Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 09, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | REPUBLIC FIRST BANCORP INC | ||
Entity Central Index Key | 834,285 | ||
Trading Symbol | frbk | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 56,840,764 | ||
Entity Public Float | $ 139,107,302 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and due from banks | $ 19,830,000 | $ 13,777,000 | |
Interest bearing deposits with banks | 14,724,000 | 13,362,000 | |
Cash and cash equivalents | 34,554,000 | 27,139,000 | |
Investment securities available for sale, at fair value | 369,739,000 | 284,795,000 | |
Investment securities held to maturity, at amortized cost (fair value of $425,183 and $171,845, respectively) | 432,499,000 | 172,277,000 | |
Restricted stock, at cost | 1,366,000 | 3,059,000 | |
Loans held for sale | 28,065,000 | 3,653,000 | |
Loans receivable (net of allowance for loan losses of $9,155 and $8,703, respectively) | 955,817,000 | 866,066,000 | |
Premises and equipment, net | 57,040,000 | 46,164,000 | |
Other real estate owned, net | 10,174,000 | 11,313,000 | |
Accrued interest receivable | 5,497,000 | 4,216,000 | |
Goodwill | 5,011,000 | 0 | |
Intangible asset | 61,000 | ||
Other assets | 24,108,000 | 20,142,000 | |
Total Assets | 1,923,931,000 | 1,438,824,000 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Demand - non-interest bearing | 324,912,000 | 243,695,000 | |
Demand - interest bearing | 605,950,000 | 381,499,000 | |
Money market and savings | 635,644,000 | 556,526,000 | |
Time deposits | 111,164,000 | 67,578,000 | |
Total Deposits | 1,677,670,000 | 1,249,298,000 | |
Short-term borrowings | 47,000,000 | ||
Accrued interest payable | 444,000 | 245,000 | |
Other liabilities | 8,883,000 | 7,049,000 | |
Subordinated debt | 21,881,000 | 21,857,000 | |
Total Liabilities | 1,708,878,000 | 1,325,449,000 | |
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: 100,000,000 shares authorized; shares issued 57,283,712 as of December 31, 2016 and 38,365,848 as of December 31, 2015; shares outstanding 56,754,867 as of December 31, 2016 and 37,837,003 as of December 31, 2015 | 573,000 | 384,000 | |
Additional paid in capital | 253,570,000 | 152,897,000 | |
Accumulated deficit | (27,888,000) | (32,833,000) | |
Treasury stock at cost (503,408 shares as of December 31, 2016 and December 31, 2015) | (3,725,000) | (3,725,000) | |
Stock held by deferred compensation plan (25,437 shares as of December 31, 2016 and December 31, 2015) | (183,000) | (183,000) | |
Accumulated other comprehensive loss | [1] | (7,294,000) | (3,165,000) |
Total Shareholders’ Equity | 215,053,000 | 113,375,000 | |
Total Liabilities and Shareholders’ Equity | $ 1,923,931,000 | $ 1,438,824,000 | |
[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, 2016 | Dec. 31, 2015 | |
Investment securities held to maturity, at fair value | $ 425,183 | $ 171,845 |
Loans receivable, allowance for loan losses | $ 9,155 | $ 8,703 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 57,283,712 | 38,365,848 |
Common stock, shares outstanding (in shares) | 56,754,867 | 37,837,003 |
Treasury stock (in shares) | 503,408 | 503,408 |
Stock held by deferred compensation plan (in shares) | 25,437 | 25,437 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Interest and fees on taxable loans | $ 40,827,000 | $ 37,241,000 | $ 34,530,000 |
Interest and fees on tax-exempt loans | 960,000 | 540,000 | 339,000 |
Interest and dividends on taxable investment securities | 11,264,000 | 6,792,000 | 5,053,000 |
Interest and dividends on tax-exempt investment securities | 703,000 | 585,000 | 364,000 |
Interest on federal funds sold and other interest-earning assets | 473,000 | 278,000 | 187,000 |
Total interest income | 54,227,000 | 45,436,000 | 40,473,000 |
Interest expense: | |||
Demand- interest bearing | 2,088,000 | 1,401,000 | 888,000 |
Money market and savings | 2,639,000 | 2,170,000 | 1,929,000 |
Time deposits | 942,000 | 695,000 | 719,000 |
Other borrowings | 1,194,000 | 1,115,000 | 1,108,000 |
Total interest expense | 6,863,000 | 5,381,000 | 4,644,000 |
Net interest income | 47,364,000 | 40,055,000 | 35,829,000 |
Provision for loan losses | 1,557,000 | 500,000 | 900,000 |
Net interest income after provision for loan losses | 45,807,000 | 39,555,000 | 34,929,000 |
Non-interest income: | |||
Loan advisory and servicing fees | 1,627,000 | 2,226,000 | 1,452,000 |
Mortgage banking income | 5,062,000 | ||
Gain on sales of SBA loans | 4,981,000 | 3,139,000 | 4,717,000 |
Service fees on deposit accounts | 2,658,000 | 1,720,000 | 1,224,000 |
Legal settlements | 2,550,000 | ||
Gain on sale of investment securities | 656,000 | 108,000 | 458,000 |
Net securities impairment losses recognized in earnings | (7,000) | (3,000) | (7,000) |
Other non-interest income | (335,000) | (203,000) | (173,000) |
Total non-interest income | 15,312,000 | 9,943,000 | 8,017,000 |
Non-interest expenses: | |||
Salaries and employee benefits | 28,602,000 | 22,488,000 | 20,089,000 |
Occupancy | 6,109,000 | 4,929,000 | 4,247,000 |
Depreciation and amortization | 3,518,000 | 3,080,000 | 2,382,000 |
Legal | 459,000 | 915,000 | 1,290,000 |
Other real estate owned | 2,182,000 | 4,239,000 | 1,794,000 |
Advertising | 811,000 | 627,000 | 597,000 |
Data processing | 2,408,000 | 1,593,000 | 1,345,000 |
Insurance | 962,000 | 720,000 | 586,000 |
Professional fees | 1,580,000 | 1,268,000 | 1,468,000 |
Regulatory assessments and costs | 1,413,000 | 1,248,000 | 1,065,000 |
Taxes, other | 366,000 | 689,000 | 616,000 |
Other operating expenses | 7,883,000 | 5,295,000 | 5,071,000 |
Total non-interest expense | 56,293,000 | 47,091,000 | 40,550,000 |
Income before benefit for income taxes | 4,826,000 | 2,407,000 | 2,396,000 |
Benefit for income taxes | (119,000) | (26,000) | (46,000) |
Net income | $ 4,945,000 | $ 2,433,000 | $ 2,442,000 |
Net income per share | |||
Basic (in dollars per share) | $ 0.13 | $ 0.06 | $ 0.07 |
Diluted (in dollars per share) | $ 0.12 | $ 0.06 | $ 0.07 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net income | $ 4,945 | $ 2,433 | $ 2,442 | |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on securities (pre-tax $(6,011), $(4,021) and $4,992, respectively) | (3,853) | (2,577) | 3,199 | |
Reclassification adjustment for securities gains (pre-tax $(656), $(108) and $(458), respectively) | (420) | (69) | (293) | |
Reclassification adjustment for impairment charge (pre-tax $7, $3 and $7, respectively) | 4 | 2 | 4 | |
Net unrealized gains (losses) on securities | (4,269) | (2,644) | 2,910 | |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity (pre-tax $-, $- and $(1,233), respectively) | 790 | |||
Amortization of net unrealized holding losses during the period (pre-tax $219, $173 and $118, respectively) | 140 | 111 | 76 | |
Net current-period other comprehensive income (loss) | [1] | (4,129) | (2,533) | 2,196 |
Total comprehensive income (loss) | $ 816 | $ (100) | $ 4,638 | |
[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 (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized gain (loss) on securities, pre-tax | $ (6,011) | $ (4,021) | $ 4,992 |
Reclassification adjustment for securities gains, pre-tax | (656) | (108) | (458) |
Reclassification adjustment for impairment charge, pre-tax | 7 | 3 | 7 |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity, pre-tax | (1,233) | ||
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 219 | $ 173 | $ 118 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income | $ 4,945,000 | $ 2,433,000 | $ 2,442,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 1,557,000 | 500,000 | 900,000 |
Loss on sale of other real estate owned | 9,000 | ||
Write down of other real estate owned | 355,000 | 3,069,000 | 1,138,000 |
Depreciation and amortization | 3,518,000 | 3,080,000 | 2,382,000 |
Deferred income taxes | (380,000) | (84,000) | (142,000) |
Stock based compensation | 759,000 | 600,000 | 420,000 |
Gain on sale of investment securities | (656,000) | (108,000) | (458,000) |
Impairment charges on investment securities | 7,000 | 3,000 | 7,000 |
Amortization of premiums on investment securities | 1,980,000 | 840,000 | 540,000 |
Accretion of discounts on retained SBA loans | (1,364,000) | (1,005,000) | (899,000) |
Fair value adjustments on SBA servicing assets | 1,075,000 | 14,000 | 655,000 |
Proceeds from sales of SBA loans originated for sale | 58,107,000 | 32,922,000 | 51,388,000 |
SBA loans originated for sale | (53,627,000) | (31,760,000) | (43,416,000) |
Gains on sales of SBA loans originated for sale | (4,981,000) | (3,139,000) | (4,717,000) |
Proceeds from sales of mortgage loans originated for sale | 163,414,000 | ||
Mortgage loans originated for sale | (161,717,000) | ||
Gains on mortgage loans originated for sale | (4,737,000) | ||
Amortization of intangible assets | 43,000 | ||
Amortization of debt issuance costs | 24,000 | 24,000 | 24,000 |
Increase in accrued interest receivable and other assets | (1,993,000) | (2,966,000) | (1,796,000) |
Net (decrease) increase in accrued interest payable and other liabilities | (1,040,000) | 213,000 | 325,000 |
Net cash provided by operating activities | 5,289,000 | 4,636,000 | 8,802,000 |
Cash flows from investing activities | |||
Purchase of investment securities available for sale | (207,482,000) | (146,668,000) | (78,825,000) |
Purchase of investment securities held to maturity | (294,187,000) | (121,402,000) | |
Proceeds from the sale of securities available for sale | 78,585,000 | 11,707,000 | 5,700,000 |
Proceeds from the paydowns, maturity or call of securities available for sale | 36,982,000 | 31,159,000 | 25,822,000 |
Proceeds from the paydowns, maturity or call of securities held to maturity | 33,160,000 | 16,689,000 | 2,308,000 |
Net redemption (purchase) of restricted stock | 1,693,000 | (1,902,000) | 413,000 |
Net increase in loans | (89,428,000) | (106,616,000) | (104,357,000) |
Net proceeds from sale of other real estate owned | 1,400,000 | 792,000 | 197,000 |
Net cash paid in acquisition | (5,913,000) | ||
Premises and equipment expenditures | (14,291,000) | (14,214,000) | (14,664,000) |
Net cash used in investing activities | (459,481,000) | (330,455,000) | (163,406,000) |
Cash flows from financing activities | |||
Net proceeds from stock offering | 99,175,000 | 44,853,000 | |
Net proceeds from exercise of stock options | 726,157 | 64,624 | 975 |
Net increase in demand, money market and savings deposits | 384,786,000 | 184,859,000 | 206,163,000 |
Net increase (decrease) in time deposits | 43,586,000 | (7,791,000) | (3,467,000) |
(Repayment) increase in short-term borrowings | (66,666,000) | 47,000,000 | |
Net cash provided by financing activities | 461,607,000 | 224,132,000 | 247,550,000 |
Net increase (decrease) in cash and cash equivalents | 7,415,000 | (101,687,000) | 92,946,000 |
Cash and cash equivalents, beginning of year | 27,139,000 | 128,826,000 | 35,880,000 |
Cash and cash equivalents, end of year | 34,554,000 | 27,139,000 | 128,826,000 |
Supplemental disclosures | |||
Interest paid | 6,664,000 | 5,401,000 | 4,616,000 |
Income taxes paid | 190,000 | 70,000 | |
Non-cash transfers from loans to other real estate owned | 616,000 | 11,459,000 | 1,000,000 |
Transfer of available-for-sale-securities to held-to-maturity securities | $ 70,118,000 |
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, 2013 | $ 265 | $ 107,078 | $ (37,708) | $ (3,099) | $ (809) | $ (2,828) | $ 62,899 | |
Net income | 2,442 | 2,442 | ||||||
Other comprehensive income (loss), net of tax | 2,196 | 2,196 | [1] | |||||
Proceeds from shares issued under common stock offering, 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 | 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 | |
Net income | 4,945 | 4,945 | ||||||
Other comprehensive income (loss), net of tax | (4,129) | (4,129) | [1] | |||||
Proceeds from shares issued under common stock offering, net of offering costs | 187 | 98,988 | 99,175 | |||||
Stock based compensation | 759 | 759 | ||||||
Options exercised | 2 | 724 | 726 | |||||
Balance at Dec. 31, 2016 | 573 | 253,570 | (27,888) | (3,725) | (183) | (7,294) | 215,053 | |
Stock options issued in acquisition | $ 202 | $ 202 | ||||||
[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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock [Member] | |||
Options exercised (in shares) | 226,275 | 21,500 | 500 |
Shares issued (in shares) | 18,691,589 | 11,842,106 | |
Offering costs | $ 825 | $ 147 | |
Options exercised (in shares) | 226,275 | 21,500 | 500 |
Transfer from deferred compensation plan to treasury stock (in shares) | 87,105 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of Operations Republic First Bancorp, Inc. (the “Company”) is a one one On July 26, 2016, July 28, 2016, three three The Company and Republic encounter vigorous competition for market share in the geographic areas they serve from bank holding companies, national, regional and other community banks, thrift institutions, credit unions and other non-bank financial organizations, such as mutual fund companies, insurance companies and brokerage companies. The Company and Republic are subject to 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, 2016 | |
Notes to Financial Statements | |
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 inter-company 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 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 4 one 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 ninety 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, 2016 2015 $23.3 $10.8 Investment Securities Held to Maturity Available for Sale – may 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 $7,000, $3,000, $7,000 December 31, 2016, 2015, 2014, 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, 2016 2015. At December 31, 2016 December 31, 2015, $1.2 $2.9 December 31, 2015 December 31, 2016 December 31, 2015, $143,000 Mortgage Banking Activities and Mortgage Loans Held for Sale Loans held for sale are originated and held until sold to permanent investors. On July 28, 2016, 820, Fair Value Measurements and Disclosures Loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Gains and losses on loan sales are recorded in non-interest income and direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. Interest Rate Lock Commitments Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging 30 90 24 Forward Loan Sale Commitments Forward loan sale commitments are commitments to sell individual mortgage loans at a fixed price to an investor at a future date. Forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income in non-interest income in the statements of income. Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is recognized as an asset and is to be reviewed for impairment annually as of July 31 may two 50% $5.0 December 31, 2016 $0 December 31, 2015. 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 secondary 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 may third 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 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 may may Residential mortgage loans are secured by one four first 80% 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 90 may may 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 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 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 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 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 may 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 860 , 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) (2) (3) A servicing asset related to SBA loans is initially recorded when these loans are sold and the servicing rights are retained. The servicing asset is recorded on the balance sheet and included in other assets. An updated fair value of the servicing asset is obtained from an independent third The Company uses various 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 SBA 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 815 December 31, 2016 $5.7 $5.2 2017, $124,000 2018, $311,000 2019. no December 31, 2016 December 31, 2015. 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 3 13 1 30 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 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 50 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 2005 November 14, 1995, 2005 2005 1.5 2005 1.5 December 31, 2016, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 10% may December 31, 2016, 2014 5.9 Earnings Per Share Earnings per share (“EPS”) consists of two 2008. 2016, 2015, 2014, The calculation of EPS for the years ended December 31, 2016, 2015, 2014 (dollars in thousands, except per share amounts) 2016 2015 2014 Net income - basic and diluted $ 4,945 $ 2,433 $ 2,442 Weighted average shares outstanding 39,281 37,818 34,232 Net income per share – basic $ 0.13 $ 0.06 $ 0.07 Weighted average shares outstanding (including dilutive CSEs) 39,865 38,094 34,591 Net income per share – diluted $ 0.12 $ 0.06 $ 0.07 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) 2016 2015 2014 Anti-dilutive securities Share based compensation awards 1,747 1,671 1,136 Convertible securities 1,662 1,662 1,662 Total anti-dilutive securities 3,409 3,333 2,798 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 1 25% 1 7 Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation 810 810 810 The Company does not consolidate its subsidiary trusts. ASC 810 $676,000. Treasury Stock Common stock purchased for treasury is recorded at cost. Recent Accounting Pronouncements ASU 2014 09 In May 2014, 2014 09, 660): 606) 340 40).” 605, December 15, 2016. December 15, 2017. August 2015, 2015 14, Revenue from Contracts with The Company (Topic 606): December 15, 2017, ASU 2015 14 In August 2015, 2015 14, Revenue from Contracts with Customers: Deferral of the Effective Date. The guidance in this ASU is now effective for annual reporting periods beginning after December 15, 2017, ASU 2015 16 In September 2015, 2015 16, Simplifying the Accounting for Measurement-Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the guidance in this ASU eliminates the requirement to retrospectively account for those adjustments and requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance in this ASU was effective for fiscal years beginning after December 15, 2015, ASU 2016 01 In January 2016, 2016 01, Financial Instruments - Overall. (1) (2) (3) (4) (5) (6) (7) December 15, 2017, ASU 2016 02 In February 2016, 2016 02, Leases. 12 December 15, 2018, ASU 2016 09 In March 2016, 2016 09, 2016 09 2016 09 2016 09 January 1, 2017 ASU 2016 13 In June 2016, 2016 13, 326): December 15, 2019. 2016 13 ASU 2016 15 In August 2016, 2016 15, 230). January 1, 2018, ASU- 2017 01 In January 2017, 2017 01, 805). 805. 805 141(R), 805). December 15, 2017, December 15, 2018, December 15, 2019. 2017 01 ASU 2017 04 In January 2017, 2017 04, 2 December 15, 2019. 2017 04 Reclassifications Certain reclassifications have been made to 2015 2014 2016 $595,000 $619,000 December 31, 2016 December 31, 2015, 2015 03. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 2015 At December 31, 2016 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 230,252 $ 145 $ (5,632 ) $ 224,765 Agency mortgage-backed securities 37,973 32 (1,295 ) 36,710 Municipal securities 26,825 151 (429 ) 26,547 Corporate bonds 66,718 8 (1,978 ) 64,748 Asset-backed securities 15,565 - (416 ) 15,149 Trust preferred securities 3,063 - (1,243 ) 1,820 Total securities available for sale $ 380,396 $ 336 $ (10,993 ) $ 369,739 U.S. Government agencies $ 98,538 $ 8 $ (2,238 ) $ 96,308 Collateralized mortgage obligations 202,990 793 (2,553 ) 201,230 Agency mortgage-backed securities 129,951 1 (3,327 ) 126,625 Other securities 1,020 - - 1,020 Total securities held to maturity $ 432,499 $ 802 $ (8,118 ) $ 425,183 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 The following table presents investment securities by stated maturity at December 31, 2016. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 1,000 $ 1,002 $ - $ - After 1 year to 5 years 19,693 19,491 4,646 4,606 After 5 years to 10 years 66,007 63,587 94,912 92,722 After 10 years 25,471 24,184 - - Collateralized mortgage obligations 230,252 224,765 202,990 201,230 Agency mortgage-backed securities 37,973 36,710 129,951 126,625 Total $ 380,396 $ 369,739 $ 432,499 $ 425,183 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 December 31, 2016 December 31, 2015. no 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) for investment securities classified available for sale. Impairment charges (credit losses) on trust preferred securities for the years ended December 31, 2016, 2015, 2014 $7,000, $3,000, $7,000, At December 31, 2016 2015, $380.1 $209.4 The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at December 31, 2016, 2015, 2014 (dollars in thousands) 2016 2015 2014 Beginning Balance, January 1 st $ 930 $ 3,966 $ 3,959 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized 7 3 7 Reductions for securities sold during the period - (3,039 ) - Ending Balance, December 31 st $ 937 $ 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, 2016 2015: At December 31 , 201 6 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Collateralized mortgage obligations $ 192,308 $ 5,380 $ 7,579 $ 252 $ 199,887 $ 5,632 Agency mortgage-backed securities 29,916 1,260 3,199 35 33,115 1,295 Municipal securities 15,414 429 - - 15,414 429 Corporate bonds 32,257 1,708 10,726 270 42,983 1,978 Asset backed securities - - 15,149 416 15,149 416 Trust preferred securities - - 1,820 1,243 1,820 1,243 Total Available for Sale $ 269,895 $ 8,777 $ 38,473 $ 2,216 $ 308,368 $ 10,993 At December 31 , 201 6 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 67,725 $ 2,198 $ 3,586 $ 40 $ 71,311 $ 2,238 Collateralized mortgage obligations 108,974 2,469 8,572 84 117,546 2,553 Agency mortgage-backed securities 97,725 3,327 - - 97,725 3,327 Total Held to Maturity $ 274,424 $ 7,994 $ 12,158 $ 124 $ 286,582 $ 8,118 At December 31 , 201 5 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 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 Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 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 Unrealized losses on securities in the investment portfolio amounted to $19.1 $595.0 December 31, 2016 $6.3 $262.7 December 31, 2015. The Company held ten fifty two nineteen December 31, 2016. December 31, 2016. 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, 2016, twenty three At December 31, 2016, two At December 31, 2016, eight The unrealized losses on the trust preferred securities are primarily the result of the secondary December 31, 2016. (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 Rates for 2017 and beyond Cumulative OTTI Life to Date TPREF Funding II Class B Notes $ 725 $ 402 $ (323 ) C 19 37 % 0.41 % $ 274 TPREF Funding III Class B2 Notes 1,518 889 (629 ) C 15 32 0.44 483 ALESCO Preferred Funding V Class C1 Notes 820 529 (291 ) C 41 14 0.40 180 Total $ 3,063 $ 1,820 $ (1,243 ) 75 28 % $ 937 The Company had proceeds from the sale of securities available for sale in 2016 $78.6 $680,000 $24,000 2016 $236,000. Proceeds of sales of securities available for sale in 2015 $11.7 $396,000 $288,000 December 31, 2015 $39,000. 2015 four Proceeds from the sale of the CDO securities totaled $2.0 $70,000 $288,000 twelve December 31, 2015 $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, four $218,000 2015 |
