-dilutive securities Share based compensation awards 1,671 1,136 1,216 Convertible securities 1,662 1,662 1,662 Total anti-dilutive securities 3,333 2,798 2,878 Comprehensive Income / (Loss) The Company presents as a component of comprehensive income (loss) the amounts from transactions and other events, which currently are excluded from the consolidated statements of operations and are recorded directly to shareholders’ equity. These amounts consist of unrealized holding gains (losses) on available for sale securities and amortization of unrealized holding losses on available-for-sale securities transferred to held-to-maturity. Trust Preferred Securities The Company has sponsored three outstanding issues of corporation-obligated mandatorily redeemable capital securities of a subsidiary trust holding solely junior subordinated debentures of the corporation, more commonly known as trust preferred securities. The subsidiary trusts are not consolidated with the Company for financial reporting purposes. The purpose of the issuances of these securities was to increase capital. The trust preferred securities qualify as Tier 1 capital for regulatory purposes in amounts up to 25% of total Tier 1 capital. See Note 7 “Borrowings” for further information regarding the issuances. Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation The Company does not consolidate its subsidiary trusts. ASC 810 precludes consideration of the call option embedded in the preferred securities when determining if the Company has the right to a majority of the trusts’ expected residual returns. The non-consolidation results in the investment in the common securities of the trusts to be included in other assets with a corresponding increase in outstanding debt of $676,000. In addition, the income received on the Company’s investment in the common securities of the trusts is included in other income. Treasury Stock Common stock purchased for treasury is recorded at cost. 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 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities A summary of the amortized cost and market value of securities available for sale and securities held to maturity at December 31, 2015 and 2014 is as follows: At December 31, 2015 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 180,795 $ 523 $ (3,173 ) $ 178,145 Agency mortgage-backed securities 10,073 176 (78 ) 10,171 Municipal securities 22,814 562 (32 ) 23,344 Corporate bonds 54,294 135 (300 ) 54,129 Asset-backed securities 17,631 - (626 ) 17,005 Trust preferred securities 3,070 - (1,187 ) 1,883 Other securities 115 3 - 118 Total securities available for sale $ 288,792 $ 1,399 $ (5,396 ) $ 284,795 U.S. Government agencies $ 17,067 $ 39 $ (72 ) $ 17,034 Collateralized mortgage obligations 146,458 402 (780 ) 146,080 Agency mortgage-backed securities 7,732 - (21 ) 7,711 Other securities 1,020 - - 1,020 Total securities held to maturity $ 172,277 $ 441 $ (873 ) $ 171,845 At December 31, 2014 (dollars in thousands) Amortized Gross Gross Fair Value Collateralized mortgage obligations $ 98,626 $ 692 $ (96 ) $ 99,222 Agency 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 following table presents investment securities by stated maturity at December 31, 2015. Collateralized mortgage obligations and agency mortgage-backed securities have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these securities are classified separately with no specific maturity date. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 7,444 $ 7,505 $ - $ - After 1 year to 5 years 13,617 13,730 5,070 5,021 After 5 years to 10 years 50,645 49,089 13,017 13,033 After 10 years 26,218 26,155 - - Collateralized mortgage obligations 180,795 178,145 146,458 146,080 Agency mortgage-backed securities 10,073 10,171 7,732 7,711 Total $ 288,792 $ 284,795 $ 172,277 $ 171,845 Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. The Company’s investment securities portfolio consists primarily of debt securities issued by U.S. government agencies, U.S. government-sponsored agencies, state governments, local municipalities and certain corporate entities. There were no private label mortgage-backed securities (“MBS”) or collateralized mortgage obligations (“CMO”) held in the investment securities portfolio as of December 31, 2015 and December 31, 2014. There were also no MBS or CMO securities that were rated “Alt-A” or “sub-prime” as of those dates. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the available for sale portfolio are included in shareholders’ equity as a component of accumulated other comprehensive income or loss, net of tax. Securities classified as held to maturity are carried at amortized cost. An unrealized loss exists when the current fair value of an individual security is less than the amortized cost basis. The Company regularly evaluates investment securities that are in an unrealized loss position in order to determine if the decline in fair value is other than temporary. Factors considered in the evaluation include the current economic climate, the length of time and the extent to which the fair value has been below cost, the current interest rate environment and the rating of each security. An other-than-temporary impairment (“OTTI”) loss must be recognized for a debt security in an unrealized loss position if the Company intends to sell the security or it is more likely than not that it will be required to sell the security prior to recovery of the amortized cost basis. The amount of OTTI loss recognized is equal to the difference between the fair value and the amortized cost basis of the security that is attributed to credit deterioration. Accounting standards require the evaluation of the expected cash flows to be received to determine if a credit loss has occurred. In the event of a credit loss, that amount must be recognized against income in the current period. The portion of the unrealized loss related to other factors, such as liquidity conditions in the market or the current interest rate environment, is recorded in accumulated other comprehensive income (loss). Impairment charges (credit losses) on trust preferred securities for the years ended December 31, 2015, 2014, and 2013 amounted to $3,000, $7,000, and $0, respectively. At December 31, 2015 and 2014, investment securities in the amount of approximately $209.4 million and $149.0 million, respectively, were pledged as collateral for public deposits and certain other deposits as required by law. The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at December 31, 2015 and 2014 for which a portion of OTTI was recognized in other comprehensive income: (dollars in thousands) 2015 2014 Beginning Balance, January 1 st $ 3,966 $ 3,959 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized 3 7 Reductions for securities paid off during the period - - Reductions for securities sold during the period (3,039 ) - 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, December 31 st $ 930 $ 3,966 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 as of December 31, 2015 and 2014: At December 31 , 201 5 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Collateralized mortgage obligations $ 116,161 $ 3,173 $ - $ - $ 116,161 $ 3,173 Agency mortgage-backed securities 2,389 14 5,502 64 7,891 78 Municipal securities 886 15 1,814 17 2,700 32 Corporate bonds 9,583 258 2,952 42 12,535 300 Asset backed securities 17,005 626 - - 17,005 626 Trust preferred securities - - 1,883 1,187 1,883 1,187 Total Available for Sale $ 146,024 $ 4,086 $ 12,151 $ 1,310 $ 158,175 $ 5,396 At December 31 , 201 5 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Government agencies $ 11,954 $ 72 $ - $ - $ 11,954 $ 72 Collateralized mortgage obligations 68,888 732 15,956 48 84,844 780 Agency mortgage-backed securities 7,711 21 - - 7,711 21 Total Held to Maturity $ 88,553 $ 825 $ 15,956 $ 48 $ 104,509 $ 873 At December 31 , 201 4 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Collateralized mortgage obligations $ 17,331 $ 96 $ - $ - $ 17,331 $ 96 Agency 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 , 201 4 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized 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 Unrealized losses on securities in the investment portfolio amounted to $6.3 million with a total fair value of $262.7 million as of December 31, 2015 compared to unrealized losses of $2.4 million with a total fair value of $62.2 million as of December 31, 2014. The Company believes the unrealized losses presented in the tables above are temporary in nature and primarily related to market interest rates or limited trading activity in particular type of security rather than the underlying credit quality of the issuers. The Company does not believe that these losses are other than temporary and does not currently intend to sell or believe it will be required to sell securities in an unrealized loss position prior to maturity or recovery of the amortized cost bases. The Company held four U.S. Government agency securities, thirty-four collateralized mortgage obligations and seven agency mortgage-backed securities that were in an unrealized loss position at December 31, 2015. Principal and interest payments of the underlying collateral for each of these securities are backed by U.S. Government sponsored agencies and carry minimal credit risk. Management found no evidence of OTTI on any of these securities and believes the unrealized losses are due to fluctuations in fair values resulting from changes in market interest rates and are considered temporary as of December 31, 2015. All municipal securities held in the investment portfolio are reviewed on least a quarterly basis for impairment. Each bond carries an investment grade rating by either Moody’s or Standard & Poor’s. In addition the Company periodically conducts its own independent review on each issuer to ensure the financial stability of the municipal entity. The largest geographic concentration was in Pennsylvania and New Jersey and consisted of either general obligation or revenue bonds backed by the taxing power of the issuing municipality. At December 31, 2015, the investment portfolio included three municipal securities that were in an unrealized loss position. Management believes the unrealized losses were the result of movements in long-term interest rates and are not reflective of any credit deterioration. At December 31, 2015, the investment portfolio included two asset-backed securities that were in an unrealized loss position. The asset-backed securities held in the investment securities portfolio consist solely of Sallie Mae bonds, collateralized by student loans which are guaranteed by the U.S. Department of Education. Management believes the unrealized losses on these securities were driven by changes in market interest rates and not a result of any credit deterioration. At December 31, 2015, the investment portfolio included four corporate bonds that were in an unrealized loss position. Management believes the unrealized losses on these securities were also driven by changes in market interest rates and not a result of any credit deterioration. 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 on the trust preferred securities held in the portfolio as of December 31, 2015. ( dollars in thousands) Class / Tranche Amortized Cost Fair Value Unrealized Losses Lowest Credit Rating Assigned Number of Banks Currently Performing Deferrals / Defaults as % of Current Balance Conditional Default Rates for 2015 and beyond Cumulative OTTI Life to Date TPREF Funding II Class B Notes $ 732 $ 416 $ (316 ) C 20 36 % 0.39 % $ 267 TPREF Funding III Class B2 Notes 1,518 901 (617 ) C 15 32 0.42 483 ALESCO Preferred Funding V Class C1 Notes 820 566 (254 ) C 40 17 0.32 180 Total $ 3,070 $ 1,883 $ (1,187 ) 75 28 % $ 930 Proceeds of sales of securities available for sale in 2015 were $11.7 million. Gross gains of $396,000 and gross losses of $288,000 were realized on these sales. The tax provision applicable to the net gains for the year ended December 31, 2015 amounted to $39,000. Included in the 2015 sales activity were the sales of four CDO securities. Proceeds from the sale of the CDO securities totaled $2.0 million. Gross gains of $70,000 and gross losses of $288,000 were realized on these sales. The tax provision applicable to the net losses for the twelve months ended December 31, 2015 amounted to $78,000. Management had previously stated that it did not intend to sell the CDO securities prior to their maturity or the recovery of their cost bases, nor would it be forced to sell these securities prior to maturity or recovery of the cost bases. This statement was made over a period of several years where there was limited trading activity in the pooled trust preferred CDO market resulting in fair market value estimates well below the book values. During 2015, management received several inquiries regarding the availability of the CDO securities and noted an increased level of trading in this type of security. As a result of the increased activity and the level of bids received, management elected to sell the four CDOs resulting in a net loss of $218,000 during 2015 which was offset by gains on sales of agency mortgage- backed securities and corporate bonds. The Bank continues to demonstrate the ability and intent to hold the remaining CDOs until maturity or recovery of the cost bases, but will evaluate future opportunities to sell the remaining CDOs if they arise. The Company realized gross gains on the sale of securities of $458,000 in 2014. The related sale proceeds amounted to $5.7 million. The tax provision applicable to these gross gains in 2014 amounted to approximately $165,000. 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 December 31, 2015, there is an approximate unrealized loss of $942,000 remaining to be amortized. |
Note 4 - Loans Receivable
Note 4 - Loans Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Loans Receivable The following table sets forth the Company’s gross loans by major categories as of December 31, 2015 and 2014: (dollars in thousands) December 31, 2015 December 31, 2014 Commercial real estate $ 349,726 $ 379,259 Construction and land development 46,547 29,861 Commercial and industrial 181,850 145,113 Owner occupied real estate 246,398 188,025 Consumer and other 48,126 39,713 Residential mortgage 2,380 408 Total loans receivable 875,027 782,379 Deferred costs (fees) (258 ) (439 ) Allowance for loan losses (8,703 ) (11,536 ) Net loans receivable $ 866,066 $ 770,404 The Company disaggregates its loan portfolio into groups of loans with similar risk characteristics for purposes of estimating the allowance for loan losses. The Company’s loan groups include commercial real estate, construction and land development, commercial and industrial, owner occupied real estate, consumer, and residential mortgages. The remaining loan groups are also considered classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. 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 December 31, 2015 and 2014: December 31, 201 5 December 31, 2014 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 11,692 $ 11,730 $ - $ 11,964 $ 11,969 $ - Construction and land development 117 2,208 - 61 158 - Commercial and industrial 2,381 3,683 - 3,764 7,275 - Owner occupied real estate 507 507 - 524 528 - Consumer and other 800 1,084 - 429 708 - Total $ 15,497 $ 19,212 $ - $ 16,742 $ 20,638 $ - With an allowance recorded: Commercial real estate $ 511 $ 511 $ 47 $ 13,118 $ 13,245 $ 3,858 Construction and land development - - - 316 3,741 217 Commercial and industrial 3,112 5,779 1,111 1,457 2,057 211 Owner occupied real estate 2,862 2,876 1,059 4,011 4,162 844 Consumer and other 147 147 21 - - - Total $ 6,632 $ 9,313 $ 2,238 $ 18,902 $ 23,205 $ 5,130 Total: Commercial real estate $ 12,203 $ 12,241 $ 47 $ 25,082 $ 25,214 $ 3,858 Construction and land development 117 2,208 - 377 3,899 217 Commercial and industrial 5,493 9,462 1,111 5,221 9,332 211 Owner occupied real estate 3,369 3,383 1,059 4,535 4,690 844 Consumer and other 947 1,231 21 429 708 - Total $ 22,129 $ 28,525 $ 2,238 $ 35,644 $ 43,843 $ 5,130 The following table presents additional information regarding the Company’s impaired loans for the years ended December 31, 2015, 2014, and 2013: Years Ended December 31, 2015 2014 2013 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 12,796 $ 282 $ 7,739 $ 450 $ 14,062 $ 731 Construction and land development 206 2 462 - 1,954 35 Commercial and industrial 3,225 78 3,070 22 2,783 19 Owner occupied real estate 700 6 714 8 347 9 Consumer and other 685 13 482 4 651 6 Total $ 17,612 $ 381 $ 12,467 $ 484 $ 19,797 $ 800 With an allowance recorded: Commercial real estate $ 5,544 $ 13 $ 13,197 $ 5 $ 6,261 $ 195 Construction and land development 90 - 557 - 499 - Commercial and industrial 2,587 28 3,244 - 3,881 40 Owner occupied real estate 3,643 92 3,446 125 3,139 146 Consumer and other 59 2 40 - 110 - Total $ 11,923 $ 135 $ 20,484 $ 130 $ 13,890 $ 381 Total: Commercial real estate $ 18,340 $ 295 $ 20,936 $ 455 $ 20,323 $ 926 Construction and land development 296 2 1,019 - 2,453 35 Commercial and industrial 5,812 106 6,314 22 6,664 59 Owner occupied real estate 4,343 98 4,160 133 3,486 155 Consumer and other 744 15 522 4 761 6 Total $ 29,535 $ 516 $ 32,951 $ 614 $ 33,687 $ 1,181 The total average recorded investment on the Company’s impaired loans for the years ended December 31, 2015, 2014, and 2013 were $29.5 million, $33.0 million, and $33.7 million, respectively, and the related interest income recognized for those dates was $516,000, $614,000, and $1.2 million, respectively. If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $765,000, $980,000, and $488,000 for the years ended December 31, 2015, 2014, and 2013, respectively. Included in loans are loans due from directors and other related parties of $8.5 million at December 31, 2015, and $8.8 million at December 31, 2014, and 2013. All loans made to directors have substantially the same terms and interest rates as other bank borrowers. The Board of Directors approves loans to individual directors to confirm that collateral requirements, terms and rates are comparable to other borrowers and are in compliance with underwriting policies. The following presents the activity in amount due from directors and other related parties for the years ended December 31, 2015, 2014 and 2013. 5. (dollars in thousands) December 31, 2015 December 31, 2014 December 31, 2013 Balance at beginning of year $ 8,753 $ 8,762 $ 9,128 Additions 295 500 51 Repayments (527 ) (509 ) (417 ) Balance at end of year $ 8,521 $ 8,753 $ 8,762 |
Note 5 - Allowances for Loan Lo
Note 5 - Allowances for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | 5. Allowances for Loan Losses The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the years ended December 31, 2015, 2014, and 2013: (dollars in thousands) Commercial Real Estate Construction Commercial Owner Consumer Residential Mortgage Unallocated Total Year ended December, 2015 Allowance for loan losses: Beginning balance: $ 6,828 $ 917 $ 1,579 $ 1,638 $ 234 $ 2 $ 338 $ 11,536 Charge-offs (2,624 ) (260 ) (408 ) (133 ) - - - (3,425 ) Recoveries 4 5 49 - 34 - - 92 Provisions (credits) (1,815 ) (324 ) 1,712 525 27 12 363 500 Ending balance $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Year ended December, 2014 Allowance for loan losses: Beginning Balance: $ 6,454 $ 1,948 $ 2,309 $ 985 $ 225 $ 14 $ 328 $ 12,263 Charge-offs (364 ) (303 ) (1,185 ) (150 ) (10 ) - - (2,012 ) Recoveries 5 214 166 - - - - 385 Provisions (credits) 733 (942 ) 289 803 19 (12 ) 10 900 Ending balance $ 6,828 $ 917 $ 1,579 $ 1,638 $ 234 $ 2 $ 338 $ 11,536 Year ended December, 2013 Allowance for loan losses: Beginning Balance: $ 3,979 $ 1,273 $ 1,880 $ 1,967 $ 234 $ 17 $ 192 $ 9,542 Charge-offs (1,291 ) (60 ) (611 ) (320 ) (75 ) - - (2,357 ) Recoveries 54 - 63 - 26 - - 143 Provisions (credits) 3,712 735 977 (662 ) 40 (3 ) 136 4,935 Ending balance $ 6,454 $ 1,948 $ 2,309 $ 985 $ 225 $ 14 $ 328 $ 12,263 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 December 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 December 31, 2015 Allowance for loan losses: Individually evaluated for impairment $ 47 $ - $ 1,111 $ 1059 $ 21 $ - $ - $ 2,238 Collectively evaluated for impairment 2,346 338 1,821 971 274 14 701 6,465 Total allowance for loan losses $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Loans receivable: Loans evaluated individually $ 12,203 $ 117 $ 5,493 $ 3,369 $ 947 $ - $ - $ 22,129 Loans evaluated collectively 337,523 46,430 176,357 243,029 47,179 2,380 - 852,898 Total loans receivable $ 349,726 $ 46,547 $ 181,850 $ 246,398 $ 48,126 $ 2,380 $ - $ 875,027 Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total December 31, 2014 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 tablepresents the classes of the loan portfolio summarized by the past due status as of December 31, 2015 and 2014: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31 , 201 5 Commercial real estate $ - $ 7,657 $ 5,913 $ 13,570 $ 336,156 $ 349,726 $ - Construction and land development - - 117 117 46,430 46,547 - Commercial and industrial 1,661 997 3,156 5,814 176,036 181,850 - Owner occupied real estate 800 469 2,894 4,163 242,235 246,398 - Consumer and other 285 192 542 1,019 47,107 48,126 - Residential mortgage 132 - - 132 2,248 2,380 - Total $ 2,878 $ 9,315 $ 12,622 $ 24,815 $ 850,212 $ 875,027 $ - (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing 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 our internal risk rating system as of December 31, 2015 and 2014: (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2015 : Commercial real estate $ 329,567 $ 7,956 $ 12,203 $ - $ 349,726 Construction and land development 46,430 - 117 - 46,547 Commercial and industrial 176,132 225 4,064 1,429 181,850 Owner occupied real estate 242,560 469 3,369 - 246,398 Consumer and other 47,104 75 947 - 48,126 Residential mortgage 2,380 - - - 2,380 Total $ 844,173 $ 8,725 $ 20,700 $ 1,429 $ 875,027 (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 December 31, 2015 and 2014: (dollars in thousands) December 31, 2015 December 31, 4 Commercial real estate $ 5,913 $ 13,979 Construction and land development 117 377 Commercial and industrial 3,156 4,349 Owner occupied real estate 2,894 2,306 Consumer and other 542 429 Residential mortgage - - Total $ 12,622 $ 21,440 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $765,000, $980,000, and $488,000, for 2015, 2014, and 2013, respectively. 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 information with regard to outstanding troubled debt restructurings at December 31, 2015 and 2014: (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs December 31, 2015 Commercial real estate 1 $ 5,778 $ - $ 5,778 Construction and land development - - - - Commercial and industrial 2 252 935 1,187 Owner occupied real estate 1 - 1,825 1,825 Consumer and other - - - - Residential mortgage - - - - Total 4 $ 6,030 $ 2,760 $ 8,790 December 31, 201 4 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 was one loan modification made during the year ended December 31, 2015 that met the criteria of a TDR. There was one loan modification made during the year ended December 31, 2014 that met the criteria of a TDR. There were no modifications made during the year ended December 31, 2013 that met the criteria of a TDR. The Company modified one commercial and industrial loan during the year ended December 31, 2015. In accordance with the modified terms of the commercial and industrial loan, the Company increased the principal by $30,000. The Company also extended the maturity date of the loan. The commercial and industrial loan has been and continues to be an accruing loan. The borrower has remained current since the modification. The pre-modification balance was $230,000 and the post modification balance was $260,000. The Company modified one commercial real estate loan during the year ended December 31, 2014. In accordance with the modified terms of the commercial real estate loan, the Company modified the amortization time frame and reduced the effective interest rate when compared to the interest rate of the original loan. The Company also extended the maturity date of the loan. This loan had been and continues to be an accruing loan. The borrower has remained current since the modification. The pre-modification balance was $6.0 million and the post-modification balance was $6.1 million. There were no residential mortgages in the process of foreclosure as of December 31, 2015 and December 31, 2014. Other real estate owned relating to residential real estate was $193,000 and $235,000 at December 31, 2015 and 2014, respectively. After a loan is determined to be a TDR, we continue to track its performance under the most recent restructured terms. There was one TDR that subsequently defaulted during the year ended December 31, 2015. One loan classified as a TDR also subsequently defaulted during the year ended December 31, 2013. Partial writedowns were recorded during the years ended December 31, 2014 and 2015, and a partial transfer to other real estate owned was recorded during the year ended December 31, 2015. |
Note 6 - Other Real Estate Owne