Note 4 - Loans Receivable
Note 4 - Loans Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. L oans Receivable The following table sets forth the Company’s gross loans by major categories as of December 31, 2016 2015: (dollars in thousands) December 31, 2016 December 31, 2015 Commercial real estate $ 378,519 $ 349,726 Construction and land development 61,453 46,547 Commercial and industrial 174,744 181,850 Owner occupied real estate 276,986 246,398 Consumer and other 63,660 48,126 Residential mortgage 9,682 2,380 Total loans receivable 965,044 875,027 Deferred costs (fees) (72 ) (258 ) Allowance for loan losses (9,155 ) (8,703 ) Net loans receivable $ 955,817 $ 866,066 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. Included in loans are loans due from directors and other related parties of $7.9 December 31, 2016, $8.5 December 31, 2015, $8.8 December 31, 2014. December 31, 2016, 2015, 2014. (dollars in thousands) December 31, 2016 December 31, 2015 December 31, 2014 Balance at beginning of year $ 8,521 $ 8,753 $ 8,762 Additions - 295 500 Repayments (659 ) (527 ) (509 ) Balance at end of year $ 7,862 $ 8,521 $ 8,753 |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016, 2015, 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 Year ended December, 201 6 Allowance for loan losses: Beginning balance: $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Charge-offs - (60 ) (143 ) (1,052 ) (11 ) (10 ) - (1,276 ) Recoveries 6 - 163 - 2 - - 171 Provisions (credits) 855 279 (68 ) 404 302 54 (269 ) 1,557 Ending balance $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 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 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, 2016 2015: (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, 2016 Allowance for loan losses: Individually evaluated for impairment $ 1,277 $ - $ 1,624 $ 274 $ 293 $ - $ - $ 3,468 Collectively evaluated for impairment 1,977 557 1,260 1,108 295 58 432 5,687 Total allowance for loan losses $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Loans receivable: Loans evaluated individually $ 19,245 $ - $ 5,180 $ 2,325 $ 1,290 $ 130 $ - $ 28,170 Loans evaluated collectively 359,274 61,453 169,564 274,661 62,370 9,552 - 936,874 Total loans receivable $ 378,519 $ 61,453 $ 174,744 $ 276,986 $ 63,660 $ 9,682 $ - $ 965,044 (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 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, 2016 2015: December 31, 201 6 December 31, 2015 ( dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Balance Related Allowance With no related allowance recorded: Commercial real estate $ 12,347 $ 12,348 $ - $ 11,692 $ 11,730 $ - Construction and land development - - - 117 2,208 - Commercial and industrial 1,955 3,111 - 2,381 3,683 - Owner occupied real estate 621 733 - 507 507 - Consumer and other 687 976 - 800 1,084 - Residential mortgage 130 130 - - - - Total $ 15,740 $ 17,298 $ - $ 15,497 $ 19,212 $ - With an allowance recorded: Commercial real estate $ 6,898 $ 6,912 $ 1,277 $ 511 $ 511 $ 47 Construction and land development - - - - - - Commercial and industrial 3,225 5,892 1,624 3,112 5,779 1,111 Owner occupied real estate 1,704 1,704 274 2,862 2,876 1,059 Consumer and other 603 627 293 147 147 21 Residential mortgage - - - - - - Total $ 12,430 $ 15,135 $ 3,468 $ 6,632 $ 9,313 $ 2,238 Total: Commercial real estate $ 19,245 $ 19,260 $ 1,277 $ 12,203 $ 12,241 $ 47 Construction and land development - - - 117 2,208 - Commercial and industrial 5,180 9,003 1,624 5,493 9,462 1,111 Owner occupied real estate 2,325 2,437 274 3,369 3,383 1,059 Consumer and other 1,290 1,603 293 947 1,231 21 Residential mortgage 130 130 - - - - Total $ 28,170 $ 32,433 $ 3,468 $ 22,129 $ 28,525 $ 2,238 The following table presents additional information regarding the Company’s impaired loans for the years ended December 31, 2016, 2015, 2014: Years Ended December 31, 2016 2015 2014 (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 $ 12,033 $ 264 $ 12,796 $ 282 $ 7,739 $ 450 Construction and land development 58 - 206 2 462 - Commercial and industrial 1,828 42 3,225 78 3,070 22 Owner occupied real estate 642 10 700 6 714 8 Consumer and other 858 16 685 13 482 4 Residential mortgage 26 1 - - - - Total $ 15,445 $ 333 $ 17,612 $ 381 $ 12,467 $ 484 With an allowance recorded: Commercial real estate $ 4,455 $ 52 $ 5,544 $ 13 $ 13,197 $ 5 Construction and land development 12 - 90 - 557 - Commercial and industrial 3,357 74 2,587 28 3,244 - Owner occupied real estate 2,104 31 3,643 92 3,446 125 Consumer and other 322 12 59 2 40 - Residential mortgage - - - - - - Total $ 10,250 $ 169 $ 11,923 $ 135 $ 20,484 $ 130 Total: Commercial real estate $ 16,488 $ 316 $ 18,340 $ 295 $ 20,936 $ 455 Construction and land development 70 - 296 2 1,019 - Commercial and industrial 5,185 116 5,812 106 6,314 22 Owner occupied real estate 2,746 41 4,343 98 4,160 133 Consumer and other 1,180 28 744 15 522 4 Residential mortgage 26 1 - - - - Total $ 25,695 $ 502 $ 29,535 $ 516 $ 32,951 $ 614 The total average recorded investment on the Company’s impaired loans for the years ended December 31, 2016, 2015, 2014 $25.7 $29.5 $33.0 $502,000, $516,000, $614,000, $1.0 $765,000, $980,000 December 31, 2016, 2015, 2014, The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2016 2015: (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 6 Commercial real estate $ - $ 9 $ 13,089 $ 13,098 $ 365,421 $ 378,519 $ - Construction and land development - - - - 61,453 61,453 - Commercial and industrial 568 - 3,151 3,719 171,025 174,744 - Owner occupied real estate 468 - 1,718 2,186 274,800 276,986 172 Consumer and other 24 22 808 854 62,806 63,660 - Residential mortgage - - 130 130 9,552 9,682 130 Total $ 1,060 $ 31 $ 18,896 $ 19,987 $ 945,057 $ 965,044 $ 302 (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 , 2015 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 $ - 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, 2016 2015: (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2016 : Commercial real estate $ 364,066 $ 877 $ 13,576 $ - $ 378,519 Construction and land development 61,453 - - - 61,453 Commercial and industrial 168,958 606 3,751 1,429 174,744 Owner occupied real estate 274,150 511 2,325 - 276,986 Consumer and other 62,370 - 1,290 - 63,660 Residential mortgage 9,552 - 130 - 9,682 Total $ 940,549 $ 1,994 $ 21,072 $ 1,429 $ 965,044 (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 The following table shows non-accrual loans by class as of December 31, 2016 2015: (dollars in thousands) December 31, 2016 December 31, 201 5 Commercial real estate $ 13,089 $ 5,913 Construction and land development - 117 Commercial and industrial 3,151 3,156 Owner occupied real estate 1,546 2,894 Consumer and other 808 542 Residential mortgage - - Total $ 18,594 $ 12,622 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $1.0 $765,000, $980,000, 2016, 2015, 2014, 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 The following table summarizes information with regard to outstanding troubled debt restructurings at December 31, 2016 2015: (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs December 31, 2016 Commercial real estate 1 $ 5,669 $ - $ 5,669 Construction and land development - - - - Commercial and industrial 2 228 349 577 Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Total 3 $ 5,897 $ 349 $ 6,246 December 31, 201 5 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 All TDRs are considered impaired and are therefore individually evaluated for impairment in the calculation of the allowance for loan losses. Some TDRs may no twelve December 31, 2016 one December 31, 2015 The Company modified one December 31, 2015. $30,000. $230,000 $260,000. There were no December 31, 2016 December 31, 2015. $126,000 $193,000 December 31, 2016 2015, After a loan is determined to be a TDR, we continue to track its performance under the most recent restructured terms. There were no December 31, 2016. one December 31, 2015. One December 31, 2013. December 31, 2014 2015, December 31, 2015. |
Note 6 - Other Real Estate Owne
Note 6 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 twelve The following table presents a reconciliation of other real estate owned for the years ended December 31, 2016, 2015, 2014: (dollars in thousands) December 3 1 , 201 6 December 31, 201 5 December 31, 201 4 Beginning Balance, January 1 st $ 11,313 $ 3,715 4,059 Additions 616 11,459 1,000 Valuation adjustments (355 ) (3,069 ) (1,147 ) Dispositions (1,400 ) (792 ) (197 ) Ending Balance $ 10,174 $ 11,313 3,715 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 6 December 31, 201 5 Land $ 10,170 $ 8,029 Buildings 25,693 16,215 Leasehold improvements 20,236 19,621 Furniture, fixtures and equipment 15,006 11,680 Construction in progress 3,734 4,471 74,839 60,016 Less accumulated depreciation (17,799 ) (13,852 ) Net premises and equipment $ 57,040 $ 46,164 Depreciation expense on premises and equipment amounted to approximately $3.5 $3.1 $2.4 2016, 2015, 2014, $3.7 $1.1 five $19.4 December 31, 2016. |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 $467.1 December 31, 2016. December 31, 2016, no December 31, 2015, no December 31, 2015, $47.0 December 31, 2015 0.43%. December 31, 2016, $75.0 no 2016 2015. December 31, 2016, $675.8 $48.8 2016 $47.0 2015. Republic also has a line of credit in the amount of $10.0 December 31, 2016 2015, no no 2016 2015. Subordinated debt and corporation-obligated-mandatorily redeemable capital securities of subsidiary trust holding solely junior obligations of the corporation: The Company has sponsored three 1 25% 1 In December 2006, $6.0 $0.2 $6.2 2037, 1.73% 3 may five On June 28, 2007, $5.0 $0.2 $5.2 2037, 1.55% 3 On June 10, 2008, $10.8 December 5, 2016, $0.3 $11.1 2038, 8.0% fifth 1.7 $6.50 December 31, 2016 Deferred issuance costs included in subordinated debt were $595,000 $619,000 December 31, 2016 December 31, 2015, $24,000, $24,000, $24,000 December 31, 2016, 2015, 2014, |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 2017 2021. (dollars in thousands) 201 7 201 8 201 9 20 20 20 21 Thereafter Total Certificates of Deposit $ 65,247 $ 21,554 $ 1,605 $ 21,793 $ 965 $ - $ 111,164 Certificates of deposit of $250,000 $42.5 $8.0 December 31, 2016 2015, $120.2 $93.5 December 31, 2016 2015, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The benefit for income taxes for the years ended December 31, 2016, 2015, 2014 (dollars in thousands) 2016 20 15 20 14 Current Federal $ 261 $ 58 $ 96 State - - - Deferred (380 ) (84 ) (142 ) Total benefit for income taxes $ (119 ) $ (26 ) $ (46 ) The following table reconciles the difference between the actual tax provision and the amount per the statutory federal income tax rate of 35.0% December 31, 2016, 2015, 2014. (dollars in thousands) 201 6 20 15 20 14 Tax provision computed at statutory rate $ 1,689 $ 843 $ 839 Tax exempt interest (582 ) (394 ) (246 ) Deferred tax asset valuation allowance adjustment (1,508 ) (937 ) (679 ) Other 282 462 40 Total benefit for income taxes $ (119 ) $ (26 ) $ (46 ) The significant components of the Company’s net deferred tax asset as of December 31, 2016 2015 (dollars in thousands) 201 6 201 5 Deferred tax assets Allowance for loan losses $ 3,288 $ 3,125 Deferred compensation 824 786 Unrealized losses on securities available for sale 4,087 1,774 Realized losses in other than temporary impairment charge 336 334 Foreclosed real estate write-downs 2,377 2,350 Interest income on non-accrual loans 1,425 1,185 Net operating loss carryforward 8,896 10,775 Other 2,001 1,580 Total deferred tax assets 23,234 21,909 Deferred tax liabilities Deferred loan costs 1,313 1,029 Other 528 672 Total deferred tax liabilities 1,841 1,701 Net deferred tax asset before valuation allowance 21,393 20,208 Less: valuation allowance (12,214 ) (13,722 ) Net deferred tax asset $ 9,179 $ 6,486 The Company’s net deferred tax asset before the consideration of a valuation allowance increased to $21.4 December 31, 2016 $20.2 December 31, 2015. twelve December 31, 2016. $21.4 December 31, 2016 $8.9 $12.5 $4.1 December 31, 2016. 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 740 740), 50%) 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 twenty $24.0 December 31, 2030 December 31, 2031 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. Based on the analysis of available positive and negative evidence, the Company determined that a valuation allowance should be recorded as of December 31, 2016 2015. The Company did assess tax planning strategies as defined under ASC 740 10 30 first may The net deferred tax asset balance before consideration of a valuation allowance was $21.4 December 31, 2016 $20.2 December 31, 2015. $9.2 December 31, 2016 $6.5 December 31, 2015 $12.2 December 31, 2016 $13.7 December 31, 2015. 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 no December 31, 2016. No December 31, 2016, 2015, 2014. December 31, 2009. December 31, 2013. 2009 |
Note 11 - Financial Instruments
Note 11 - Financial Instruments with Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 $215.9 $165.1 $5.7 $5.2 December 31, 2016 2015, $215.9 December 31, 2016, 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 Standby letters of credit are conditional commitments issued that guarantee the performance of a customer to a third may December 31, 2016 2015 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Lease Arrangements As of December 31, 2016, November 30, 2036. Year Ended Amount 2017 $ 3,581 2018 3,449 2019 3,306 2020 3,253 2021 2,028 Thereafter 14,883 Total $ 30,500 The Company incurred rent expense of $3.4 $2.9 $2.7 December 31, 2016, 2015, 2014, 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, 2016 | |
Notes to Financial Statements | |
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 may may $23.9 2017, State and Federal regulatory authorities have adopted standards for the maintenance of adequate levels of capital by Republic. Federal banking agencies impose four 1 1 The following table presents the Company’s and Republic’s capital regulatory ratios at December 31, 2016 2015: (dollars in thousands) Actual Minimum Capital Adequacy Minimum Capital Adequacy with Capital Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio At December 31, 2016: Total risk based capital Republic $ 179,057 13.93 % $ 102,811 8.00 % $ 110,843 8.625 % $ 128,514 10.00 % Company 245,043 18.99 % 103,226 8.00 % 111,290 8.625 % - - % Tier one risk based capital Republic 169,902 13.22 % 77,108 6.00 % 85,140 6.625 % 102,811 8.00 % Company 235,888 18.28 % 77,419 6.00 % 85,484 6.625 % - - % CET 1 risk based capital Republic 169,902 13.22 % 57,831 4.50 % 65,863 5.125 % 83,534 6.50 % Company 214,088 16.59 % 58,064 4.50 % 66,129 5.125 % - - % Tier one leveraged capital Republic 169,902 9.20 % 73,843 4.00 % 73,843 4.00 % 92,304 5.00 % Company 235,888 12.74 % 74,073 4.00 % 74,073 4.00 % - - % 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 % - - % - - % Management believes that Republic met, as of December 31, 2016, December 31, 2016 2015, In July 2013, 1 1 1 2 1 4.5% (6.5% 1 6.0%, 4.0% 6.0% 8.0% 8.0% (10.0% Under the final capital rules that became effective on January 1, 2015, 1 2.5% three 2016. 0.625% 2016 1 7.0%, 1 8.5%, 10.5% January 1, 2019. December 31, 2016, |
Note 14 - Benefit Plans
Note 14 - Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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) 4% $627,000 2016, $546,000 2015, $480,000 2014. 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 $25,000 ten 2001, 65 $1.3 December 31, 2016 2015, December 31, 2016, 2015, 2014, $31,000, $34,000, $36,000, $2.4 $2.3 December 31, 2016 2015, The Company maintains a deferred compensation plan for the benefit of certain officers and directors. As of December 31, 2016, may may three December 31, 2016 2015, $974,000 $851,000, Expense recognized for the deferred compensation plan for 2016, 2015, 2014 $88,000, $15,000 $147,000, No 2016, 2015, 2014. December 31, 2016, 25,437 |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 The Company follows the guidance issued under ASC 820, Fair Value Measurement , ASC 820 1 3 three 820 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, 2016 2015 (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 , 2016 Assets: Collateralized mortgage obligations $ 224,765 $ - $ 224,765 $ - Agency mortgage-backed securities 36,710 - 36,710 - Municipal securities 26,547 - 26,547 - Corporate bonds 64,748 - 61,777 2,971 Asset-backed securities 15,149 - 15,149 - Trust Preferred Securities 1,820 - - 1,820 Securities Available for Sale $ 369,739 $ - $ 364,948 $ 4,791 Mortgage Loans Held for Sale $ 23,911 $ - $ 23,911 $ - SBA Servicing Assets 5,352 - - 5,352 Interest Rate Lock Commitments 439 - 439 - Best Efforts Forward Loan Sales Commitments 103 - 103 - Mandatory Forward Loan Sales Commitments 229 - 229 - Liabilities: Interest Rate Lock Commitments 55 - 55 - Best Efforts Forward Loan Sales Commitments 125 - 125 - Mandatory Forward Loan Sales Commitments 38 - 38 - December 31, 2015 Assets: 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 The following table presents an analysis of the activity in the SBA servicing assets for the years ended December 31, 2016, 2015, 2014: (dollars in thousands) 2016 2015 2014 Beginning balance, January 1st $ 4,886 $ 4,099 3,477 Additions 1,541 801 1,277 Fair value adjustments (1,075 ) (14 ) (655 ) Ending balance, December 31st $ 5,352 $ 4,886 4,099 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 $1.8 $1.7 $1.5 December 31, 2016, 2015, 2014, 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) December 31, 2016, 2015, 2014: Year Ended December 31, 201 6 Year Ended December 31, 201 5 Year Ended December 31, 201 4 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, $ 1,883 $ 2,834 $ 3,193 $ 3,005 $ 2,850 $ 3,006 Security transferred to Level 3 measurement - - - - - - Unrealized (losses) gains (56 ) 137 882 (171 ) 360 (1 ) Paydowns - - (19 ) - (10 ) - Proceeds from sales - - (1,952 ) - - - Realized losses - - (218 ) - - - Impairment charges on Level 3 (7 ) - (3 ) - (7 ) - Balance, December 31, $ 1,820 $ 2,971 $ 1,883 $ 2,834 $ 3,193 $ 3,005 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, 2016 2015, (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, 2016: Impaired loans $ 9,110 $ - $ - $ 9,110 Other real estate owned 8,563 - - 8,563 December 31, 2015: Impaired loans $ 5,734 $ - $ - $ 5,734 Other real estate owned 10,034 - - 10,034 The table below presents additional quantitative information about Level 3 Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range Weighted Average December 3 1 , 2016 Corporate bonds $ 2,971 Discounted Cash Flows Discount Rate (4.68%) Trust preferred securities $ 1,820 Discounted Cash Flows Discount Rate 8.85% - 9.35% (9.08%) SBA servicing assets $ 5,352 Discounted Cash Flows Conditional Prepayment Rate (6.12%) Discount Rate (10.00%) Impaired loans $ 9,110 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 20% (11%) (3) Sales Price Liquidation expenses (2) (7%) (3) Other real estate owned $ 8,563 Appraised Value of Collateral (1) Liquidation expenses (2) 5% - 76% (17%) (3) Sales Price Liquidation expenses (2) 7% - 8% (7%) (3) 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%) SBA servicing assets $ 4,886 Discounted Cash Flows Conditional Prepayment Rate (6.27%) Discount Rate (10.00%) Impaired loans $ 5,734 Appraised Value of 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%) (3) Sales Price Liquidation expenses (2) 7% - 9% (9%) (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 (2) Appraisals may (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 December 31, 2016 December 31, 2015: 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), 2), 3). 3 3 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 2 820 10, Level 3 may 3 third 3 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 3 secondary secondary An independent, third December 31, 2016 December 31, 2015. 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 secondary Also included in Level 3 2 2010 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. SBA Loans Held For Sale (Carried at Lower of Cost or Fair Value) The fair values of SBA loans held for sale is determined, when possible, using quoted secondary 3 no December 31, 2016 December 31, 2015. Mortgage Loans Held for Sale (Carried at Fair Value) The fair value of mortgage loans held for sale is determined by obtaining prices at which they could be sold in the principal market at the measurement date and are classified within Level 2 2016, September 30, 2016. $283,000 twelve December 31, 2016, The following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that Republic is contractually entitled to receive at maturity as of December 31, 2016 Mortgage loans held for sale Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2016 $ 23,911 $ 23,428 $ 483 Republic did not have any mortgage loans held for sale recorded at fair value that were 90 December 31, 2016. Interest Rate Lock Commitments (“IRLC”) The fair value of Republic’s IRLC instruments are based upon the underlying loans measured at fair value on a recurring basis and the probability of such commitments being exercised. Due to observable market data inputs used by Republic, IRLCs are classified within Level 2 Best Efforts Forward Loan Sales Commitments Best efforts forward loan sales commitments are classified within Level 2 secondary Mandatory Forward Loan Sales Commitments Fair values for mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Due to the observable inputs used by Republic, best efforts mandatory loan sales commitments are classified within Level 2 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 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 3 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, 2016 December 31, 2015, 3 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. An updated fair value is obtained from an independent third 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, 2016 December 31, 2015, 10% 20% (dollars in thousands) December 3 1 , 2016 December 31, 2015 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 5,352 $ 4,886 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) 21.1 20.9 Prepayment Speed 6.12 % 6.27 % Effect on fair value of a 10% increase $ (161 ) $ (151 ) Effect on fair value of a 20% increase (316 ) (296 ) Weighted Average Discount Rate 10.00 % 10.00 % Effect on fair value of a 10% increase $ (226 ) $ (206 ) Effect on fair value of a 20% increase (435 ) (397 ) 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 one may 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 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 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 Short-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 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 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, 2016 2015: Fair Value Measurements at December 31, 2016 (dollars in thousands) Carrying 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 $ 34,554 $ 34,554 $ 34,554 $ - $ - Investment securities available for sale 369,739 369,739 - 364,948 4,791 Investment securities held to maturity 432,499 425,183 - 425,183 - Restricted stock 1,366 1,366 - 1,366 - Loans held for sale 28,065 28,267 - 23,911 4,356 Loans receivable, net 955,817 937,944 - - 937,944 SBA servicing assets 5,352 5,352 - - 5,352 Accrued interest receivable 5,497 5,497 - 5,497 - Interest rate lock commitments 439 439 - 439 - Best efforts forward loan sales commitments 103 103 - 103 - Mandatory forward loan sales commitments 229 229 - 229 - Financial liabilities: Deposits Demand, savings and money market $ 1,566,506 $ 1,566,506 $ - $ 1,566,506 $ - Time 111,164 110,988 - 110,988 - Subordinated debt 21,881 16,286 - - 16,286 Accrued interest payable 444 444 - 444 - Interest rate lock commitments 55 55 - 55 - Best efforts forward loan sales commitments 125 125 - 125 - Mandatory forward loan sales commitments 38 38 - 38 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - Fair Value Measurements at December 31, 2015 (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 $ 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 21,857 18,353 - - 18,353 Accrued interest payable 245 245 - 245 - 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, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 1.5 2005 1.5 December 31, 2016, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 10% may December 31, 2016, 2014 5.9 twelve December 31, 2016, 661,750 2014 $1,191,224. 