Note 6 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned [Text Block] | 6. Other Real Estate Owned Other real estate owned consists of properties acquired as a result of foreclosures or deeds in-lieu-of foreclosure. Costs relating to the development or improvement of assets are capitalized, and costs relating to holding the property are charged to expense. As of December 31, 2015 the balance of OREO is comprised of fourteen commercial, construction, and residential properties. The following table presents a reconciliation of other real estate owned for the years ended December 31, 2015, 2014, and 2013: (dollars in thousands) December 3 1 , 201 5 December 31, 201 4 December 31, 201 3 Beginning Balance, January 1 st $ 3,715 $ 4,059 $ 8,912 Additions 11,459 1,000 246 Valuation adjustments (3,069 ) (1,147 ) (2,740 ) Dispositions (792 ) (197 ) (2,359 ) Ending Balance $ 11,313 $ 3,715 $ 4,059 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7 . Premises and Equipment A summary of premises and equipment is as follows: (dollars in thousands) December 31, 201 5 December 31, 201 4 Land $ 8,029 $ 4,216 Buildings 16,215 9,375 Leasehold improvements 19,621 19,592 Furniture, fixtures and equipment 11,680 10,035 Construction in progress 4,471 4,406 60,016 47,624 Less accumulated depreciation (13,852 ) (12,594 ) Net premises and equipment $ 46,164 $ 35,030 Depreciation expense on premises and equipment amounted to approximately $3.1 million, $2.4 million, and $2.1 million in 2015, 2014, and 2013, respectively. The construction in progress balance of $4.5 million mainly represents costs incurred for the selection and development of future store locations. Of this balance, $3.2 million represents land purchased for three specific store locations. Costs to complete the projects in process are estimated to be $18.1 million as of December 31, 2015. |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 8. Borrowings Republic has a line of credit with the Federal Home Loan Bank (“FHLB”) of Pittsburgh with a maximum borrowing capacity of $440.6 million as of December 31, 2015. As of December 31, 2015, there were no fixed term advances against this line of credit. As of December 31, 2015, there was an overnight advance of $47.0 million against this line of credit. The interest rate on the overnight advance as of December 31, 2015 was 0.43%. As of December 31, 2014, there were no fixed term or overnight advances against this line of credit. As of December 31, 2015, FHLB had issued letters of credit, on Republic’s behalf, totaling $75.1 million against its available credit line, primarily to be used as collateral for public deposits. There were no fixed term advances outstanding at any month-end during 2015 and 2014. At December 31, 2015, $645.4 million of loans collateralized the overnight advance and the letters of credit. The maximum amount of overnight borrowings outstanding at any month-end was $47.0 million in 2015 and $0 in 2014. Republic also has a line of credit in the amount of $10.0 million available for the purchase of federal funds through another correspondent bank. At December 31, 2015 and 2014, Republic had no amount outstanding against this line. The maximum amount of overnight advances on this line at any month end was $0 in 2015 and 2014. Subordinated debt and corporation-obligated-mandatorily redeemable capital securities of subsidiary trust holding solely junior obligations of the corporation: The Company has sponsored three outstanding issues of corporation-obligated mandatorily redeemable capital securities of a subsidiary trust holding solely junior subordinated debentures of the corporation, more commonly known as trust preferred securities. The subsidiary trusts are not consolidated with the Company for financial reporting purposes. The purpose of the issuances of these securities was to increase capital. The trust preferred securities qualify as Tier 1 capital for regulatory purposes in an amount up to 25% of total Tier 1 capital. In December 2006, Republic Capital Trust II (“Trust II”) issued $6.0 million of trust preferred securities to investors and $0.2 million of common securities to the Company. Trust II purchased $6.2 million of junior subordinated debentures of the Company due 2037, and the Company used the proceeds to call the securities of Republic Capital Trust I (“Trust I”). The debentures supporting Trust II have a variable interest rate, adjustable quarterly, at 1.73% over the 3-month Libor. The Company may call the securities on any interest payment date after five years without a prepayment penalty. On June 28, 2007, the Company caused Republic Capital Trust III (“Trust III”), through a pooled offering, to issue $5.0 million of trust preferred securities to investors and $0.2 million common securities to the Company. Trust III purchased $5.2 million of junior subordinated debentures of the Company due 2037, which have a variable interest rate, adjustable quarterly, at 1.55% over the 3 month Libor. The Company has the ability to call the securities on any interest payment date without a prepayment penalty. On June 10, 2008, the Company caused Republic First Bancorp Capital Trust IV (“Trust IV”) to issue $10.8 million of convertible trust preferred securities as part of the Company’s strategic capital plan. The securities were purchased by various investors, including Vernon W. Hill, II, founder and chairman (retired) of Commerce Bancorp and, since the investment, a consultant to the Company. This investor group also included a family trust of Harry D. Madonna, chairman, president and chief executive officer of the Company, and Theodore J. Flocco, Jr., who, since the investment, has been elected to the Company’s Board of Directors and serves as the Chairman of the Audit Committee. Trust IV also issued $0.3 million of common securities to the Company. Trust IV purchased $11.1 million of junior subordinated debentures due 2038, which pay interest at an annual rate of 8.0% and are callable after the fifth year. The trust preferred securities of Trust IV are convertible into approximately 1.7 million shares of common stock of the Company, based on a conversion price of $6.50 per share of Company common stock, and at December 31, 2015 were fully convertible. |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | 9. Deposits The following is a breakdown, by contractual maturities of the Company’s certificates of deposit for the years 2016 through 2020. (dollars in thousands) 201 6 201 7 201 8 201 9 20 20 Thereafter Total Certificates of Deposit $ 50,139 $ 13,780 $ 1,599 $ 563 $ 1,497 $ - $ 67,578 Certificates of deposit of $250,000 or more totaled $8.0 million and $9.1 million at December 31, 2015 and 2014, respectively. Deposits of related parties totaled $93.5 million and $84.0 million at December 31, 2015 and 2014, respectively. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The benefit for income taxes for the years ended December 31, 2015, 2014, and 2013 consists of the following: (dollars in thousands) 2015 20 14 20 13 Current Federal $ 58 $ 96 $ 269 State - - - Deferred (84 ) (142 ) (304 ) Total benefit for income taxes $ (26 ) $ (46 ) $ (35 ) The following table reconciles the difference between the actual tax provision and the amount per the statutory federal income tax rate of 35.0% for the years ended December 31, 2015, 2014, and 2013. (dollars in thousands) 201 5 20 14 20 13 Tax (benefit) provision computed at statutory rate $ 843 $ 839 $ (1,230 ) Tax exempt interest (394 ) (246 ) (210 ) Bank owned life insurance - - (4 ) Deferred tax asset valuation allowance (937 ) (679 ) 1,428 Other 462 40 (19 ) Total benefit for income taxes $ (26 ) $ (46 ) $ (35 ) The significant components of the Company’s net deferred tax asset as of December 31, 2015 and 2014 are as follows: (dollars in thousands) 201 5 201 4 Deferred tax assets Allowance for loan losses $ 3,125 $ 4,143 Deferred compensation 786 786 Unrealized losses on securities available for sale 1,774 354 Realized losses in other than temporary impairment charge 334 1,124 Foreclosed real estate write-downs 2,350 1,470 Interest income on non-accrual loans 1,185 1,117 Net operating loss carryforward 10,775 10,622 Other 1,580 1,329 Total deferred tax assets 21,909 20,945 Deferred tax liabilities Deferred loan costs 1,029 934 Other 672 370 Total deferred tax liabilities 1,701 1,304 Net deferred tax asset before valuation allowance 20,208 19,641 Less: valuation allowance (13,722 ) (14,659 ) Net deferred tax asset $ 6,486 $ 4,982 The Company’s net deferred tax asset before the consideration of a valuation allowance increased to $20.2 million at December 31, 2015 compared to $19.6 million at December 31, 2014. This increase was primarily driven by increases in the unrealized losses on securities available for sale during the twelve month period ended December 31, 2015. The $20.2 million net deferred tax asset as of December 31, 2015 is comprised of $10.8 million currently recognizable through NOL carryforwards and $9.4 million attributable to several items associated with temporary timing differences which will reverse at some point in the future to provide a net reduction in tax liabilities. The Company’s largest future reversal relates to its allowance for loan losses, which totaled $3.1 million as of December 31, 2015. The Company evaluates the carrying amount of its deferred tax assets on a quarterly basis or more frequently, if necessary, in accordance with the guidance provided in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740 (ASC 740), in particular, applying the criteria set forth therein to determine whether it is more likely than not (i.e. a likelihood of more than 50%) that some portion, or all, of the deferred tax asset will not be realized within its life cycle, based on the weight of available evidence. If management makes a determination based on the available evidence that it is more likely than not that some portion or all of the deferred tax assets will not be realized in future periods a valuation allowance is calculated and recorded. These determinations are inherently subjective and dependent upon estimates and judgments concerning management’s evaluation of both positive and negative evidence. In conducting the deferred tax asset analysis, the Company believes it is important to consider the unique characteristics of an industry or business. In particular, characteristics such as business model, level of capital and reserves held by financial institutions and their ability to absorb potential losses are important distinctions to be considered for bank holding companies like the Company. In addition, it is also important to consider that NOLs for federal income tax purposes can generally be carried back two years and carried forward for a period of twenty years. The Company has an NOL in the amount of $29.9 million which will begin to expire after December 31, 2030 through December 31, 2032 if not utilized prior to that date. In order to realize our deferred tax assets, we must generate sufficient taxable income in such future years. In assessing the need for a valuation allowance, the Company carefully weighed both positive and negative evidence currently available. Judgment is required when considering the relative impact of such evidence. The weight given to the potential effect of positive and negative evidence must be commensurate with the extent to which it can be objectively verified. A cumulative loss in recent years is a significant piece of negative evidence that is difficult to overcome. Based on the analysis of available positive and negative evidence, the Company determined that a valuation allowance should be recorded as of December 31, 2015 and 2014. When determining an estimate for a valuation allowance, the Company assessed the possible sources of taxable income available under tax law to realize a tax benefit for deductible temporary differences and carryforwards as defined in ASC 740-10-30. As a result of cumulative losses in recent years and the uncertain nature of the current economic environment, the Company did not use projections of future taxable income as a factor. The Company will continue to exclude future taxable income as a factor until it can show consistent and sustained profitability. The Company did assess tax planning strategies as defined under ASC 740-10-30 to determine the amount of a valuation allowance. Strategies reviewed included the sale of investment securities and loans with fair values greater than book values, redeployment of cash and cash equivalents into higher yielding investment options, a switch from tax-exempt to taxable investments and loans, and the election of a decelerated depreciation method for tax purposes for future fixed asset purchases. The Company believes that these tax planning strategies are (i.) prudent and feasible, (ii.) steps that the Company would not ordinarily take, but would take to prevent an operating loss or tax credit carryforward from expiring unused, and (iii.) would result in the realization of existing deferred tax assets. These tax planning strategies, if implemented, would result in taxable income in the first full reporting period after deployment and accelerate the recovery of deferred tax asset balances if faced with the inability to recover those assets or the risk of potential expiration. The Company believes that these are viable tax planning strategies and appropriately considered in the analysis at this time, but may not align with the strategic direction of the organization today and therefore, has no present intention to implement such strategies. The net deferred tax asset balance before consideration of a valuation allowance was $20.2 million as of December 31, 2015 and $19.6 million as of December 31, 2014. The tax planning strategies assessed resulted in the projected realization of approximately $6.5 million in tax assets as of December 31, 2015 and $5.0 million as of December 31, 2014 which can be considered more likely than not to be realized. Accordingly, the Company recorded a partial valuation allowance related to the deferred tax asset balance in the amount of $13.7 million as of December 31, 2015 and $14.7 million as of December 31, 2014. The deferred tax asset will continue to be analyzed on a quarterly basis for changes affecting realizability. As the Company continues to record consecutive quarters of profitable results, projections of future taxable income become more reliable and can again be used as a factor in assessing the ability to fully realize the deferred tax asset. When the determination is made to include projections of future taxable income as a factor, the valuation allowance will be reduced accordingly resulting in a corresponding increase in net income. The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The Company has not identified any uncertain tax position as of December 31, 2015. No interest or penalties have been recorded for the years ended December 31, 2015, 2014, and 2013. The Internal Revenue Service has completed its audits of the Company’s federal tax returns for all tax years through December 31, 2008. There are currently no income tax audits being conducted by the Internal Revenue Service or the Pennsylvania Department of Revenue. The Company’s federal income tax returns filed subsequent to 2008 remain subject to examination by the Internal Revenue Service. |
Note 11 - Financial Instruments
Note 11 - Financial Instruments with Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments With Off Balance Sheet Risk [Abstract] | |
Financial Instruments With Off Balance Sheet Risk [Text Block] | 11. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Credit risk is defined as the possibility of sustaining a loss due to the failure of the other parties to a financial instrument to perform in accordance with the terms of the contract. The maximum exposure to credit loss under commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same underwriting standards and policies in making credit commitments as it does for on-balance-sheet instruments. Financial instruments whose contract amounts represent potential credit risk are commitments to extend credit of approximately $165.1 million and $138.4 million and standby letters of credit of approximately $5.2 million and $3.8 million at December 31, 2015 and 2014, respectively. Commitments often expire without being drawn upon. Of the $165.1 million of commitments to extend credit at December 31, 2015, substantially all were variable rate commitments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and many require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include real estate, marketable securities, pledged deposits, equipment and accounts receivable. Standby letters of credit are conditional commitments issued that guarantee the performance of a customer to a third party. The credit risk and collateral policy involved in issuing letters of credit is essentially the same as that involved in extending loan commitments. The amount of collateral obtained is based on management’s credit evaluation of the customer. Collateral held varies but may include real estate, marketable securities, pledged deposits, equipment and accounts receivable. Management believes that the proceeds obtained through a liquidation of such collateral would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The current amount of liability as of December 31, 2015 and 2014 for guarantees under standby letters of credit issued is not material. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Lease Arrangements As of December 31, 2015, the Company had entered into non-cancelable leases expiring on various dates through November 30, 2034. Certain leases include escalation clauses that will require increasing cash payments over the term of the lease. The leases are accounted for as operating leases. The minimum annual rental payments required under these leases are as follows (dollars in thousands): Year Ended Amount 2016 $ 2,848 2017 2,751 2018 2,688 2019 2,711 2020 2,654 Thereafter 8,991 Total $ 22,643 The Company incurred rent expense of $2.9 million, $2.7 million, and $2.3 million for the years ended December 31, 2015, 2014, and 2013, respectively. Other The Company and Republic are from time to time a party (plaintiff or defendant) to lawsuits that are 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 13 - Regulatory Capital
Note 13 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 13. Regulatory Capital Dividend payments by Republic to the Company are subject to the Pennsylvania Banking Code of 1965 (the “Banking Code”) and the Federal Deposit Insurance Act (the “FDIA”). Under the Banking Code, no dividends may be paid except from “accumulated net earnings” (generally, undivided profits). Under the FDIA, an insured bank may pay no dividends if the bank is in arrears in the payment of any insurance assessment due to the FDIC. Under current banking laws, Republic would be limited to $17.8 million of dividends plus an additional amount equal to its net profit for 2016, up to the date of any such dividend declaration. However, dividends would be further limited in order to maintain capital ratios. State and Federal regulatory authorities have adopted standards for the maintenance of adequate levels of capital by Republic. Federal banking agencies impose four minimum capital requirements on the Company’s risk-based capital ratios based on total capital, Tier 1 capital, CET 1 capital, and a leverage capital ratio. The risk-based capital ratios measure the adequacy of a bank’s capital against the riskiness of its assets and off-balance sheet activities. Failure to maintain adequate capital is a basis for “prompt corrective action” or other regulatory enforcement action. In assessing a bank’s capital adequacy, regulators also consider other factors such as interest rate risk exposure; liquidity, funding and market risks; quality and level or earnings; concentrations of credit; quality of loans and investments; risks of any nontraditional activities; effectiveness of bank policies; and management’s overall ability to monitor and control risks. The following table presents the Company’s and Republic’s capital regulatory ratios at December 31, 2015 and 2014: Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action regulations Amount Ratio Amount Ratio Amount Ratio At December 31, 2015 : Total risk based capital Republic $ 138,566 12.65 % $ 87,617 8.00 % $ 109,521 10.00 % Company 145,089 13.19 % 87,976 8.00 % - - % Tier one risk based capital Republic 129,863 11.86 % 65,712 6.00 % 87,617 8.00 % Company 136,386 12.40 % 65,982 6.00 % - - % CET 1 risk based capital Republic 129,863 11.86 % 49,284 4.50 % 71,189 6.50 % Company 114,586 10.42 % 49,487 4.50 % - - % Tier one leveraged capital Republic 129,863 9.22 % 56,328 4.00 % 70,410 5.00 % Company 136,386 9.65 % 56,531 4.00 % - - % At December 31, 201 4 : Total risk based capital Republic $ 132,460 14.04 % $ 75,491 8.00 % $ 94,364 10.00 % Company 142,556 15.10 % 75,543 8.00 % - - % Tier one risk based capital Republic 120,924 12.81 % 37,746 4.00 % 56,618 6.00 % Company 131,020 13.88 % 37,771 4.00 % - - % Tier one leveraged capital Republic 120,924 10.37 % 46,630 4.00 % 58,288 5.00 % Company 131,020 11.23 % 46,680 4.00 % - - % Management believes that Republic met, as of December 31, 2015, all capital adequacy requirements to which it is subject. As of December 31, 2015 and 2014, the FDIC categorized Republic as well capitalized under the regulatory framework for prompt corrective action provisions of the Federal Deposit Insurance Act. There are no calculations or events since that notification that management believes have changed Republic’s category. In July 2013, the federal bank regulatory agencies adopted revisions to the agencies’ capital adequacy guidelines and prompt corrective action rules, which were designed to enhance such requirements and implement the revised standards of the Basel Committee on Banking Supervision, commonly referred to as Basel III. The final rules generally implement higher minimum capital requirements, add a new common equity tier 1 capital requirement, and establish criteria that instruments must meet to be considered common equity tier 1 capital, additional tier 1 capital or tier 2 capital. The new minimum capital to risk-adjusted assets requirements are a common equity tier 1 capital ratio of 4.5% (6.5% to be considered “well capitalized”) and a tier 1 capital ratio of 6.0%, increased from 4.0% (and increased from 6.0% to 8.0% to be considered “well capitalized”); the total capital ratio remains at 8.0% under the new rules (10.0% to be considered “well capitalized”). Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.5% of total risk-weighted assets. The new minimum capital requirements were effective on January 1, 2015. The capital contribution buffer requirements phase in over a three-year period beginning January 1, 2016. Management has reviewed the new standards and evaluated all options and strategies to ensure compliance with the new standards. Republic maintained its status as a “well-capitalized” financial institution under the new standards. |
Note 13 - Benefit Plans