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 2016, 2015, 2014 201 6 201 5 201 4 Dividend yield (1) 0.0 % 0.0 % 0.0 % Expected volatility (2) 46.38% to 52.54 % 53.78% to 56.00 % 55.79% to 57.99 % Risk-free interest rate (3) 1.23% to 1.82 % 1.49% to 2.00 % 1.51% to 2.26 % Expected life (4) 5.5 to 7.0 5.5 to 7.0 5.5 to 7.0 Assumed forfeiture rate (5) 10.0 % 19.0 % 23.0 % (1) A dividend yield of 0.0% (2) Expected volatility is based on Bloomberg’s five one seven (3) The risk-free interest rate is based on the five seven (4) The expected life reflects a 1 4 ten (5) Forfeiture rate is determined through forfeited and expired options as a percentage of options granted over the current three During 2016, 517,550 349,062 2015 209,825 2014. December 31, 2016, 2,331,400 $10,871,297, 1,048,174 $4,911,116. 2016, 50,300 $89,383. Information regarding stock based compensation for the years ended December 31, 2016, 2015, 2014 201 6 201 5 201 4 Stock based compensation expense recognized $ 759,000 $ 600,000 $ 420,000 Number of unvested stock options 1,283,226 1,173,276 1,039,638 Fair value of unvested stock options $ 2,184,773 $ 1,906,691 $ 1,548,840 Amount remaining to be recognized as expense $ 1,104,424 $ 873,714 $ 702,220 The remaining amount of $1,104,424 November 2020. A summary of stock option activity under the Plan as of December 31, 2016, 2015, 2014 For the Years Ended December 31, 2016 2015 2014 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 1,946,225 $ 3.56 1,494,399 $ 3.59 1,215,530 $ 3.66 Granted 661,750 4.06 505,200 3.55 360,900 3.69 Exercised (226,275 ) 3.21 (21,500 ) 3.01 (500 ) 1.95 Forfeited (50,300 ) 5.21 (31,874 ) 5.13 (81,531 ) 5.15 Outstanding, end of year 2,331,400 $ 3.70 1,946,225 $ 3.56 1,494,399 $ 3.59 Options exercisable at year-end 1,048,174 $ 3.70 772,949 $ 4.18 454,761 $ 5.06 Weighted average fair value of options granted during the year $ 1.80 $ 1.89 $ 2.07 A summary of stock option exercises and related proceeds during the years end December 31, 2016, 2015, 2014 For the Years Ended December 31, 2016 201 5 2014 Number of options exercised 226,275 21,500 500 Cash received $ 726,157 $ 64,624 $ 975 Intrinsic value $ 739,699 $ 26,532 $ 1,010 Tax benefit $ - $ - $ - The following table summarizes information about options outstanding at December 31, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Shares Weighted- A verage Exercise Price $1.55 to $2.95 538,675 5.7 $ 2.36 361,837 $ 2.20 $3.14 to $3.68 897,275 7.3 3.55 428,137 3.51 $3.95 to $8.00 886,100 7.3 4.58 248,850 5.89 $11.77 to $12.13 9,350 - 11.77 9,350 11.77 2,331,400 $ 3.70 1,048,174 $ 3.70 A roll-forward of non-vested options during the year ended December 31, 2016 Number of Share s Weighted- Average Grant Date Fair Value Nonvested, beginning of year 1,173,276 $ 1.63 Granted 661,750 1.80 Vested (517,550 ) 1.53 Forfeited (34,250 ) 2.01 Nonvested, end of year 1,283,226 $ 1.70 |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17 . Segment Reporting The Company has one second |
Note 18 - Transactions with Aff
Note 18 - Transactions with Affiliates and Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 2016 2015 $754,000 2014. 2016, 2015, 2014 $450,000, $415,000, $343,000, 8.1% $194,000 2016 $144,000 2015 $7,000 2015 December 2016, $250,000 The Company paid $120,000 2016 2015 |
Note 19 - Parent Company Financ
Note 19 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 19. 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 6 and 201 5 (Dollars in thousands) December 31, 201 6 December 31, 201 5 ASSETS Cash $ 61,011 $ 2,051 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation 676 676 Investment in subsidiaries 170,868 128,652 Other assets 4,589 3,873 Total Assets $ 237,144 $ 135,252 LIABILITIES AND SHAREHOLDER S ’ EQUITY Liabilities Accrued expenses $ 210 $ 20 Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation 21,881 21,857 Total Liabilities 22,091 21,877 Shareholders’ Equity Total Shareholders’ Equity 215,053 113,375 Total Liabilities and Shareholders’ Equity $ 237,144 $ 135,252 Statements of Income, Comprehensive Income (Loss), and Changes in Shareholders’ Equity For the years ended December 31, 201 6 , 201 5, and 201 4 (Dollars in thousands) 2016 201 5 201 4 Interest income $ 35 $ 34 $ 33 Total income 35 34 33 Trust preferred interest expense 1,160 1,114 1,107 Expenses 717 572 424 Total expenses 1,877 1,686 1,531 Net loss before taxes (1,842 ) (1,652 ) (1,498 ) Benefit for income taxes (645 ) (578 ) (524 ) Loss before undistributed income of subsidiaries (1,197 ) (1,074 ) (974 ) Equity in undistributed income of subsidiaries 6,142 3,507 3,416 Net income $ 4,945 $ 2,433 $ 2,442 Net income $ 4,945 $ 2,433 $ 2,442 Total other comprehensive income (loss) (4,129 ) (2,533 ) 2,196 T otal comprehensive income (loss) $ 816 $ (100 ) $ 4,638 Shareholders’ equity, beginning of year $ 113,375 $ 112,811 $ 62,899 Shares issued under common stock offering 99,175 - 44,853 Stock based compensation 759 600 420 Stock options issued in acquisition 202 - - Exercise of stock options 726 64 1 Net income 4,945 2,433 2,442 Total other comprehensive income (loss) (4,129 ) (2,533 ) 2,196 Shareholders’ equity, end of year $ 215,053 $ 113,375 $ 112,811 Statements of Cash Flows For the years ended December 31, 201 6 , 201 5, and 201 4 (Dollars in thousands) 201 6 201 5 201 4 Cash flows from operating activities: Net income $ 4,945 $ 2,433 $ 2,442 Adjustments to reconcile net income to net cash used in operating activities: Share based compensation 961 600 420 Amortization of debt issuance costs 24 24 24 Increase in other assets (716 ) (636 ) (550 ) Net increase in other liabilities 190 2 - Equity in undistributed income of subsidiaries (6,142 ) (3,507 ) (3,416 ) Net cash used in operating activities (738 ) (1,084 ) (1,080 ) Cash flows from investing activities: Investment in subsidiary (40,203 ) (6,400 ) (35,000 ) Net cash used in investing activities (40,203 ) (6,400 ) (35,000 ) Cash flows from financing activities: Net proceeds from stock offering 99,175 - 44,853 Exercise of stock options 726 64 1 Net cash provided by financing activities 99,901 64 44,854 Increase (decrease) in cash 58,960 (7,420 ) 8,774 Cash, beginning of period 2,051 9,471 697 Cash, end of period $ 61,011 $ 2,051 $ 9,471 |
Note 20 - Quarterly Financial D
Note 20 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 2016 2015. 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 2016 Interest income $ 14,636 $ 13,620 $ 13,209 $ 12,762 Interest expense 1,946 1,834 1,612 1,471 Net interest income 12,690 11,786 11,597 11,291 Provision for loan losses - 607 650 300 Non-interest income 4,727 5,142 3,031 2,412 Non-interest expense 15,970 15,013 12,967 12,343 Benefit for income taxes (50 ) (32 ) (12 ) (25 ) Net income $ 1,497 $ 1,340 $ 1,023 $ 1,085 Net income per share: Basic $ 0.03 $ 0.04 $ 0.03 $ 0.03 Diluted $ 0.03 $ 0.03 $ 0.03 $ 0.03 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 (1) Basic $ 0.02 $ 0.02 $ 0.01 $ 0.01 Diluted $ 0.02 $ 0.02 $ 0.01 $ 0.01 (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, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 21. Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) December 31, 2016, 2015, 2014. 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, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized loss on securities (3,853 ) - (3,853 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (416 ) 140 (276 ) Net current-period other comprehensive income (loss) (4,269 ) 140 (4,129 ) Balance December 31, 2016 $ (6,831 ) $ (463 ) $ (7,294 ) 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 ) (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. |
Note 22 - Business Combination
Note 22 - Business Combination | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 22. Oak Mortgage Company, LLC On July 26, 2016, July 28, 2016, $7.1 $1.0 one In connection with the Oak Mortgage acquisition, the following table details the consideration paid, the initial estimated fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, the subsequent adjustments to estimates, the final valuation of the fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, and the resulting goodwill recorded (in thousands): Original Estimates Adjustments to Estimates Final Valuation Consideration paid: Cash $ 7,136 $ - $ 7,136 Equity instruments 202 - 202 Deferred additional purchase price 500 - 500 Value of consideration $ 7,838 $ - $ 7,838 Assets acquired: Cash and cash equivalents $ 1,223 $ - $ 1,223 Loans held for sale 20,871 - 20,871 Loans receivable 1,132 - 1,132 Premises and equipment 103 - 103 Derivative assets 1,508 - 1,508 Intangible assets – non compete agreements 104 - 104 Other assets 125 - 125 Total assets 25,066 - 25,066 Liabilities assumed: Warehouse lines of credit 19,666 - 19,666 Derivative liabilities 412 - 412 Other liabilities 2,042 119 2,161 Total liabilities 22,120 119 22,239 Net assets acquired 2,946 (119 ) 2,827 Goodwill resulting from acquisition of Oak Mortgage $ 4,892 $ 119 $ 5,011 An adjustment was made to other liabilities which affected goodwill resulting from the acquisition of Oak Mortgage. As of December 31, 2016, The following table presents unaudited pro forma information, in thousands, as if the acquisition of Oak Mortgage by the Company had been completed on January 1, 2015. 2015. Year Ended December 3 1 , 2016 2015 Total revenues $ 69,436 $ 56,520 Net income $ 6,144 $ 4,790 |
Note 23 - Goodwill and Other In
Note 23 - Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 23 : Goodwill and Other Intangibles The Company’s goodwill and intangible assets related to the acquisition of Oak Mortgage in July 2016 (dollars in thousands) Balance December 31, 2015 Additions/ Adjustments Amortization Balance December 3 1 , 2016 Amortization Period (in years) Goodwill $ - $ 5,011 $ - $ 5,011 Indefinite Non-compete agreements - 104 (43 ) 61 1 Total $ - $ 5,115 $ (43 ) $ 5,072 |
Note 24 - Derivatives and Risk
Note 24 - Derivatives and Risk Management Activities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 24 : Derivatives and Risk Management Activities Republic did not have any derivative instruments designated as hedging instruments, or subject to master netting and collateral agreements for the twelve December 31, 2016. December 31, 2016 December 31, 2016 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 439 $ 20,792 Best efforts forward loan sales commitments Other Assets 103 8,586 Mandatory forward loan sales commitments Other Assets 229 18,373 Liability derivatives: IRLC’s Other Liabilities $ 55 $ 6,757 Best efforts forward loan sales commitments Other Liabilities 125 18,963 Mandatory forward loan sales commitments Other Liabilities 38 5,024 The following table summarizes the amounts recorded in Republic’s statement of income for derivative instruments not designated as hedging instruments for the twelve December 31, 2016 Twelve Months Ended December 31, 2016 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (1,042 ) Best efforts forward loan sales commitments Mortgage banking income 77 Mandatory forward loan sales commitments Mortgage banking income 229 Liability derivatives: IRLC’s Mortgage banking income $ (32 ) Best efforts forward loan sales commitments Mortgage banking income 264 Mandatory forward loan sales commitments Mortgage banking income (38 ) The fair value of Republic’s IRLCs, best efforts forward loan sales commitments, and mandatory forward loan sales commitments are based upon the estimated value of the underlying mortgage loan (determined consistent with “Loans Held for Sale”), adjusted for (1) (2) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 inter-company 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 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 4 one |
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 ninety |
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, 2016 2015 $23.3 $10.8 |
Investment, Policy [Policy Text Block] | Investment Securities Held to Maturity Available for Sale – may 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 $7,000, $3,000, $7,000 December 31, 2016, 2015, 2014, |
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, 2016 2015. At December 31, 2016 December 31, 2015, $1.2 $2.9 December 31, 2015 December 31, 2016 December 31, 2015, $143,000 |
Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block] | Mortgage Banking Activities and Mortgage Loans Held for Sale Loans held for sale are originated and held until sold to permanent investors. On July 28, 2016, 820, Fair Value Measurements and Disclosures Loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Gains and losses on loan sales are recorded in non-interest income and direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. |
Derivatives, Policy [Policy Text Block] | Interest Rate Lock Commitments Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging 30 90 24 |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Forward Loan Sale Commitments Forward loan sale commitments are commitments to sell individual mortgage loans at a fixed price to an investor at a future date. Forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income in non-interest income in the statements of income. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is recognized as an asset and is to be reviewed for impairment annually as of July 31 may two 50% $5.0 December 31, 2016 $0 December 31, 2015. |
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 secondary 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 may third 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 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 may may Residential mortgage loans are secured by one four first 80% 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 90 may may |
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 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 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 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 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 may |
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 860 , 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) (2) (3) A servicing asset related to SBA loans is initially recorded when these loans are sold and the servicing rights are retained. The servicing asset is recorded on the balance sheet and included in other assets. An updated fair value of the servicing asset is obtained from an independent third The Company uses various 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 |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | SBA 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 815 December 31, 2016 $5.7 $5.2 2017, $124,000 2018, $311,000 2019. December 31, 2016 December 31, 2015. |
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 3 13 1 30 |
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 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 50 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 2005 November 14, 1995, 2005 2005 1.5 2005 1.5 December 31, 2016, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 10% may December 31, 2016, 2014 5.9 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Earnings per share (“EPS”) consists of two 2008. 2016, 2015, 2014, The calculation of EPS for the years ended December 31, 2016, 2015, 2014 (dollars in thousands, except per share amounts) 2016 2015 2014 Net income - basic and diluted $ 4,945 $ 2,433 $ 2,442 Weighted average shares outstanding 39,281 37,818 34,232 Net income per share – basic $ 0.13 $ 0.06 $ 0.07 Weighted average shares outstanding (including dilutive CSEs) 39,865 38,094 34,591 Net income per share – diluted $ 0.12 $ 0.06 $ 0.07 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) 2016 2015 2014 Anti-dilutive securities Share based compensation awards 1,747 1,671 1,136 Convertible securities 1,662 1,662 1,662 Total anti-dilutive securities 3,409 3,333 2,798 |
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 1 25% 1 7 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation 810 810 810 The Company does not consolidate its subsidiary trusts. ASC 810 $676,000. |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock Common stock purchased for treasury is recorded at cost. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements ASU 2014 09 In May 2014, 2014 09, 660): 606) 340 40).” 605, December 15, 2016. December 15, 2017. August 2015, 2015 14, Revenue from Contracts with The Company (Topic 606): December 15, 2017, ASU 2015 14 In August 2015, 2015 14, Revenue from Contracts with Customers: Deferral of the Effective Date. The guidance in this ASU is now effective for annual reporting periods beginning after December 15, 2017, ASU 2015 16 In September 2015, 2015 16, Simplifying the Accounting for Measurement-Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the guidance in this ASU eliminates the requirement to retrospectively account for those adjustments and requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance in this ASU was effective for fiscal years beginning after December 15, 2015, ASU 2016 01 In January 2016, 2016 01, Financial Instruments - Overall. (1) (2) (3) (4) (5) (6) (7) December 15, 2017, ASU 2016 02 In February 2016, 2016 02, Leases. 12 December 15, 2018, ASU 2016 09 In March 2016, 2016 09, 2016 09 2016 09 2016 09 January 1, 2017 ASU 2016 13 In June 2016, 2016 13, 326): December 15, 2019. 2016 13 ASU 2016 15 In August 2016, 2016 15, 230). January 1, 2018, ASU- 2017 01 In January 2017, 2017 01, 805). 805. 805 141(R), 805). December 15, 2017, December 15, 2018, December 15, 2019. 2017 01 ASU 2017 04 In January 2017, 2017 04, 2 December 15, 2019. 2017 04 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to 2015 2014 2016 $595,000 $619,000 December 31, 2016 December 31, 2015, 2015 03. |
Note 2 - Summary of Significa35
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (dollars in thousands, except per share amounts) 2016 2015 2014 Net income - basic and diluted $ 4,945 $ 2,433 $ 2,442 Weighted average shares outstanding 39,281 37,818 34,232 Net income per share – basic $ 0.13 $ 0.06 $ 0.07 Weighted average shares outstanding (including dilutive CSEs) 39,865 38,094 34,591 Net income per share – diluted $ 0.12 $ 0.06 $ 0.07 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | (in thousands) 2016 2015 2014 Anti-dilutive securities Share based compensation awards 1,747 1,671 1,136 Convertible securities 1,662 1,662 1,662 Total anti-dilutive securities 3,409 3,333 2,798 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At December 31, 2016 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 230,252 $ 145 $ (5,632 ) $ 224,765 Agency mortgage-backed securities 37,973 32 (1,295 ) 36,710 Municipal securities 26,825 151 (429 ) 26,547 Corporate bonds 66,718 8 (1,978 ) 64,748 Asset-backed securities 15,565 - (416 ) 15,149 Trust preferred securities 3,063 - (1,243 ) 1,820 Total securities available for sale $ 380,396 $ 336 $ (10,993 ) $ 369,739 U.S. Government agencies $ 98,538 $ 8 $ (2,238 ) $ 96,308 Collateralized mortgage obligations 202,990 793 (2,553 ) 201,230 Agency mortgage-backed securities 129,951 1 (3,327 ) 126,625 Other securities 1,020 - - 1,020 Total securities held to maturity $ 432,499 $ 802 $ (8,118 ) $ 425,183 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 |
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 $ 1,000 $ 1,002 $ - $ - After 1 year to 5 years 19,693 19,491 4,646 4,606 After 5 years to 10 years 66,007 63,587 94,912 92,722 After 10 years 25,471 24,184 - - Collateralized mortgage obligations 230,252 224,765 202,990 201,230 Agency mortgage-backed securities 37,973 36,710 129,951 126,625 Total $ 380,396 $ 369,739 $ 432,499 $ 425,183 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | (dollars in thousands) 2016 2015 2014 Beginning Balance, January 1 st $ 930 $ 3,966 $ 3,959 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized 7 3 7 Reductions for securities sold during the period - (3,039 ) - Ending Balance, December 31 st $ 937 $ 930 $ 3,966 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At December 31 , 201 6 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Collateralized mortgage obligations $ 192,308 $ 5,380 $ 7,579 $ 252 $ 199,887 $ 5,632 Agency mortgage-backed securities 29,916 1,260 3,199 35 33,115 1,295 Municipal securities 15,414 429 - - 15,414 429 Corporate bonds 32,257 1,708 10,726 270 42,983 1,978 Asset backed securities - - 15,149 416 15,149 416 Trust preferred securities - - 1,820 1,243 1,820 1,243 Total Available for Sale $ 269,895 $ 8,777 $ 38,473 $ 2,216 $ 308,368 $ 10,993 At December 31 , 201 6 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 67,725 $ 2,198 $ 3,586 $ 40 $ 71,311 $ 2,238 Collateralized mortgage obligations 108,974 2,469 8,572 84 117,546 2,553 Agency mortgage-backed securities 97,725 3,327 - - 97,725 3,327 Total Held to Maturity $ 274,424 $ 7,994 $ 12,158 $ 124 $ 286,582 $ 8,118 At December 31 , 201 5 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 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 Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 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 |
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 Rates for 2017 and beyond Cumulative OTTI Life to Date TPREF Funding II Class B Notes $ 725 $ 402 $ (323 ) C 19 37 % 0.41 % $ 274 TPREF Funding III Class B2 Notes 1,518 889 (629 ) C 15 32 0.44 483 ALESCO Preferred Funding V Class C1 Notes 820 529 (291 ) C 41 14 0.40 180 Total $ 3,063 $ 1,820 $ (1,243 ) 75 28 % $ 937 |
Note 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) December 31, 2016 December 31, 2015 Commercial real estate $ 378,519 $ 349,726 Construction and land development 61,453 46,547 Commercial and industrial 174,744 181,850 Owner occupied real estate 276,986 246,398 Consumer and other 63,660 48,126 Residential mortgage 9,682 2,380 Total loans receivable 965,044 875,027 Deferred costs (fees) (72 ) (258 ) Allowance for loan losses (9,155 ) (8,703 ) Net loans receivable $ 955,817 $ 866,066 |
Schedule of Related Party Transactions [Table Text Block] | (dollars in thousands) December 31, 2016 December 31, 2015 December 31, 2014 Balance at beginning of year $ 8,521 $ 8,753 $ 8,762 Additions - 295 500 Repayments (659 ) (527 ) (509 ) Balance at end of year $ 7,862 $ 8,521 $ 8,753 |
Note 5 - Allowance for Loan L38
Note 5 - Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Year ended December, 201 6 Allowance for loan losses: Beginning balance: $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Charge-offs - (60 ) (143 ) (1,052 ) (11 ) (10 ) - (1,276 ) Recoveries 6 - 163 - 2 - - 171 Provisions (credits) 855 279 (68 ) 404 302 54 (269 ) 1,557 Ending balance $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 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 (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, 2016 Allowance for loan losses: Individually evaluated for impairment $ 1,277 $ - $ 1,624 $ 274 $ 293 $ - $ - $ 3,468 Collectively evaluated for impairment 1,977 557 1,260 1,108 295 58 432 5,687 Total allowance for loan losses $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Loans receivable: Loans evaluated individually $ 19,245 $ - $ 5,180 $ 2,325 $ 1,290 $ 130 $ - $ 28,170 Loans evaluated collectively 359,274 61,453 169,564 274,661 62,370 9,552 - 936,874 Total loans receivable $ 378,519 $ 61,453 $ 174,744 $ 276,986 $ 63,660 $ 9,682 $ - $ 965,044 (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 |
Impaired Financing Receivables [Table Text Block] | December 31, 201 6 December 31, 2015 ( dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Balance Related Allowance With no related allowance recorded: Commercial real estate $ 12,347 $ 12,348 $ - $ 11,692 $ 11,730 $ - Construction and land development - - - 117 2,208 - Commercial and industrial 1,955 3,111 - 2,381 3,683 - Owner occupied real estate 621 733 - 507 507 - Consumer and other 687 976 - 800 1,084 - Residential mortgage 130 130 - - - - Total $ 15,740 $ 17,298 $ - $ 15,497 $ 19,212 $ - With an allowance recorded: Commercial real estate $ 6,898 $ 6,912 $ 1,277 $ 511 $ 511 $ 47 Construction and land development - - - - - - Commercial and industrial 3,225 5,892 1,624 3,112 5,779 1,111 Owner occupied real estate 1,704 1,704 274 2,862 2,876 1,059 Consumer and other 603 627 293 147 147 21 Residential mortgage - - - - - - Total $ 12,430 $ 15,135 $ 3,468 $ 6,632 $ 9,313 $ 2,238 Total: Commercial real estate $ 19,245 $ 19,260 $ 1,277 $ 12,203 $ 12,241 $ 47 Construction and land development - - - 117 2,208 - Commercial and industrial 5,180 9,003 1,624 5,493 9,462 1,111 Owner occupied real estate 2,325 2,437 274 3,369 3,383 1,059 Consumer and other 1,290 1,603 293 947 1,231 21 Residential mortgage 130 130 - - - - Total $ 28,170 $ 32,433 $ 3,468 $ 22,129 $ 28,525 $ 2,238 |
Impaired Financing Receivables, Average Recorded Investment and Interest Income, Accrual Method [Table Text Block] | Years Ended December 31, 2016 2015 2014 (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 $ 12,033 $ 264 $ 12,796 $ 282 $ 7,739 $ 450 Construction and land development 58 - 206 2 462 - Commercial and industrial 1,828 42 3,225 78 3,070 22 Owner occupied real estate 642 10 700 6 714 8 Consumer and other 858 16 685 13 482 4 Residential mortgage 26 1 - - - - Total $ 15,445 $ 333 $ 17,612 $ 381 $ 12,467 $ 484 With an allowance recorded: Commercial real estate $ 4,455 $ 52 $ 5,544 $ 13 $ 13,197 $ 5 Construction and land development 12 - 90 - 557 - Commercial and industrial 3,357 74 2,587 28 3,244 - Owner occupied real estate 2,104 31 3,643 92 3,446 125 Consumer and other 322 12 59 2 40 - Residential mortgage - - - - - - Total $ 10,250 $ 169 $ 11,923 $ 135 $ 20,484 $ 130 Total: Commercial real estate $ 16,488 $ 316 $ 18,340 $ 295 $ 20,936 $ 455 Construction and land development 70 - 296 2 1,019 - Commercial and industrial 5,185 116 5,812 106 6,314 22 Owner occupied real estate 2,746 41 4,343 98 4,160 133 Consumer and other 1,180 28 744 15 522 4 Residential mortgage 26 1 - - - - Total $ 25,695 $ 502 $ 29,535 $ 516 $ 32,951 $ 614 |
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 6 Commercial real estate $ - $ 9 $ 13,089 $ 13,098 $ 365,421 $ 378,519 $ - Construction and land development - - - - 61,453 61,453 - Commercial and industrial 568 - 3,151 3,719 171,025 174,744 - Owner occupied real estate 468 - 1,718 2,186 274,800 276,986 172 Consumer and other 24 22 808 854 62,806 63,660 - Residential mortgage - - 130 130 9,552 9,682 130 Total $ 1,060 $ 31 $ 18,896 $ 19,987 $ 945,057 $ 965,044 $ 302 (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 , 2015 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 $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2016 : Commercial real estate $ 364,066 $ 877 $ 13,576 $ - $ 378,519 Construction and land development 61,453 - - - 61,453 Commercial and industrial 168,958 606 3,751 1,429 174,744 Owner occupied real estate 274,150 511 2,325 - 276,986 Consumer and other 62,370 - 1,290 - 63,660 Residential mortgage 9,552 - 130 - 9,682 Total $ 940,549 $ 1,994 $ 21,072 $ 1,429 $ 965,044 (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 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (dollars in thousands) December 31, 2016 December 31, 201 5 Commercial real estate $ 13,089 $ 5,913 Construction and land development - 117 Commercial and industrial 3,151 3,156 Owner occupied real estate 1,546 2,894 Consumer and other 808 542 Residential mortgage - - Total $ 18,594 $ 12,622 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs December 31, 2016 Commercial real estate 1 $ 5,669 $ - $ 5,669 Construction and land development - - - - Commercial and industrial 2 228 349 577 Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Total 3 $ 5,897 $ 349 $ 6,246 December 31, 201 5 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 |
Note 6 - Other Real Estate Ow39
Note 6 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | (dollars in thousands) December 3 1 , 201 6 December 31, 201 5 December 31, 201 4 Beginning Balance, January 1 st $ 11,313 $ 3,715 4,059 Additions 616 11,459 1,000 Valuation adjustments (355 ) (3,069 ) (1,147 ) Dispositions (1,400 ) (792 ) (197 ) Ending Balance $ 10,174 $ 11,313 3,715 |
Note 7 - Premises and Equipme40
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) December 31, 201 6 December 31, 201 5 Land $ 10,170 $ 8,029 Buildings 25,693 16,215 Leasehold improvements 20,236 19,621 Furniture, fixtures and equipment 15,006 11,680 Construction in progress 3,734 4,471 74,839 60,016 Less accumulated depreciation (17,799 ) (13,852 ) Net premises and equipment $ 57,040 $ 46,164 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Scheduled Maturities of Time Deposits [Table Text Block] | (dollars in thousands) 201 7 201 8 201 9 20 20 20 21 Thereafter Total Certificates of Deposit $ 65,247 $ 21,554 $ 1,605 $ 21,793 $ 965 $ - $ 111,164 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 2016 20 15 20 14 Current Federal $ 261 $ 58 $ 96 State - - - Deferred (380 ) (84 ) (142 ) Total benefit for income taxes $ (119 ) $ (26 ) $ (46 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (dollars in thousands) 201 6 20 15 20 14 Tax provision computed at statutory rate $ 1,689 $ 843 $ 839 Tax exempt interest (582 ) (394 ) (246 ) Deferred tax asset valuation allowance adjustment (1,508 ) (937 ) (679 ) Other 282 462 40 Total benefit for income taxes $ (119 ) $ (26 ) $ (46 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 201 6 201 5 Deferred tax assets Allowance for loan losses $ 3,288 $ 3,125 Deferred compensation 824 786 Unrealized losses on securities available for sale 4,087 1,774 Realized losses in other than temporary impairment charge 336 334 Foreclosed real estate write-downs 2,377 2,350 Interest income on non-accrual loans 1,425 1,185 Net operating loss carryforward 8,896 10,775 Other 2,001 1,580 Total deferred tax assets 23,234 21,909 Deferred tax liabilities Deferred loan costs 1,313 1,029 Other 528 672 Total deferred tax liabilities 1,841 1,701 Net deferred tax asset before valuation allowance 21,393 20,208 Less: valuation allowance (12,214 ) (13,722 ) Net deferred tax asset $ 9,179 $ 6,486 |
Note 12 - Commitments and Con43
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended Amount 2017 $ 3,581 2018 3,449 2019 3,306 2020 3,253 2021 2,028 Thereafter 14,883 Total $ 30,500 |
Note 13 - Regulatory Capital (T
Note 13 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (dollars in thousands) Actual Minimum Capital Adequacy Minimum Capital Adequacy with Capital Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio At December 31, 2016: Total risk based capital Republic $ 179,057 13.93 % $ 102,811 8.00 % $ 110,843 8.625 % $ 128,514 10.00 % Company 245,043 18.99 % 103,226 8.00 % 111,290 8.625 % - - % Tier one risk based capital Republic 169,902 13.22 % 77,108 6.00 % 85,140 6.625 % 102,811 8.00 % Company 235,888 18.28 % 77,419 6.00 % 85,484 6.625 % - - % CET 1 risk based capital Republic 169,902 13.22 % 57,831 4.50 % 65,863 5.125 % 83,534 6.50 % Company 214,088 16.59 % 58,064 4.50 % 66,129 5.125 % - - % Tier one leveraged capital Republic 169,902 9.20 % 73,843 4.00 % 73,843 4.00 % 92,304 5.00 % Company 235,888 12.74 % 74,073 4.00 % 74,073 4.00 % - - % 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 % - - % - - % |
Note 15 - Fair Value Measurem45
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
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 , 2016 Assets: Collateralized mortgage obligations $ 224,765 $ - $ 224,765 $ - Agency mortgage-backed securities 36,710 - 36,710 - Municipal securities 26,547 - 26,547 - Corporate bonds 64,748 - 61,777 2,971 Asset-backed securities 15,149 - 15,149 - Trust Preferred Securities 1,820 - - 1,820 Securities Available for Sale $ 369,739 $ - $ 364,948 $ 4,791 Mortgage Loans Held for Sale $ 23,911 $ - $ 23,911 $ - SBA Servicing Assets 5,352 - - 5,352 Interest Rate Lock Commitments 439 - 439 - Best Efforts Forward Loan Sales Commitments 103 - 103 - Mandatory Forward Loan Sales Commitments 229 - 229 - Liabilities: Interest Rate Lock Commitments 55 - 55 - Best Efforts Forward Loan Sales Commitments 125 - 125 - Mandatory Forward Loan Sales Commitments 38 - 38 - December 31, 2015 Assets: 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 |
Schedule of Servicing Assets at Fair Value [Table Text Block] | (dollars in thousands) 2016 2015 2014 Beginning balance, January 1st $ 4,886 $ 4,099 3,477 Additions 1,541 801 1,277 Fair value adjustments (1,075 ) (14 ) (655 ) Ending balance, December 31st $ 5,352 $ 4,886 4,099 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended December 31, 201 6 Year Ended December 31, 201 5 Year Ended December 31, 201 4 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, $ 1,883 $ 2,834 $ 3,193 $ 3,005 $ 2,850 $ 3,006 Security transferred to Level 3 measurement - - - - - - Unrealized (losses) gains (56 ) 137 882 (171 ) 360 (1 ) Paydowns - - (19 ) - (10 ) - Proceeds from sales - - (1,952 ) - - - Realized losses - - (218 ) - - - Impairment charges on Level 3 (7 ) - (3 ) - (7 ) - Balance, December 31, $ 1,820 $ 2,971 $ 1,883 $ 2,834 $ 3,193 $ 3,005 |
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, 2016: Impaired loans $ 9,110 $ - $ - $ 9,110 Other real estate owned 8,563 - - 8,563 December 31, 2015: Impaired loans $ 5,734 $ - $ - $ 5,734 Other real estate owned 10,034 - - 10,034 |
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 3 1 , 2016 Corporate bonds $ 2,971 Discounted Cash Flows Discount Rate (4.68%) Trust preferred securities $ 1,820 Discounted Cash Flows Discount Rate 8.85% - 9.35% (9.08%) SBA servicing assets $ 5,352 Discounted Cash Flows Conditional Prepayment Rate (6.12%) Discount Rate (10.00%) Impaired loans $ 9,110 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 20% (11%) (3) Sales Price Liquidation expenses (2) (7%) (3) Other real estate owned $ 8,563 Appraised Value of Collateral (1) Liquidation expenses (2) 5% - 76% (17%) (3) Sales Price Liquidation expenses (2) 7% - 8% (7%) (3) 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%) SBA servicing assets $ 4,886 Discounted Cash Flows Conditional Prepayment Rate (6.27%) Discount Rate (10.00%) Impaired loans $ 5,734 Appraised Value of 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%) (3) Sales Price Liquidation expenses (2) 7% - 9% (9%) (3) |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Mortgage loans held for sale Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2016 $ 23,911 $ 23,428 $ 483 |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | (dollars in thousands) December 3 1 , 2016 December 31, 2015 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 5,352 $ 4,886 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) 21.1 20.9 Prepayment Speed 6.12 % 6.27 % Effect on fair value of a 10% increase $ (161 ) $ (151 ) Effect on fair value of a 20% increase (316 ) (296 ) Weighted Average Discount Rate 10.00 % 10.00 % Effect on fair value of a 10% increase $ (226 ) $ (206 ) Effect on fair value of a 20% increase (435 ) (397 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2016 (dollars in thousands) Carrying 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 $ 34,554 $ 34,554 $ 34,554 $ - $ - Investment securities available for sale 369,739 369,739 - 364,948 4,791 Investment securities held to maturity 432,499 425,183 - 425,183 - Restricted stock 1,366 1,366 - 1,366 - Loans held for sale 28,065 28,267 - 23,911 4,356 Loans receivable, net 955,817 937,944 - - 937,944 SBA servicing assets 5,352 5,352 - - 5,352 Accrued interest receivable 5,497 5,497 - 5,497 - Interest rate lock commitments 439 439 - 439 - Best efforts forward loan sales commitments 103 103 - 103 - Mandatory forward loan sales commitments 229 229 - 229 - Financial liabilities: Deposits Demand, savings and money market $ 1,566,506 $ 1,566,506 $ - $ 1,566,506 $ - Time 111,164 110,988 - 110,988 - Subordinated debt 21,881 16,286 - - 16,286 Accrued interest payable 444 444 - 444 - Interest rate lock commitments 55 55 - 55 - Best efforts forward loan sales commitments 125 125 - 125 - Mandatory forward loan sales commitments 38 38 - 38 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - Fair Value Measurements at December 31, 2015 (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 $ 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 21,857 18,353 - - 18,353 Accrued interest payable 245 245 - 245 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - |
Note 16 - Stock Based Compens46
Note 16 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 6 201 5 201 4 Dividend yield (1) 0.0 % 0.0 % 0.0 % Expected volatility (2) 46.38% to 52.54 % 53.78% to 56.00 % 55.79% to 57.99 % Risk-free interest rate (3) 1.23% to 1.82 % 1.49% to 2.00 % 1.51% to 2.26 % Expected life (4) 5.5 to 7.0 5.5 to 7.0 5.5 to 7.0 Assumed forfeiture rate (5) 10.0 % 19.0 % 23.0 % |
Schedule of Share-based Compensation, Activity [Table Text Block] | 201 6 201 5 201 4 Stock based compensation expense recognized $ 759,000 $ 600,000 $ 420,000 Number of unvested stock options 1,283,226 1,173,276 1,039,638 Fair value of unvested stock options $ 2,184,773 $ 1,906,691 $ 1,548,840 Amount remaining to be recognized as expense $ 1,104,424 $ 873,714 $ 702,220 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | For the Years Ended December 31, 2016 2015 2014 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 1,946,225 $ 3.56 1,494,399 $ 3.59 1,215,530 $ 3.66 Granted 661,750 4.06 505,200 3.55 360,900 3.69 Exercised (226,275 ) 3.21 (21,500 ) 3.01 (500 ) 1.95 Forfeited (50,300 ) 5.21 (31,874 ) 5.13 (81,531 ) 5.15 Outstanding, end of year 2,331,400 $ 3.70 1,946,225 $ 3.56 1,494,399 $ 3.59 Options exercisable at year-end 1,048,174 $ 3.70 772,949 $ 4.18 454,761 $ 5.06 Weighted average fair value of options granted during the year $ 1.80 $ 1.89 $ 2.07 |
Schedule of Share-based Compensation, Options, Exercises [Table Text Block] | For the Years Ended December 31, 2016 201 5 2014 Number of options exercised 226,275 21,500 500 Cash received $ 726,157 $ 64,624 $ 975 Intrinsic value $ 739,699 $ 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 Outstanding Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Shares Weighted- A verage Exercise Price $1.55 to $2.95 538,675 5.7 $ 2.36 361,837 $ 2.20 $3.14 to $3.68 897,275 7.3 3.55 428,137 3.51 $3.95 to $8.00 886,100 7.3 4.58 248,850 5.89 $11.77 to $12.13 9,350 - 11.77 9,350 11.77 2,331,400 $ 3.70 1,048,174 $ 3.70 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Share s Weighted- Average Grant Date Fair Value Nonvested, beginning of year 1,173,276 $ 1.63 Granted 661,750 1.80 Vested (517,550 ) 1.53 Forfeited (34,250 ) 2.01 Nonvested, end of year 1,283,226 $ 1.70 |
Note 19 - Parent Company Fina47
Note 19 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 201 6 December 31, 201 5 ASSETS Cash $ 61,011 $ 2,051 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation 676 676 Investment in subsidiaries 170,868 128,652 Other assets 4,589 3,873 Total Assets $ 237,144 $ 135,252 LIABILITIES AND SHAREHOLDER S ’ EQUITY Liabilities Accrued expenses $ 210 $ 20 Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation 21,881 21,857 Total Liabilities 22,091 21,877 Shareholders’ Equity Total Shareholders’ Equity 215,053 113,375 Total Liabilities and Shareholders’ Equity $ 237,144 $ 135,252 |
Statements of Operations Comprehensive Income (Loss) and Changes in Shareholders Equity [Table Text Block] | 2016 201 5 201 4 Interest income $ 35 $ 34 $ 33 Total income 35 34 33 Trust preferred interest expense 1,160 1,114 1,107 Expenses 717 572 424 Total expenses 1,877 1,686 1,531 Net loss before taxes (1,842 ) (1,652 ) (1,498 ) Benefit for income taxes (645 ) (578 ) (524 ) Loss before undistributed income of subsidiaries (1,197 ) (1,074 ) (974 ) Equity in undistributed income of subsidiaries 6,142 3,507 3,416 Net income $ 4,945 $ 2,433 $ 2,442 Net income $ 4,945 $ 2,433 $ 2,442 Total other comprehensive income (loss) (4,129 ) (2,533 ) 2,196 T otal comprehensive income (loss) $ 816 $ (100 ) $ 4,638 Shareholders’ equity, beginning of year $ 113,375 $ 112,811 $ 62,899 Shares issued under common stock offering 99,175 - 44,853 Stock based compensation 759 600 420 Stock options issued in acquisition 202 - - Exercise of stock options 726 64 1 Net income 4,945 2,433 2,442 Total other comprehensive income (loss) (4,129 ) (2,533 ) 2,196 Shareholders’ equity, end of year $ 215,053 $ 113,375 $ 112,811 |
Condensed Cash Flow Statement [Table Text Block] | 201 6 201 5 201 4 Cash flows from operating activities: Net income $ 4,945 $ 2,433 $ 2,442 Adjustments to reconcile net income to net cash used in operating activities: Share based compensation 961 600 420 Amortization of debt issuance costs 24 24 24 Increase in other assets (716 ) (636 ) (550 ) Net increase in other liabilities 190 2 - Equity in undistributed income of subsidiaries (6,142 ) (3,507 ) (3,416 ) Net cash used in operating activities (738 ) (1,084 ) (1,080 ) Cash flows from investing activities: Investment in subsidiary (40,203 ) (6,400 ) (35,000 ) Net cash used in investing activities (40,203 ) (6,400 ) (35,000 ) Cash flows from financing activities: Net proceeds from stock offering 99,175 - 44,853 Exercise of stock options 726 64 1 Net cash provided by financing activities 99,901 64 44,854 Increase (decrease) in cash 58,960 (7,420 ) 8,774 Cash, beginning of period 2,051 9,471 697 Cash, end of period $ 61,011 $ 2,051 $ 9,471 |
Note 20 - Quarterly Financial48
Note 20 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | For the Quarter Ended December 31 st September 30 th June 30 th March 31 st 2016 Interest income $ 14,636 $ 13,620 $ 13,209 $ 12,762 Interest expense 1,946 1,834 1,612 1,471 Net interest income 12,690 11,786 11,597 11,291 Provision for loan losses - 607 650 300 Non-interest income 4,727 5,142 3,031 2,412 Non-interest expense 15,970 15,013 12,967 12,343 Benefit for income taxes (50 ) (32 ) (12 ) (25 ) Net income $ 1,497 $ 1,340 $ 1,023 $ 1,085 Net income per share: Basic $ 0.03 $ 0.04 $ 0.03 $ 0.03 Diluted $ 0.03 $ 0.03 $ 0.03 $ 0.03 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 (1) Basic $ 0.02 $ 0.02 $ 0.01 $ 0.01 Diluted $ 0.02 $ 0.02 $ 0.01 $ 0.01 |
Note 21 - Changes in Accumula49
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
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, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized loss on securities (3,853 ) - (3,853 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (416 ) 140 (276 ) Net current-period other comprehensive income (loss) (4,269 ) 140 (4,129 ) Balance December 31, 2016 $ (6,831 ) $ (463 ) $ (7,294 ) 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 ) |
Note 22 - Business Combination
Note 22 - Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Original Estimates Adjustments to Estimates Final Valuation Consideration paid: Cash $ 7,136 $ - $ 7,136 Equity instruments 202 - 202 Deferred additional purchase price 500 - 500 Value of consideration $ 7,838 $ - $ 7,838 Assets acquired: Cash and cash equivalents $ 1,223 $ - $ 1,223 Loans held for sale 20,871 - 20,871 Loans receivable 1,132 - 1,132 Premises and equipment 103 - 103 Derivative assets 1,508 - 1,508 Intangible assets – non compete agreements 104 - 104 Other assets 125 - 125 Total assets 25,066 - 25,066 Liabilities assumed: Warehouse lines of credit 19,666 - 19,666 Derivative liabilities 412 - 412 Other liabilities 2,042 119 2,161 Total liabilities 22,120 119 22,239 Net assets acquired 2,946 (119 ) 2,827 Goodwill resulting from acquisition of Oak Mortgage $ 4,892 $ 119 $ 5,011 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 3 1 , 2016 2015 Total revenues $ 69,436 $ 56,520 Net income $ 6,144 $ 4,790 |
Note 23 - Goodwill and Other 51
Note 23 - Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (dollars in thousands) Balance December 31, 2015 Additions/ Adjustments Amortization Balance December 3 1 , 2016 Amortization Period (in years) Goodwill $ - $ 5,011 $ - $ 5,011 Indefinite Non-compete agreements - 104 (43 ) 61 1 Total $ - $ 5,115 $ (43 ) $ 5,072 |
Note 24 - Derivatives and Ris52