Note 13 - Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14. Benefit Plans Defined Contribution Plan The Company has a defined contribution plan pursuant to the provision of 401(k) of the Internal Revenue Code. The Plan covers all full-time employees who meet age and service requirements. The plan provides for elective employee contributions with a matching contribution from the Company limited to 4% of total salary. The total expense charged to Republic, and included in salaries and employee benefits relating to the plan, was $546,000 in 2015, $480,000 in 2014, and $425,000 in 2013. Directors’ and Officers’ Plans The Company has agreements that provide for an annuity payment upon the retirement or death of certain directors and officers, ranging from $15,000 to $25,000 per year for ten years. The agreements were modified for most participants in 2001, to establish a minimum age of 65 to qualify for the payments. All participants are fully vested. The accrued benefits under the plan at December 31, 2015 and 2014 totaled $1.3 million and $1.4 million respectively, which is included in other liabilities. The expense for the years ended December 31, 2015, 2014, and 2013, totaled $34,000, $36,000, and $39,000, respectively, which is included in salaries and employee benefits. The Company funded the plan through the purchase of certain life insurance contracts. The cash surrender value of these contracts (owned by the Company) aggregated $2.3 million and $2.2 million at December 31, 2015 and 2014, respectively, which is included in other assets. The Company maintains a deferred compensation plan for the benefit of certain officers and directors. As of December 31, 2015, no additional individuals may participate in the plan. The plan permits certain participants to make elective contributions to their accounts, subject to applicable provisions of the Internal Revenue Code. In addition, the Company may make discretionary contributions to participant accounts. Company contributions are subject to vesting, and generally vest three years after the end of the plan year to which the contribution applies, subject to acceleration of vesting upon certain changes in control (as defined in the plan) and to forfeiture upon termination for cause (as defined in the plan). Participant accounts are adjusted to reflect contributions and distributions, and income, gains, losses, and expenses as if the accounts had been invested in permitted investments selected by the participants, including Company common stock. The plan provides for distributions upon retirement and, subject to applicable limitations under the Internal Revenue Code, limited hardship withdrawals. As of December 31, 2015 and 2014, $851,000 and $833,000, respectively, in benefits had vested and the accrued benefits are included in other liabilities. Expense recognized for the deferred compensation plan for 2015, 2014, and 2013 was $15,000, $147,000 and $0, respectively, and is included in salaries and employee benefits. Although the plan is an unfunded plan, and does not require the Company to segregate any assets, the Company has purchased shares of Company common stock in anticipation of its obligation to pay benefits under the plan. Such shares are classified in the financial statements as stock held by deferred compensation plan. No purchases were made in 2015, 2014, and 2013. As of December 31, 2015, approximately 25,437 shares of Company common stock were classified as stock held by deferred compensation plan. |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 15 . Fair Value Measurements and Fair Values 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 , 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 Level 2 Level 3 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 December 31, 2015 and 2014 were as follows: (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2015 Collateralized mortgage obligations $ 178,145 $ - $ 178,145 $ - Agency mortgage-backed securities 10,171 - 10,171 - Municipal securities 23,344 - 23,344 - Corporate bonds 54,129 - 51,295 2,834 Asset-backed securities 17,005 - 17,005 - Trust Preferred Securities 1,883 - - 1,883 Other securities 118 - 118 - Securities Available for Sale $ 284,795 $ - $ 280,078 $ 4,717 SBA Servicing Assets $ 4,886 $ 4,886 December 31, 2014 Collateralized mortgage obligations $ 99,222 $ - $ 99,222 $ - Agency 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 SBA Servicing Assets $ 4,099 $ 4,099 The following table presents an analysis of the activity in the SBA servicing assets for the years ended December 31, 2015, 2014, and 2013: (dollars in thousands) 2015 2014 2013 Beginning balance, January 1st $ 4,099 $ 3,477 $ 2,340 Additions 801 1,277 1,349 Fair value adjustments (14 ) (655 ) (212 ) Ending balance, December 31st $ 4,886 $ 4,099 $ 3,477 Fair value adjustments are recorded as loan advisory and servicing fees on the statement of operations. Servicing fee income, not including fair value adjustments, totaled $1.7 million, $1.5 million, and $1.2 million for the years ended December 31, 2015, 2014, and 2013, respectively. 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 years ended December 31, 2015, 2014, and 2013: Year Ended December 31, 201 5 Year Ended December 31, 201 4 Year Ended December 31, 201 3 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1, $ 3,193 $ 3,005 $ 2,850 $ 3,006 $ 3,187 $ 3,007 Security transferred to Level 3 measurement - - - - - - Unrealized gains (losses) 882 (171 ) 360 (1 ) 171 (1 ) Paydowns (19 ) - (10 ) - (508 ) - Proceeds from sales (1,952 ) - - - - - Realized losses (218 ) - - - - - Impairment charges on Level 3 (3 ) - (7 ) - - - Balance, December 31, $ 1,883 $ 2,834 $ 3,193 $ 3,005 $ 2,850 $ 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 December 31, 2015 and 2014, respectively, were as follows: (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2015: Impaired loans $ 5,734 $ - $ - $ 5,734 Other real estate owned 10,034 - - 10,034 December 31, 2014: Impaired loans $ 15,838 $ - $ - $ 15,838 Other real estate owned 2,135 - - 2,135 The table below presents additional quantitative information about Level 3 assets measured at fair value (dollars in thousands): Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range Weighted Average December 31, 2015: Corporate bonds $ 2,834 Discounted Cash Flows Discount Rate (4.11%) Trust preferred securities $ 1,883 Discounted Cash Flows Discount Rate 7.31% - 7.81% (7.77%) Conditional Prepayment Rate (6.27%) SBA servicing assets $ 4,886 Discounted Cash Flows Discount Rate (10.00%) Impaired loans $ 5,734 Appraised Valueof Collateral (1) Liquidation expenses (2) 12% - 78% (20%) (3) Other real estate owned $ 10,034 Appraised Value of Collateral (1) Liquidation expenses (2) 6% - 30% (10%) (3) Appraisal adjustment (2) (50%) Sales Price Liquidation expenses (2) 7% - 9% (9%) (3) December 31, 2014: Corporate bonds $ 3,005 Discounted Cash Flows Discount Rate (3.48%) Trust preferred securities $ 3,193 Discounted Cash Flows Discount Rate 4.34% - 9.25% (9.19%) Conditional Prepayment Rate (7.45%) SBA servicing assets $ 4,099 Discounted Cash Flows Discount Rate (12.48%) Impaired loans $ 15,838 Appraised Value of Collateral (1) Liquidation expenses (2) 0% - 78% (24%) (3) Other real estate owned $ 2,135 Appraised Value of Collateral (1) Liquidation expenses (2) 4% - 31% (16%) (3) Appraisal adjustment (2) 20% - 40% (32%) Sales Price Liquidation expenses (2) (12%) (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) 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. 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 December 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 December 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 that 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 transferred from Level 2 in 2010 that 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 years ended December 31, 2015 and 2014. Loans Receivable (Carried at Cost) The fair values of loans receivable, excluding all nonaccrual loans and accruing loans deemed impaired with specific loan allowances, 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 December 31, 2015 and 2014 these assets are carried at current fair value and classified within Level 3 of the fair value hierarchy. 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 from an independent third party on a quarterly basis and adjustments are presented as loan advisory and servicing fees on the statement of operations. 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 December 31, 2015, 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) December 31, 2015 December 31, 201 4 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,886 $ 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 (years) 20.9 21.2 Prepayment Speed 6.27 % 7.45 % Effect on fair value of a 10% increase $ (151 ) $ (116 ) Effect on fair value of a 20% increase (296 ) (226 ) Weighted Average Discount Rate 10.00 % 12.48 % Effect on fair value of a 10% increase $ (206 ) $ (195 ) Effect on fair value of a 20% increase (397 ) (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. Restricted stock is classified within Level 2 of the fair value hierarchy. Accrued Interest Receivable and Payable (Carried at Cost) The carrying amounts of accrued interest receivable and accrued interest payable approximates fair value and are classified within Level 2 of the fair value hierarchy. 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. Deposit liabilities are classified within Level 2 of the fair value hierarchy. S hort-term Borrowings (Carried at Cost) Due to their short-term nature, the carrying amounts of short-term borrowings, which include overnight borrowings approximate their fair value. Short-term borrowings are classified within Level 2 of the fair value hierarchy. 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 December 31, 2015 and 2014: Fair Value Measurements at December 31 , 201 5 (dollars in thousands) Carrying Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant Unobservable (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 27,139 $ 27,139 $ 27,139 $ - $ - Investment securities available for sale 284,795 284,795 - 280,078 4,717 Investment securities held to maturity 172,277 171,845 - 171,845 - Restricted stock 3,059 3,059 - 3,059 - Loans held for sale 3,653 3,831 - - 3,831 Loans receivable, net 866,066 849,578 - - 849,578 SBA servicing assets 4,886 4,886 - - 4,886 Accrued interest receivable 4,216 4,216 - 4,216 - Financial liabilities: Deposits Demand, savings and money market $ 1,181,720 $ 1,181,720 $ - $ 1,181,720 $ - Time 67,578 67,422 - 67,422 - Short-term borrowings 47,000 47,000 - 47,000 - Subordinated debt 22,476 18,972 - - 18,972 Accrued interest payable 245 245 - 245 - 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 Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (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 16 - Stock Based Compensat
Note 16 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 Plan”), under which the Company had the ability to grant stock options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The 2005 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 2005 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 could be available for grant under the 2005 Plan to 1.5 million shares, were available for such grants. As of December 31, 2015, the only grants under the 2005 Plan were stock option grants. The 2005 Plan provided that the exercise price of each stock option granted equaled the market price of the Company’s stock on the date of the grant. Options granted pursuant to the 2005 Plan vest within one to four years and have a maximum term of 10 years. The 2005 Plan terminated on November 14, 2015 in accordance with the terms and conditions specified in the Plan agreement. 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 stock 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. At December 31, 2015, the maximum number of shares of common stock issuable under the 2014 Plan was 3.9 million. During the twelve months ended December 31, 2015, 15,000 options were granted under the 2005 Plan with a weighted average grant date fair value of $20,826 and 490,200 options were granted under the 2014 Plan with a weighted average grant date fair value of $747,152. The Company utilized 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, 2014, and 2013 is as follows: 201 5 201 4 201 3 Dividend yield (1) 0.0% 0.0% 0.0% Expected volatility (2) 53.78% to 56.00% 55.79% to 57.99% 54.88% to 55.61% Risk-free interest rate (3) 1.49% to 2.00% 1.51% to 2.26% 1.28% to 2.03% Expected life (years) (4) 5.5 to 7.0 5.5 to 7.0 7.0 Assumed forfeiture rate 19.0% 23.0% 23.0% (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 2015, 349,062 options vested as compared to 209,825 options in 2014 and 127,287 options in 2013. Expense is recognized ratably over the period required to vest. At December 31, 2015 the intrinsic value of the 1,946,225 options outstanding was $2,067,714, while the intrinsic value of the 772,949 exercisable (vested) options was $865,634. During 2015, 31,874 options were forfeited with a weighted average grant date fair value of $42,148. Information regarding stock based compensation for the years ended December 31, 2015, 2014, and 2013 is set forth below: 201 5 201 4 201 3 Stock based compensation expense recognized $ 600,000 $ 420,000 $ 325,000 Number of unvested stock options 1,173,276 1,039,638 909,313 Fair value of unvested stock options $ 1,906,691 $ 1,548,840 $ 1,245,679 Amount remaining to be recognized as expense $ 873,714 $ 702,220 $ 545,862 The remaining amount of $873,714 will be recognized ratably as expense through May 2019. A summary of stock option activity under the Plan as of December 31, 2015, 2014, and 2013 is as follows: For the Years Ended December 31, 2015 2014 2013 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 1,494,399 $ 3.59 1,215,530 $ 3.66 964,530 $ 4.38 Granted 505,200 3.55 360,900 3.69 347,250 2.72 Exercised (21,500 ) 3.01 (500 ) 1.95 - - Forfeited (31,874 ) 5.13 (81,531 ) 5.15 (96,250 ) 7.39 Outstanding, end of year 1,946,225 $ 3.56 1,494,399 $ 3.59 1,215,530 $ 3.66 Options exercisable at year-end 772,949 $ 4.18 454,761 $ 5.06 306,217 $ 6.24 Weighted average fair value of options granted during the year $ 1.89 $ 2.07 $ 1.51 A summary of stock option exercises and related proceeds during the years end December 31, 2015, 2014, and 2013 is as follows: For the Years Ended December 31, 2015 201 4 2013 Number of options exercised 21,500 500 - Cash received $ 64,624 $ 975 $ - Intrinsic value $ 26,532 $ 1,010 $ - Tax benefit $ - $ - $ - The following table summarizes information about options outstanding at December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted- Weighted- Shares Weighted- $1.55 to $2.95 625,125 6.7 $ 2.33 208,837 $ 2.30 $3.14 to $3.55 667,950 8.2 3.46 166,250 3.21 $3.68 to $8.00 637,750 6.0 4.67 382,462 5.31 $11.77 to $12.13 15,400 0.7 11.91 15,400 11.91 1,946,225 $ 3.56 772,949 $ 4.18 A roll-forward of non-vested options during the year ended December 31, 2015 is as follows: Number of Share s Weighted- Average Grant Date Fair Value Nonvested, beginning of year 1,039,638 $ 1.49 Granted 505,200 1.89 Vested (349,062 ) 1.68 Forfeited (22,500 ) 1.80 Nonvested, end of year 1,173,276 $ 1.63 |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 17 . Segment Reporting The Company has one reportable segment: community banking. The community banking segment primarily encompasses the commercial loan and deposit activities of Republic, as well as consumer loan products in the area surrounding its stores. |
Note 18 - Transactions with Aff
Note 18 - Transactions with Affiliates and Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 18 . Transactions with Affiliate s and Related Parties The Company made payments to related parties in the amount of $1.0 million during 2015 as compared to $754,000 during 2014 and $412,000 during 2013. The disbursements made during 2015, 2014, and 2013 include $415,000, $343,000, and $127,000, respectively, in fees for marketing, graphic design, architectural and project management services paid to InterArch, a company owned by the spouse of Vernon W. Hill, II. Mr. Hill is a significant shareholder of the Company, beneficially owning 9.9% of the common shares currently outstanding. The Company paid $144,000 during 2015 and $28,000 during 2014 to Glassboro Properties, LLC related to a land lease agreement for its Glassboro store. Mr. Hill has an ownership interest in Glassboro Properties LLC, a commercial real estate firm. The Company paid $7,000 during 2015 to SDI Commercial Real Estate LLC for services related to site development as part of the Company’s expansive strategy. Mr. Hill has an ownership interest in SDI Commercial Real Estate LLC, a commercial real estate firm. He also acts as a consultant for the Company and is paid $250,000 annually. The Company paid $129,000 during 2015 and $133,000 during 2014 to Brian Communications for public relations services. Brian Tierney, a member of the Board of Directors, is the CEO of Brian Communications, a strategic communications agency. |
Note 19 - Parent Company Financ
Note 19 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 19. Parent Company Financial Information The following financial statements for Republic First Bancorp, Inc. (Parent Company) should be read in conjunction with the consolidated financial statements and the other notes related to the consolidated financial statements. Balance Sheet December 31, 201 5 and 201 4 (Dollars in thousands) December 31, 201 5 December 31, 201 4 ASSETS Cash $ 2,051 $ 9,471 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation 676 676 Investment in subsidiaries 128,652 121,278 Other assets 4,492 3,880 Total Assets $ 135,871 $ 135,305 LIABILITIES AND SHAREHOLDER S ’ EQUITY Liabilities Accrued expenses $ 20 $ 18 Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation 22,476 22,476 Total Liabilities 22,496 22,494 Shareholders’ Equity Total Shareholders’ Equity 113,375 112,811 Total Liabilities and Shareholders’ Equity $ 135,871 $ 135,305 Statements of Operations , Comprehensive Income (Loss), and Changes in Shareholders’ Equity For the years ended December 31, 201 5 , 201 4, and 201 3 (Dollars in thousands) 2015 201 4 201 3 Interest income $ 34 $ 33 $ 33 Dividend income from subsidiaries - - 1,859 Total income 34 33 1,892 Trust preferred interest expense 1,114 1,107 1,112 Expenses 572 424 318 Total expenses 1,686 1,531 1,430 Net income ( loss ) before taxes (1,652 ) (1,498 ) 462 Benefit for income taxes (578 ) (524 ) (489 ) Income (loss) before undistributed income (loss) of subsidiaries (1,074 ) (974 ) 951 Equity in undistributed income (loss) of subsidiaries 3,507 3,416 (4,431 ) Net income (loss) $ 2,433 $ 2,442 $ (3,480 ) Net income (loss) $ 2,433 $ 2,442 $ (3,480 ) Total other comprehensive income (loss) (2,533 ) 2,196 (3,848 ) Total comprehensive income (loss) $ (100 ) $ 4,638 $ (7,328 ) Shareholders’ equity, beginning of year $ 112,811 $ 62,899 $ 69,902 Shares issued under common stock offering - 44,853 - Stock based compensation 600 420 325 Exercise of stock options 64 1 - Net income (loss) 2,433 2,442 (3,480 ) Total other comprehensive income (loss) (2,533 ) 2,196 (3,848 ) Shareholders’ equity, end of year $ 113,375 $ 112,811 $ 62,899 Statements of Cash Flows For the years ended December 31, 201 5 , 201 4, and 201 3 (Dollars in thousands) 201 5 201 4 201 3 Cash flows from operating activities: Net income (loss) $ 2,433 $ 2,442 $ (3,480 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Share based compensation 600 420 325 Increase in other assets (612 ) (526 ) (506 ) Net increase (decrease) in other liabilities 2 - (809 ) Equity in undistributed (income) losses of subsidiaries (3,507 ) (3,416 ) 4,431 Net cash used in operating activities (1,084 ) (1,080 ) (39 ) Cash flows from investing activities: Investment in subsidiary (6,400 ) (35,000 ) - Net cash used in investing activities (6,400 ) (35,000 ) - Cash flows from financing activities: Net proceeds from stock offering - 44,853 - Exercise of stock options 64 1 - Net cash provided by financing activities 64 44,854 - Increase (decrease) in cash (7,420 ) 8,774 (39 ) Cash, beginning of period 9,471 697 736 Cash, end of period $ 2,051 $ 9,471 $ 697 |
Note 20 - Quarterly Financial D
Note 20 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 20. Quarterly Financial Data (unaudited) The following represents summarized unaudited quarterly financial data of the Company for each of the quarters ended during 2015 and 2014. Summary of Selected Quarterly Consolidated Financial Data (dollars in thousands, except per share data) For the Quarter Ended December 31 st September 30 th June 30 th March 31 st 2015 Interest income $ 12,406 $ 11,370 $ 10,899 $ 10,761 Interest expense 1,419 1,378 1,290 1,294 Net interest income 10,987 9,992 9,609 9,467 Provision for loan losses 500 - - - Non-interest income 4,740 1,604 2,022 1,577 Non-interest expense 14,446 11,024 11,103 10,518 Benefit for income taxes (9 ) (10 ) (5 ) (2 ) Net income $ 790 $ 582 $ 533 $ 528 Net income per share: Basic $ 0.02 $ 0.02 $ 0.01 $ 0.01 Diluted $ 0.02 $ 0.02 $ 0.01 $ 0.01 2014 Interest income $ 10,786 $ 10,401 $ 9,631 $ 9,655 Interest expense 1,246 1,195 1,147 1,056 Net interest income 9,540 9,206 8,484 8,599 Provision for loan losses 300 300 300 - Non-interest income 2,427 1,371 2,289 1,930 Non-interest expense 10,792 9,986 9,957 9,815 Provision (benefit) for income taxes 22 (6 ) (21 ) (41 ) Net income $ 853 $ 297 $ 537 $ 755 Net income per share (1) Basic $ 0.02 $ 0.01 $ 0.02 $ 0.03 Diluted $ 0.02 $ 0.01 $ 0.02 $ 0.03 (1) Quarterly net income per share does not add to full year net income per share due to rounding. |
Note 21 - Changes in Accumulate
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Note 21 Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) The following table presents the changes in accumulated other comprehensive loss by component for the years ended December 31, 2015, 2014, and 2013. Unrealized Gains (Losses) on Available- For-Sale Securities Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity Total (dollars in thousands) Balance January 1, 2015 $ 82 $ (714 ) $ (632 ) Unrealized loss on securities (2,577 ) - (2,577 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (67 ) 111 44 Net current-period other comprehensive income (loss) (2,644 ) 111 (2,533 ) Balance December 31, 2015 $ (2,562 ) $ (603 ) $ (3,165 ) Balance January 1, 2014 $ (2,828 ) $ - $ (2,828 ) Unrealized gain on securities 3,199 - 3,199 Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity - (790 ) (790 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (289 ) 76 (213 ) Net current-period other comprehensive income 2,910 (714 ) 2,196 Balance December 31, 2014 $ 82 $ (714 ) $ (632 ) Balance January 1, 2013 $ 1,020 $ - $ 1,020 Unrealized loss on securities (3,398 ) - (3,398 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (450 ) - (450 ) Net current-period other comprehensive income (3,848 ) - (3,848 ) Balance December 31, 2013 $ (2,828 ) $ - $ (2,828 ) (1) All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. (2) Reclassification amounts are reported as gains on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Operations. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 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 (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material intercompany transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. |
Risks and Uncertainties and Certain Significant Estimates [Policy Text Block] | Risks and Uncertainties and Certain Significant Estimates 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, our results of operations are subject to risks and uncertainties surrounding our 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. The preparation of financial statements in conformity with US 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. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Greater Philadelphia region. Note 3 – Investment Securities discusses the types of investment securities that the Company invests in. Note 4 – Loans Receivable discusses the types of lending that the Company engages in as well as loan concentrations. The Company does not have a significant concentration of credit risk with any one customer. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all cash and due from banks, interest-bearing deposits with an original maturity of ninety days or less and federal funds sold, maturing in ninety days or less, to be cash and cash equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash and Due from Banks Republic is required to maintain certain average reserve balances as established by the Federal Reserve Board. The amounts of those balances for the reserve computation periods that include December 31, 2015 and 2014 were approximately $10.8 million and $4.0 million, respectively. These requirements were satisfied through the restriction of vault cash and a balance at the Federal Reserve Bank of Philadelphia. |
Investment, Policy [Policy Text Block] | Investment Securities Held to Maturity Available for Sale – Investment 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 prospects 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 the investment. Once a decline in value is determined to be other-than-temporary, the portion of the decline related to credit impairment is charged to earnings. Impairment charges on bank pooled trust preferred securities of $3,000, $7,000, and $0 were recognized during the years ended December 31, 2015, 2014, and 2013, respectively, as a result of estimated other-than-temporary impairment. |