Note 24 - Derivatives and Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] | December 31, 2016 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 439 $ 20,792 Best efforts forward loan sales commitments Other Assets 103 8,586 Mandatory forward loan sales commitments Other Assets 229 18,373 Liability derivatives: IRLC’s Other Liabilities $ 55 $ 6,757 Best efforts forward loan sales commitments Other Liabilities 125 18,963 Mandatory forward loan sales commitments Other Liabilities 38 5,024 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance [Table Text Block] | Twelve Months Ended December 31, 2016 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (1,042 ) Best efforts forward loan sales commitments Mortgage banking income 77 Mandatory forward loan sales commitments Mortgage banking income 229 Liability derivatives: IRLC’s Mortgage banking income $ (32 ) Best efforts forward loan sales commitments Mortgage banking income 264 Mandatory forward loan sales commitments Mortgage banking income (38 ) |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | Dec. 31, 2016 |
Number of Wholly Owned Subsidiary | 1 |
Number of Unconsolidated Subsidiaries | 3 |
Number of Trust Preferred Securities Issued | 3 |
Note 2 - Summary of Significa54
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Millions | Apr. 29, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents | $ 23,300,000 | $ 10,800,000 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 7,000 | 3,000 | $ 7,000 | |
Federal Home Loan Bank Stock | 1,200,000 | 2,900,000 | ||
Goodwill | $ 5,011,000 | 0 | ||
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 | |||
Reclassification of Deferred Debt Issuance Costs from Other Assets to Subordinated Debt [Member] | ||||
Current Period Reclassification Adjustment | 595,000 | |||
Reclassification of Deferred Debt Issuance Costs from Other Assets to Subordinated Debt [Member] | December 31, 2015 [Member] | ||||
Prior Period Reclassification Adjustment | $ 619,000 | |||
Building [Member] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Financial Standby Letter of Credit [Member] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 5,700,000 | |||
Guarantor Obligations, Current Carrying Value | 0 | 0 | ||
Performance Guarantee Expiring in 2017 [Member] | ||||
Guarantor Obligations, Current Carrying Value | 5,200,000 | |||
Performance Guarantee Expiring in 2018 [Member] | ||||
Guarantor Obligations, Current Carrying Value | 124,000 | |||
Performance Guarantee Expiring in 2019 [Member] | ||||
Guarantor Obligations, Current Carrying Value | $ 311,000 | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Minimum [Member] | Leasehold Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 1 year | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life | 13 years | |||
Maximum [Member] | Leasehold Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
The 2005 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1.5 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
The 2005 Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
The 2005 Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5.9 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2.6 | |||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | |||
Atlantic Community Bankers Bank (ACBB) [Member] | ||||
Federal Home Loan Bank Stock | $ 143,000 | $ 143,000 |
Note 2 - Summary of Significa55
Note 2 - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Net income | $ 1,497 | $ 1,340 | $ 1,023 | $ 1,085 | $ 790 | $ 582 | $ 533 | $ 528 | $ 4,945 | $ 2,433 | $ 2,442 | ||||
Weighted average shares outstanding (in shares) | 39,281 | 37,818 | 34,232 | ||||||||||||
Basic (in dollars per share) | $ 0.03 | $ 0.04 | $ 0.03 | $ 0.03 | $ 0.02 | [1] | $ 0.02 | [1] | $ 0.01 | [1] | $ 0.01 | [1] | $ 0.13 | $ 0.06 | $ 0.07 |
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 39,865 | 38,094 | 34,591 | ||||||||||||
Diluted (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.02 | [1] | $ 0.02 | [1] | $ 0.01 | [1] | $ 0.01 | [1] | $ 0.12 | $ 0.06 | $ 0.07 |
[1] | Quarterly net income per share does not add to full year net income per share due to rounding. |
Note 2 - Summary of Significa56
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Anti-dilutive securities (in shares) | 3,409 | 3,333 | 2,798 |
Employee Stock Option [Member] | |||
Anti-dilutive securities (in shares) | 1,747 | 1,671 | 1,136 |
Convertible Debt Securities [Member] | |||
Anti-dilutive securities (in shares) | 1,662 | 1,662 | 1,662 |
Note 3 - Investment Securitie57
Note 3 - Investment Securities (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 7,000 | $ 3,000 | $ 7,000 |
Available-for-sale Securities Pledged as Collateral | 380,100,000 | 209,400,000 | |
Securities, Continuous Loss Position, Accumulated Loss | 19,100,000 | 6,300,000 | |
Securities, Continuous Unrealized Loss Position, Fair Value | 595,000,000 | 262,700,000 | |
Proceeds from Sale of Available-for-sale Securities | 78,585,000 | 11,707,000 | $ 5,700,000 |
Available-for-sale Securities, Gross Realized Gains | 680,000 | 396,000 | |
Available-for-sale Securities, Gross Realized Losses | 24,000 | 288,000 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 236,000 | $ 39,000 | |
US Government Agencies Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 10 | ||
Collateralized Mortgage Obligations [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 52 | ||
Number of Securities in Investment Portfolio | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | AltA [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | Subprime [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Collateralized Mortgage Backed Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 19 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 23 | ||
Asset-backed Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | ||
Corporate Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 8 | ||
Collateralized Debt Obligations [Member] | |||
Proceeds from Sale of Available-for-sale Securities | $ 2,000,000 | ||
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 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 218,000 | ||
Number of Securities in Investment Portfolio | 0 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | AltA [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Subprime [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 |
Note 3 - Investment Securitie58
Note 3 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | $ 380,396 | $ 288,792 |
Investment securities available for sale, gross unrealized gains | 336 | 1,399 |
Unrealized Losses | (10,993) | (5,396) |
Investment securities available for sale, at fair value | 369,739 | 284,795 |
Investment securities held to maturity, at amortized cost | 432,499 | 172,277 |
Investment securities held to maturity, gross unrealized gains | 802 | 441 |
Investment securities held to maturity, gross unrealized losses | (8,118) | (873) |
Investment securities held to maturity, at fair value | 425,183 | 171,845 |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | 230,252 | 180,795 |
Investment securities available for sale, gross unrealized gains | 145 | 523 |
Unrealized Losses | (5,632) | (3,173) |
Investment securities available for sale, at fair value | 224,765 | 178,145 |
Investment securities held to maturity, at amortized cost | 202,990 | 146,458 |
Investment securities held to maturity, gross unrealized gains | 793 | 402 |
Investment securities held to maturity, gross unrealized losses | (2,553) | (780) |
Investment securities held to maturity, at fair value | 201,230 | 146,080 |
Agency Mortgage-backed Securities [Member] | ||
Amortized Cost | 37,973 | 10,073 |
Investment securities available for sale, gross unrealized gains | 32 | 176 |
Unrealized Losses | (1,295) | (78) |
Investment securities available for sale, at fair value | 36,710 | 10,171 |
Investment securities held to maturity, at amortized cost | 129,951 | 7,732 |
Investment securities held to maturity, gross unrealized gains | 1 | |
Investment securities held to maturity, gross unrealized losses | (3,327) | (21) |
Investment securities held to maturity, at fair value | 126,625 | 7,711 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 26,825 | 22,814 |
Investment securities available for sale, gross unrealized gains | 151 | 562 |
Unrealized Losses | (429) | (32) |
Investment securities available for sale, at fair value | 26,547 | 23,344 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 66,718 | 54,294 |
Investment securities available for sale, gross unrealized gains | 8 | 135 |
Unrealized Losses | (1,978) | (300) |
Investment securities available for sale, at fair value | 64,748 | 54,129 |
Asset-backed Securities [Member] | ||
Amortized Cost | 15,565 | 17,631 |
Investment securities available for sale, gross unrealized gains | ||
Unrealized Losses | (416) | (626) |
Investment securities available for sale, at fair value | 15,149 | 17,005 |
Collateralized Debt Obligations [Member] | ||
Amortized Cost | 3,063 | 3,070 |
Investment securities available for sale, gross unrealized gains | ||
Unrealized Losses | (1,243) | (1,187) |
Investment securities available for sale, at fair value | 1,820 | 1,883 |
Other Debt Obligations [Member] | ||
Amortized Cost | 115 | |
Investment securities available for sale, gross unrealized gains | 3 | |
Unrealized Losses | ||
Investment securities available for sale, at fair value | 118 | |
Investment securities held to maturity, at amortized cost | 1,020 | 1,020 |
Investment securities held to maturity, gross unrealized gains | ||
Investment securities held to maturity, gross unrealized losses | ||
Investment securities held to maturity, at fair value | 1,020 | 1,020 |
US Government Agencies Debt Securities [Member] | ||
Investment securities held to maturity, at amortized cost | 98,538 | 17,067 |
Investment securities held to maturity, gross unrealized gains | 8 | 39 |
Investment securities held to maturity, gross unrealized losses | (2,238) | (72) |
Investment securities held to maturity, at fair value | $ 96,308 | $ 17,034 |
Note 3 - Investment Securitie59
Note 3 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Due in 1 year or less, available for sale, amortized cost | $ 1,000 | |
Due in 1 year or less, available for sale, fair value | 1,002 | |
Due in 1 year or less, held to maturity, amortized cost | ||
Due in 1 year or less, held to maturity, fair value | ||
After 1 year to 5 years, available for sale, amortized cost | 19,693 | |
After 1 year to 5 years, available for sale, fair value | 19,491 | |
After 1 year to 5 years, held to maturity, amortized cost | 4,646 | |
After 1 year to 5 years, held to maturity, fair value | 4,606 | |
After 5 years to 10 years, available for sale, amortized cost | 66,007 | |
After 5 years to 10 years, available for sale, fair value | 63,587 | |
After 5 years to 10 years, held to maturity, amortized cost | 94,912 | |
After 5 years to 10 years, held to maturity, fair value | 92,722 | |
After 10 years, available for sale, amortized cost | 25,471 | |
After 10 years, available for sale, fair value | 24,184 | |
After 10 years, held to maturity, amortized cost | ||
After 10 years, held to maturity, fair value | ||
Total, available for sale, amortized cost | 380,396 | |
Total, available for sale, fair value | 369,739 | |
Total, held to maturity, amortized cost | 432,499 | $ 172,277 |
Total, held to maturity, fair value | 425,183 | 171,845 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 230,252 | |
No specific maturity date, available for sale, fair value | 224,765 | |
No specific maturity date, held to maturity, amortized cost | 202,990 | |
No specific maturity date, held to maturity, fair value | 201,230 | |
Total, held to maturity, amortized cost | 202,990 | 146,458 |
Total, held to maturity, fair value | 201,230 | $ 146,080 |
Collateralized Mortgage Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 37,973 | |
No specific maturity date, available for sale, fair value | 36,710 | |
No specific maturity date, held to maturity, amortized cost | 129,951 | |
No specific maturity date, held to maturity, fair value | $ 126,625 |
Note 3 - Investment Securitie60
Note 3 - Investment Securities - Credit-related Impairment Losses on Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning Balance | $ 930,000 | $ 3,966,000 | $ 3,959,000 |
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 7,000 | 3,000 | 7,000 |
Reductions for securities sold during the period | (3,039,000) | ||
Ending Balance | $ 937,000 | $ 930,000 | $ 3,966,000 |
Note 3 - Investment Securitie61
Note 3 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 269,895 | $ 146,024 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 8,777 | 4,086 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 38,473 | 12,151 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,216 | 1,310 |
Available for sale securities in a continuous unrealized loss position, fair value | 308,368 | 158,175 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 10,993 | 5,396 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 274,424 | 88,553 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 7,994 | 825 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 12,158 | 15,956 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 124 | 48 |
Held to maturity securities in a continuous unrealized loss position, fair value | 286,582 | 104,509 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 8,118 | 873 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 192,308 | 116,161 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 5,380 | 3,173 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 7,579 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 252 | |
Available for sale securities in a continuous unrealized loss position, fair value | 199,887 | 116,161 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 5,632 | 3,173 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 108,974 | 68,888 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,469 | 732 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 8,572 | 15,956 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 84 | 48 |
Held to maturity securities in a continuous unrealized loss position, fair value | 117,546 | 84,844 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 2,553 | 780 |
US Government Agencies Debt Securities [Member] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 67,725 | 11,954 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,198 | 72 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 3,586 | |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 40 | |
Held to maturity securities in a continuous unrealized loss position, fair value | 71,311 | 11,954 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 2,238 | 72 |
Agency Mortgage-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 29,916 | 2,389 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,260 | 14 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 3,199 | 5,502 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 35 | 64 |
Available for sale securities in a continuous unrealized loss position, fair value | 33,115 | 7,891 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 1,295 | 78 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 97,725 | 7,711 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,327 | 21 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | ||
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | ||
Held to maturity securities in a continuous unrealized loss position, fair value | 97,725 | 7,711 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 3,327 | 21 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 15,414 | 886 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 429 | 15 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 1,814 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 17 | |
Available for sale securities in a continuous unrealized loss position, fair value | 15,414 | 2,700 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 429 | 32 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 32,257 | 9,583 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,708 | 258 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 10,726 | 2,952 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 270 | 42 |
Available for sale securities in a continuous unrealized loss position, fair value | 42,983 | 12,535 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 1,978 | 300 |
Asset-backed Securities [Member] | ||
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 | 15,149 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 416 | |
Available for sale securities in a continuous unrealized loss position, fair value | 15,149 | 17,005 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 416 | 626 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 1,820 | 1,883 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,243 | 1,187 |
Available for sale securities in a continuous unrealized loss position, fair value | 1,820 | 1,883 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 1,243 | $ 1,187 |
Note 3 - Investment Securitie62
Note 3 - Investment Securities - Trust Preferred Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amortized Cost | $ 380,396 | $ 288,792 | ||
Investment securities available for sale, at fair value | 369,739 | 284,795 | ||
Unrealized Losses | (10,993) | (5,396) | ||
Cumulative OTTI Life to Date | $ 937 | 930 | $ 3,966 | $ 3,959 |
TPREF Funding II [Member] | ||||
Class / Tranche | Class B Notes | |||
Amortized Cost | $ 725 | |||
Investment securities available for sale, at fair value | 402 | |||
Unrealized Losses | $ (323) | |||
Lowest Credit Rating Assigned | C | |||
Number of Banks Currently Performing | 19 | |||
Deferrals / Defaults as % of Current Balance | 37.00% | |||
Conditional Default Rates for 2017 and beyond | 0.41% | |||
Cumulative OTTI Life to Date | $ 274 | |||
TPREF Funding III [Member] | ||||
Class / Tranche | Class B2 Notes | |||
Amortized Cost | $ 1,518 | |||
Investment securities available for sale, at fair value | 889 | |||
Unrealized Losses | $ (629) | |||
Lowest Credit Rating Assigned | C | |||
Number of Banks Currently Performing | 15 | |||
Deferrals / Defaults as % of Current Balance | 32.00% | |||
Conditional Default Rates for 2017 and beyond | 0.44% | |||
Cumulative OTTI Life to Date | $ 483 | |||
ALESCO Preferred Funding V [Member] | ||||
Class / Tranche | Class C1 Notes | |||
Amortized Cost | $ 820 | |||
Investment securities available for sale, at fair value | 529 | |||
Unrealized Losses | $ (291) | |||
Lowest Credit Rating Assigned | C | |||
Number of Banks Currently Performing | 41 | |||
Deferrals / Defaults as % of Current Balance | 14.00% | |||
Conditional Default Rates for 2017 and beyond | 0.40% | |||
Cumulative OTTI Life to Date | $ 180 | |||
Collateralized Debt Obligations [Member] | ||||
Amortized Cost | 3,063 | 3,070 | ||
Investment securities available for sale, at fair value | 1,820 | 1,883 | ||
Unrealized Losses | $ (1,243) | $ (1,187) | ||
Number of Banks Currently Performing | 75 | |||
Deferrals / Defaults as % of Current Balance | 28.00% | |||
Cumulative OTTI Life to Date | $ 937 |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loans and Leases Receivable, Related Parties | $ 7,862 | $ 8,521 | $ 8,753 | $ 8,762 |
Note 4 - Loans Receivable - Gro
Note 4 - Loans Receivable - Gross Loans by Major Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans receivable | $ 965,044 | $ 875,027 |
Deferred costs (fees) | (72) | (258) |
Allowance for loan losses | (9,155) | (8,703) |
Net loans receivable | 955,817 | 866,066 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 378,519 | 349,726 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 61,453 | 46,547 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 174,744 | 181,850 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 276,986 | 246,398 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 63,660 | 48,126 |
Residential Portfolio Segment [Member] | ||
Loans receivable | $ 9,682 | $ 2,380 |
Note 4 - Loans Receivable - Rel
Note 4 - Loans Receivable - Related Party Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of year | $ 8,521 | $ 8,753 | $ 8,762 |
Additions | 295 | 500 | |
Repayments | (659) | (527) | (509) |
Balance at end of year | $ 7,862 | $ 8,521 | $ 8,753 |
Note 5 - Allowance for Loan L66
Note 5 - Allowance for Loan Losses (Details Textual) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Impaired Financing Receivable, Average Recorded Investment | $ 25,695,000 | $ 29,535,000 | $ 32,951,000 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 502,000 | 516,000 | 614,000 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 1,000,000 | $ 765,000 | 980,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 1 | 1 | |
Financing Receivable, Modifications, Number of Contracts | 0 | |||
Real Estate Acquired Through Foreclosure | $ 10,174,000 | $ 11,313,000 | ||
Mortgage Loans in Process of Foreclosure, Amount | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment | 5,185,000 | 5,812,000 | 6,314,000 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 116,000 | $ 106,000 | 22,000 | |
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 | |||
Residential Portfolio Segment [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment | 26,000 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,000 | |||
Real Estate Acquired Through Foreclosure | $ 126,000 | $ 193,000 |
Note 5 - Allowance for Loan L67
Note 5 - Allowance for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance: | $ 8,703 | $ 11,536 | $ 8,703 | $ 11,536 | $ 12,263 | ||||||||
Charge-offs | (1,276) | (3,425) | (2,012) | ||||||||||
Recoveries | 171 | 92 | 385 | ||||||||||
Provision for loan losses | $ 607 | $ 650 | 300 | $ 500 | 1,557 | 500 | 900 | ||||||
Ending balance | 9,155 | 8,703 | 9,155 | 8,703 | 11,536 | ||||||||
Allowance for loan losses, individually evaluated for impairment | $ 3,468 | $ 2,238 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 5,687 | 6,465 | |||||||||||
Total allowance for loan losses | 9,155 | 8,703 | 8,703 | 11,536 | 8,703 | 8,703 | 11,536 | 9,155 | 8,703 | ||||
Loans evaluated individually | 28,170 | 22,129 | |||||||||||
Loans evaluated collectively | 936,874 | 852,898 | |||||||||||
Total loans receivable | 965,044 | 875,027 | |||||||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||||
Beginning balance: | 2,393 | 6,828 | 2,393 | 6,828 | 6,454 | ||||||||
Charge-offs | (2,624) | (364) | |||||||||||
Recoveries | 6 | 4 | 5 | ||||||||||
Provision for loan losses | 855 | (1,815) | 733 | ||||||||||
Ending balance | 3,254 | 2,393 | 3,254 | 2,393 | 6,828 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 1,277 | 47 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 1,977 | 2,346 | |||||||||||
Total allowance for loan losses | 3,254 | 2,393 | 2,393 | 6,828 | 2,393 | 2,393 | 6,828 | 3,254 | 2,393 | ||||
Loans evaluated individually | 19,245 | 12,203 | |||||||||||
Loans evaluated collectively | 359,274 | 337,523 | |||||||||||
Total loans receivable | 378,519 | 349,726 | |||||||||||
Construction and Land Development Portfolio Segment [Member] | |||||||||||||
Beginning balance: | 338 | 917 | 338 | 917 | 1,948 | ||||||||
Charge-offs | (60) | (260) | (303) | ||||||||||
Recoveries | 5 | 214 | |||||||||||
Provision for loan losses | 279 | (324) | (942) | ||||||||||
Ending balance | 557 | 338 | 557 | 338 | 917 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 557 | 338 | |||||||||||
Total allowance for loan losses | 557 | 338 | 338 | 917 | 338 | 338 | 917 | 557 | 338 | ||||
Loans evaluated individually | 117 | ||||||||||||
Loans evaluated collectively | 61,453 | 46,430 | |||||||||||
Total loans receivable | 61,453 | 46,547 | |||||||||||
Commercial Portfolio Segment [Member] | |||||||||||||
Beginning balance: | 2,932 | 1,579 | 2,932 | 1,579 | 2,309 | ||||||||
Charge-offs | (143) | (408) | (1,185) | ||||||||||
Recoveries | 163 | 49 | 166 | ||||||||||
Provision for loan losses | (68) | 1,712 | 289 | ||||||||||
Ending balance | 2,884 | 2,932 | 2,884 | 2,932 | 1,579 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 1,624 | 1,111 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 1,260 | 1,821 | |||||||||||
Total allowance for loan losses | 2,884 | 2,932 | 2,932 | 1,579 | 2,932 | 2,932 | 1,579 | 2,884 | 2,932 | ||||
Loans evaluated individually | 5,180 | 5,493 | |||||||||||
Loans evaluated collectively | 169,564 | 176,357 | |||||||||||
Total loans receivable | 174,744 | 181,850 | |||||||||||
Owner Occupied Real Estate [Member] | |||||||||||||
Beginning balance: | 2,030 | 1,638 | 2,030 | 1,638 | 985 | ||||||||
Charge-offs | (1,052) | (133) | (150) | ||||||||||
Recoveries | |||||||||||||
Provision for loan losses | 404 | 525 | 803 | ||||||||||
Ending balance | 1,382 | 2,030 | 1,382 | 2,030 | 1,638 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 274 | 1,059 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 1,108 | 971 | |||||||||||
Total allowance for loan losses | 1,382 | 2,030 | 2,030 | 1,638 | 2,030 | 2,030 | 1,638 | 1,382 | 2,030 | ||||
Loans evaluated individually | 2,325 | 3,369 | |||||||||||
Loans evaluated collectively | 274,661 | 243,029 | |||||||||||
Total loans receivable | 276,986 | 246,398 | |||||||||||
Consumer Portfolio Segment [Member] | |||||||||||||
Beginning balance: | 295 | 234 | 295 | 234 | 225 | ||||||||
Charge-offs | (11) | (10) | |||||||||||
Recoveries | 2 | 34 | |||||||||||
Provision for loan losses | 302 | 27 | 19 | ||||||||||
Ending balance | 588 | 295 | 588 | 295 | 234 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 293 | 21 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 295 | 274 | |||||||||||
Total allowance for loan losses | 588 | 295 | 295 | 234 | 295 | 295 | 234 | 588 | 295 | ||||
Loans evaluated individually | 1,290 | 947 | |||||||||||
Loans evaluated collectively | 62,370 | 47,179 | |||||||||||
Total loans receivable | 63,660 | 48,126 | |||||||||||
Residential Portfolio Segment [Member] | |||||||||||||
Beginning balance: | 14 | 2 | 14 | 2 | 14 | ||||||||
Charge-offs | (10) | ||||||||||||
Recoveries | |||||||||||||
Provision for loan losses | 54 | 12 | (12) | ||||||||||
Ending balance | 58 | 14 | 58 | 14 | 2 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 58 | 14 | |||||||||||
Total allowance for loan losses | 58 | 14 | 14 | 2 | 14 | 14 | 2 | 58 | 14 | ||||
Loans evaluated individually | 130 | ||||||||||||
Loans evaluated collectively | 9,552 | 2,380 | |||||||||||
Total loans receivable | 9,682 | 2,380 | |||||||||||
Unallocated Financing Receivables [Member] | |||||||||||||
Beginning balance: | 701 | 338 | 701 | 338 | 328 | ||||||||
Charge-offs | |||||||||||||
Recoveries | |||||||||||||
Provision for loan losses | (269) | 363 | 10 | ||||||||||
Ending balance | 432 | 701 | 432 | 701 | 338 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 432 | 701 | |||||||||||
Total allowance for loan losses | $ 432 | $ 701 | $ 701 | $ 338 | $ 701 | $ 701 | $ 338 | 432 | 701 | ||||
Loans evaluated individually | |||||||||||||
Loans evaluated collectively | |||||||||||||
Total loans receivable |
Note 5 - Allowances for Loan Lo
Note 5 - Allowances for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
With no related allowance - Recorded investment | $ 15,740 | $ 15,497 |
With no related allowance - Unpaid principal balance | 17,298 | 19,212 |
With related allowance - Recorded investment | 12,430 | 6,632 |
With related allowance - Unpaid principal balance | 15,135 | 9,313 |
Related allowance | 3,468 | 2,238 |
Recorded investment | 28,170 | 22,129 |
Unpaid principal balance | 32,433 | 28,525 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 12,347 | 11,692 |
With no related allowance - Unpaid principal balance | 12,348 | 11,730 |
With related allowance - Recorded investment | 6,898 | 511 |
With related allowance - Unpaid principal balance | 6,912 | 511 |
Related allowance | 1,277 | 47 |
Recorded investment | 19,245 | 12,203 |
Unpaid principal balance | 19,260 | 12,241 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 117 | |
With no related allowance - Unpaid principal balance | 2,208 | |
With related allowance - Recorded investment | ||
With related allowance - Unpaid principal balance | ||
Related allowance | ||
Recorded investment | 117 | |
Unpaid principal balance | 2,208 | |
Commercial Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 1,955 | 2,381 |
With no related allowance - Unpaid principal balance | 3,111 | 3,683 |
With related allowance - Recorded investment | 3,225 | 3,112 |
With related allowance - Unpaid principal balance | 5,892 | 5,779 |
Related allowance | 1,624 | 1,111 |
Recorded investment | 5,180 | 5,493 |
Unpaid principal balance | 9,003 | 9,462 |
Owner Occupied Real Estate [Member] | ||
With no related allowance - Recorded investment | 621 | 507 |
With no related allowance - Unpaid principal balance | 733 | 507 |
With related allowance - Recorded investment | 1,704 | 2,862 |
With related allowance - Unpaid principal balance | 1,704 | 2,876 |
Related allowance | 274 | 1,059 |
Recorded investment | 2,325 | 3,369 |
Unpaid principal balance | 2,437 | 3,383 |
Consumer Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 687 | 800 |
With no related allowance - Unpaid principal balance | 976 | 1,084 |
With related allowance - Recorded investment | 603 | 147 |
With related allowance - Unpaid principal balance | 627 | 147 |
Related allowance | 293 | 21 |
Recorded investment | 1,290 | 947 |
Unpaid principal balance | 1,603 | 1,231 |
Residential Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 130 | |
With no related allowance - Unpaid principal balance | 130 | |
With related allowance - Recorded investment | ||
With related allowance - Unpaid principal balance | ||
Related allowance | ||
Recorded investment | 130 | |
Unpaid principal balance | $ 130 |
Note 5 - Allowances for Loan 69
Note 5 - Allowances for Loan Losses - Impaired Loans Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
With no related allowance recorded - Average recorded investment | $ 15,445,000 | $ 17,612,000 | $ 12,467,000 |
With no related allowance recorded - Interest income recognized | 333,000 | 381,000 | 484,000 |
With related allowance recorded - Average recorded investment | 10,250,000 | 11,923,000 | 20,484,000 |
With related allowance recorded - Interest income recognized | 169,000 | 135,000 | 130,000 |
Average recorded investment | 25,695,000 | 29,535,000 | 32,951,000 |
Interest income recognized | 502,000 | 516,000 | 614,000 |
Commercial Real Estate Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 12,033,000 | 12,796,000 | 7,739,000 |
With no related allowance recorded - Interest income recognized | 264,000 | 282,000 | 450,000 |
With related allowance recorded - Average recorded investment | 4,455,000 | 5,544,000 | 13,197,000 |
With related allowance recorded - Interest income recognized | 52,000 | 13,000 | 5,000 |
Average recorded investment | 16,488,000 | 18,340,000 | 20,936,000 |
Interest income recognized | 316,000 | 295,000 | 455,000 |
Construction and Land Development Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 58,000 | 206,000 | 462,000 |
With no related allowance recorded - Interest income recognized | 2,000 | ||
With related allowance recorded - Average recorded investment | 12,000 | 90,000 | 557,000 |
With related allowance recorded - Interest income recognized | |||
Average recorded investment | 70,000 | 296,000 | 1,019,000 |
Interest income recognized | 2,000 | ||
Commercial Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 1,828,000 | 3,225,000 | 3,070,000 |
With no related allowance recorded - Interest income recognized | 42,000 | 78,000 | 22,000 |
With related allowance recorded - Average recorded investment | 3,357,000 | 2,587,000 | 3,244,000 |
With related allowance recorded - Interest income recognized | 74,000 | 28,000 | |
Average recorded investment | 5,185,000 | 5,812,000 | 6,314,000 |
Interest income recognized | 116,000 | 106,000 | 22,000 |
Owner Occupied Real Estate [Member] | |||
With no related allowance recorded - Average recorded investment | 642,000 | 700,000 | 714,000 |
With no related allowance recorded - Interest income recognized | 10,000 | 6,000 | 8,000 |
With related allowance recorded - Average recorded investment | 2,104,000 | 3,643,000 | 3,446,000 |
With related allowance recorded - Interest income recognized | 31,000 | 92,000 | 125,000 |
Average recorded investment | 2,746,000 | 4,343,000 | 4,160,000 |
Interest income recognized | 41,000 | 98,000 | 133,000 |
Consumer Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 858,000 | 685,000 | 482,000 |
With no related allowance recorded - Interest income recognized | 16,000 | 13,000 | 4,000 |
With related allowance recorded - Average recorded investment | 322,000 | 59,000 | 40,000 |
With related allowance recorded - Interest income recognized | 12,000 | 2,000 | |
Average recorded investment | 1,180,000 | 744,000 | 522,000 |
Interest income recognized | 28,000 | 15,000 | 4,000 |
Residential Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 26,000 | ||
With no related allowance recorded - Interest income recognized | 1,000 | ||
With related allowance recorded - Average recorded investment | |||
With related allowance recorded - Interest income recognized | |||
Average recorded investment | 26,000 | ||
Interest income recognized | $ 1,000 |
Note 5 - Allowance for Loan L70
Note 5 - Allowance for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans receivable, total past due | $ 19,987 | $ 24,815 |
Loans receivable, current | 945,057 | 850,212 |
Loans receivable | 965,044 | 875,027 |
Loans receivable greater than 90 days and accruing | 302 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 1,060 | 2,878 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 31 | 9,315 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 18,896 | 12,622 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, total past due | 13,098 | 13,570 |
Loans receivable, current | 365,421 | 336,156 |
Loans receivable | 378,519 | 349,726 |
Loans receivable greater than 90 days and accruing | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 9 | 7,657 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 13,089 | 5,913 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable, total past due | 117 | |
Loans receivable, current | 61,453 | 46,430 |
Loans receivable | 61,453 | 46,547 |
Loans receivable greater than 90 days and accruing | ||
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 117 | |
Commercial Portfolio Segment [Member] | ||
Loans receivable, total past due | 3,719 | 5,814 |
Loans receivable, current | 171,025 | 176,036 |
Loans receivable | 174,744 | 181,850 |
Loans receivable greater than 90 days and accruing | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 568 | 1,661 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 997 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 3,151 | 3,156 |
Owner Occupied Real Estate [Member] | ||
Loans receivable, total past due | 2,186 | 4,163 |
Loans receivable, current | 274,800 | 242,235 |
Loans receivable | 276,986 | 246,398 |
Loans receivable greater than 90 days and accruing | 172 | |
Owner Occupied Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 468 | 800 |
Owner Occupied Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 469 | |
Owner Occupied Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 1,718 | 2,894 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, total past due | 854 | 1,019 |
Loans receivable, current | 62,806 | 47,107 |
Loans receivable | 63,660 | 48,126 |
Loans receivable greater than 90 days and accruing | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 24 | 285 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 22 | 192 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 808 | 542 |
Residential Portfolio Segment [Member] | ||
Loans receivable, total past due | 130 | 132 |
Loans receivable, current | 9,552 | 2,248 |
Loans receivable | 9,682 | 2,380 |
Loans receivable greater than 90 days and accruing | 130 | |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 132 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | $ 130 |
Note 5 - Allowance for Loan L71
Note 5 - Allowance for Loan Losses - Loans by Internal Risk Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans receivable | $ 965,044 | $ 875,027 |
Pass [Member] | ||
Loans receivable | 940,549 | 844,173 |
Special Mention [Member] | ||
Loans receivable | 1,994 | 8,725 |
Substandard [Member] | ||
Loans receivable | 21,072 | 20,700 |
Doubtful [Member] | ||
Loans receivable | 1,429 | 1,429 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 378,519 | 349,726 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 364,066 | 329,567 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 877 | 7,956 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 13,576 | 12,203 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 61,453 | 46,547 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 61,453 | 46,430 |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 117 | |
Construction and Land Development Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Commercial Portfolio Segment [Member] | ||
Loans receivable | 174,744 | 181,850 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 168,958 | 176,132 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 606 | 225 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 3,751 | 4,064 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 1,429 | 1,429 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 276,986 | 246,398 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Loans receivable | 274,150 | 242,560 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Loans receivable | 511 | 469 |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Loans receivable | 2,325 | 3,369 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | ||
Loans receivable | 63,660 | 48,126 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 62,370 | 47,104 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 75 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 1,290 | 947 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | ||
Loans receivable | 9,682 | 2,380 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 9,552 | 2,380 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 130 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable |
Note 5 - Allowance for Loan L72
Note 5 - Allowance for Loan Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-accrual loans | $ 18,594 | $ 12,622 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 13,089 | 5,913 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | 117 | |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 3,151 | 3,156 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 1,546 | 2,894 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 808 | 542 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans |
Note 5 - Allowance for Loan L73
Note 5 - Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Number of Loans | 3 | 4 |
Troubled debt restructurings, accrual status | $ 5,897 | $ 6,030 |
Troubled debt restructurings, non-accrual status | 349 | 2,760 |
Troubled debt restructurings | $ 6,246 | $ 8,790 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 5,669 | $ 5,778 |
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | $ 5,669 | $ 5,778 |
Construction and Land Development Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Commercial Portfolio Segment [Member] | ||
Number of Loans | 2 | 2 |
Troubled debt restructurings, accrual status | $ 228 | $ 252 |
Troubled debt restructurings, non-accrual status | 349 | 935 |
Troubled debt restructurings | $ 577 | $ 1,187 |
Owner Occupied Real Estate [Member] | ||
Number of Loans | 1 | |
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | 1,825 | |
Troubled debt restructurings | $ 1,825 | |
Consumer Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Residential Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings |
Note 6 - Other Real Estate Ow74
Note 6 - Other Real Estate Owned - Reconciliation of Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning Balance | $ 11,313 | $ 3,715 | $ 4,059 |
Additions | 616 | 11,459 | 1,000 |
Valuation adjustments | (355) | (3,069) | (1,147) |
Dispositions | (1,400) | (792) | (197) |
Ending Balance | $ 10,174 | $ 11,313 | $ 3,715 |
Note 7 - Premises and Equipme75
Note 7 - Premises and Equipment (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Depreciation | $ 3,500 | $ 3,100 | $ 2,400 |
Property, Plant and Equipment, Gross | 74,839 | 60,016 | |
Construction in Progress Land Purchased | $ 1,100 | ||
Number of Specific Store Locations | 5 | ||
Cost of Completion | $ 19,400 | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment, Gross | $ 3,734 | $ 4,471 |
Note 7 - Premises and Equipme76
Note 7 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Premises and equipment | $ 74,839 | $ 60,016 |
Less accumulated depreciation | (17,799) | (13,852) |
Net premises and equipment | 57,040 | 46,164 |
Land [Member] | ||
Premises and equipment | 10,170 | 8,029 |
Building [Member] | ||
Premises and equipment | 25,693 | 16,215 |
Leasehold Improvements [Member] | ||
Premises and equipment | 20,236 | 19,621 |
Furniture and Fixtures [Member] | ||
Premises and equipment | 15,006 | 11,680 |
Construction in Progress [Member] | ||
Premises and equipment | $ 3,734 | $ 4,471 |
Note 8 - Borrowings (Details Te
Note 8 - Borrowings (Details Textual) - USD ($) $ / shares in Units, shares in Millions | Jun. 10, 2008 | Jun. 28, 2007 | Dec. 31, 2006 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
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 | $ 99,175,000 | $ 44,853,000 | |||
Amortization of Debt Issuance Costs | 24,000 | 24,000 | $ 24,000 | |||
Subordinated Debt [Member] | ||||||
Debt Issuance Costs, Net | 595,000 | $ 619,000 | ||||
Republic Capital Trust II [Member] | ||||||
Proceeds from (Repurchase of) Trust Preferred Securities | $ 6,000,000 | |||||
Proceeds from Issuance of Common Stock | 200,000 | |||||
Republic Capital Trust II [Member] | Junior Subordinated Debt [Member] | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 6,200,000 | |||||
Debt Instrument, Call Period With Prepayment Penalty | 5 years | |||||
Republic Capital Trust II [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.73% | |||||
Republic Capital Trust III [Member] | ||||||
Proceeds from (Repurchase of) Trust Preferred Securities | $ 5,000,000 | |||||
Proceeds from Issuance of Common Stock | 200,000 | |||||
Republic Capital Trust III [Member] | Junior Subordinated Debt [Member] | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 5,200,000 | |||||
Republic Capital Trust III [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | |||||
Republic Capital Trust IV [Member] | ||||||
Proceeds from (Repurchase of) Trust Preferred Securities | 10,800,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 1.7 | |||||
Debt Instrument, Convertible, Conversion Price | $ 6.50 | |||||
Republic Capital Trust IV [Member] | Junior Subordinated Debt [Member] | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 11,100,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||
Overnight Advances [Member] | ||||||
Collateralized Financings | 675,800,000 | |||||
Correspondent Bank [Member] | ||||||
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 | ||||
Federal Home Loan Bank of Pittsburgh [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 467,100,000 | |||||
Letters of Credit Outstanding, Amount | 75,000,000 | |||||
Federal Home Loan Bank of Pittsburgh [Member] | Overnight Advances [Member] | ||||||
Long-term Line of Credit | 0 | $ 47,000,000 | ||||
Federal Home Loan Bank, Advances, Interest Rate | 0.43% | |||||
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | 48,800,000 | $ 47,000,000 | ||||
Federal Home Loan Bank of Pittsburgh [Member] | Fixed Term Advances [Member] | ||||||
Long-term Line of Credit | 0 | 0 | ||||
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 0 | $ 0 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Time Deposits, $250,000 or More | $ 42.5 | $ 8 |
Related Party Deposit Liabilities | $ 120.2 | $ 93.5 |
Note 9 - Deposits - Contractual
Note 9 - Deposits - Contractual Maturities of the Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Certificates of Deposit, 2017 | $ 65,247 | |
Certificates of Deposit, 2018 | 21,554 | |
Certificates of Deposit, 2019 | 1,605 | |
Certificates of Deposit, 2020 | 21,793 | |
Certificates of Deposit, 2021 | 965 | |
Certificates of Deposit, thereafter | ||
Certificates of Deposit | $ 111,164 | $ 67,578 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 21,393 | $ 20,208 | |
Deferred Tax Assets, Operating Loss Carryforwards | 8,896 | 10,775 | |
Deferred Tax Assets, Temporary Timing Differences | 12,500 | ||
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | $ 4,087 | 1,774 | |
Period of Net Operating Loss Carried Back | 2 years | ||
Period of Net Operating Loss Carried Forward | 20 years | ||
Operating Loss Carryforwards | $ 24,000 | ||
Deferred Tax Asset, Projected Realization Amount | 9,200 | 6,500 | |
Deferred Tax Assets, Valuation Allowance | 12,214 | 13,722 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | $ 0 | $ 0 |
Liability for Uncertainty in Income Taxes, Current | $ 0 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal | $ 261 | $ 58 | $ 96 | ||||||||
Deferred income taxes | (380) | (84) | (142) | ||||||||
Total benefit for income taxes | $ (50) | $ (32) | $ (12) | $ (25) | $ (2) | $ (5) | $ (10) | $ (9) | $ (119) | $ (26) | $ (46) |
Note 10 - Income Taxes - Inco82
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax provision computed at statutory rate | $ 1,689 | $ 843 | $ 839 | ||||||||
Tax exempt interest | (582) | (394) | (246) | ||||||||
Deferred tax asset valuation allowance adjustment | (1,508) | (937) | (679) | ||||||||
Other | 282 | 462 | 40 | ||||||||
Total benefit for income taxes | $ (50) | $ (32) | $ (12) | $ (25) | $ (2) | $ (5) | $ (10) | $ (9) | $ (119) | $ (26) | $ (46) |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets | ||
Allowance for loan losses | $ 3,288 | $ 3,125 |
Deferred compensation | 824 | 786 |
Unrealized losses on securities available for sale | 4,087 | 1,774 |
Realized losses in other than temporary impairment charge | 336 | 334 |
Foreclosed real estate write-downs | 2,377 | 2,350 |
Interest income on non-accrual loans | 1,425 | 1,185 |
Net operating loss carryforward | 8,896 | 10,775 |
Other | 2,001 | 1,580 |
Total deferred tax assets | 23,234 | 21,909 |
Deferred tax liabilities | ||
Deferred loan costs | 1,313 | 1,029 |
Other | 528 | 672 |
Total deferred tax liabilities | 1,841 | 1,701 |
Net deferred tax asset before valuation allowance | 21,393 | 20,208 |