Restricted Stock [Policy Text Block] | Restricted Stock Restricted stock, which represents a required investment in the capital stock of correspondent banks related to available credit facilities, was carried at cost as of December 31, 2015 and 2014. As of those dates, restricted stock consisted of investments in the capital stock of the FHLB of Pittsburgh and Atlantic Community Bankers Bank (“ACBB”). The required investment in the capital stock of the FHLB is calculated based on outstanding loan balances and open credit facilities with the FHLB. Excess investments are returned to Republic on a quarterly basis. At December 31, 2015 and December 31, 2014, the investment in FHLB stock totaled $2.9 million and $1.0 million, respectively. The increase was due to a short-term borrowing from FHLB. At both December 31, 2015 and December 31, 2014, ACBB stock totaled $143,000. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable The loans receivable portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, and residential mortgages. Consumer loans consist of home equity loans and other consumer loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower’s ability to repay their obligation as agreed. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. Accordingly, the repayment of a commercial and industrial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Commercial real estate and owner occupied real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. In addition, the underwriting considers the amount of the principal advanced relative to the property value. Commercial real estate and owner occupied real estate loans may be adversely affected by conditions in the real estate markets or the economy in general. Management monitors and evaluates commercial real estate and owner occupied real estate loans based on cash flow estimates, collateral and risk-rating criteria. The Company also utilizes third-party experts to provide environmental and market valuations. Substantial effort is required to underwrite, monitor and evaluate commercial real estate and owner occupied real estate loans. Construction and land development loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation amounts used are estimates and may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project. Sources of repayment of these loans would be permanent financing upon completion or sales of developed property. These loans are closely monitored by onsite inspections and are considered to be of a higher risk than other real estate loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term financing, interest rate sensitivity, and governmental regulation of real property. Consumer and other loans consist of home equity loans and lines of credit and other loans to individuals originated through the Company’s retail network, which are typically secured by personal property or unsecured. Home equity loans and lines of credit often carry additional risk as a result of typically being in a second position or lower in the event collateral is liquidated. Consumer loans have may also have greater credit risk because of the difference in the underlying collateral, if any. The application of various federal and state bankruptcy and insolvency laws may limit the amount that can be recovered on such loans. Residential mortgage loans are secured by one to four family dwelling units. This group consists of first mortgages and are originated at loan to value ratios of 80% or less. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated based upon the principal amounts outstanding. The Company defers and amortizes certain origination and commitment fees, and certain direct loan origination costs over the contractual life of the related loan. This results in an adjustment of the related loans yield. The Company accounts for amortization of premiums and accretion of discounts related to loans purchased based upon the effective interest method. If a loan prepays in full before the contractual maturity date, any unamortized premiums, discounts or fees are recognized immediately as an adjustment to interest income. Loans are generally classified as non-accrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days, unless such loans are well-secured and in the process of collection. Loans that are on a current payment status or past due less than 90 days may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt. Loans may be returned to accrual status when all principal and interest amounts contractually due are reasonably assured of repayment within an acceptable period of time, and there is a sustained period of repayment performance of interest and principal by the borrower, in accordance with the contractual terms. Generally, in the case of non-accrual loans, cash received is applied to reduce the principal outstanding. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments would represent management’s estimate of losses inherent in its unfunded loan commitments and would be recorded in other liabilities on the consolidated balance sheet, if necessary. The allowance for credit losses is established through a provision for loan losses charged to operations. Loans are charged against the allowance when management believes that the collectability of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The allowance for credit losses is an amount that represents management’s estimate of known and inherent losses related to the loan portfolio and unfunded loan commitments. Because the allowance for credit losses is dependent, to a great extent, on the general economy and other conditions that may be beyond Republic’s control, the estimate of the allowance for credit losses could differ materially in the near term. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are categorized as impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for several qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All identified losses are immediately charged off and therefore no portion of the allowance for loan losses is restricted to any individual loan or group of loans, and the entire allowance is available to absorb any and all loan losses. In estimating the allowance for credit losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. These qualitative risk factors include: 1) Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices. 2) National, regional and local economic and business conditions as well as the condition of various segments. 3) Nature and volume of the portfolio and terms of loans. 4) Experience, ability and depth of lending management and staff. 5) Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 6) Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 7) Existence and effect of any concentration of credit and changes in the level of such concentrations. 8) Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment, include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, and the borrower’s prior payment record. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Loans classified as troubled debt restructurings are designated as impaired. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets The Company accounts for the transfers and servicing financial assets in accordance with ASC 860 , Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities , Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. The SBA servicing asset is initially recorded when loans are sold and the servicing rights are retained and recorded on the balance sheet, included in other assets. Updated fair values are obtained from an independent third party on a quarterly basis and adjustments are presented as loan advisory and servicing fees on the statement of operations. 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. For more information on the SBA servicing asset including the sensitivity of the current fair value of the SBA loan servicing rights to adverse changes in key assumptions, see Note 15 – Fair Value Measurements and Fair Values of Financial Instruments. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale Loans held for sale consist of the guaranteed portion of SBA loans that the Company intends to sell after origination and are reflected at the lower of aggregate cost or fair value. When the sale of the loan occurs, the premium received is combined with the estimated present value of future cash flows on the related servicing asset and recorded as a Gain on the Sale of SBA loans which is categorized as non-interest income. Subsequent fees collected for servicing of the sold portion of a loan are combined with fair value adjustments to the SBA servicing asset and recorded as a net amount in Loan Advisory and Servicing Fees, which is also categorized as non-interest income. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Guarantees The Company accounts for guarantees in accordance with ASC 815 Guarantor’s Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment (including land) are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and equipment is calculated over the estimated useful life of the asset using the straight-line method for financial reporting purposes, and accelerated methods for income tax purposes. The estimated useful lives are 40 years for buildings and 3 to 13 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or terms of their respective leases, which range from 1 to 30 years. Repairs and maintenance are charged to current operations as incurred, and renewals and major improvements are capitalized. |
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned Other real estate owned consists of assets acquired through, or in lieu of, loan foreclosure. They are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from other real estate owned. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 Plan”), under which the Company granted options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The 2005 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 2005 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 could be available for grant under the 2005 Plan to 1.5 million shares, were available for such grants. As of December 31, 2015, the only grants under the 2005 Plan were option grants. The 2005 Plan provided that the exercise price of each option granted equaled the market price of the Company’s stock on the date of the grant. Options granted pursuant to the 2005 Plan vest within one to four years and have a maximum term of 10 years. The 2005 Plan terminated on November 14, 2015 in accordance with the terms and conditions specified in the Plan agreement. 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. At December 31, 2015, the maximum number of shares of common shares issuable under the 2014 Plan was 3.9 million. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Earnings per share (“EPS”) consists of two separate components, basic EPS and diluted EPS. Basic EPS is computed by dividing net income (loss) by the weighted average number of common shares outstanding for each period presented. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding plus dilutive common stock equivalents (“CSE”). CSEs consist of dilutive stock options granted through the Company’s stock option plans and convertible securities related to trust preferred securities issued in 2008. In the diluted EPS computation, the after tax interest expense on the trust preferred securities issuance is added back to the net income. In 2015, 2014, and 2013, the effect of CSEs (convertible securities related to the trust preferred securities only) and the related add back of after tax interest expense was considered anti-dilutive and therefore was not included in the EPS calculations. The calculation of EPS for the years ended December 31, 2015, 2014, and 2013 is as follows: (dollars in thousands, except per share amounts) 2015 2014 2013 Net income (loss) - basic and diluted $ 2,433 $ 2,442 $ (3,480 ) Weighted average shares outstanding 37,818 34,232 25,973 Net income (loss) per share – basic $ 0.06 $ 0.07 $ (0.13 ) Weighted average shares outstanding (including dilutive CSEs) 38,094 34,591 25,973 Net income (loss) per share – diluted $ 0.06 $ 0.07 $ (0.13 ) The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because to do so would have been anti-dilutive for the periods presented. (in thousands) 2015 2014 2013 Anti-dilutive securities Share based compensation awards 1,671 1,136 1,216 Convertible securities 1,662 1,662 1,662 Total anti-dilutive securities 3,333 2,798 2,878 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income / (Loss) The Company presents as a component of comprehensive income (loss) the amounts from transactions and other events, which currently are excluded from the consolidated statements of operations and are recorded directly to shareholders’ equity. These amounts consist of unrealized holding gains (losses) on available for sale securities and amortization of unrealized holding losses on available-for-sale securities transferred to held-to-maturity. |
Trust Preferred Securities [Policy Text Block] | Trust Preferred Securities The Company has sponsored three outstanding issues of corporation-obligated mandatorily redeemable capital securities of a subsidiary trust holding solely junior subordinated debentures of the corporation, more commonly known as trust preferred securities. The subsidiary trusts are not consolidated with the Company for financial reporting purposes. The purpose of the issuances of these securities was to increase capital. The trust preferred securities qualify as Tier 1 capital for regulatory purposes in amounts up to 25% of total Tier 1 capital. See Note 7 “Borrowings” for further information regarding the issuances. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation The Company does not consolidate its subsidiary trusts. ASC 810 precludes consideration of the call option embedded in the preferred securities when determining if the Company has the right to a majority of the trusts’ expected residual returns. The non-consolidation results in the investment in the common securities of the trusts to be included in other assets with a corresponding increase in outstanding debt of $676,000. In addition, the income received on the Company’s investment in the common securities of the trusts is included in other income. |
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 was effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of ASU 2014-04 did not have a material effect on the Company’s consolidated financial statements. ASU 2014-09 In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 660): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs – Contracts with Customers (Subtopic 340-40).” The 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with The Company (Topic 606): Deferral of the Effective Date 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.” ASU 2016-0 1 In January 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments - Overall. ASU 2016-0 2 In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to 2014 and 2013 information to conform to the 2015 presentation. The reclassifications had no effect on results of operations. |
Note 2 - Summary of Significa32
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (dollars in thousands, except per share amounts) 2015 2014 2013 Net income (loss) - basic and diluted $ 2,433 $ 2,442 $ (3,480 ) Weighted average shares outstanding 37,818 34,232 25,973 Net income (loss) per share – basic $ 0.06 $ 0.07 $ (0.13 ) Weighted average shares outstanding (including dilutive CSEs) 38,094 34,591 25,973 Net income (loss) per share – diluted $ 0.06 $ 0.07 $ (0.13 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | (in thousands) 2015 2014 2013 Anti-dilutive securities Share based compensation awards 1,671 1,136 1,216 Convertible securities 1,662 1,662 1,662 Total anti-dilutive securities 3,333 2,798 2,878 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At December 31, 2015 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 180,795 $ 523 $ (3,173 ) $ 178,145 Agency mortgage-backed securities 10,073 176 (78 ) 10,171 Municipal securities 22,814 562 (32 ) 23,344 Corporate bonds 54,294 135 (300 ) 54,129 Asset-backed securities 17,631 - (626 ) 17,005 Trust preferred securities 3,070 - (1,187 ) 1,883 Other securities 115 3 - 118 Total securities available for sale $ 288,792 $ 1,399 $ (5,396 ) $ 284,795 U.S. Government agencies $ 17,067 $ 39 $ (72 ) $ 17,034 Collateralized mortgage obligations 146,458 402 (780 ) 146,080 Agency mortgage-backed securities 7,732 - (21 ) 7,711 Other securities 1,020 - - 1,020 Total securities held to maturity $ 172,277 $ 441 $ (873 ) $ 171,845 At December 31, 2014 (dollars in thousands) Amortized Gross Gross Fair Value Collateralized mortgage obligations $ 98,626 $ 692 $ (96 ) $ 99,222 Agency 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 $ 7,444 $ 7,505 $ - $ - After 1 year to 5 years 13,617 13,730 5,070 5,021 After 5 years to 10 years 50,645 49,089 13,017 13,033 After 10 years 26,218 26,155 - - Collateralized mortgage obligations 180,795 178,145 146,458 146,080 Agency mortgage-backed securities 10,073 10,171 7,732 7,711 Total $ 288,792 $ 284,795 $ 172,277 $ 171,845 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | (dollars in thousands) 2015 2014 Beginning Balance, January 1 st $ 3,966 $ 3,959 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized 3 7 Reductions for securities paid off during the period - - Reductions for securities sold during the period (3,039 ) - 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, December 31 st $ 930 $ 3,966 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At December 31 , 201 5 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Collateralized mortgage obligations $ 116,161 $ 3,173 $ - $ - $ 116,161 $ 3,173 Agency mortgage-backed securities 2,389 14 5,502 64 7,891 78 Municipal securities 886 15 1,814 17 2,700 32 Corporate bonds 9,583 258 2,952 42 12,535 300 Asset backed securities 17,005 626 - - 17,005 626 Trust preferred securities - - 1,883 1,187 1,883 1,187 Total Available for Sale $ 146,024 $ 4,086 $ 12,151 $ 1,310 $ 158,175 $ 5,396 At December 31 , 201 5 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Government agencies $ 11,954 $ 72 $ - $ - $ 11,954 $ 72 Collateralized mortgage obligations 68,888 732 15,956 48 84,844 780 Agency mortgage-backed securities 7,711 21 - - 7,711 21 Total Held to Maturity $ 88,553 $ 825 $ 15,956 $ 48 $ 104,509 $ 873 At December 31 , 201 4 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Collateralized mortgage obligations $ 17,331 $ 96 $ - $ - $ 17,331 $ 96 Agency 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 , 201 4 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized 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 Value Unrealized Losses Lowest Credit Rating Assigned Number of Banks Currently Performing Deferrals / Defaults as % of Current Balance Conditional Default Rates for 2015 and beyond Cumulative OTTI Life to Date TPREF Funding II Class B Notes $ 732 $ 416 $ (316 ) C 20 36 % 0.39 % $ 267 TPREF Funding III Class B2 Notes 1,518 901 (617 ) C 15 32 0.42 483 ALESCO Preferred Funding V Class C1 Notes 820 566 (254 ) C 40 17 0.32 180 Total $ 3,070 $ 1,883 $ (1,187 ) 75 28 % $ 930 |
Note 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) December 31, 2015 December 31, 2014 Commercial real estate $ 349,726 $ 379,259 Construction and land development 46,547 29,861 Commercial and industrial 181,850 145,113 Owner occupied real estate 246,398 188,025 Consumer and other 48,126 39,713 Residential mortgage 2,380 408 Total loans receivable 875,027 782,379 Deferred costs (fees) (258 ) (439 ) Allowance for loan losses (8,703 ) (11,536 ) Net loans receivable $ 866,066 $ 770,404 |
Impaired Financing Receivables [Table Text Block] | December 31, 201 5 December 31, 2014 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 11,692 $ 11,730 $ - $ 11,964 $ 11,969 $ - Construction and land development 117 2,208 - 61 158 - Commercial and industrial 2,381 3,683 - 3,764 7,275 - Owner occupied real estate 507 507 - 524 528 - Consumer and other 800 1,084 - 429 708 - Total $ 15,497 $ 19,212 $ - $ 16,742 $ 20,638 $ - With an allowance recorded: Commercial real estate $ 511 $ 511 $ 47 $ 13,118 $ 13,245 $ 3,858 Construction and land development - - - 316 3,741 217 Commercial and industrial 3,112 5,779 1,111 1,457 2,057 211 Owner occupied real estate 2,862 2,876 1,059 4,011 4,162 844 Consumer and other 147 147 21 - - - Total $ 6,632 $ 9,313 $ 2,238 $ 18,902 $ 23,205 $ 5,130 Total: Commercial real estate $ 12,203 $ 12,241 $ 47 $ 25,082 $ 25,214 $ 3,858 Construction and land development 117 2,208 - 377 3,899 217 Commercial and industrial 5,493 9,462 1,111 5,221 9,332 211 Owner occupied real estate 3,369 3,383 1,059 4,535 4,690 844 Consumer and other 947 1,231 21 429 708 - Total $ 22,129 $ 28,525 $ 2,238 $ 35,644 $ 43,843 $ 5,130 Years Ended December 31, 2015 2014 2013 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 12,796 $ 282 $ 7,739 $ 450 $ 14,062 $ 731 Construction and land development 206 2 462 - 1,954 35 Commercial and industrial 3,225 78 3,070 22 2,783 19 Owner occupied real estate 700 6 714 8 347 9 Consumer and other 685 13 482 4 651 6 Total $ 17,612 $ 381 $ 12,467 $ 484 $ 19,797 $ 800 With an allowance recorded: Commercial real estate $ 5,544 $ 13 $ 13,197 $ 5 $ 6,261 $ 195 Construction and land development 90 - 557 - 499 - Commercial and industrial 2,587 28 3,244 - 3,881 40 Owner occupied real estate 3,643 92 3,446 125 3,139 146 Consumer and other 59 2 40 - 110 - Total $ 11,923 $ 135 $ 20,484 $ 130 $ 13,890 $ 381 Total: Commercial real estate $ 18,340 $ 295 $ 20,936 $ 455 $ 20,323 $ 926 Construction and land development 296 2 1,019 - 2,453 35 Commercial and industrial 5,812 106 6,314 22 6,664 59 Owner occupied real estate 4,343 98 4,160 133 3,486 155 Consumer and other 744 15 522 4 761 6 Total $ 29,535 $ 516 $ 32,951 $ 614 $ 33,687 $ 1,181 |
Schedule of Related Party Transactions [Table Text Block] | 5. (dollars in thousands) December 31, 2015 December 31, 2014 December 31, 2013 Balance at beginning of year $ 8,753 $ 8,762 $ 9,128 Additions 295 500 51 Repayments (527 ) (509 ) (417 ) Balance at end of year $ 8,521 $ 8,753 $ 8,762 |
Note 5 - Allowances for Loan 35
Note 5 - Allowances for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (dollars in thousands) Commercial Real Estate Construction Commercial Owner Consumer Residential Mortgage Unallocated Total Year ended December, 2015 Allowance for loan losses: Beginning balance: $ 6,828 $ 917 $ 1,579 $ 1,638 $ 234 $ 2 $ 338 $ 11,536 Charge-offs (2,624 ) (260 ) (408 ) (133 ) - - - (3,425 ) Recoveries 4 5 49 - 34 - - 92 Provisions (credits) (1,815 ) (324 ) 1,712 525 27 12 363 500 Ending balance $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Year ended December, 2014 Allowance for loan losses: Beginning Balance: $ 6,454 $ 1,948 $ 2,309 $ 985 $ 225 $ 14 $ 328 $ 12,263 Charge-offs (364 ) (303 ) (1,185 ) (150 ) (10 ) - - (2,012 ) Recoveries 5 214 166 - - - - 385 Provisions (credits) 733 (942 ) 289 803 19 (12 ) 10 900 Ending balance $ 6,828 $ 917 $ 1,579 $ 1,638 $ 234 $ 2 $ 338 $ 11,536 Year ended December, 2013 Allowance for loan losses: Beginning Balance: $ 3,979 $ 1,273 $ 1,880 $ 1,967 $ 234 $ 17 $ 192 $ 9,542 Charge-offs (1,291 ) (60 ) (611 ) (320 ) (75 ) - - (2,357 ) Recoveries 54 - 63 - 26 - - 143 Provisions (credits) 3,712 735 977 (662 ) 40 (3 ) 136 4,935 Ending balance $ 6,454 $ 1,948 $ 2,309 $ 985 $ 225 $ 14 $ 328 $ 12,263 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total December 31, 2015 Allowance for loan losses: Individually evaluated for impairment $ 47 $ - $ 1,111 $ 1059 $ 21 $ - $ - $ 2,238 Collectively evaluated for impairment 2,346 338 1,821 971 274 14 701 6,465 Total allowance for loan losses $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Loans receivable: Loans evaluated individually $ 12,203 $ 117 $ 5,493 $ 3,369 $ 947 $ - $ - $ 22,129 Loans evaluated collectively 337,523 46,430 176,357 243,029 47,179 2,380 - 852,898 Total loans receivable $ 349,726 $ 46,547 $ 181,850 $ 246,398 $ 48,126 $ 2,380 $ - $ 875,027 Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total December 31, 2014 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 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31 , 201 5 Commercial real estate $ - $ 7,657 $ 5,913 $ 13,570 $ 336,156 $ 349,726 $ - Construction and land development - - 117 117 46,430 46,547 - Commercial and industrial 1,661 997 3,156 5,814 176,036 181,850 - Owner occupied real estate 800 469 2,894 4,163 242,235 246,398 - Consumer and other 285 192 542 1,019 47,107 48,126 - Residential mortgage 132 - - 132 2,248 2,380 - Total $ 2,878 $ 9,315 $ 12,622 $ 24,815 $ 850,212 $ 875,027 $ - (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing 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 December 31, 2015 : Commercial real estate $ 329,567 $ 7,956 $ 12,203 $ - $ 349,726 Construction and land development 46,430 - 117 - 46,547 Commercial and industrial 176,132 225 4,064 1,429 181,850 Owner occupied real estate 242,560 469 3,369 - 246,398 Consumer and other 47,104 75 947 - 48,126 Residential mortgage 2,380 - - - 2,380 Total $ 844,173 $ 8,725 $ 20,700 $ 1,429 $ 875,027 (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) December 31, 2015 December 31, 4 Commercial real estate $ 5,913 $ 13,979 Construction and land development 117 377 Commercial and industrial 3,156 4,349 Owner occupied real estate 2,894 2,306 Consumer and other 542 429 Residential mortgage - - Total $ 12,622 $ 21,440 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs December 31, 2015 Commercial real estate 1 $ 5,778 $ - $ 5,778 Construction and land development - - - - Commercial and industrial 2 252 935 1,187 Owner occupied real estate 1 - 1,825 1,825 Consumer and other - - - - Residential mortgage - - - - Total 4 $ 6,030 $ 2,760 $ 8,790 December 31, 201 4 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 6 - Other Real Estate Ow36
Note 6 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate, Roll Forward [Table Text Block] | (dollars in thousands) December 3 1 , 201 5 December 31, 201 4 December 31, 201 3 Beginning Balance, January 1 st $ 3,715 $ 4,059 $ 8,912 Additions 11,459 1,000 246 Valuation adjustments (3,069 ) (1,147 ) (2,740 ) Dispositions (792 ) (197 ) (2,359 ) Ending Balance $ 11,313 $ 3,715 $ 4,059 |
Note 7 - Premises and Equipme37
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) December 31, 201 5 December 31, 201 4 Land $ 8,029 $ 4,216 Buildings 16,215 9,375 Leasehold improvements 19,621 19,592 Furniture, fixtures and equipment 11,680 10,035 Construction in progress 4,471 4,406 60,016 47,624 Less accumulated depreciation (13,852 ) (12,594 ) Net premises and equipment $ 46,164 $ 35,030 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Scheduled Maturities of Time Deposits [Table Text Block] | (dollars in thousands) 201 6 201 7 201 8 201 9 20 20 Thereafter Total Certificates of Deposit $ 50,139 $ 13,780 $ 1,599 $ 563 $ 1,497 $ - $ 67,578 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 2015 20 14 20 13 Current Federal $ 58 $ 96 $ 269 State - - - Deferred (84 ) (142 ) (304 ) Total benefit for income taxes $ (26 ) $ (46 ) $ (35 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (dollars in thousands) 201 5 20 14 20 13 Tax (benefit) provision computed at statutory rate $ 843 $ 839 $ (1,230 ) Tax exempt interest (394 ) (246 ) (210 ) Bank owned life insurance - - (4 ) Deferred tax asset valuation allowance (937 ) (679 ) 1,428 Other 462 40 (19 ) Total benefit for income taxes $ (26 ) $ (46 ) $ (35 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 201 5 201 4 Deferred tax assets Allowance for loan losses $ 3,125 $ 4,143 Deferred compensation 786 786 Unrealized losses on securities available for sale 1,774 354 Realized losses in other than temporary impairment charge 334 1,124 Foreclosed real estate write-downs 2,350 1,470 Interest income on non-accrual loans 1,185 1,117 Net operating loss carryforward 10,775 10,622 Other 1,580 1,329 Total deferred tax assets 21,909 20,945 Deferred tax liabilities Deferred loan costs 1,029 934 Other 672 370 Total deferred tax liabilities 1,701 1,304 Net deferred tax asset before valuation allowance 20,208 19,641 Less: valuation allowance (13,722 ) (14,659 ) Net deferred tax asset $ 6,486 $ 4,982 |
Note 12 - Commitments and Con40
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended Amount 2016 $ 2,848 2017 2,751 2018 2,688 2019 2,711 2020 2,654 Thereafter 8,991 Total $ 22,643 |
Note 13 - Regulatory Capital (T