Less: valuation allowance | (12,214) | (13,722) |
Net deferred tax asset | $ 9,179 | $ 6,486 |
Note 11 - Financial Instrumen84
Note 11 - Financial Instruments with Off-balance Sheet Risk (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Standby Letters of Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 5.7 | $ 5.2 |
Commitments to Extend Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 215.9 | $ 165.1 |
Note 12 - Commitments and Con85
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense, Net | $ 3.4 | $ 2.9 | $ 2.7 |
Note 12 - Commitments and Con86
Note 12 - Commitments and Contingencies - Minimum Annual Rental Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 3,581 |
2,018 | 3,449 |
2,019 | 3,306 |
2,020 | 3,253 |
2,021 | 2,028 |
Thereafter | 14,883 |
Total | $ 30,500 |
Note 13 - Regulatory Capital (D
Note 13 - Regulatory Capital (Details Textual) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 23.9 | |||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | ||
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | ||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | ||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | ||
Capital Required to be Well Capitalized to Risk Weighted Assets | ||||
Capital Conservation Buffer | 2.50% | |||
Scenario, Forecast [Member] | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.50% | |||
Capital Required for Capital Adequacy to Risk Weighted Assets | 10.50% | |||
Subsidiaries [Member] | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | ||
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | 4.00% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | 6.00% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | 8.00% | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Note 13 - Regulatory Capital -
Note 13 - Regulatory Capital - Capital Regulatory Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Capital | $ 245,043 | $ 145,089 | |
Capital to risk-weighted assets | 18.99% | 13.19% | |
Capital required for capital adequacy | $ 103,226 | $ 87,976 | |
Capital required for capital adequacy to risk-weighted assets | 8.00% | 8.00% | |
Capital required for capital adequacy, with capital buffer | $ 111,290 | ||
Capital required for capital adequacy to risk-weighted assets, with capital buffer | 8.625% | ||
Capital required to be well capitalized | |||
Capital required to be well capitalized to risk-weighted assets | |||
Tier one risk-based capital | $ 235,888 | $ 136,386 | |
Tier one risk-based capital to risk-weighted assets | 18.28% | 12.40% | |
Tier one risk-based capital required for capital adequacy | $ 77,419 | $ 65,982 | |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 6.00% | 6.00% | |
Tier one risk-based capital required for capital adequacy, with capital buffer | $ 85,484 | ||
Tier one risk-based capital required for capital adequacy to risk-weighted assets, with capital buffer | 6.625% | ||
Tier one risk-based capital required to be well capitalized | |||
Tier one risk-based capital required to be well capitalized to risk-weighted assets | |||
Common equity tier one risk-based capital | $ 214,088 | $ 114,586 | |
Common equity tier one risk-based capital to risk-weighted assets | 16.59% | 10.42% | |
Common equity tier one risk-based capital required for capital adequacy | $ 58,064 | $ 49,487 | |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% | |
Common equity tier one risk-based capital required for capital adequacy, with capital buffer | $ 66,129 | ||
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets, with capital buffer | 5.125% | ||
Common equity tier one risk-based capital required to be well capitalized | |||
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | |||
Tier one leverage capital | $ 235,888 | $ 136,386 | |
Tier one leverage capital to average assets | 12.74% | 9.65% | |
Tier one leverage capital required for capital adequacy | $ 74,073 | $ 56,531 | |
Tier one leverage capital required for capital adequacy to risk average assets | 4.00% | 4.00% | |
Tier one leverage capital required for capital adequacy, with capital buffer | $ 74,073 | ||
Tier one leverage capitalrequired for capital adequacy to average assets, with capital buffer | 4.00% | ||
Tier one leverage capitalrequired to be well capitalized | |||
Tier one leverage capitalrequired to be well capitalized to average assets | |||
Subsidiaries [Member] | |||
Capital | $ 179,057 | $ 138,566 | |
Capital to risk-weighted assets | 13.93% | 12.65% | |
Capital required for capital adequacy | $ 102,811 | $ 87,617 | |
Capital required for capital adequacy to risk-weighted assets | 8.00% | 8.00% | 8.00% |
Capital required for capital adequacy, with capital buffer | $ 110,843 | ||
Capital required for capital adequacy to risk-weighted assets, with capital buffer | 8.625% | ||
Capital required to be well capitalized | $ 128,514 | $ 109,521 | |
Capital required to be well capitalized to risk-weighted assets | 10.00% | 10.00% | |
Tier one risk-based capital | $ 169,902 | $ 129,863 | |
Tier one risk-based capital to risk-weighted assets | 13.22% | 11.86% | |
Tier one risk-based capital required for capital adequacy | $ 77,108 | $ 65,712 | |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 6.00% | 6.00% | 4.00% |
Tier one risk-based capital required for capital adequacy, with capital buffer | $ 85,140 | ||
Tier one risk-based capital required for capital adequacy to risk-weighted assets, with capital buffer | 6.625% | ||
Tier one risk-based capital required to be well capitalized | $ 102,811 | $ 87,617 | |
Tier one risk-based capital required to be well capitalized to risk-weighted assets | 8.00% | 8.00% | 6.00% |
Common equity tier one risk-based capital | $ 169,902 | $ 129,863 | |
Common equity tier one risk-based capital to risk-weighted assets | 13.22% | 11.86% | |
Common equity tier one risk-based capital required for capital adequacy | $ 57,831 | $ 49,284 | |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% | |
Common equity tier one risk-based capital required for capital adequacy, with capital buffer | $ 65,863 | ||
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets, with capital buffer | 5.125% | ||
Common equity tier one risk-based capital required to be well capitalized | $ 83,534 | $ 71,189 | |
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | 6.50% | 6.50% | |
Tier one leverage capital | $ 169,902 | $ 129,863 | |
Tier one leverage capital to average assets | 9.20% | 9.22% | |
Tier one leverage capital required for capital adequacy | $ 73,843 | $ 56,328 | |
Tier one leverage capital required for capital adequacy to risk average assets | 4.00% | 4.00% | |
Tier one leverage capital required for capital adequacy, with capital buffer | $ 73,843 | ||
Tier one leverage capitalrequired for capital adequacy to average assets, with capital buffer | 4.00% | ||
Tier one leverage capitalrequired to be well capitalized | $ 92,304 | $ 70,410 | |
Tier one leverage capitalrequired to be well capitalized to average assets | 5.00% | 5.00% |
Note 14 - Benefit Plans (Detail
Note 14 - Benefit Plans (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Defined Contribution Plan, Cost Recognized | $ 627,000 | $ 546,000 | $ 480,000 |
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 | 1,300,000 | |
Pension and Other Postretirement Benefit Expense | $ 31,000 | 34,000 | 36,000 |
Deferred Compensation Plan, Benefits, Number of Years to Vest | 3 years | ||
Deferred Compensation Plan, Amount Vested | $ 974,000 | 851,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 88,000 | $ 15,000 | $ 147,000 |
Deferred Compensation Plan, Shares Held | shares | 25,437 | ||
Deferred Compensation Plan, Shares Acquired | shares | 0 | 0 | 0 |
Other Assets [Member] | |||
Cash Surrender Value of Life Insurance | $ 2,400,000 | $ 2,300,000 | |
Minimum [Member] | |||
Annual Annuity Payments | 15,000 | ||
Maximum [Member] | |||
Annual Annuity Payments | $ 25,000 |
Note 15 - Fair Value Measurem90
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Fees | $ 1,800,000 | $ 1,700,000 | $ 1,500,000 | |
Loans Held-for-sale, Write-down | $ 0 | $ 0 | ||
SBA Servicing Assets [Member] | ||||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Key Assumptions, Percent | 10.00% | 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% | 20.00% | ||
Interest and Fees [Member] | ||||
Interest and Fee Income, Loans Held-for-sale, Mortgages | $ 283,000 |
Note 15 - Fair Value Measurem91
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Financial Assets Measured at on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Investment securities available for sale, at fair value | $ 369,739 | $ 284,795 | ||
SBA Servicing Assets | 5,352 | 4,886 | $ 4,099 | $ 3,477 |
Collateralized Mortgage Obligations [Member] | ||||
Investment securities available for sale, at fair value | 224,765 | 178,145 | ||
Agency Mortgage-backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 36,710 | 10,171 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 26,547 | 23,344 | ||
Corporate Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 64,748 | 54,129 | ||
Asset-backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 15,149 | 17,005 | ||
Collateralized Debt Obligations [Member] | ||||
Investment securities available for sale, at fair value | 1,820 | 1,883 | ||
Other Debt Obligations [Member] | ||||
Investment securities available for sale, at fair value | 118 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 369,739 | 284,795 | ||
Mortgage Loans Held for Sale | 23,911 | |||
SBA Servicing Assets | 5,352 | 4,886 | ||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Asset | 103 | |||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | 229 | |||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | 439 | |||
Derivative Liability | 55 | |||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Liability | 125 | |||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Liability | 38 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Mortgage Loans Held for Sale | ||||
SBA Servicing Assets | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Asset | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 364,948 | 280,078 | ||
Mortgage Loans Held for Sale | 23,911 | |||
SBA Servicing Assets | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Asset | 103 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | 229 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | 439 | |||
Derivative Liability | 55 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Liability | 125 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Liability | 38 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 4,791 | 4,717 | ||
Mortgage Loans Held for Sale | ||||
SBA Servicing Assets | 5,352 | 4,886 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Asset | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||||
Investment securities available for sale, at fair value | 224,765 | 178,145 | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 224,765 | 178,145 | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 36,710 | 10,171 | ||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 36,710 | 10,171 | ||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 26,547 | 23,344 | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 26,547 | 23,344 | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 64,748 | 54,129 | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 61,777 | 51,295 | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 2,971 | 2,834 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 15,149 | 17,005 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 15,149 | 17,005 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | ||||
Investment securities available for sale, at fair value | 1,820 | 1,883 | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | $ 1,820 | 1,883 | ||
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | ||||
Investment securities available for sale, at fair value | 118 | |||
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 118 | |||
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value |
Note 15 - Fair Value Measurem92
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - SBA Servicing Assets Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance, January 1st | $ 4,886 | $ 4,099 | $ 3,477 |
Additions | 1,541 | 801 | 1,277 |
Fair value adjustments | (1,075) | (14) | (655) |
Ending balance, December 31st | $ 5,352 | $ 4,886 | $ 4,099 |
Note 15 - Fair Value Measurem93
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Collateralized Debt Obligations [Member] | |||
Balance, January 1, | $ 1,883 | $ 3,193 | $ 2,850 |
Unrealized (losses) gains | (56) | 882 | 360 |
Paydowns | (19) | (10) | |
Proceeds from sales | (1,952) | ||
Realized losses | (218) | ||
Impairment charges on Level 3 | (7) | (3) | (7) |
Balance, December 31, | 1,820 | 1,883 | 3,193 |
Corporate Debt Securities [Member] | |||
Balance, January 1, | 2,834 | 3,005 | 3,006 |
Unrealized (losses) gains | 137 | (171) | (1) |
Paydowns | |||
Proceeds from sales | |||
Realized losses | |||
Impairment charges on Level 3 | |||
Balance, December 31, | $ 2,971 | $ 2,834 | $ 3,005 |
Note 15 - Fair Value Measurem94
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Impaired loans | $ 9,110 | $ 5,734 |
Other real estate owned | 8,563 | 10,034 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Other real estate owned | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Other real estate owned | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 9,110 | 5,734 |
Other real estate owned | $ 8,563 | $ 10,034 |
Note 15 - Fair Value Measurem95
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Quantitative Information about Level 3 Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Approach Valuation Technique [Member] | Corporate Debt Securities [Member] | |||
Fair Value | $ 2,971 | $ 2,834 | |
Valuation Technique | Discounted Cash Flows | Discounted Cash Flows | |
Unobservable Input | Discount Rate | Discount Rate | |
Income Approach Valuation Technique [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | |||
Discount Rate | 4.68% | 4.11% | |
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | |||
Fair Value | $ 1,820 | $ 1,883 | |
Valuation Technique | Discounted Cash Flows | Discounted Cash Flows | |
Unobservable Input | Discount Rate | Discount Rate | |
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | Weighted Average [Member] | |||
Discount Rate | 9.08% | 7.77% | |
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | Minimum [Member] | |||
Discount Rate | 8.85% | 7.31% | |
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | Maximum [Member] | |||
Discount Rate | 9.35% | 7.81% | |
Income Approach Valuation Technique [Member] | SBA Servicing Assets [Member] | |||
Fair Value | $ 5,352 | $ 4,886 | |
Valuation Technique | Discounted Cash Flows | Discounted Cash Flows | |
Unobservable Input | Conditional Prepayment Rate | Conditional Prepayment Rate | |
Unobservable Input | Discount Rate | Discount Rate | |
Income Approach Valuation Technique [Member] | SBA Servicing Assets [Member] | Weighted Average [Member] | |||
Discount Rate | 10.00% | 10.00% | |
Conditional prepayment rate | 6.12% | 6.27% | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | |||
Fair Value | $ 9,110 | $ 5,734 | |
Valuation Technique | [1] | Appraised Value of Collateral (1) | Appraised Value of Collateral (1) |
Unobservable Input | [2] | Liquidation expenses (2) | Liquidation expenses (2) |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Weighted Average [Member] | |||
Liquidation expenses | [3] | 11.00% | 20.00% |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Minimum [Member] | |||
Liquidation expenses | [3] | 7.00% | 12.00% |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Maximum [Member] | |||
Liquidation expenses | [3] | 20.00% | 78.00% |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | |||
Fair Value | $ 8,563 | $ 10,034 | |
Valuation Technique | [1] | Appraised Value of Collateral (1) | Appraised Value of Collateral (1) |
Unobservable Input | [2] | Liquidation expenses (2) | Liquidation expenses (2) |
Unobservable Input | Appraisal adjustment (2) | ||
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Liquidation expenses | [3] | 17.00% | 10.00% |
Appraisal adjustment | [3] | 50.00% | |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | Minimum [Member] | |||
Liquidation expenses | [3] | 5.00% | 6.00% |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | Maximum [Member] | |||
Liquidation expenses | [3] | 76.00% | 30.00% |
Sales Price Valuation Technique [Member] | Impaired Loans [Member] | |||
Valuation Technique | Sales Price | ||
Unobservable Input | [2] | Liquidation expenses(2) | |
Sales Price Valuation Technique [Member] | Impaired Loans [Member] | Maximum [Member] | |||
Liquidation expenses | [3] | 7.00% | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | |||
Valuation Technique | Sales Price | Sales Price | |
Unobservable Input | [2] | Liquidation expenses (2) | |
Unobservable Input | [2] | Liquidation expenses (2) | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Liquidation expenses | [3] | 7.00% | 9.00% |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Minimum [Member] | |||
Liquidation expenses | [3] | 7.00% | 7.00% |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Maximum [Member] | |||
Liquidation expenses | [3] | 8.00% | 9.00% |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | ||
[3] | 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. |
Note 15 - Fair Value Measurem96
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Disclosure of Mortgage Held for Sale (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Aggregate Unpaid Principal Balance | $ 23,428 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | 483 |
Reported Value Measurement [Member] | |
Carrying Amount | $ 23,911 |
Note 15 - Fair Value Measurem97
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value of SBA Servicing Asset | $ 5,352 | $ 4,886 | $ 4,099 | $ 3,477 |
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||
Weighted Average Remaining Term (years) (Year) | 21 years 36 days | 20 years 328 days | ||
Prepayment Speed | 6.12% | 6.27% | ||
Effect on fair value of a 10% increase | $ (161) | $ (151) | ||
Effect on fair value of a 20% increase | $ (316) | $ (296) | ||
Weighted Average Discount Rate | 10.00% | 10.00% | ||
Effect on fair value of a 10% increase | $ (226) | $ (206) | ||
Effect on fair value of a 20% increase | $ (435) | $ (397) | ||
Fixed Rate SBA Loans [Member] | ||||
Composition of SBA loans serviced for others | 0.00% | 0.00% | ||
Adjustable Rate SBA Loans [Member] | ||||
Composition of SBA loans serviced for others | 100.00% | 100.00% |
Note 15 - Fair Value Measurem98
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Investment securities available for sale, at fair value | $ 369,739 | $ 284,795 | ||
Investment securities held to maturity, at fair value | 425,183 | 171,845 | ||
Fair Value of SBA Servicing Asset | 5,352 | 4,886 | $ 4,099 | $ 3,477 |
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 34,554 | 27,139 | ||
Investment securities available for sale, at fair value | 369,739 | 284,795 | ||
Investment securities held to maturity, at fair value | 432,499 | 172,277 | ||
Restricted stock | 1,366 | 3,059 | ||
Loans held for sale | 28,065 | 3,653 | ||
Loans receivable, net | 955,817 | 866,066 | ||
Fair Value of SBA Servicing Asset | 5,352 | 4,886 | ||
Accrued interest receivable | 5,497 | 4,216 | ||
Demand, savings and money market | 1,566,506 | 1,181,720 | ||
Time | 111,164 | 67,578 | ||
Subordinated debt | 21,881 | 21,857 | ||
Accrued interest payable | 444 | 245 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Short-term borrowings | 47,000 | |||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 103 | |||
Derivative liability | 125 | |||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 229 | |||
Derivative liability | 38 | |||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 439 | |||
Derivative liability | 55 | |||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 34,554 | 27,139 | ||
Investment securities available for sale, at fair value | 369,739 | 284,795 | ||
Investment securities held to maturity, at fair value | 425,183 | 171,845 | ||
Restricted stock | 1,366 | 3,059 | ||
Loans held for sale | 28,267 | 3,831 | ||
Loans receivable, net | 937,944 | 849,578 | ||
Fair Value of SBA Servicing Asset | 5,352 | 4,886 | ||
Accrued interest receivable | 5,497 | 4,216 | ||
Demand, savings and money market | 1,566,506 | 1,181,720 | ||
Time | 110,988 | 67,422 | ||
Subordinated debt | 16,286 | 18,353 | ||
Accrued interest payable | 444 | 245 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Short-term borrowings | 47,000 | |||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 103 | |||
Derivative liability | 125 | |||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 229 | |||
Derivative liability | 38 | |||
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 439 | |||
Derivative liability | 55 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 34,554 | 27,139 | ||
Investment securities available for sale, at fair value | ||||
Investment securities held to maturity, at fair value | ||||
Restricted stock | ||||
Loans held for sale | ||||
Loans receivable, net | ||||
Fair Value of SBA Servicing Asset | ||||
Accrued interest receivable | ||||
Demand, savings and money market | ||||
Time | ||||
Subordinated debt | ||||
Accrued interest payable | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Short-term borrowings | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | 364,948 | 280,078 | ||
Investment securities held to maturity, at fair value | 425,183 | 171,845 | ||
Restricted stock | 1,366 | 3,059 | ||
Loans held for sale | 23,911 | |||
Loans receivable, net | ||||
Fair Value of SBA Servicing Asset | ||||
Accrued interest receivable | 5,497 | 4,216 | ||
Demand, savings and money market | 1,566,506 | 1,181,720 | ||
Time | 110,988 | 67,422 | ||
Subordinated debt | ||||
Accrued interest payable | 444 | 245 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Short-term borrowings | 47,000 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 103 | |||
Derivative liability | 125 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 229 | |||
Derivative liability | 38 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 439 | |||
Derivative liability | 55 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | 4,791 | 4,717 | ||
Investment securities held to maturity, at fair value | ||||
Restricted stock | ||||
Loans held for sale | 4,356 | 3,831 | ||
Loans receivable, net | 937,944 | 849,578 | ||
Fair Value of SBA Servicing Asset | 5,352 | 4,886 | ||
Accrued interest receivable | ||||
Demand, savings and money market | ||||
Time | ||||
Subordinated debt | 16,286 | 18,353 | ||
Accrued interest payable | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Short-term borrowings | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability |
Note 16 - Stock Based Compens99