Note 13 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action regulations Amount Ratio Amount Ratio Amount Ratio At December 31, 2015 : Total risk based capital Republic $ 138,566 12.65 % $ 87,617 8.00 % $ 109,521 10.00 % Company 145,089 13.19 % 87,976 8.00 % - - % Tier one risk based capital Republic 129,863 11.86 % 65,712 6.00 % 87,617 8.00 % Company 136,386 12.40 % 65,982 6.00 % - - % CET 1 risk based capital Republic 129,863 11.86 % 49,284 4.50 % 71,189 6.50 % Company 114,586 10.42 % 49,487 4.50 % - - % Tier one leveraged capital Republic 129,863 9.22 % 56,328 4.00 % 70,410 5.00 % Company 136,386 9.65 % 56,531 4.00 % - - % At December 31, 201 4 : Total risk based capital Republic $ 132,460 14.04 % $ 75,491 8.00 % $ 94,364 10.00 % Company 142,556 15.10 % 75,543 8.00 % - - % Tier one risk based capital Republic 120,924 12.81 % 37,746 4.00 % 56,618 6.00 % Company 131,020 13.88 % 37,771 4.00 % - - % Tier one leveraged capital Republic 120,924 10.37 % 46,630 4.00 % 58,288 5.00 % Company 131,020 11.23 % 46,680 4.00 % - - % |
Note 15 - Fair Value Measurem42
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 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) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2015 Collateralized mortgage obligations $ 178,145 $ - $ 178,145 $ - Agency mortgage-backed securities 10,171 - 10,171 - Municipal securities 23,344 - 23,344 - Corporate bonds 54,129 - 51,295 2,834 Asset-backed securities 17,005 - 17,005 - Trust Preferred Securities 1,883 - - 1,883 Other securities 118 - 118 - Securities Available for Sale $ 284,795 $ - $ 280,078 $ 4,717 SBA Servicing Assets $ 4,886 $ 4,886 December 31, 2014 Collateralized mortgage obligations $ 99,222 $ - $ 99,222 $ - Agency 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 SBA Servicing Assets $ 4,099 $ 4,099 |
Schedule of Servicing Assets at Fair Value [Table Text Block] | (dollars in thousands) 2015 2014 2013 Beginning balance, January 1st $ 4,099 $ 3,477 $ 2,340 Additions 801 1,277 1,349 Fair value adjustments (14 ) (655 ) (212 ) Ending balance, December 31st $ 4,886 $ 4,099 $ 3,477 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended December 31, 201 5 Year Ended December 31, 201 4 Year Ended December 31, 201 3 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1, $ 3,193 $ 3,005 $ 2,850 $ 3,006 $ 3,187 $ 3,007 Security transferred to Level 3 measurement - - - - - - Unrealized gains (losses) 882 (171 ) 360 (1 ) 171 (1 ) Paydowns (19 ) - (10 ) - (508 ) - Proceeds from sales (1,952 ) - - - - - Realized losses (218 ) - - - - - Impairment charges on Level 3 (3 ) - (7 ) - - - Balance, December 31, $ 1,883 $ 2,834 $ 3,193 $ 3,005 $ 2,850 $ 3,006 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2015: Impaired loans $ 5,734 $ - $ - $ 5,734 Other real estate owned 10,034 - - 10,034 December 31, 2014: Impaired loans $ 15,838 $ - $ - $ 15,838 Other real estate owned 2,135 - - 2,135 |
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 December 31, 2015: Corporate bonds $ 2,834 Discounted Cash Flows Discount Rate (4.11%) Trust preferred securities $ 1,883 Discounted Cash Flows Discount Rate 7.31% - 7.81% (7.77%) Conditional Prepayment Rate (6.27%) SBA servicing assets $ 4,886 Discounted Cash Flows Discount Rate (10.00%) Impaired loans $ 5,734 Appraised Valueof Collateral (1) Liquidation expenses (2) 12% - 78% (20%) (3) Other real estate owned $ 10,034 Appraised Value of Collateral (1) Liquidation expenses (2) 6% - 30% (10%) (3) Appraisal adjustment (2) (50%) Sales Price Liquidation expenses (2) 7% - 9% (9%) (3) December 31, 2014: Corporate bonds $ 3,005 Discounted Cash Flows Discount Rate (3.48%) Trust preferred securities $ 3,193 Discounted Cash Flows Discount Rate 4.34% - 9.25% (9.19%) Conditional Prepayment Rate (7.45%) SBA servicing assets $ 4,099 Discounted Cash Flows Discount Rate (12.48%) Impaired loans $ 15,838 Appraised Value of Collateral (1) Liquidation expenses (2) 0% - 78% (24%) (3) Other real estate owned $ 2,135 Appraised Value of Collateral (1) Liquidation expenses (2) 4% - 31% (16%) (3) Appraisal adjustment (2) 20% - 40% (32%) Sales Price Liquidation expenses (2) (12%) (3) |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | (dollars in thousands) December 31, 2015 December 31, 201 4 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,886 $ 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 (years) 20.9 21.2 Prepayment Speed 6.27 % 7.45 % Effect on fair value of a 10% increase $ (151 ) $ (116 ) Effect on fair value of a 20% increase (296 ) (226 ) Weighted Average Discount Rate 10.00 % 12.48 % Effect on fair value of a 10% increase $ (206 ) $ (195 ) Effect on fair value of a 20% increase (397 ) (378 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31 , 201 5 (dollars in thousands) Carrying Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant Unobservable (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 27,139 $ 27,139 $ 27,139 $ - $ - Investment securities available for sale 284,795 284,795 - 280,078 4,717 Investment securities held to maturity 172,277 171,845 - 171,845 - Restricted stock 3,059 3,059 - 3,059 - Loans held for sale 3,653 3,831 - - 3,831 Loans receivable, net 866,066 849,578 - - 849,578 SBA servicing assets 4,886 4,886 - - 4,886 Accrued interest receivable 4,216 4,216 - 4,216 - Financial liabilities: Deposits Demand, savings and money market $ 1,181,720 $ 1,181,720 $ - $ 1,181,720 $ - Time 67,578 67,422 - 67,422 - Short-term borrowings 47,000 47,000 - 47,000 - Subordinated debt 22,476 18,972 - - 18,972 Accrued interest payable 245 245 - 245 - 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 Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (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 16 - Stock Based Compens43
Note 16 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 5 201 4 201 3 Dividend yield (1) 0.0% 0.0% 0.0% Expected volatility (2) 53.78% to 56.00% 55.79% to 57.99% 54.88% to 55.61% Risk-free interest rate (3) 1.49% to 2.00% 1.51% to 2.26% 1.28% to 2.03% Expected life (years) (4) 5.5 to 7.0 5.5 to 7.0 7.0 Assumed forfeiture rate 19.0% 23.0% 23.0% |
Schedule of Share-based Compensation, Activity [Table Text Block] | 201 5 201 4 201 3 Stock based compensation expense recognized $ 600,000 $ 420,000 $ 325,000 Number of unvested stock options 1,173,276 1,039,638 909,313 Fair value of unvested stock options $ 1,906,691 $ 1,548,840 $ 1,245,679 Amount remaining to be recognized as expense $ 873,714 $ 702,220 $ 545,862 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | For the Years Ended December 31, 2015 2014 2013 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 1,494,399 $ 3.59 1,215,530 $ 3.66 964,530 $ 4.38 Granted 505,200 3.55 360,900 3.69 347,250 2.72 Exercised (21,500 ) 3.01 (500 ) 1.95 - - Forfeited (31,874 ) 5.13 (81,531 ) 5.15 (96,250 ) 7.39 Outstanding, end of year 1,946,225 $ 3.56 1,494,399 $ 3.59 1,215,530 $ 3.66 Options exercisable at year-end 772,949 $ 4.18 454,761 $ 5.06 306,217 $ 6.24 Weighted average fair value of options granted during the year $ 1.89 $ 2.07 $ 1.51 |
Schedule of Share-based Compensation, Options, Exercises [Table Text Block] | For the Years Ended December 31, 2015 201 4 2013 Number of options exercised 21,500 500 - Cash received $ 64,624 $ 975 $ - Intrinsic value $ 26,532 $ 1,010 $ - Tax benefit $ - $ - $ - |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted- Weighted- Shares Weighted- $1.55 to $2.95 625,125 6.7 $ 2.33 208,837 $ 2.30 $3.14 to $3.55 667,950 8.2 3.46 166,250 3.21 $3.68 to $8.00 637,750 6.0 4.67 382,462 5.31 $11.77 to $12.13 15,400 0.7 11.91 15,400 11.91 1,946,225 $ 3.56 772,949 $ 4.18 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Share s Weighted- Average Grant Date Fair Value Nonvested, beginning of year 1,039,638 $ 1.49 Granted 505,200 1.89 Vested (349,062 ) 1.68 Forfeited (22,500 ) 1.80 Nonvested, end of year 1,173,276 $ 1.63 |
Note 19 - Parent Company Fina44
Note 19 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | December 31, 201 5 December 31, 201 4 ASSETS Cash $ 2,051 $ 9,471 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation 676 676 Investment in subsidiaries 128,652 121,278 Other assets 4,492 3,880 Total Assets $ 135,871 $ 135,305 LIABILITIES AND SHAREHOLDER S ’ EQUITY Liabilities Accrued expenses $ 20 $ 18 Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation 22,476 22,476 Total Liabilities 22,496 22,494 Shareholders’ Equity Total Shareholders’ Equity 113,375 112,811 Total Liabilities and Shareholders’ Equity $ 135,871 $ 135,305 |
Statements of Operations, Comprehensive Income (Loss), and Changes in Shareholders' Equity [Table Text Block] | 2015 201 4 201 3 Interest income $ 34 $ 33 $ 33 Dividend income from subsidiaries - - 1,859 Total income 34 33 1,892 Trust preferred interest expense 1,114 1,107 1,112 Expenses 572 424 318 Total expenses 1,686 1,531 1,430 Net income ( loss ) before taxes (1,652 ) (1,498 ) 462 Benefit for income taxes (578 ) (524 ) (489 ) Income (loss) before undistributed income (loss) of subsidiaries (1,074 ) (974 ) 951 Equity in undistributed income (loss) of subsidiaries 3,507 3,416 (4,431 ) Net income (loss) $ 2,433 $ 2,442 $ (3,480 ) Net income (loss) $ 2,433 $ 2,442 $ (3,480 ) Total other comprehensive income (loss) (2,533 ) 2,196 (3,848 ) Total comprehensive income (loss) $ (100 ) $ 4,638 $ (7,328 ) Shareholders’ equity, beginning of year $ 112,811 $ 62,899 $ 69,902 Shares issued under common stock offering - 44,853 - Stock based compensation 600 420 325 Exercise of stock options 64 1 - Net income (loss) 2,433 2,442 (3,480 ) Total other comprehensive income (loss) (2,533 ) 2,196 (3,848 ) Shareholders’ equity, end of year $ 113,375 $ 112,811 $ 62,899 |
Condensed Cash Flow Statement [Table Text Block] | 201 5 201 4 201 3 Cash flows from operating activities: Net income (loss) $ 2,433 $ 2,442 $ (3,480 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Share based compensation 600 420 325 Increase in other assets (612 ) (526 ) (506 ) Net increase (decrease) in other liabilities 2 - (809 ) Equity in undistributed (income) losses of subsidiaries (3,507 ) (3,416 ) 4,431 Net cash used in operating activities (1,084 ) (1,080 ) (39 ) Cash flows from investing activities: Investment in subsidiary (6,400 ) (35,000 ) - Net cash used in investing activities (6,400 ) (35,000 ) - Cash flows from financing activities: Net proceeds from stock offering - 44,853 - Exercise of stock options 64 1 - Net cash provided by financing activities 64 44,854 - Increase (decrease) in cash (7,420 ) 8,774 (39 ) Cash, beginning of period 9,471 697 736 Cash, end of period $ 2,051 $ 9,471 $ 697 |
Note 20 - Quarterly Financial45
Note 20 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | For the Quarter Ended December 31 st September 30 th June 30 th March 31 st 2015 Interest income $ 12,406 $ 11,370 $ 10,899 $ 10,761 Interest expense 1,419 1,378 1,290 1,294 Net interest income 10,987 9,992 9,609 9,467 Provision for loan losses 500 - - - Non-interest income 4,740 1,604 2,022 1,577 Non-interest expense 14,446 11,024 11,103 10,518 Benefit for income taxes (9 ) (10 ) (5 ) (2 ) Net income $ 790 $ 582 $ 533 $ 528 Net income per share: Basic $ 0.02 $ 0.02 $ 0.01 $ 0.01 Diluted $ 0.02 $ 0.02 $ 0.01 $ 0.01 2014 Interest income $ 10,786 $ 10,401 $ 9,631 $ 9,655 Interest expense 1,246 1,195 1,147 1,056 Net interest income 9,540 9,206 8,484 8,599 Provision for loan losses 300 300 300 - Non-interest income 2,427 1,371 2,289 1,930 Non-interest expense 10,792 9,986 9,957 9,815 Provision (benefit) for income taxes 22 (6 ) (21 ) (41 ) Net income $ 853 $ 297 $ 537 $ 755 Net income per share (1) Basic $ 0.02 $ 0.01 $ 0.02 $ 0.03 Diluted $ 0.02 $ 0.01 $ 0.02 $ 0.03 |
Note 21 - Changes in Accumula46
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Available- For-Sale Securities Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity Total (dollars in thousands) Balance January 1, 2015 $ 82 $ (714 ) $ (632 ) Unrealized loss on securities (2,577 ) - (2,577 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (67 ) 111 44 Net current-period other comprehensive income (loss) (2,644 ) 111 (2,533 ) Balance December 31, 2015 $ (2,562 ) $ (603 ) $ (3,165 ) Balance January 1, 2014 $ (2,828 ) $ - $ (2,828 ) Unrealized gain on securities 3,199 - 3,199 Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity - (790 ) (790 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (289 ) 76 (213 ) Net current-period other comprehensive income 2,910 (714 ) 2,196 Balance December 31, 2014 $ 82 $ (714 ) $ (632 ) Balance January 1, 2013 $ 1,020 $ - $ 1,020 Unrealized loss on securities (3,398 ) - (3,398 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (450 ) - (450 ) Net current-period other comprehensive income (3,848 ) - (3,848 ) Balance December 31, 2013 $ (2,828 ) $ - $ (2,828 ) |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details) | Dec. 31, 2015 |
Disclosure Text Block [Abstract] | |
Number of Wholly Owned Subsidiary | 1 |
Number of Unconsolidated Subsidiaries | 3 |
Number of Trust Preferred Securities Issued | 3 |
Note 2 - Summary of Significa48
Note 2 - Summary of Significant Accounting Policies (Details) shares in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Restricted Cash and Cash Equivalents | $ 10,800,000 | $ 4,000,000 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 3,000 | 7,000 | $ 0 |
Federal Home Loan Bank Stock | $ 2,900,000 | $ 1,000,000 | |
Loan to Value Ratio | 80.00% | ||
Number of Trust Preferred Securities Issued | 3 | ||
Maximum Percentage of Capital Permitted to Invest in Trust Preferred Securities | 25.00% | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | $ 676,000 | ||
The 2005 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 (in Shares) | shares | 1.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
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 (in Shares) | shares | 3.9 | 2.6 | |
Minimum Percentage of Outstanding Shares As an Annual Adjustment | 10.00% | ||
Financial Standby Letter of Credit [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 5,200,000 | ||
Performance Guarantee Expiring in 2016 [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 4,100,000 | ||
Performance Guarantee Expiring in 2018 [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 25,000 | ||
Performance Guarantee Expiring in 2019 [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 1,100,000 | ||
Performance Guarantee Expiring in 2020 [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 24,000 | ||
Atlantic Community Bankers Bank (ACBB) [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Federal Home Loan Bank Stock | $ 143,000 | $ 143,000 | |
Building [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Minimum [Member] | The 2005 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] | Furniture and Fixtures [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Maximum [Member] | The 2005 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] | Furniture and Fixtures [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 13 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years |
Note 2 - Summary of Significa49
Note 2 - Summary of Significant Accounting Policies (Details) - Calculation of EPS - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Calculation of EPS [Abstract] | |||||||||||
Net income (loss) - basic and diluted | $ 790 | $ 582 | $ 533 | $ 528 | $ 853 | $ 297 | $ 537 | $ 755 | $ 2,433 | $ 2,442 | $ (3,480) |
Weighted average shares outstanding | 37,818 | 34,232 | 25,973 | ||||||||
Net income (loss) per share – basic | $ 0.02 | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.02 | $ 0.03 | $ 0.06 | $ 0.07 | $ (0.13) |
Weighted average shares outstanding (including dilutive CSEs) | 38,094 | 34,591 | 25,973 | ||||||||
Net income (loss) per share – diluted | $ 0.02 | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.02 | $ 0.03 | $ 0.06 | $ 0.07 | $ (0.13) |
Note 2 - Summary of Significa50
Note 2 - Summary of Significant Accounting Policies (Details) - Anti-dilutive Securities - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Anti-dilutive securities | |||
Anti-dilutive securities | 3,333 | 2,798 | 2,878 |
Employee Stock Option [Member] | |||
Anti-dilutive securities | |||
Anti-dilutive securities | 1,671 | 1,136 | 1,216 |
Convertible Debt Securities [Member] | |||
Anti-dilutive securities | |||
Anti-dilutive securities | 1,662 | 1,662 | 1,662 |
Note 3 - Investment Securitie51
Note 3 - Investment Securities (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 31, 2014USD ($) | |
Note 3 - Investment Securities (Details) [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 3,000 | $ 7,000 | $ 0 | |
Available-for-sale Securities Pledged as Collateral | 209,400,000 | 149,000,000 | ||
Securities, Continuous Loss Position, Accumulated Loss | 6,300,000 | 2,400,000 | ||
Securities, Continuous Unrealized Loss Position, Fair Value | 262,700,000 | 62,200,000 | ||
Proceeds from Sale and Maturity of Marketable Securities | 11,700,000 | 5,700,000 | ||
Available-for-sale Securities, Gross Realized Gains | 396,000 | 458,000 | ||
Available-for-sale Securities, Gross Realized Losses | 288,000 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 39,000 | 165,000 | ||
Proceeds from Sale of Available-for-sale Securities | $ 11,707,000 | $ 5,700,000 | $ 7,946,000 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Alt-A [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Subprime [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Collateralized Mortgage Obligations [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 34 | |||
Held-to-maturity Securities Transferred from Available-for-sale | $ 70,100,000 | |||
Securities Transferred to Held-to-maturity Unrealized Gain (Loss) | $ (942,000) | $ (1,200,000) | ||
Collateralized Mortgage Obligations [Member] | Alt-A [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Collateralized Mortgage Obligations [Member] | Subprime [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | |||
Collateralized Mortgage Backed Securities [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 7 | |||
US States and Political Subdivisions Debt Securities [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | |||
Asset-backed Securities [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | |||
Corporate Debt Securities [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | |||
Collateralized Debt Obligations [Member] | ||||
Note 3 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 70,000 | |||
Available-for-sale Securities, Gross Realized Losses | 288,000 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 78,000 | |||
Proceeds from Sale of Available-for-sale Securities | 2,000,000 | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ (218,000) |
Note 3 - Investment Securitie52
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | $ 288,792 | $ 185,250 |
Investment securities available for sale, gross unrealized gains | 1,399 | 2,400 |
Investment securities available for sale, gross unrealized losses | (5,396) | (2,271) |
Investment securities available for sale, at fair value | 284,795 | 185,379 |
Investment securities held to maturity, at amortized cost | 172,277 | 67,866 |
Investment securities held to maturity, gross unrealized gains | 441 | 531 |
Investment securities held to maturity, gross unrealized losses | (873) | (144) |
Investment securities held to maturity, at fair value | 171,845 | 68,253 |
Collateralized Mortgage Obligations [Member] | ||
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 180,795 | 98,626 |
Investment securities available for sale, gross unrealized gains | 523 | 692 |
Investment securities available for sale, gross unrealized losses | (3,173) | (96) |
Investment securities available for sale, at fair value | 178,145 | 99,222 |
Investment securities held to maturity, at amortized cost | 146,458 | 67,845 |
Investment securities held to maturity, gross unrealized gains | 402 | 531 |
Investment securities held to maturity, gross unrealized losses | (780) | (144) |
Investment securities held to maturity, at fair value | 146,080 | 68,232 |
Collateralized Mortgage Backed Securities [Member] | ||
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 10,073 | 13,271 |
Investment securities available for sale, gross unrealized gains | 176 | 564 |
Investment securities available for sale, gross unrealized losses | (78) | (33) |
Investment securities available for sale, at fair value | 10,171 | 13,802 |
Investment securities held to maturity, at amortized cost | 7,732 | |
Investment securities held to maturity, gross unrealized losses | (21) | |
Investment securities held to maturity, at fair value | 7,711 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 22,814 | 15,784 |
Investment securities available for sale, gross unrealized gains | 562 | 363 |
Investment securities available for sale, gross unrealized losses | (32) | (40) |
Investment securities available for sale, at fair value | 23,344 | 16,107 |
Corporate Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 54,294 | 33,840 |
Investment securities available for sale, gross unrealized gains | 135 | 621 |
Investment securities available for sale, gross unrealized losses | (300) | (34) |
Investment securities available for sale, at fair value | 54,129 | 34,427 |
Asset-backed Securities [Member] | ||
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 17,631 | 18,353 |
Investment securities available for sale, gross unrealized gains | 0 | 152 |
Investment securities available for sale, gross unrealized losses | (626) | 0 |
Investment securities available for sale, at fair value | 17,005 | 18,505 |
Collateralized Debt Obligations [Member] | ||
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities available for sale, at amortized cost | 3,070 | 5,261 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | (1,187) | (2,068) |
Investment securities available for sale, at fair value | 1,883 | 3,193 |
Other Debt Obligations [Member] | ||
Note 3 - 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 | 3 | 8 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale, at fair value | 118 | 123 |
Investment securities held to maturity, at amortized cost | 1,020 | 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 | 1,020 | 20 |
US Government Agencies Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Unrealized Gain (Loss) on Investments [Line Items] | ||
Investment securities held to maturity, at amortized cost | 17,067 | 1 |
Investment securities held to maturity, gross unrealized gains | 39 | 0 |
Investment securities held to maturity, gross unrealized losses | (72) | 0 |
Investment securities held to maturity, at fair value | $ 17,034 | $ 1 |
Note 3 - Investment Securitie53
Note 3 - Investment Securities (Details) - Investment Securities by Contractual Maturity - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 3 - Investment Securities (Details) - Investment Securities by Contractual Maturity [Line Items] | ||
Due in 1 year or less | $ 7,444 | |
Due in 1 year or less | 7,505 | |
Due in 1 year or less | 0 | |
Due in 1 year or less | 0 | |
After 1 year to 5 years | 13,617 | |
After 1 year to 5 years | 13,730 | |
After 1 year to 5 years | 5,070 | |
After 1 year to 5 years | 5,021 | |
After 5 years to 10 years | 50,645 | |
After 5 years to 10 years | 49,089 | |
After 5 years to 10 years | 13,017 | |
After 5 years to 10 years | 13,033 | |
After 10 years | 26,218 | |
After 10 years | 26,155 | |
After 10 years | 0 | |
After 10 years | 0 | |
Total | 288,792 | |
Total | 284,795 | |
Total | 172,277 | $ 67,866 |
Total | 171,845 | 68,253 |
Collateralized Mortgage Obligations [Member] | ||
Note 3 - Investment Securities (Details) - Investment Securities by Contractual Maturity [Line Items] | ||
Available for Sale, No Specific Maturity Date, Amortized Cost | 180,795 | |
Available for Sale, No Specific Maturity Date, Fair Value | 178,145 | |
Held to Maturity, No Specific Maturity Date, Amortized Cost | 146,458 | |
Held to Maturity, No Specific Maturity Date, Fair Value | 146,080 | |
Total | 146,458 | 67,845 |
Total | 146,080 | $ 68,232 |
Collateralized Mortgage Backed Securities [Member] | ||
Note 3 - Investment Securities (Details) - Investment Securities by Contractual Maturity [Line Items] | ||
Available for Sale, No Specific Maturity Date, Amortized Cost | 10,073 | |
Available for Sale, No Specific Maturity Date, Fair Value | 10,171 | |
Held to Maturity, No Specific Maturity Date, Amortized Cost | 7,732 | |
Held to Maturity, No Specific Maturity Date, Fair Value | 7,711 | |
Total | 7,732 | |
Total | $ 7,711 |
Note 3 - Investment Securitie54
Note 3 - Investment Securities (Details) - Credit-related Impairment Losses on Securities - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 7,000 | $ 0 |
Reductions for securities paid off during the period | 0 | 0 | |
Reductions for securities sold during the period | (3,039,000) | ||
Reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the Company intends to sell the security | 0 | 0 | |
Ending Balance, December 31st | $ 930,000 | $ 3,966,000 | $ 3,959,000 |
Note 3 - Investment Securitie55
Note 3 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 3 - 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 | $ 146,024 | $ 27,506 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,086 | 142 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 12,151 | 5,657 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,310 | 2,129 |
Available for sale securities in a continuous unrealized loss position, fair value | 158,175 | 33,163 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 5,396 | 2,271 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 88,553 | 19,766 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 825 | 92 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 15,956 | 9,232 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 48 | 52 |
Held to maturity securities in a continuous unrealized loss position, fair value | 104,509 | 28,998 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 873 | 144 |