Note 16 - Stock Based Compensation (Details Textual) - USD ($) | Apr. 29, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 661,750 | 505,200 | 360,900 | |||
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 | 517,550 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,331,400 | 1,946,225 | 1,494,399 | 1,215,530 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,048,174 | 772,949 | 454,761 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 50,300 | 31,874 | 81,531 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,104,424 | $ 873,714 | $ 702,220 | |||
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,900,000 | |||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 517,550 | 349,062 | 209,825 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,331,400 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 10,871,297 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,048,174 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 4,911,116 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 50,300 | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value Amount | $ 89,383 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,104,424 | |||||
Employee Stock Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Fair Value Assumptions, Expected Volatility Rate, Term Calculation | 5 years 182 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Term Calculation | 5 years | |||||
Employee Stock Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Fair Value Assumptions, Expected Volatility Rate, Term Calculation | 7 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Term Calculation | 7 years | |||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | ||||||
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 | |||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Employee Stock Option [Member] | The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,900,000 | 2,600,000 | ||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 661,750 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Aggregate | $ 1,191,224 | |||||
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. |
Note 16 - Stock Based Compen100
Note 16 - Stock Based Compensation - Valuation Assumptions (Details) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Dividend yield(1) | [1] | 0.00% | 0.00% | 0.00% |
Assumed forfeiture rate(5) | 10.00% | 19.00% | 23.00% | |
Minimum [Member] | ||||
Expected volatility(2) | [2] | 46.38% | 53.78% | 55.79% |
Risk-free interest rate(3) | [3] | 1.23% | 1.49% | 1.51% |
Expected life(4) (years) (Year) | [4] | 5 years 182 days | 5 years 182 days | 5 years 182 days |
Maximum [Member] | ||||
Expected volatility(2) | [2] | 52.54% | 56.00% | 57.99% |
Risk-free interest rate(3) | [3] | 1.82% | 2.00% | 2.26% |
Expected life(4) (years) (Year) | [4] | 7 years | 7 years | 7 years |
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. | |||
[2] | Expected volatility is based on Bloomberg's five and one-half to seven year volatility calculation for "FRBK" stock. | |||
[3] | The risk-free interest rate is based on the five to seven year Treasury bond. | |||
[4] | The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. |
Note 16 - Stock Based Compen101
Note 16 - Stock Based Compensation - Stock-based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock based compensation expense recognized | $ 759,000 | $ 600,000 | $ 420,000 |
Number of unvested stock options (in shares) | 1,283,226 | 1,173,276 | 1,039,638 |
Fair value of unvested stock options | $ 2,184,773 | $ 1,906,691 | $ 1,548,840 |
Amount remaining to be recognized as expense | $ 1,104,424 | $ 873,714 | $ 702,220 |
Note 16 - Stock Based Compen102
Note 16 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding, beginning of year, shares (in shares) | 1,946,225 | 1,494,399 | 1,215,530 |
Outstanding, beginning of year, weighted average exercise price (in dollars per share) | $ 3.56 | $ 3.59 | $ 3.66 |
Granted, number of shares (in shares) | 661,750 | 505,200 | 360,900 |
Granted, weighted average exercise price (in dollars per share) | $ 4.06 | $ 3.55 | $ 3.69 |
Exercised, shares (in shares) | (226,275) | (21,500) | (500) |
Exercise, weighted average exercise price (in dollars per share) | $ 3.21 | $ 3.01 | $ 1.95 |
Forfeited, shares (in shares) | (50,300) | (31,874) | (81,531) |
Forfeited, weighted average exercise price (in dollars per share) | $ 5.21 | $ 5.13 | $ 5.15 |
Outstanding, end of year, shares (in shares) | 2,331,400 | 1,946,225 | 1,494,399 |
Outstanding, end of year, weighted average exercise price (in dollars per share) | $ 3.70 | $ 3.56 | $ 3.59 |
Options exercisable at year-end, shares (in shares) | 1,048,174 | 772,949 | 454,761 |
Options exercisable at year-end, weighted average exercise price (in dollars per share) | $ 3.70 | $ 4.18 | $ 5.06 |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 1.80 | $ 1.89 | $ 2.07 |
Note 16 - Stock Based Compen103
Note 16 - Stock Based Compensation - Stock Option Exercises (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Options exercised (in shares) | 226,275 | 21,500 | 500 |
Net proceeds from exercise of stock options | $ 726,157 | $ 64,624 | $ 975 |
Intrinsic value | $ 739,699 | $ 26,532 | $ 1,010 |
Note 16 - Stock Based Compen104
Note 16 - Stock Based Compensation - Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Options outstanding (in shares) | shares | 2,331,400 |
Options outstanding, weighted-average remaining contractual life (Year) | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 3.70 |
Options exercisable (in shares) | shares | 1,048,174 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 3.70 |
Range 1 [Member] | |
Lower range limit (in dollars per share) | 1.55 |
Upper range limit (in dollars per share) | $ 2.95 |
Options outstanding (in shares) | shares | 538,675 |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 255 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 2.36 |
Options exercisable (in shares) | shares | 361,837 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 2.20 |
Range 2 [Member] | |
Lower range limit (in dollars per share) | 3.14 |
Upper range limit (in dollars per share) | $ 3.68 |
Options outstanding (in shares) | shares | 897,275 |
Options outstanding, weighted-average remaining contractual life (Year) | 7 years 109 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 3.55 |
Options exercisable (in shares) | shares | 428,137 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 3.51 |
Range 3 [Member] | |
Lower range limit (in dollars per share) | 3.95 |
Upper range limit (in dollars per share) | $ 8 |
Options outstanding (in shares) | shares | 886,100 |
Options outstanding, weighted-average remaining contractual life (Year) | 7 years 109 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 4.58 |
Options exercisable (in shares) | shares | 248,850 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 5.89 |
Range 4 [Member] | |
Lower range limit (in dollars per share) | 11.77 |
Upper range limit (in dollars per share) | $ 12.13 |
Options outstanding (in shares) | shares | 9,350 |
Options outstanding, weighted-average remaining contractual life (Year) | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 11.77 |
Options exercisable (in shares) | shares | 9,350 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 11.77 |
Note 16 - Stock Based Compen105
Note 16 - Stock Based Compensation - Roll-forward of Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Nonvested, beginning year, number of shares (in shares) | 1,173,276 | 1,039,638 | |
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 1.63 | ||
Granted, number of shares (in shares) | 661,750 | 505,200 | 360,900 |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 1.80 | $ 1.89 | $ 2.07 |
Vested, number of shares (in shares) | (517,550) | ||
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 1.53 | ||
Forfeited, number of shares (in shares) | (34,250) | ||
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.01 | ||
Nonvested, end of year, number of shares (in shares) | 1,283,226 | 1,173,276 | 1,039,638 |
Nonvested, end of year, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 1.70 | $ 1.63 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Number of Reportable Segments | 1 |
Note 18 - Transactions with 107
Note 18 - Transactions with Affiliates and Related Parties (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction, Amounts of Transaction | $ 1,000,000 | $ 1,000,000 | $ 754,000 |
Glassboro Properties, LLC. [Member] | |||
Related Party Transaction, Amounts of Transaction | 194,000 | 144,000 | |
Purchase of Marketing and Graphic Design Services [Member] | InterArch [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 450,000 | 415,000 | $ 343,000 |
Vernon W Hill [Member] | |||
Major Shareholder Ownership Percentage | 8.10% | ||
Site Development [Member] | SDI Commercial Real Estate LLC [Member] | |||
Related Party Transaction, Amounts of Transaction | 7,000 | ||
Consulting Arrangement [Member] | Vernon W Hill [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 250,000 | ||
Public Relations Services [Member] | Brian Communications [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 120,000 | $ 120,000 |
Note 19 - Parent Company Fin108
Note 19 - Parent Company Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Other assets | $ 24,108 | $ 20,142 | ||
Total Assets | 1,923,931 | 1,438,824 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Other liabilities | 8,883 | 7,049 | ||
Total Liabilities | 1,708,878 | 1,325,449 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 215,053 | 113,375 | $ 112,811 | $ 62,899 |
Total Liabilities and Shareholders’ Equity | 1,923,931 | 1,438,824 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash | 61,011 | 2,051 | ||
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation | 676 | 676 | ||
Investment in subsidiaries | 170,868 | 128,652 | ||
Other assets | 4,589 | 3,873 | ||
Total Assets | 237,144 | 135,252 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Other liabilities | 210 | 20 | ||
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation | 21,881 | 21,857 | ||
Total Liabilities | 22,091 | 21,877 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 215,053 | 113,375 | $ 112,811 | $ 62,899 |
Total Liabilities and Shareholders’ Equity | $ 237,144 | $ 135,252 |
Note 19 - Parent Company Fin109
Note 19 - Parent Company Financial Information - Statements of Income, Comprehensive Income (Loss), and Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income | $ 12,690 | $ 11,786 | $ 11,597 | $ 11,291 | $ 10,987 | $ 9,992 | $ 9,609 | $ 9,467 | $ 47,364 | $ 40,055 | $ 35,829 |
Net loss before taxes | 4,826 | 2,407 | 2,396 | ||||||||
Benefit for income taxes | (50) | (32) | (12) | (25) | (2) | (5) | (10) | (9) | (119) | (26) | (46) |
Net income | 1,497 | $ 1,340 | $ 1,023 | 1,085 | 790 | $ 582 | $ 533 | 528 | 4,945 | 2,433 | 2,442 |
Total comprehensive income (loss) | 816 | (100) | 4,638 | ||||||||
Balance | 113,375 | 112,811 | 113,375 | 112,811 | 62,899 | ||||||
Proceeds from shares issued under common stock offering, net of offering costs | 99,175 | 44,853 | |||||||||
Stock based compensation | 759 | 600 | 420 | ||||||||
Stock options issued in acquisition | 202 | ||||||||||
Options exercised | 726 | 64 | 1 | ||||||||
Balance | 215,053 | 113,375 | 215,053 | 113,375 | 112,811 | ||||||
Parent Company [Member] | |||||||||||
Interest income | 35 | 34 | 33 | ||||||||
Total income | 35 | 34 | 33 | ||||||||
Trust preferred interest expense | 1,160 | 1,114 | 1,107 | ||||||||
Expenses | 717 | 572 | 424 | ||||||||
Total expenses | 1,877 | 1,686 | 1,531 | ||||||||
Net loss before taxes | (1,842) | (1,652) | (1,498) | ||||||||
Benefit for income taxes | (645) | (578) | (524) | ||||||||
Loss before undistributed income of subsidiaries | (1,197) | (1,074) | (974) | ||||||||
Equity in undistributed income of subsidiaries | 6,142 | 3,507 | 3,416 | ||||||||
Net income | 4,945 | 2,433 | 2,442 | ||||||||
Total other comprehensive income (loss) | (4,129) | (2,533) | 2,196 | ||||||||
Total comprehensive income (loss) | 816 | (100) | 4,638 | ||||||||
Balance | $ 113,375 | $ 112,811 | 113,375 | 112,811 | 62,899 | ||||||
Proceeds from shares issued under common stock offering, net of offering costs | 99,175 | 44,853 | |||||||||
Stock based compensation | 759 | 600 | 420 | ||||||||
Stock options issued in acquisition | 202 | ||||||||||
Options exercised | 726 | 64 | 1 | ||||||||
Balance | $ 215,053 | $ 113,375 | $ 215,053 | $ 113,375 | $ 112,811 |
Note 19 - Parent Company Fin110
Note 19 - Parent Company Financial Information - Statements of Cash Flows (Details) - USD ($) | Jun. 10, 2008 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash flows from operating activities | ||||||||||||
Net income | $ 1,497,000 | $ 1,340,000 | $ 1,023,000 | $ 1,085,000 | $ 790,000 | $ 582,000 | $ 533,000 | $ 528,000 | $ 4,945,000 | $ 2,433,000 | $ 2,442,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Share based compensation | 759,000 | 600,000 | 420,000 | |||||||||
Amortization of debt issuance costs | 24,000 | 24,000 | 24,000 | |||||||||
Cash flows from financing activities | ||||||||||||
Net proceeds from stock offering | $ 300,000 | 99,175,000 | 44,853,000 | |||||||||
Net proceeds from exercise of stock options | 726,157 | 64,624 | 975 | |||||||||
Cash, beginning of period | 27,139,000 | 27,139,000 | ||||||||||
Cash, end of period | 34,554,000 | 27,139,000 | 34,554,000 | 27,139,000 | ||||||||
Parent Company [Member] | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net income | 4,945,000 | 2,433,000 | 2,442,000 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Share based compensation | 961,000 | 600,000 | 420,000 | |||||||||
Amortization of debt issuance costs | 24,000 | 24,000 | 24,000 | |||||||||
Increase in other assets | (716,000) | (636,000) | (550,000) | |||||||||
Net increase in other liabilities | 190,000 | 2,000 | ||||||||||
Equity in undistributed income of subsidiaries | (6,142,000) | (3,507,000) | (3,416,000) | |||||||||
Net cash used in operating activities | (738,000) | (1,084,000) | (1,080,000) | |||||||||
Cash flows from investing activities | ||||||||||||
Investment in subsidiary | (40,203,000) | (6,400,000) | (35,000,000) | |||||||||
Net cash used in investing activities | (40,203,000) | (6,400,000) | (35,000,000) | |||||||||
Cash flows from financing activities | ||||||||||||
Net proceeds from stock offering | 99,175,000 | 44,853,000 | ||||||||||
Net proceeds from exercise of stock options | 726,000 | 64,000 | 1,000 | |||||||||
Net cash provided by financing activities | 99,901,000 | 64,000 | 44,854,000 | |||||||||
Increase (decrease) in cash | 58,960,000 | (7,420,000) | 8,774,000 | |||||||||
Cash, beginning of period | $ 2,051,000 | $ 9,471,000 | 2,051,000 | 9,471,000 | 697,000 | |||||||
Cash, end of period | $ 61,011,000 | $ 2,051,000 | $ 61,011,000 | $ 2,051,000 | $ 9,471,000 |
Note 20 - Quarterly Financia111
Note 20 - Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Interest income | $ 14,636 | $ 13,620 | $ 13,209 | $ 12,762 | $ 12,406 | $ 11,370 | $ 10,899 | $ 10,761 | $ 54,227 | $ 45,436 | $ 40,473 | ||||
Interest expense | 1,946 | 1,834 | 1,612 | 1,471 | 1,419 | 1,378 | 1,290 | 1,294 | 6,863 | 5,381 | 4,644 | ||||
Interest income | 12,690 | 11,786 | 11,597 | 11,291 | 10,987 | 9,992 | 9,609 | 9,467 | 47,364 | 40,055 | 35,829 | ||||
Provision for loan losses | 607 | 650 | 300 | 500 | 1,557 | 500 | 900 | ||||||||
Non-interest income | 4,727 | 5,142 | 3,031 | 2,412 | 4,740 | 1,604 | 2,022 | 1,577 | 15,312 | 9,943 | 8,017 | ||||
Non-interest expense | 15,970 | 15,013 | 12,967 | 12,343 | 14,446 | 11,024 | 11,103 | 10,518 | 56,293 | 47,091 | 40,550 | ||||
Benefit for income taxes | (50) | (32) | (12) | (25) | (2) | (5) | (10) | (9) | (119) | (26) | (46) | ||||
Net income | $ 1,497 | $ 1,340 | $ 1,023 | $ 1,085 | $ 790 | $ 582 | $ 533 | $ 528 | $ 4,945 | $ 2,433 | $ 2,442 | ||||
Basic (in dollars per share) | $ 0.03 | $ 0.04 | $ 0.03 | $ 0.03 | $ 0.02 | [1] | $ 0.02 | [1] | $ 0.01 | [1] | $ 0.01 | [1] | $ 0.13 | $ 0.06 | $ 0.07 |
Diluted (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.02 | [1] | $ 0.02 | [1] | $ 0.01 | [1] | $ 0.01 | [1] | $ 0.12 | $ 0.06 | $ 0.07 |
[1] | Quarterly net income per share does not add to full year net income per share due to rounding. |
Note 21 - Changes in Accumul112
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Balance | [1] | $ (3,165) | $ (632) | $ (2,828) |
Unrealized loss on securities | [1] | (3,853) | (2,577) | 3,199 |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | (276) | 44 | (213) |
Net current-period other comprehensive income (loss) | [1] | (4,129) | (2,533) | 2,196 |
Balance | [1] | (7,294) | (3,165) | (632) |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (790) | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Balance | [1] | (2,562) | 82 | (2,828) |
Unrealized loss on securities | [1] | (3,853) | (2,577) | 3,199 |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | (416) | (67) | (289) |
Net current-period other comprehensive income (loss) | [1] | (4,269) | (2,644) | 2,910 |
Balance | [1] | (6,831) | (2,562) | 82 |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | ||||
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||||
Balance | [1] | (603) | (714) | |
Unrealized loss on securities | [1] | |||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 140 | 111 | 76 |
Net current-period other comprehensive income (loss) | [1] | 140 | 111 | (714) |
Balance | [1] | $ (463) | $ (603) | (714) |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | $ (790) | |||
[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. |
Note 22 - Business Combinati113
Note 22 - Business Combination (Details Textual) - Oak Mortgage [Member] $ in Thousands | Jul. 28, 2016USD ($) |
Payments to Acquire Businesses, Gross | $ 7,136 |
Escrow Deposit | $ 1,000 |
Period Before Escrow Disbursement | 1 year |
Note 22 - Business Combinati114
Note 22 - Business Combination - Consideration Paid and Assets Acquired and Liabilities Assumed (Details) - USD ($) | Jul. 28, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities assumed: | |||
Goodwill | $ 5,011,000 | $ 0 | |
Oak Mortgage [Member] | |||
Consideration paid: | |||
Cash | $ 7,136,000 | ||
Equity instruments | 202,000 | ||
Deferred additional purchase price | 500,000 | ||
Value of consideration | 7,838,000 | ||
Assets acquired: | |||
Cash and cash equivalents | 1,223,000 | ||
Loans held for sale | 20,871,000 | ||
Loans receivable | 1,132,000 | ||
Premises and equipment | 103,000 | ||
Derivative assets | 1,508,000 | ||
Intangible assets – non compete agreements | 104,000 | ||
Other assets | 125,000 | ||
Total assets | 25,066,000 | ||
Liabilities assumed: | |||
Warehouse lines of credit | 19,666,000 | ||
Derivative liabilities | 412,000 | ||
Other liabilities | 2,161,000 | ||
Total liabilities | 22,239,000 | ||
Net assets acquired | 2,827,000 | ||
Goodwill | 5,011,000 | ||
Oak Mortgage [Member] | Changes Measurement [Member] | |||
Consideration paid: | |||
Cash | |||
Equity instruments | |||
Deferred additional purchase price | |||
Value of consideration | |||
Assets acquired: | |||
Cash and cash equivalents | |||
Loans held for sale | |||
Loans receivable | |||
Premises and equipment | |||
Derivative assets | |||
Intangible assets – non compete agreements | |||
Other assets | |||
Total assets | |||
Liabilities assumed: | |||
Warehouse lines of credit | |||
Derivative liabilities | |||
Other liabilities | 119,000 | ||
Total liabilities | 119,000 | ||
Net assets acquired | (119,000) | ||
Goodwill | 119,000 | ||
Oak Mortgage [Member] | Original Estimate [Member] | |||
Consideration paid: | |||
Cash | 7,136,000 | ||
Equity instruments | 202,000 | ||
Deferred additional purchase price | 500,000 | ||
Value of consideration | 7,838,000 | ||
Assets acquired: | |||
Cash and cash equivalents | 1,223,000 | ||
Loans held for sale | 20,871,000 | ||
Loans receivable | 1,132,000 | ||
Premises and equipment | 103,000 | ||
Derivative assets | 1,508,000 | ||
Intangible assets – non compete agreements | 104,000 | ||
Other assets | 125,000 | ||
Total assets | 25,066,000 | ||
Liabilities assumed: | |||
Warehouse lines of credit | 19,666,000 | ||
Derivative liabilities | 412,000 | ||
Other liabilities | 2,042,000 | ||
Total liabilities | 22,120,000 | ||
Net assets acquired | 2,946,000 | ||
Goodwill | $ 4,892,000 |
Note 22 - Business Combinati115
Note 22 - Business Combination - Pro Forma Information (Details) - Oak Mortgage [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Total revenues | $ 69,436 | $ 56,520 |
Net income | $ 6,144 | $ 4,790 |
Note 23 - Goodwill and Other116
Note 23 - Goodwill and Other Intangibles - Summary of Goodwill and Other Intangibles (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | $ 0 | ||
Goodwill, additions/adjustments | 5,011,000 | ||
Goodwill | 5,011,000 | $ 0 | |
Non-compete agreements | |||
Non-compete agreements, additions/adjustments | 104,000 | ||
Amortization | (43,000) | ||
Non-compete agreements | $ 61,000 | ||
Non-compete agreements, amortization period (Year) | 1 year | ||
Total | $ 0 | ||
Additions/adjustments | 5,115,000 | ||
Total | $ 5,072,000 | $ 0 |
Note 24 - Derivatives and Ri117
Note 24 - Derivatives and Risk Management Activities - Amounts Recorded in Statement to Financial Condition (Details) - Not Designated as Hedging Instrument [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Other Assets [Member] | Best Efforts Forward Loan sales Commitments [Member] | |
Derivative Asset, Fair Value | $ 103 |
Derivative Asset, Notional Amount | 8,586 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | |
Derivative Asset, Fair Value | 229 |
Derivative Asset, Notional Amount | 18,373 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | |
Derivative Asset, Fair Value | 439 |
Derivative Asset, Notional Amount | 20,792 |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | |
Derivative Liability, Fair Value | 125 |
Derivative Liability, Notional Amount | 18,963 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | |
Derivative Liability, Fair Value | 38 |
Derivative Liability, Notional Amount | 5,024 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | |
Derivative Liability, Fair Value | 55 |
Derivative Liability, Notional Amount | $ 6,757 |
Note 24 - Derivatives and Ri118
Note 24 - Derivatives and Risk Management Activities - Derivative Instrument Gain (Loss) Recorded in Statement of Income (Details) - Not Designated as Hedging Instrument [Member] - Mortgage Banking Income [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Best Efforts Forward Loan sales Commitments [Member] | Liability Derivatives [Member] | |
Derivative Gain (Loss), Net | $ 264 |
Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | |
Derivative Gain (Loss), Net | (38) |
Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | |
Derivative Gain (Loss), Net | 77 |
Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | |
Derivative Gain (Loss), Net | 229 |
Interest Rate Lock Commitments [Member] | Liability Derivatives [Member] | |
Derivative Gain (Loss), Net | (32) |
Interest Rate Lock Commitments [Member] | Asset Derivatives [Member] | |
Derivative Gain (Loss), Net | $ (1,042) |