Collateralized Mortgage Obligations [Member] | ||
Note 3 - 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 | 116,161 | 17,331 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,173 | 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 | 116,161 | 17,331 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 3,173 | 96 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 68,888 | 19,766 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 732 | 92 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 15,956 | 9,232 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 48 | 52 |
Held to maturity securities in a continuous unrealized loss position, fair value | 84,844 | 28,998 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 780 | 144 |
Collateralized Mortgage Backed Securities [Member] | ||
Note 3 - 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 | 2,389 | 3,997 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 14 | 2 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 5,502 | 1,069 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 64 | 31 |
Available for sale securities in a continuous unrealized loss position, fair value | 7,891 | 5,066 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 78 | 33 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 7,711 | |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 21 | |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | |
Held to maturity securities in a continuous unrealized loss position, fair value | 7,711 | |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 21 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 3 - 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 | 886 | 1,298 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 15 | 10 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 1,814 | 1,395 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 17 | 30 |
Available for sale securities in a continuous unrealized loss position, fair value | 2,700 | 2,693 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 32 | 40 |
Corporate Debt Securities [Member] | ||
Note 3 - 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 | 9,583 | 4,880 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 258 | 34 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 2,952 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 42 | 0 |
Available for sale securities in a continuous unrealized loss position, fair value | 12,535 | 4,880 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 300 | 34 |
Asset-backed Securities [Member] | ||
Note 3 - 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 | 17,005 | |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 626 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | |
Available for sale securities in a continuous unrealized loss position, fair value | 17,005 | |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 626 | |
Collateralized Debt Obligations [Member] | ||
Note 3 - 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 | 1,883 | 3,193 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,187 | 2,068 |
Available for sale securities in a continuous unrealized loss position, fair value | 1,883 | 3,193 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 1,187 | $ 2,068 |
US Government Agencies Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 11,954 | |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 72 | |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | |
Held to maturity securities in a continuous unrealized loss position, fair value | 11,954 | |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | $ 72 |
Note 3 - Investment Securitie56
Note 3 - Investment Securities (Details) - Trust Preferred Securities $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 3 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | |||
Amortized cost | $ 288,792 | $ 185,250 | |
Fair value | 284,795 | 185,379 | |
Unrealized losses | (5,396) | (2,271) | |
Cumulative OTTI life to date | $ 930 | 3,966 | $ 3,959 |
TPREF Funding II [Member] | |||
Note 3 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | |||
Class / tranche | Class B Notes | ||
Amortized cost | $ 732 | ||
Fair value | 416 | ||
Unrealized losses | $ (316) | ||
Lowest credit rating assigned | C | ||
Number of banks currently performing | 20 | ||
Deferrals / defaults as % of current balance | 36.00% | ||
Conditional default rates for 2013 and beyond | 0.39% | ||
Cumulative OTTI life to date | $ 267 | ||
TPREF Funding III [Member] | |||
Note 3 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | |||
Class / tranche | Class B2 Notes | ||
Amortized cost | $ 1,518 | ||
Fair value | 901 | ||
Unrealized losses | $ (617) | ||
Lowest credit rating assigned | C | ||
Number of banks currently performing | 15 | ||
Deferrals / defaults as % of current balance | 32.00% | ||
Conditional default rates for 2013 and beyond | 0.42% | ||
Cumulative OTTI life to date | $ 483 | ||
ALESCO Preferred Funding V [Member] | |||
Note 3 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | |||
Class / tranche | Class C1 Notes | ||
Amortized cost | $ 820 | ||
Fair value | 566 | ||
Unrealized losses | $ (254) | ||
Lowest credit rating assigned | C | ||
Number of banks currently performing | 40 | ||
Deferrals / defaults as % of current balance | 17.00% | ||
Conditional default rates for 2013 and beyond | 0.32% | ||
Cumulative OTTI life to date | $ 180 | ||
Collateralized Debt Obligations [Member] | |||
Note 3 - Investment Securities (Details) - Trust Preferred Securities [Line Items] | |||
Amortized cost | 3,070 | 5,261 | |
Fair value | 1,883 | 3,193 | |
Unrealized losses | $ (1,187) | $ (2,068) | |
Number of banks currently performing | 75 | ||
Deferrals / defaults as % of current balance | 28.00% | ||
Cumulative OTTI life to date | $ 930 |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Receivables [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment | $ 29,535,000 | $ 32,951,000 | $ 33,687,000 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 516,000 | 614,000 | 1,181,000 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 765,000 | 980,000 | 488,000 | |
Loans and Leases Receivable, Related Parties | $ 8,521,000 | $ 8,753,000 | $ 8,762,000 | $ 9,128,000 |
Note 4 - Loans Receivable (De58
Note 4 - Loans Receivable (Details) - Gross Loans by Major Categories - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 875,027 | $ 782,379 |
Deferred costs (fees) | (258) | (439) |
Allowance for loan losses | (8,703) | (11,536) |
Net loans receivable | 866,066 | 770,404 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 349,726 | 379,259 |
Construction and Land Development Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 46,547 | 29,861 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 181,850 | 145,113 |
Owner Occupied Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 246,398 | 188,025 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 48,126 | 39,713 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 2,380 | $ 408 |
Note 4 - Loans Receivable (De59
Note 4 - Loans Receivable (Details) - Impaired Loans - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
With no related allowance recorded: | |||
Impaired loans with no related allowance, recorded investment | $ 15,497,000 | $ 16,742,000 | |
Impaired loans with no related allowance, unpaid principal balance | 19,212,000 | 20,638,000 | |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, recorded investment | 6,632,000 | 18,902,000 | |
Impaired loans with an allowance recorded, unpaid principal balance | 9,313,000 | 23,205,000 | |
Impaired loans with an allowance recorded, related allowance | 2,238,000 | 5,130,000 | |
Total: | |||
Impaired loans, recorded investment | 22,129,000 | 35,644,000 | |
Impaired loans, unpaid principal balance | 28,525,000 | 43,843,000 | |
Impaired loans, related allowance | 2,238,000 | 5,130,000 | |
With no related allowance recorded: | |||
Impaired loans with no related allowance, average recorded investment | 17,612,000 | 12,467,000 | $ 19,797,000 |
Impaired loans with no related allowance, interest income recognized | 381,000 | 484,000 | 800,000 |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, average recorded investment | 11,923,000 | 20,484,000 | 13,890,000 |
Impaired loans with an allowance recorded, interest income recognized | 135,000 | 130,000 | 381,000 |
Total: | |||
Impaired loans, average recorded investment | 29,535,000 | 32,951,000 | 33,687,000 |
Impaired loans, interest income recognized | 516,000 | 614,000 | 1,181,000 |
Commercial Real Estate Portfolio Segment [Member] | |||
With no related allowance recorded: | |||
Impaired loans with no related allowance, recorded investment | 11,692,000 | 11,964,000 | |
Impaired loans with no related allowance, unpaid principal balance | 11,730,000 | 11,969,000 | |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, recorded investment | 511,000 | 13,118,000 | |
Impaired loans with an allowance recorded, unpaid principal balance | 511,000 | 13,245,000 | |
Impaired loans with an allowance recorded, related allowance | 47,000 | 3,858,000 | |
Total: | |||
Impaired loans, recorded investment | 12,203,000 | 25,082,000 | |
Impaired loans, unpaid principal balance | 12,241,000 | 25,214,000 | |
Impaired loans, related allowance | 47,000 | 3,858,000 | |
With no related allowance recorded: | |||
Impaired loans with no related allowance, average recorded investment | 12,796,000 | 7,739,000 | 14,062,000 |
Impaired loans with no related allowance, interest income recognized | 282,000 | 450,000 | 731,000 |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, average recorded investment | 5,544,000 | 13,197,000 | 6,261,000 |
Impaired loans with an allowance recorded, interest income recognized | 13,000 | 5,000 | 195,000 |
Total: | |||
Impaired loans, average recorded investment | 18,340,000 | 20,936,000 | 20,323,000 |
Impaired loans, interest income recognized | 295,000 | 455,000 | 926,000 |
Construction and Land Development Portfolio Segment [Member] | |||
With no related allowance recorded: | |||
Impaired loans with no related allowance, recorded investment | 117,000 | 61,000 | |
Impaired loans with no related allowance, unpaid principal balance | 2,208,000 | 158,000 | |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, recorded investment | 316,000 | ||
Impaired loans with an allowance recorded, unpaid principal balance | 3,741,000 | ||
Impaired loans with an allowance recorded, related allowance | 0 | 217,000 | |
Total: | |||
Impaired loans, recorded investment | 117,000 | 377,000 | |
Impaired loans, unpaid principal balance | 2,208,000 | 3,899,000 | |
Impaired loans, related allowance | 0 | 217,000 | |
With no related allowance recorded: | |||
Impaired loans with no related allowance, average recorded investment | 206,000 | 462,000 | 1,954,000 |
Impaired loans with no related allowance, interest income recognized | 2,000 | 35,000 | |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, average recorded investment | 90,000 | 557,000 | 499,000 |
Total: | |||
Impaired loans, average recorded investment | 296,000 | 1,019,000 | 2,453,000 |
Impaired loans, interest income recognized | 2,000 | 35,000 | |
Commercial Portfolio Segment [Member] | |||
With no related allowance recorded: | |||
Impaired loans with no related allowance, recorded investment | 2,381,000 | 3,764,000 | |
Impaired loans with no related allowance, unpaid principal balance | 3,683,000 | 7,275,000 | |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, recorded investment | 3,112,000 | 1,457,000 | |
Impaired loans with an allowance recorded, unpaid principal balance | 5,779,000 | 2,057,000 | |
Impaired loans with an allowance recorded, related allowance | 1,111,000 | 211,000 | |
Total: | |||
Impaired loans, recorded investment | 5,493,000 | 5,221,000 | |
Impaired loans, unpaid principal balance | 9,462,000 | 9,332,000 | |
Impaired loans, related allowance | 1,111,000 | 211,000 | |
With no related allowance recorded: | |||
Impaired loans with no related allowance, average recorded investment | 3,225,000 | 3,070,000 | 2,783,000 |
Impaired loans with no related allowance, interest income recognized | 78,000 | 22,000 | 19,000 |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, average recorded investment | 2,587,000 | 3,244,000 | 3,881,000 |
Impaired loans with an allowance recorded, interest income recognized | 28,000 | 40,000 | |
Total: | |||
Impaired loans, average recorded investment | 5,812,000 | 6,314,000 | 6,664,000 |
Impaired loans, interest income recognized | 106,000 | 22,000 | 59,000 |
Owner Occupied Real Estate [Member] | |||
With no related allowance recorded: | |||
Impaired loans with no related allowance, recorded investment | 507,000 | 524,000 | |
Impaired loans with no related allowance, unpaid principal balance | 507,000 | 528,000 | |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, recorded investment | 2,862,000 | 4,011,000 | |
Impaired loans with an allowance recorded, unpaid principal balance | 2,876,000 | 4,162,000 | |
Impaired loans with an allowance recorded, related allowance | 1,059,000 | 844,000 | |
Total: | |||
Impaired loans, recorded investment | 3,369,000 | 4,535,000 | |
Impaired loans, unpaid principal balance | 3,383,000 | 4,690,000 | |
Impaired loans, related allowance | 1,059,000 | 844,000 | |
With no related allowance recorded: | |||
Impaired loans with no related allowance, average recorded investment | 700,000 | 714,000 | 347,000 |
Impaired loans with no related allowance, interest income recognized | 6,000 | 8,000 | 9,000 |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, average recorded investment | 3,643,000 | 3,446,000 | 3,139,000 |
Impaired loans with an allowance recorded, interest income recognized | 92,000 | 125,000 | 146,000 |
Total: | |||
Impaired loans, average recorded investment | 4,343,000 | 4,160,000 | 3,486,000 |
Impaired loans, interest income recognized | 98,000 | 133,000 | 155,000 |
Consumer Portfolio Segment [Member] | |||
With no related allowance recorded: | |||
Impaired loans with no related allowance, recorded investment | 800,000 | 429,000 | |
Impaired loans with no related allowance, unpaid principal balance | 1,084,000 | 708,000 | |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, recorded investment | 147,000 | ||
Impaired loans with an allowance recorded, unpaid principal balance | 147,000 | ||
Impaired loans with an allowance recorded, related allowance | 21,000 | 0 | |
Total: | |||
Impaired loans, recorded investment | 947,000 | 429,000 | |
Impaired loans, unpaid principal balance | 1,231,000 | 708,000 | |
Impaired loans, related allowance | 21,000 | 0 | |
With no related allowance recorded: | |||
Impaired loans with no related allowance, average recorded investment | 685,000 | 482,000 | 651,000 |
Impaired loans with no related allowance, interest income recognized | 13,000 | 4,000 | 6,000 |
With an allowance recorded: | |||
Impaired loans with an allowance recorded, average recorded investment | 59,000 | 40,000 | 110,000 |
Impaired loans with an allowance recorded, interest income recognized | 2,000 | ||
Total: | |||
Impaired loans, average recorded investment | 744,000 | 522,000 | 761,000 |
Impaired loans, interest income recognized | $ 15,000 | $ 4,000 | $ 6,000 |
Note 4 - Loans Receivable (De60
Note 4 - Loans Receivable (Details) - Related Party Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Loans [Abstract] | |||
Balance at beginning of year | $ 8,753 | $ 8,762 | $ 9,128 |
Additions | 295 | 500 | 51 |
Repayments | (527) | (509) | (417) |
Balance at end of year | $ 8,521 | $ 8,753 | $ 8,762 |
Note 5 - Allowances for Loan 61
Note 5 - Allowances for Loan Losses (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 5 - Allowances for Loan Losses (Details) [Line Items] | |||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 765,000 | $ 980,000 | $ 488,000 |
Mortgage Loans in Process of Foreclosure, Amount | 0 | 0 | |
Real Estate Acquired Through Foreclosure | $ 11,313,000 | $ 3,715,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 1 | |
Commercial Portfolio Segment [Member] | |||
Note 5 - Allowances for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Principal Increase | $ 30,000 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 230,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 260,000 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Note 5 - Allowances for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 6,000,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 6,100,000 | ||
Residential Portfolio Segment [Member] | |||
Note 5 - Allowances for Loan Losses (Details) [Line Items] | |||
Real Estate Acquired Through Foreclosure | $ 193,000 | $ 235,000 |
Note 5 - Allowances for Loan 62
Note 5 - Allowances for Loan Losses (Details) - Activity in Allowance for Loan Losses - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for loan losses: | |||||||||
Beginning balance | $ 11,536 | $ 12,263 | $ 9,542 | ||||||
Charge-offs | (3,425) | (2,012) | (2,357) | ||||||
Recoveries | 92 | 385 | 143 | ||||||
Provisions (credits) | $ 500 | $ 300 | $ 300 | $ 300 | 500 | 900 | 4,935 | ||
Ending balance | 8,703 | 11,536 | 8,703 | 11,536 | 12,263 | ||||
Allowance for loan losses: | |||||||||
Individually evaluated for impairment | $ 2,238 | $ 5,130 | |||||||
Collectively evaluated for impairment | 6,465 | 6,406 | |||||||
Total allowance for loan losses | 8,703 | 11,536 | 11,536 | 11,536 | 12,263 | 8,703 | 11,536 | ||
Loans receivable: | |||||||||
Loans evaluated individually | 22,129 | 35,644 | |||||||
Loans evaluated collectively | 852,898 | 746,735 | |||||||
Total loans receivable | 875,027 | 782,379 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 6,828 | 6,454 | 3,979 | ||||||
Charge-offs | (2,624) | (364) | (1,291) | ||||||
Recoveries | 4 | 5 | 54 | ||||||
Provisions (credits) | (1,815) | 733 | 3,712 | ||||||
Ending balance | 2,393 | 6,828 | 2,393 | 6,828 | 6,454 | ||||
Allowance for loan losses: | |||||||||
Individually evaluated for impairment | 47 | 3,858 | |||||||
Collectively evaluated for impairment | 2,346 | 2,970 | |||||||
Total allowance for loan losses | 2,393 | 6,828 | 6,828 | 6,828 | 6,454 | 2,393 | 6,828 | ||
Loans receivable: | |||||||||
Loans evaluated individually | 12,203 | 25,082 | |||||||
Loans evaluated collectively | 337,523 | 354,177 | |||||||
Total loans receivable | 349,726 | 379,259 | |||||||
Construction and Land Development Portfolio Segment [Member] | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 917 | 1,948 | 1,273 | ||||||
Charge-offs | (260) | (303) | (60) | ||||||
Recoveries | 5 | 214 | 0 | ||||||
Provisions (credits) | (324) | (942) | 735 | ||||||
Ending balance | 338 | 917 | 338 | 917 | 1,948 | ||||
Allowance for loan losses: | |||||||||
Individually evaluated for impairment | 0 | 217 | |||||||
Collectively evaluated for impairment | 338 | 700 | |||||||
Total allowance for loan losses | 338 | 917 | 917 | 917 | 1,948 | 338 | 917 | ||
Loans receivable: | |||||||||
Loans evaluated individually | 117 | 377 | |||||||
Loans evaluated collectively | 46,430 | 29,484 | |||||||
Total loans receivable | 46,547 | 29,861 | |||||||
Commercial Portfolio Segment [Member] | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 1,579 | 2,309 | 1,880 | ||||||
Charge-offs | (408) | (1,185) | (611) | ||||||
Recoveries | 49 | 166 | 63 | ||||||
Provisions (credits) | 1,712 | 289 | 977 | ||||||
Ending balance | 2,932 | 1,579 | 2,932 | 1,579 | 2,309 | ||||
Allowance for loan losses: | |||||||||
Individually evaluated for impairment | 1,111 | 211 | |||||||
Collectively evaluated for impairment | 1,821 | 1,368 | |||||||
Total allowance for loan losses | 2,932 | 1,579 | 1,579 | 1,579 | 2,309 | 2,932 | 1,579 | ||
Loans receivable: | |||||||||
Loans evaluated individually | 5,493 | 5,221 | |||||||
Loans evaluated collectively | 176,357 | 139,892 | |||||||
Total loans receivable | 181,850 | 145,113 | |||||||
Owner Occupied Real Estate [Member] | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 1,638 | 985 | 1,967 | ||||||
Charge-offs | (133) | (150) | (320) | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Provisions (credits) | 525 | 803 | (662) | ||||||
Ending balance | 2,030 | 1,638 | 2,030 | 1,638 | 985 | ||||
Allowance for loan losses: | |||||||||
Individually evaluated for impairment | 1,059 | 844 | |||||||
Collectively evaluated for impairment | 971 | 794 | |||||||
Total allowance for loan losses | 2,030 | 1,638 | 1,638 | 1,638 | 985 | 2,030 | 1,638 | ||
Loans receivable: | |||||||||
Loans evaluated individually | 3,369 | 4,535 | |||||||
Loans evaluated collectively | 243,029 | 183,490 | |||||||
Total loans receivable | 246,398 | 188,025 | |||||||
Consumer Portfolio Segment [Member] | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 234 | 225 | 234 | ||||||
Charge-offs | 0 | (10) | (75) | ||||||
Recoveries | 34 | 0 | 26 | ||||||
Provisions (credits) | 27 | 19 | 40 | ||||||
Ending balance | 295 | 234 | 295 | 234 | 225 | ||||
Allowance for loan losses: | |||||||||
Individually evaluated for impairment | 21 | 0 | |||||||
Collectively evaluated for impairment | 274 | 234 | |||||||
Total allowance for loan losses | 295 | 234 | 234 | 234 | 225 | 295 | 234 | ||
Loans receivable: | |||||||||
Loans evaluated individually | 947 | 429 | |||||||
Loans evaluated collectively | 47,179 | 39,284 | |||||||
Total loans receivable | 48,126 | 39,713 | |||||||
Residential Portfolio Segment [Member] | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 2 | 14 | 17 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Provisions (credits) | 12 | (12) | (3) | ||||||
Ending balance | 14 | 2 | 14 | 2 | 14 | ||||
Allowance for loan losses: | |||||||||
Individually evaluated for impairment | 0 | 0 | |||||||
Collectively evaluated for impairment | 14 | 2 | |||||||
Total allowance for loan losses | 14 | 2 | 2 | 2 | 14 | 14 | 2 | ||
Loans receivable: | |||||||||
Loans evaluated individually | 0 | 0 | |||||||
Loans evaluated collectively | 2,380 | 408 | |||||||
Total loans receivable | 2,380 | 408 | |||||||
Unallocated Financing Receivables [Member] | |||||||||
Allowance for loan losses: | |||||||||
Beginning balance | 338 | 328 | 192 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Provisions (credits) | 363 | 10 | 136 | ||||||
Ending balance | 701 | 338 | 701 | 338 | 328 | ||||
Allowance for loan losses: | |||||||||
Individually evaluated for impairment | 0 | 0 | |||||||
Collectively evaluated for impairment | 701 | 338 | |||||||
Total allowance for loan losses | $ 701 | $ 338 | $ 338 | $ 338 | $ 328 | 701 | 338 | ||
Loans receivable: | |||||||||
Loans evaluated individually | 0 | 0 | |||||||
Loans evaluated collectively | 0 | 0 | |||||||
Total loans receivable | $ 0 | $ 0 |
Note 5 - Allowances for Loan 63
Note 5 - Allowances for Loan Losses (Details) - Past Due Loans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | $ 24,815 | $ 37,183 |
Loans receivable, current | 850,212 | 745,196 |
Loans receivable | 875,027 | 782,379 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 2,878 | 1,681 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 9,315 | 14,062 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 12,622 | 21,440 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 13,570 | 25,726 |
Loans receivable, current | 336,156 | 353,533 |
Loans receivable | 349,726 | 379,259 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 0 | 713 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 7,657 | 11,034 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 5,913 | 13,979 |
Construction and Land Development Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 117 | 377 |
Loans receivable, current | 46,430 | 29,484 |
Loans receivable | 46,547 | 29,861 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 117 | 377 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 5,814 | 6,728 |
Loans receivable, current | 176,036 | 138,385 |
Loans receivable | 181,850 | 145,113 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 1,661 | 193 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 997 | 2,186 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 3,156 | 4,349 |
Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 4,163 | 3,744 |
Loans receivable, current | 242,235 | 184,281 |
Loans receivable | 246,398 | 188,025 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Owner Occupied Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 800 | 626 |
Owner Occupied Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 469 | 812 |
Owner Occupied Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 2,894 | 2,306 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 1,019 | 608 |
Loans receivable, current | 47,107 | 39,105 |
Loans receivable | 48,126 | 39,713 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 285 | 149 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 192 | 30 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 542 | 429 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 132 | 0 |
Loans receivable, current | 2,248 | 408 |
Loans receivable | 2,380 | 408 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 132 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | 0 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable, total past due | $ 0 | $ 0 |
Note 5 - Allowances for Loan 64
Note 5 - Allowances for Loan Losses (Details) - Loans by Internal Risk Rating - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 875,027 | $ 782,379 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 844,173 | 735,289 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,725 | 10,526 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 20,700 | 35,135 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,429 | 1,429 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 349,726 | 379,259 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 329,567 | 345,444 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 7,956 | 8,199 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 12,203 | 25,616 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 46,547 | 29,861 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 46,430 | 29,484 |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 117 | 377 |
Construction and Land Development Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 181,850 | 145,113 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 176,132 | 139,062 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 225 | 702 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,064 | 3,920 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,429 | 1,429 |
Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 246,398 | 188,025 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 242,560 | 181,940 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 469 | 1,550 |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,369 | 4,535 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 48,126 | 39,713 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 47,104 | 38,951 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 75 | 75 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 947 | 687 |
Consumer 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 | 2,380 | 408 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,380 | 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 |
Note 5 - Allowances for Loan 65
Note 5 - Allowances for Loan Losses (Details) - Non-accrual Loans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 5 - Allowances for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | $ 12,622 | $ 21,440 |
Commercial Real Estate Portfolio Segment [Member] | ||
Note 5 - Allowances for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 5,913 | 13,979 |
Construction and Land Development Portfolio Segment [Member] | ||
Note 5 - Allowances for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 117 | 377 |
Commercial Portfolio Segment [Member] | ||
Note 5 - Allowances for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 3,156 | 4,349 |
Owner Occupied Real Estate [Member] | ||
Note 5 - Allowances for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 2,894 | 2,306 |
Consumer Portfolio Segment [Member] | ||
Note 5 - Allowances for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 542 | 429 |
Residential Portfolio Segment [Member] | ||
Note 5 - Allowances for Loan Losses (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 5 - Allowances for Loan 66
Note 5 - Allowances for Loan Losses (Details) - Troubled Debt Restructurings $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 4 | 3 |
Troubled debt restructurings, accrual status | $ 6,030 | $ 7,921 |
Troubled debt restructurings, non-accrual status | 2,760 | 1,673 |
Troubled debt restructurings | $ 8,790 | $ 9,594 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 5,778 | $ 6,069 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 5,778 | $ 6,069 |
Construction and Land Development 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 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 2 | 1 |
Troubled debt restructurings, accrual status | $ 252 | $ 0 |
Troubled debt restructurings, non-accrual status | 935 | 1,673 |
Troubled debt restructurings | $ 1,187 | $ 1,673 |
Owner Occupied Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 0 | $ 1,852 |
Troubled debt restructurings, non-accrual status | 1,825 | 0 |
Troubled debt restructurings | $ 1,825 | $ 1,852 |
Consumer 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 |
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 6 - Other Real Estate Ow67
Note 6 - Other Real Estate Owned (Details) | Dec. 31, 2015 |
Commercial, Construction, and Residential [Member] | Other Real Estate Owned [Member] | |
Note 6 - Other Real Estate Owned (Details) [Line Items] | |
Number of Real Estate Properties | 14 |
Note 6 - Other Real Estate Ow68
Note 6 - Other Real Estate Owned (Details) - Other Real Estate - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate [Abstract] | |||
Beginning Balance, January 1st | $ 3,715 | $ 4,059 | $ 8,912 |
Additions | 11,459 | 1,000 | 246 |
Valuation adjustments | (3,069) | (1,147) | (2,740) |
Dispositions | (792) | (197) | (2,359) |
Ending Balance | $ 11,313 | $ 3,715 | $ 4,059 |
Note 7 - Premises and Equipme69
Note 7 - Premises and Equipment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 7 - Premises and Equipment (Details) [Line Items] | |||
Depreciation | $ 3,100 | $ 2,400 | $ 2,100 |
Property, Plant and Equipment, Gross | 60,016 | 47,624 | |
Construction in Progress Land Purchased | $ 3,200 | ||
Number of Specific Store Locations | 3 | ||
Cost of Completion | $ 18,100 | ||
Construction in Progress [Member] | |||
Note 7 - Premises and Equipment (Details) [Line Items] | |||
Property, Plant and Equipment, Gross | $ 4,471 | $ 4,406 |
Note 7 - Premises and Equipme70
Note 7 - Premises and Equipment (Details) - Premises and Equipment - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 60,016 | $ 47,624 |
Less accumulated depreciation | (13,852) | (12,594) |
Net premises and equipment | 46,164 | 35,030 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 8,029 | 4,216 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 16,215 | 9,375 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 19,621 | 19,592 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 11,680 | 10,035 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 4,471 | $ 4,406 |
Note 8 - Borrowings (Details)
Note 8 - Borrowings (Details) $ / shares in Units, shares in Millions | Jun. 10, 2008USD ($) | Jun. 28, 2007USD ($) | Dec. 31, 2006USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Note 8 - Borrowings (Details) [Line Items] | ||||||
Number of Trust Preferred Securities Issued | 3 | |||||
Maximum Percentage of Capital Permitted to Invest in Trust Preferred Securities | 25.00% | |||||
Proceeds from Issuance of Common Stock | $ 300,000 | $ 0 | $ 44,853,000 | $ 0 | ||
RepublicCapitalTrust II [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Proceeds from (Repurchase of) Trust Preferred Securities | $ 6,000,000 | |||||
Proceeds from Issuance of Common Stock | 200,000 | |||||
Republic Capital Trust III [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Proceeds from (Repurchase of) Trust Preferred Securities | $ 5,000,000 | |||||
Proceeds from Issuance of Common Stock | 200,000 | |||||
Republic Capital Trust IV [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Proceeds from (Repurchase of) Trust Preferred Securities | 10,800,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1.7 | |||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ / shares | $ 6.50 | |||||
Junior Subordinated Debt [Member] | RepublicCapitalTrust II [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 6,200,000 | |||||
Debt Instrument, Call Period With Prepayment Penalty | 5 years | |||||
Junior Subordinated Debt [Member] | RepublicCapitalTrust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.73% | |||||
Junior Subordinated Debt [Member] | Republic Capital Trust III [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 5,200,000 | |||||
Junior Subordinated Debt [Member] | Republic Capital Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | |||||
Junior Subordinated Debt [Member] | Republic Capital Trust IV [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 11,100,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||
Correspondent Bank [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |||||
Long-term Line of Credit | 0 | 0 | ||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | 0 | ||||
Overnight Advances [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Collateralized Financings | 645,400,000 | |||||
Federal Home Loan Bank of Pittsburgh [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 440,600,000 | |||||
Letters of Credit Outstanding, Amount | 75,100,000 | |||||
Federal Home Loan Bank of Pittsburgh [Member] | Fixed Term Advances [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Long-term Line of Credit | 0 | 0 | ||||
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | 0 | 0 | ||||
Federal Home Loan Bank of Pittsburgh [Member] | Overnight Advances [Member] | ||||||
Note 8 - Borrowings (Details) [Line Items] | ||||||
Long-term Line of Credit | $ 47,000,000 | 0 | ||||
Federal Home Loan Bank, Advances, Interest Rate | 0.43% | |||||
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 47,000,000 | $ 0 |
Note 9 - Deposits (Details)
Note 9 - Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Text Block [Abstract] | ||
Time Deposits, $250,000 or More | $ 8 | $ 9.1 |
Related Party Deposit Liabilities | $ 93.5 | $ 84 |
Note 9 - Deposits (Details) - C
Note 9 - Deposits (Details) - Contractual Maturities of the Certificates of Deposit - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Contractual Maturities of the Certificates of Deposit [Abstract] | ||
Certificates of Deposit | $ 50,139 | |
Certificates of Deposit | 13,780 | |
Certificates of Deposit | 1,599 | |
Certificates of Deposit | 563 | |
Certificates of Deposit | 1,497 | |
Certificates of Deposit | 0 | |
Certificates of Deposit | $ 67,578 | $ 75,369 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Net Deferred Tax Asset Before Valuation Allowance | $ 20,208 | $ 19,641 | |
Deferred Tax Assets, Operating Loss Carryforwards | 10,775 | 10,622 | |
Deferred Tax Assets, Temporary Timing Differences | 9,400 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 3,125 | 4,143 | |
Period of Net Operating Loss Carried Back | 2 years | ||
Period of Net Operating Loss Carried Forward | 20 years | ||
Operating Loss Carryforwards | $ 29,900 | ||
Deferred Tax Asset, Projected Realization Amount | 6,500 | 5,000 | |
Deferred Tax Assets, Valuation Allowance | $ 13,722 | $ 14,659 |
Note 10 - Income Taxes (Detai75
Note 10 - Income Taxes (Details) - Income Tax Expense (Benefit) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||||||||||
Federal | $ 58 | $ 96 | $ 269 | ||||||||
Deferred | (84) | (142) | (304) | ||||||||
Total benefit for income taxes | $ (9) | $ (10) | $ (5) | $ (2) | $ 22 | $ (6) | $ (21) | $ (41) | $ (26) | $ (46) | $ (35) |
Note 10 - Income Taxes (Detai76
Note 10 - Income Taxes (Details) - Income Tax Reconciliation - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Reconciliation [Abstract] | |||||||||||
Tax (benefit) provision computed at statutory rate | $ 843 | $ 839 | $ (1,230) | ||||||||
Tax exempt interest | (394) | (246) | (210) | ||||||||
Bank owned life insurance | (4) | ||||||||||
Deferred tax asset valuation allowance | (937) | (679) | 1,428 | ||||||||
Other | 462 | 40 | (19) | ||||||||
Total benefit for income taxes | $ (9) | $ (10) | $ (5) | $ (2) | $ 22 | $ (6) | $ (21) | $ (41) | $ (26) | $ (46) | $ (35) |
Note 10 - Income Taxes (Detai77
Note 10 - Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Allowance for loan losses | $ 3,125 | $ 4,143 |
Deferred compensation | 786 | 786 |
Unrealized losses on securities available for sale | 1,774 | 354 |
Realized losses in other than temporary impairment charge | 334 | 1,124 |
Foreclosed real estate write-downs | 2,350 | 1,470 |
Interest income on non-accrual loans | 1,185 | 1,117 |
Net operating loss carryforward | 10,775 | 10,622 |
Other | 1,580 | 1,329 |
Total deferred tax assets | 21,909 | 20,945 |
Deferred tax liabilities | ||
Deferred loan costs | 1,029 | 934 |
Other | 672 | 370 |
Total deferred tax liabilities | 1,701 | 1,304 |
Net deferred tax asset before valuation allowance | 20,208 | 19,641 |
Less: valuation allowance | (13,722) | (14,659) |
Net deferred tax asset | $ 6,486 | $ 4,982 |
Note 11 - Financial Instrumen78
Note 11 - Financial Instruments with Off-balance Sheet Risk (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments to Extend Credit [Member] | ||
Note 11 - Financial Instruments with Off-balance Sheet Risk (Details) [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 165.1 | $ 138.4 |
Standby Letters of Credit [Member] | ||
Note 11 - Financial Instruments with Off-balance Sheet Risk (Details) [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 5.2 | $ 3.8 |
Note 12 - Commitments and Con79
Note 12 - Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 2.9 | $ 2.7 | $ 2.3 |
Note 12 - Commitments and Con80
Note 12 - Commitments and Contingencies (Details) - Minimum Annual Rental Payments $ in Thousands | Dec. 31, 2015USD ($) |
Minimum Annual Rental Payments [Abstract] | |
2,016 | $ 2,848 |
2,017 | 2,751 |
2,018 | 2,688 |
2,019 | 2,711 |
2,020 | 2,654 |
Thereafter | 8,991 |
Total | $ 22,643 |
Note 13 - Regulatory Capital (D
Note 13 - Regulatory Capital (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Text Block [Abstract] | ||
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements (in Dollars) | $ 17.8 | |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | |
Capital Conservation Buffer | 2.50% |
Note 13 - Regulatory Capital 82
Note 13 - Regulatory Capital (Details) - Capital Regulatory Ratios - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Total risk based capital | ||
Capital | $ 145,089 | $ 142,556 |
Capital to risk-weighted assets | 13.19% | 15.10% |
Capital required for capital adequacy | $ 87,976 | $ 75,543 |
Capital required for capital adequacy to risk-weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized to risk-weighted assets | 10.00% | |
Tier one risk based capital | ||
Tier one risk-based capital | $ 136,386 | $ 131,020 |
Tier one risk-based capital to risk-weighted assets | 12.40% | 13.88% |
Tier one risk-based capital required for capital adequacy | $ 65,982 | $ 37,771 |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 6.00% | 4.00% |
Tier one risk-based capital required to be well capitalized to risk-weighted assets | 8.00% | 6.00% |
CET 1 risk based capital | ||
Common equity tier one risk-based capital | $ 114,586 | |
Common equity tier one risk-based capital to risk-weighted assets | 10.42% | |
Common equity tier one risk-based capital required for capital adequacy | $ 49,487 | |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | |
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | 6.50% | |
Tier one leveraged capital | ||
Tier one leverage capital | $ 136,386 | $ 131,020 |
Tier one leverage capital to average assets | 9.65% | 11.23% |
Tier one leverage capital required for capital adequacy | $ 56,531 | $ 46,680 |
Tier one leverage capitalrequired for capital adequacy to average assets | 4.00% | 4.00% |
Subsidiaries [Member] | ||
Total risk based capital | ||
Capital | $ 138,566 | $ 132,460 |
Capital to risk-weighted assets | 12.65% | 14.04% |
Capital required for capital adequacy | $ 87,617 | $ 75,491 |
Capital required for capital adequacy to risk-weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 109,521 | $ 94,364 |
Capital required to be well capitalized to risk-weighted assets | 10.00% | 10.00% |
Tier one risk based capital | ||
Tier one risk-based capital | $ 129,863 | $ 120,924 |
Tier one risk-based capital to risk-weighted assets | 11.86% | 12.81% |
Tier one risk-based capital required for capital adequacy | $ 65,712 | $ 37,746 |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 6.00% | 4.00% |
Tier one risk-based capital required to be well capitalized | $ 87,617 | $ 56,618 |
Tier one risk-based capital required to be well capitalized to risk-weighted assets | 8.00% | 6.00% |
CET 1 risk based capital | ||
Common equity tier one risk-based capital | $ 129,863 | |
Common equity tier one risk-based capital to risk-weighted assets | 11.86% | |
Common equity tier one risk-based capital required for capital adequacy | $ 49,284 | |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | |
Common equity tier one risk-based capital required to be well capitalized | $ 71,189 | |
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | 6.50% | |
Tier one leveraged capital | ||
Tier one leverage capital | $ 129,863 | $ 120,924 |
Tier one leverage capital to average assets | 9.22% | 10.37% |
Tier one leverage capital required for capital adequacy | $ 56,328 | $ 46,630 |
Tier one leverage capitalrequired for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capitalrequired to be well capitalized | $ 70,410 | $ 58,288 |
Tier one leverage capitalrequired to be well capitalized to average assets | 5.00% | 5.00% |
Note 13 - Benefit Plans (Detail
Note 13 - Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Note 13 - Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Cost Recognized | $ 546,000 | $ 480,000 | $ 425,000 |
Annuity Payment, Maximum Contractual Term | 10 years | ||
Retirement Age to Be Attained to Receive Postretirement Benefits | 65 | ||
Defined Benefit Pension Plan, Liabilities | $ 1,300,000 | 1,400,000 | |
Pension and Other Postretirement Benefit Expense | $ 34,000 | 36,000 | 39,000 |
Deferred Compensation Plan, Benefits, Number of Years to Vest | 3 years | ||
Deferred Compensation Plan, Amount Vested | $ 851,000 | 833,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 15,000 | $ 147,000 | $ 0 |
Deferred Compensation Plan, Shares Acquired (in Shares) | shares | 0 | 0 | 0 |
Deferred Compensation Plan, Shares Held (in Shares) | shares | 25,437 | ||
Other Assets [Member] | |||
Note 13 - Benefit Plans (Details) [Line Items] | |||
Cash Surrender Value of Life Insurance | $ 2,300,000 | $ 2,200,000 | |
Minimum [Member] | |||
Note 13 - Benefit Plans (Details) [Line Items] | |||
Annual Annuity Payments | 15,000 | ||
Maximum [Member] | |||
Note 13 - Benefit Plans (Details) [Line Items] | |||
Annual Annuity Payments | $ 25,000 |
Note 15 - Fair Value Measurem84
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) [Line Items] | |||
Loans Held-for-sale, Write-down | $ 0 | $ 0 | |
SBA Servicing Assets [Member] | |||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) [Line Items] | |||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Key Assumptions, Percent | 10.00% | ||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Key Assumptions | 20.00% | ||
Not Included in Fair Value Adjustments [Member] | |||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) [Line Items] | |||
Servicing Fees | $ 1,700,000 | $ 1,500,000 | $ 1,200,000 |
Note 15 - Fair Value Measurem85
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | $ 284,795 | $ 185,379 | ||
SBA Servicing Assets | 4,886 | 4,099 | $ 3,477 | $ 2,340 |
Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 284,795 | 185,379 | ||
SBA Servicing Assets | 4,886 | 4,099 | ||
Collateralized Mortgage Obligations [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 178,145 | 99,222 | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 178,145 | 99,222 | ||
Collateralized Mortgage Backed Securities [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 10,171 | 13,802 | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 10,171 | 13,802 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 23,344 | 16,107 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 23,344 | 16,107 | ||
Corporate Debt Securities [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 54,129 | 34,427 | ||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 54,129 | 34,427 | ||
Asset-backed Securities [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 17,005 | 18,505 | ||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 17,005 | 18,505 | ||
Collateralized Debt Obligations [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 1,883 | 3,193 | ||
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 1,883 | 3,193 | ||
Other Debt Obligations [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 118 | 123 | ||
Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 118 | 123 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
SBA Servicing Assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 280,078 | 179,181 | ||
SBA Servicing Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 280,078 | 179,181 | ||
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 178,145 | 99,222 | ||
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 10,171 | 13,802 | ||
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 23,344 | 16,107 | ||
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 51,295 | 31,422 | ||
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 17,005 | 18,505 | ||
Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 118 | 123 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 4,717 | 6,198 | ||
SBA Servicing Assets | 4,886 | 4,099 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 4,717 | 6,198 | ||
SBA Servicing Assets | 4,886 | 4,099 | ||
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 2,834 | 3,005 | ||
Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | 1,883 | 3,193 | ||
Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets Measured at on a Recurring Basis [Line Items] | ||||
Investment securities available for sale, at fair value | $ 0 | $ 0 |
Note 15 - Fair Value Measurem86
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - SBA Servicing Assets Activity - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SBA Servicing Assets Activity [Abstract] | |||
Beginning balance, January 1st | $ 4,099 | $ 3,477 | $ 2,340 |
Additions | 801 | 1,277 | 1,349 |
Fair value adjustments | (14) | (655) | (212) |
Ending balance, December 31st | $ 4,886 | $ 4,099 | $ 3,477 |
Note 15 - Fair Value Measurem87
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Assets Measured on a Recurring Basis Using Significant Unobservable Inputs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Impairment charges on Level 3 | $ (13) | $ 21 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance, January 1, | 3,193 | 2,850 | 3,187 |
Balance, December 31, | 1,883 | 3,193 | 2,850 |
Unrealized gains (losses) | 882 | 360 | 171 |
Paydowns | (19) | (10) | (508) |
Proceeds from sales | (1,952) | ||
Realized losses | (218) | ||
Impairment charges on Level 3 | (3) | (7) | |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance, January 1, | 3,005 | 3,006 | 3,007 |
Balance, December 31, | 2,834 | 3,005 | 3,006 |
Unrealized gains (losses) | $ (171) | $ (1) | (1) |
Paydowns | 0 | ||
Proceeds from sales | 0 | ||
Realized losses | 0 | ||
Impairment charges on Level 3 | $ 0 |
Note 15 - Fair Value Measurem88
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 5,734 | $ 15,838 |
Other real estate owned | 10,034 | 2,135 |
Fair Value, Inputs, Level 1 [Member] | ||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,734 | 15,838 |
Other real estate owned | $ 10,034 | $ 2,135 |
Note 15 - Fair Value Measurem89
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Quantitative Information about Level 3 Assets - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Approach Valuation Technique [Member] | Corporate Debt Securities [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair value (in Dollars) | $ 2,834 | $ 3,005 | ||
Valuation technique | Discounted Cash Flows | Discounted Cash Flows | ||
Unobservable input | Discount Rate | Discount Rate | ||
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair value (in Dollars) | $ 1,883 | $ 3,193 | ||
Valuation technique | Discounted Cash Flows | Discounted Cash Flows | ||
Unobservable input | Discount Rate | Discount Rate | ||
Income Approach Valuation Technique [Member] | SBA Servicing Assets [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair value (in Dollars) | $ 4,886 | $ 4,099 | ||
Valuation technique | Discounted Cash Flows | Discounted Cash Flows | ||
Unobservable input | Discount Rate | Discount Rate | [1] | |
Unobservable input | Conditional Prepayment Rate | Conditional Prepayment Rate | ||
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair value (in Dollars) | $ 5,734 | $ 15,838 | ||
Valuation technique | [2] | Appraised Valueof Collateral (1) | Appraised Value of Collateral (1) | |
Unobservable input | [3] | Liquidation expenses (2) | Liquidation expenses (2) | |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair value (in Dollars) | $ 10,034 | $ 2,135 | ||
Valuation technique | [2] | Appraised Value of Collateral (1) | Appraised Value of Collateral (1) | |
Unobservable input | [3] | Liquidation expenses (2) | Liquidation expenses (2) | |
Unobservable input | Appraisal adjustment (2) | Appraisal adjustment (2) | ||
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Valuation technique | Sales Price | Sales Price | ||
Unobservable input | Liquidation expenses (2) | Liquidation expenses (2) | ||
Minimum [Member] | Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | [1] | 7.31% | 4.34% | |
Discount rate, weighted average | [1] | (7.31%) | (4.34%) | |
Minimum [Member] | Market Approach Valuation Technique [Member] | Impaired Loans [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | [1] | 12.00% | 0.00% | |
Liquidation expenses, weighted average | [1] | (12.00%) | (0.00%) | |
Minimum [Member] | Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | [1] | 6.00% | 4.00% | |
Liquidation expenses, weighted average | [1] | (6.00%) | (4.00%) | |
Appraisal adjustment | 20.00% | |||
Appraisal adjustment, weighted average | (20.00%) | |||
Minimum [Member] | Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | 7.00% | |||
Liquidation expenses, weighted average | (7.00%) | |||
Weighted Average [Member] | Income Approach Valuation Technique [Member] | Corporate Debt Securities [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | [1] | 4.11% | 3.48% | |
Discount rate, weighted average | [1] | (4.11%) | (3.48%) | |
Weighted Average [Member] | Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | [1] | 7.77% | 9.19% | |
Discount rate, weighted average | [1] | (7.77%) | (9.19%) | |
Weighted Average [Member] | Income Approach Valuation Technique [Member] | SBA Servicing Assets [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | 10.00% | 12.48% | [1] | |
Discount rate, weighted average | (10.00%) | (12.48%) | [1] | |
December 31, 2014: | ||||
Conditional prepayment rate, weighted average | (6.27%) | (7.45%) | ||
Weighted Average [Member] | Market Approach Valuation Technique [Member] | Impaired Loans [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | [1] | 20.00% | 24.00% | |
Liquidation expenses, weighted average | [1] | (20.00%) | (24.00%) | |
Weighted Average [Member] | Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | [1] | 10.00% | 16.00% | |
Liquidation expenses, weighted average | [1] | (10.00%) | (16.00%) | |
Appraisal adjustment | 50.00% | 32.00% | ||
Appraisal adjustment, weighted average | (50.00%) | (32.00%) | ||
Weighted Average [Member] | Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | 9.00% | 12.00% | ||
Liquidation expenses, weighted average | (9.00%) | (12.00%) | ||
Maximum [Member] | Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | [1] | 7.81% | 9.25% | |
Discount rate, weighted average | [1] | (7.81%) | (9.25%) | |
Maximum [Member] | Market Approach Valuation Technique [Member] | Impaired Loans [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | [1] | 78.00% | 78.00% | |
Liquidation expenses, weighted average | [1] | (78.00%) | (78.00%) | |
Maximum [Member] | Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | [1] | 30.00% | 31.00% | |
Liquidation expenses, weighted average | [1] | (30.00%) | (31.00%) | |
Appraisal adjustment | 40.00% | |||
Appraisal adjustment, weighted average | (40.00%) | |||
Maximum [Member] | Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Liquidation expenses | 9.00% | |||
Liquidation expenses, weighted average | (9.00%) | |||
[1] | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of theappraised 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. |
Note 15 - Fair Value Measurem90
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - SBA Servicing Assets Sensitivity Analysis - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SBA Servicing Asset | ||||
Fair Value of SBA Servicing Asset | $ 4,886 | $ 4,099 | $ 3,477 | $ 2,340 |
Composition of SBA Loans Serviced for Others | ||||
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||
Weighted Average Remaining Term (years) | 20 years 328 days | 21 years 73 days | ||
Prepayment Speed | 6.27% | 7.45% | ||
Effect on fair value of a 10% increase | $ (151) | $ (116) | ||
Effect on fair value of a 20% increase | $ (296) | $ (226) | ||
Weighted Average Discount Rate | 10.00% | 12.48% | ||
Effect on fair value of a 10% increase | $ (206) | $ (195) | ||
Effect on fair value of a 20% increase | $ (397) | $ (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 15 - Fair Value Measurem91
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Fair Values of Financial Instruments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets: | ||||
Cash and cash equivalents | $ 27,139 | $ 128,826 | ||
Cash and cash equivalents, at fair value | 27,139 | 128,826 | ||
Investment securities available for sale | 284,795 | 185,379 | ||
Investment securities available for sale, at fair value | 284,795 | 185,379 | ||
Investment securities held to maturity | 172,277 | 67,866 | ||
Investment securities held to maturity, at fair value | 171,845 | 68,253 | ||
Restricted stock, at cost | 3,059 | 1,157 | ||
Restricted stock, at fair value | 3,059 | 1,157 | ||
Loans held for sale | 3,653 | 1,676 | ||
Loans held for sale, at fair value | 3,831 | 1,699 | ||
Loans receivable, net | 866,066 | 770,404 | ||
Loans receivable, net, at fair value | 849,578 | 760,163 | ||
SBA servicing assets | 4,886 | 4,099 | ||
SBA servicing assets, at fair value | 4,886 | 4,099 | $ 3,477 | $ 2,340 |
Accrued interest receivable | 4,216 | 3,226 | ||
Accrued interest receivable, at fair value | 4,216 | 3,226 | ||
Deposits | ||||
Demand, savings and money market | 1,181,720 | 996,861 | ||
Demand, savings and money market, at fair value | 1,181,720 | 996,861 | ||
Time deposits | 67,578 | 75,369 | ||
Time deposits, at fair value | 67,422 | 75,592 | ||
Short-term borrowings | 47,000 | |||
Short-term borrowings | 47,000 | |||
Subordinated debt | 22,476 | 22,476 | ||
Subordinated debt | 18,972 | 18,221 | ||
Accrued interest payable | 245 | 265 | ||
Accrued interest payable, at fair value | 245 | 265 | ||
Off-Balance Sheet Data | ||||
Commitments to extend credit | 0 | 0 | ||
Commitments to extend credit, at fair value | 0 | 0 | ||
Standby letters-of-credit | 0 | 0 | ||
Standby letters-of-credit, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, at fair value | 27,139 | 128,826 | ||
Investment securities available for sale | 0 | 0 | ||
Investment securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity, at fair value | 0 | 0 | ||
Restricted stock, at fair value | 0 | 0 | ||
Loans held for sale, at fair value | 0 | 0 | ||
Loans receivable, net, at fair value | 0 | 0 | ||
SBA servicing assets, at fair value | 0 | 0 | ||
Accrued interest receivable, at fair value | 0 | 0 | ||
Deposits | ||||
Demand, savings and money market, at fair value | 0 | 0 | ||
Time deposits, at fair value | 0 | 0 | ||
Subordinated debt | 0 | 0 | ||
Accrued interest payable, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, at fair value | 0 | 0 | ||
Investment securities available for sale | 280,078 | 179,181 | ||
Investment securities available for sale, at fair value | 280,078 | 179,181 | ||
Investment securities held to maturity, at fair value | 171,845 | 68,253 | ||
Restricted stock, at fair value | 3,059 | 1,157 | ||
Loans held for sale, at fair value | 0 | 0 | ||
Loans receivable, net, at fair value | 0 | 0 | ||
SBA servicing assets, at fair value | 0 | 0 | ||
Accrued interest receivable, at fair value | 4,216 | 3,226 | ||
Deposits | ||||
Demand, savings and money market, at fair value | 1,181,720 | 996,861 | ||
Time deposits, at fair value | 67,422 | 75,592 | ||
Short-term borrowings | 47,000 | |||
Subordinated debt | 0 | 0 | ||
Accrued interest payable, at fair value | 245 | 265 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, at fair value | 0 | 0 | ||
Investment securities available for sale | 4,717 | 6,198 | ||
Investment securities available for sale, at fair value | 4,717 | 6,198 | ||
Investment securities held to maturity, at fair value | 0 | 0 | ||
Restricted stock, at fair value | 0 | 0 | ||
Loans held for sale, at fair value | 3,831 | 1,699 | ||
Loans receivable, net, at fair value | 849,578 | 760,163 | ||
SBA servicing assets, at fair value | 4,886 | 4,099 | ||
Accrued interest receivable, at fair value | 0 | 0 | ||
Deposits | ||||
Demand, savings and money market, at fair value | 0 | 0 | ||
Time deposits, at fair value | 0 | 0 | ||
Short-term borrowings | 0 | |||
Subordinated debt | 18,972 | 18,221 | ||
Accrued interest payable, at fair value | $ 0 | $ 0 |
Note 16 - Stock Based Compens92
Note 16 - Stock Based Compensation (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 505,200 | 360,900 | 347,250 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | [1] | 0.00% | 0.00% | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 349,062 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,946,225 | 1,494,399 | 1,215,530 | 964,530 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 772,949 | 454,761 | 306,217 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 31,874 | 81,531 | 96,250 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $ 873,714 | $ 702,220 | $ 545,862 | ||
The 2005 Plan [Member] | |||||
Note 16 - Stock Based Compensation (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 | ||||
2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,900,000 | 2,600,000 | |||
Minimum Percentage of Outstanding Shares As an Annual Adjustment | 10.00% | ||||
Employee Stock Option [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 349,062 | 209,825 | 127,287 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,946,225 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars) | $ 2,067,714 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 772,949 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value (in Dollars) | $ 865,634 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 31,874 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Grant Date Fair Value Amount (in Dollars) | $ 42,148 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $ 873,714 | ||||
Employee Stock Option [Member] | The 2005 Plan [Member] | |||||
Note 16 - Stock Based Compensation (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 | 15,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Aggregate (in Dollars) | $ 20,826 | ||||
Employee Stock Option [Member] | 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,900,000 | 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, Aggregate (in Dollars) | $ 747,152 | ||||
Minimum [Member] | The 2005 Plan [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Minimum [Member] | Employee Stock Option [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Term Calculation | 5 years | ||||
Fair Value Assumptions, Expected Volatility Rate, Term Calculation | 5 years | ||||
Minimum [Member] | Employee Stock Option [Member] | The 2005 Plan [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Maximum [Member] | The 2005 Plan [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Maximum [Member] | Employee Stock Option [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Term Calculation | 7 years | ||||
Fair Value Assumptions, Expected Volatility Rate, Term Calculation | 7 years | ||||
Maximum [Member] | Employee Stock Option [Member] | The 2005 Plan [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. |
Note 16 - Stock Based Compens93
Note 16 - Stock Based Compensation (Details) - Valuation Assumptions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 16 - Stock Based Compensation (Details) - Valuation Assumptions [Line Items] | ||||
Dividend yield(1) | [1] | 0.00% | 0.00% | 0.00% |
Expected life (years)(4) | [2] | 7 years | ||
Assumed forfeiture rate | 19.00% | 23.00% | 23.00% | |
Minimum [Member] | ||||
Note 16 - Stock Based Compensation (Details) - Valuation Assumptions [Line Items] | ||||
Expected volatility(2) | [3] | 53.78% | 55.79% | 54.88% |
Risk-free interest rate(3) | [4] | 1.49% | 1.51% | 1.28% |
Expected life (years)(4) | [2] | 5 years 6 months | 5 years 6 months | |
Maximum [Member] | ||||
Note 16 - Stock Based Compensation (Details) - Valuation Assumptions [Line Items] | ||||
Expected volatility(2) | [3] | 56.00% | 57.99% | 55.61% |
Risk-free interest rate(3) | [4] | 2.00% | 2.26% | 2.03% |
Expected life (years)(4) | [2] | 7 years | 7 years | |
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. | |||
[2] | The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. | |||
[3] | Expected volatility is based on Bloomberg's five and one-half to seven year volatility calculation for "FRBK" stock. | |||
[4] | The risk-free interest rate is based on the five to seven year Treasury bond. |
Note 16 - Stock Based Compens94
Note 16 - Stock Based Compensation (Details) - Stock-based Compensation - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based Compensation [Abstract] | |||
Stock based compensation expense recognized | $ 600,000 | $ 420,000 | $ 325,000 |
Number of unvested stock options (in Shares) | 1,173,276 | 1,039,638 | 909,313 |
Fair value of unvested stock options | $ 1,906,691 | $ 1,548,840 | $ 1,245,679 |
Amount remaining to be recognized as expense | $ 873,714 | $ 702,220 | $ 545,862 |
Note 16 - Stock Based Compens95
Note 16 - Stock Based Compensation (Details) - Stock Option Activity - $ / shares | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Option Activity [Abstract] | ||||||
Outstanding, beginning of year (in Shares) | 1,494,399 | 1,215,530 | 964,530 | |||
Outstanding, beginning of year | $ 3.59 | $ 3.66 | $ 4.38 | |||
Outstanding, end of year (in Shares) | 1,946,225 | 1,494,399 | 1,215,530 | |||
Outstanding, end of year | $ 3.59 | $ 3.66 | $ 4.38 | $ 3.56 | $ 3.59 | $ 3.66 |
Options exercisable at year-end (in Shares) | 772,949 | 454,761 | 306,217 | |||
Options exercisable at year-end | 4.18 | 5.06 | 6.24 | |||
Weighted average fair value of options granted during the year | $ 1.89 | $ 2.07 | $ 1.51 | |||
Granted (in Shares) | 505,200 | 360,900 | 347,250 | |||
Granted | $ 3.55 | $ 3.69 | $ 2.72 | |||
Exercised (in Shares) | (21,500) | (500) | ||||
Exercised | $ 3.01 | $ 1.95 | ||||
Forfeited (in Shares) | (31,874) | (81,531) | (96,250) | |||
Forfeited | $ 5.13 | $ 5.15 | $ 7.39 |
Note 16 - Stock Based Compens96
Note 16 - Stock Based Compensation (Details) - Stock Option Exercises - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Option Exercises [Abstract] | |||
Number of options exercised (in Shares) | 21,500 | 500 | |
Cash received | $ 64,624 | $ 975 | $ 0 |
Intrinsic value | $ 26,532 | $ 1,010 |
Note 16 - Stock Based Compens97
Note 16 - Stock Based Compensation (Details) - Options Outstanding | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding (in Shares) | shares | 1,946,225 |
Options outstanding, weighted-average exercise price | $ 3.56 |
Options exercisable (in Shares) | shares | 772,949 |
Options exercisable, weighted-average exercise price | $ 4.18 |
Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | 1.55 |
Upper range limit | $ 2.95 |
Options outstanding (in Shares) | shares | 625,125 |
Options outstanding, weighted-average remaining contractual life | 6 years 255 days |
Options outstanding, weighted-average exercise price | $ 2.33 |
Options exercisable (in Shares) | shares | 208,837 |
Options exercisable, weighted-average exercise price | $ 2.30 |
Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | 3.14 |
Upper range limit | $ 3.55 |
Options outstanding (in Shares) | shares | 667,950 |
Options outstanding, weighted-average remaining contractual life | 8 years 73 days |
Options outstanding, weighted-average exercise price | $ 3.46 |
Options exercisable (in Shares) | shares | 166,250 |
Options exercisable, weighted-average exercise price | $ 3.21 |
Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | 3.68 |
Upper range limit | $ 8 |
Options outstanding (in Shares) | shares | 637,750 |
Options outstanding, weighted-average remaining contractual life | 6 years |
Options outstanding, weighted-average exercise price | $ 4.67 |
Options exercisable (in Shares) | shares | 382,462 |
Options exercisable, weighted-average exercise price | $ 5.31 |
Range 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | 11.77 |
Upper range limit | $ 12.13 |
Options outstanding (in Shares) | shares | 15,400 |
Options outstanding, weighted-average remaining contractual life | 255 days |
Options outstanding, weighted-average exercise price | $ 11.91 |
Options exercisable (in Shares) | shares | 15,400 |
Options exercisable, weighted-average exercise price | $ 11.91 |
Note 16 - Stock Based Compens98
Note 16 - Stock Based Compensation (Details) - Roll-forward of Non-vested Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Roll-forward of Non-vested Options [Abstract] | |||
Nonvested, beginning of year | 1,039,638 | 909,313 | |
Nonvested, beginning of year | $ 1.49 | ||
Granted | 505,200 | 360,900 | 347,250 |
Granted | $ 1.89 | $ 2.07 | $ 1.51 |
Vested | (349,062) | ||
Vested | $ 1.68 | ||
Forfeited | (22,500) | ||
Forfeited | $ 1.80 | ||
Nonvested, end of year | 1,173,276 | 1,039,638 | 909,313 |
Nonvested, end of year | $ 1.63 | $ 1.49 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Note 18 - Transactions with 100
Note 18 - Transactions with Affiliates and Related Parties (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 18 - Transactions with Affiliates and Related Parties (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1,000,000 | $ 754,000 | $ 412,000 |
Vernon W Hill [Member] | |||
Note 18 - Transactions with Affiliates and Related Parties (Details) [Line Items] | |||
Major Shareholder Ownership Percentage | 9.90% | ||
Glassboro Properties, LLC. [Member] | |||
Note 18 - Transactions with Affiliates and Related Parties (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 144,000 | 28,000 | |
Purchase of Marketing and Graphic Design Services [Member] | InterArch [Member] | |||
Note 18 - Transactions with Affiliates and Related Parties (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 415,000 | 343,000 | $ 127,000 |
Site Development [Member] | SDI Commercial Real Estate LLC [Member] | |||
Note 18 - Transactions with Affiliates and Related Parties (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 7,000 | ||
Consulting Arrangement [Member] | Vernon W Hill [Member] | |||
Note 18 - Transactions with Affiliates and Related Parties (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 250,000 | ||
Public Relations Services [Member] | Brian Communications [Member] | |||
Note 18 - Transactions with Affiliates and Related Parties (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 129,000 | $ 133,000 |
Note 19 - Parent Company Fin101
Note 19 - Parent Company Financial Information (Details) - Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Other assets | $ 20,761 | $ 17,319 | ||
Total Assets | 1,439,443 | 1,214,598 | ||
Liabilities | ||||
Accrued expenses | 7,049 | 6,816 | ||
Total Liabilities | 1,326,068 | 1,101,787 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 113,375 | 112,811 | $ 62,899 | $ 69,902 |
Total Liabilities and Shareholders’ Equity | 1,439,443 | 1,214,598 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash | 2,051 | 9,471 | ||
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation | 676 | 676 | ||
Investment in subsidiaries | 128,652 | 121,278 | ||
Other assets | 4,492 | 3,880 | ||
Total Assets | 135,871 | 135,305 | ||
Liabilities | ||||
Accrued expenses | 20 | 18 | ||
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation | 22,476 | 22,476 | ||
Total Liabilities | 22,496 | 22,494 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 113,375 | 112,811 | $ 62,899 | $ 69,902 |
Total Liabilities and Shareholders’ Equity | $ 135,871 | $ 135,305 |
Note 19 - Parent Company Fin102
Note 19 - Parent Company Financial Information (Details) - Statements of Operations, Comprehensive Income (Loss), and Changes in Shareholders’ Equity - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 19 - Parent Company Financial Information (Details) - Statements of Operations, Comprehensive Income (Loss), and Changes in Shareholders’ Equity [Line Items] | |||||||||||
Interest income | $ 10,987 | $ 9,992 | $ 9,609 | $ 9,467 | $ 9,540 | $ 9,206 | $ 8,484 | $ 8,599 | $ 40,055 | $ 35,829 | $ 32,615 |
Net income (loss) before taxes | 2,407 | 2,396 | (3,515) | ||||||||
Benefit for income taxes | (9) | (10) | (5) | (2) | 22 | (6) | (21) | (41) | (26) | (46) | (35) |
Shares issued under common stock offering | 44,853 | ||||||||||
Stock based compensation | 600 | 420 | 325 | ||||||||
Exercise of stock options | 64 | 1 | |||||||||
Net income (loss) | 790 | $ 582 | $ 533 | 528 | 853 | $ 297 | $ 537 | 755 | 2,433 | 2,442 | (3,480) |
Total comprehensive income (loss) | (100) | 4,638 | (7,328) | ||||||||
Balance | 112,811 | 62,899 | 112,811 | 62,899 | 69,902 | ||||||
Balance | 113,375 | 112,811 | 113,375 | 112,811 | 62,899 | ||||||
Parent Company [Member] | |||||||||||
Note 19 - Parent Company Financial Information (Details) - Statements of Operations, Comprehensive Income (Loss), and Changes in Shareholders’ Equity [Line Items] | |||||||||||
Interest income | 34 | 33 | 33 | ||||||||
Dividend income from subsidiaries | 1,859 | ||||||||||
Total income | 34 | 33 | 1,892 | ||||||||
Trust preferred interest expense | 1,114 | 1,107 | 1,112 | ||||||||
Expenses | 572 | 424 | 318 | ||||||||
Total expenses | 1,686 | 1,531 | 1,430 | ||||||||
Net income (loss) before taxes | (1,652) | (1,498) | 462 | ||||||||
Benefit for income taxes | (578) | (524) | (489) | ||||||||
Income (loss) before undistributed income (loss) of subsidiaries | (1,074) | (974) | 951 | ||||||||
Equity in undistributed income (loss) of subsidiaries | 3,507 | 3,416 | (4,431) | ||||||||
Shares issued under common stock offering | 44,853 | ||||||||||
Stock based compensation | 600 | 420 | 325 | ||||||||
Exercise of stock options | 64 | 1 | |||||||||
Net income (loss) | 2,433 | 2,442 | (3,480) | ||||||||
Total other comprehensive income (loss) | (2,533) | 2,196 | (3,848) | ||||||||
Total comprehensive income (loss) | (100) | 4,638 | (7,328) | ||||||||
Balance | $ 112,811 | $ 62,899 | 112,811 | 62,899 | 69,902 | ||||||
Balance | $ 113,375 | $ 112,811 | $ 113,375 | $ 112,811 | $ 62,899 |
Note 19 - Parent Company Fin103
Note 19 - Parent Company Financial Information (Details) - Statements of Cash Flows - USD ($) | Jun. 10, 2008 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ 790,000 | $ 582,000 | $ 533,000 | $ 528,000 | $ 853,000 | $ 297,000 | $ 537,000 | $ 755,000 | $ 2,433,000 | $ 2,442,000 | $ (3,480,000) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||
Share based compensation | 600,000 | 420,000 | 325,000 | |||||||||
Cash flows from financing activities: | ||||||||||||
Net proceeds from stock offering | $ 300,000 | 0 | 44,853,000 | 0 | ||||||||
Exercise of stock options | 64,624 | 975 | 0 | |||||||||
Increase (decrease) in cash | (101,687,000) | 92,946,000 | (92,124,000) | |||||||||
Cash, beginning of period | 128,826,000 | 128,826,000 | ||||||||||
Cash, end of period | 27,139,000 | 128,826,000 | 27,139,000 | 128,826,000 | ||||||||
Parent Company [Member] | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | 2,433,000 | 2,442,000 | (3,480,000) | |||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||
Share based compensation | 600,000 | 420,000 | 325,000 | |||||||||
Increase in other assets | (612,000) | (526,000) | (506,000) | |||||||||
Net increase (decrease) in other liabilities | 2,000 | (809,000) | ||||||||||
Equity in undistributed (income) losses of subsidiaries | (3,507,000) | (3,416,000) | 4,431,000 | |||||||||
Net cash used in operating activities | (1,084,000) | (1,080,000) | (39,000) | |||||||||
Cash flows from investing activities: | ||||||||||||
Investment in subsidiary | (6,400,000) | (35,000,000) | ||||||||||
Net cash used in investing activities | (6,400,000) | (35,000,000) | ||||||||||
Cash flows from financing activities: | ||||||||||||
Net proceeds from stock offering | 44,853,000 | |||||||||||
Exercise of stock options | 64,000 | 1,000 | ||||||||||
Net cash provided by financing activities | 64,000 | 44,854,000 | ||||||||||
Increase (decrease) in cash | (7,420,000) | 8,774,000 | (39,000) | |||||||||
Cash, beginning of period | $ 9,471,000 | $ 697,000 | 9,471,000 | 697,000 | 736,000 | |||||||
Cash, end of period | $ 2,051,000 | $ 9,471,000 | $ 2,051,000 | $ 9,471,000 | $ 697,000 |
Note 20 - Quarterly Financia104
Note 20 - Quarterly Financial Data (Unaudited) (Details) - Summary of Selected Quarterly Consolidated Financial Data - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
2,015 | |||||||||||
Interest income | $ 12,406 | $ 11,370 | $ 10,899 | $ 10,761 | $ 10,786 | $ 10,401 | $ 9,631 | $ 9,655 | $ 45,436 | $ 40,473 | $ 37,205 |
Interest expense | 1,419 | 1,378 | 1,290 | 1,294 | 1,246 | 1,195 | 1,147 | 1,056 | 5,381 | 4,644 | 4,590 |
Net interest income | 10,987 | 9,992 | 9,609 | 9,467 | 9,540 | 9,206 | 8,484 | 8,599 | 40,055 | 35,829 | 32,615 |
Provision for loan losses | 500 | 300 | 300 | 300 | 500 | 900 | 4,935 | ||||
Non-interest income | 4,740 | 1,604 | 2,022 | 1,577 | 2,427 | 1,371 | 2,289 | 1,930 | 9,943 | 8,017 | 9,216 |
Non-interest expense | 14,446 | 11,024 | 11,103 | 10,518 | 10,792 | 9,986 | 9,957 | 9,815 | 47,091 | 40,550 | 40,411 |
Benefit for income taxes | (9) | (10) | (5) | (2) | 22 | (6) | (21) | (41) | (26) | (46) | (35) |
Net income | $ 790 | $ 582 | $ 533 | $ 528 | $ 853 | $ 297 | $ 537 | $ 755 | $ 2,433 | $ 2,442 | $ (3,480) |
Net income per share: | |||||||||||
Basic (in Dollars per share) | $ 0.02 | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.02 | $ 0.03 | $ 0.06 | $ 0.07 | $ (0.13) |
Diluted (in Dollars per share) | $ 0.02 | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.02 | $ 0.03 | $ 0.06 | $ 0.07 | $ (0.13) |
Note 21 - Changes in Accumul105
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) (Details) - Accumulated Other Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | [1] | $ (632) | $ (2,828) | $ 1,020 |
Balance | [1] | (3,165) | (632) | (2,828) |
Unrealized loss on securities | [1] | (2,644) | 2,910 | (3,848) |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | [1] | (790) | ||
Amounts reclassified from accumulated other comprehensive income to net income | [1],[2] | 44 | (213) | (450) |
Net current-period other comprehensive income (loss) | [1] | (2,533) | 2,196 | (3,848) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | [1] | 82 | (2,828) | 1,020 |
Balance | [1] | (2,562) | 82 | (2,828) |
Unrealized loss on securities | [1] | (2,577) | $ 3,199 | (3,398) |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | [1] | |||
Amounts reclassified from accumulated other comprehensive income to net income | [1],[2] | (67) | $ (289) | (450) |
Net current-period other comprehensive income (loss) | [1] | (2,644) | $ 2,910 | $ (3,848) |
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | [1] | (714) | ||
Balance | [1] | $ (603) | $ (714) | |
Unrealized loss on securities | [1] | |||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | [1] | $ (790) | ||
Amounts reclassified from accumulated other comprehensive income to net income | [1],[2] | $ 111 | 76 | |
Net current-period other comprehensive income (loss) | [1] | $ 111 | $ (714) | |
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. | |||
[2] | Reclassification amounts are reported as gains on sales of investment securities and impairment losses on the Consolidated Statement of Operations. |