Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 04, 2017 | |
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) | 56,962,264 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Cash and due from banks | $ 25,119 | $ 19,830 | |
Interest bearing deposits with banks | 11,472 | 14,724 | |
Cash and cash equivalents | 36,591 | 34,554 | |
Investment securities available for sale, at fair value | 362,328 | 369,739 | |
Investment securities held to maturity, at amortized cost (fair value of $413,699 and $425,183, respectively) | 421,850 | 432,499 | |
Restricted stock, at cost | 1,366 | 1,366 | |
Loans held for sale | 25,098 | 28,065 | |
Loans receivable (net of allowance for loan losses of $9,181 and $9,155 respectively) | 1,016,962 | 955,817 | |
Premises and equipment, net | 58,926 | 57,040 | |
Other real estate owned, net | 9,944 | 10,174 | |
Accrued interest receivable | 5,987 | 5,497 | |
Goodwill | 5,011 | 5,011 | |
Intangible asset | 35 | 61 | |
Other assets | 24,490 | 24,108 | |
Total Assets | 1,968,588 | 1,923,931 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Demand - non-interest bearing | 364,278 | 324,912 | |
Demand - interest bearing | 629,583 | 605,950 | |
Money market and savings | 620,218 | 635,644 | |
Time deposits | 106,433 | 111,164 | |
Total Deposits | 1,720,512 | 1,677,670 | |
Accrued interest payable | 490 | 444 | |
Other liabilities | 7,614 | 8,883 | |
Subordinated debt | 21,648 | 21,881 | |
Total Liabilities | 1,750,264 | 1,708,878 | |
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 57,415,434 as of March 31, 2017 and 57,283,712 as of December 31, 2016; shares outstanding 56,886,589 as of March 31, 2017 and 56,754,867 as of December 31, 2016 | 574 | 573 | |
Additional paid in capital | 254,403 | 253,570 | |
Accumulated deficit | (26,101) | (27,888) | |
Treasury stock at cost (503,408 shares as of March 31, 2017 and December 31, 2016) | (3,725) | (3,725) | |
Stock held by deferred compensation plan (25,437 shares as of March 31, 2017 and December 31, 2016) | (183) | (183) | |
Accumulated other comprehensive loss | [1] | (6,644) | (7,294) |
Total Shareholders’ Equity | 218,324 | 215,053 | |
Total Liabilities and Shareholders’ Equity | $ 1,968,588 | $ 1,923,931 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Investment securities held to maturity, at fair value | $ 413,699 | $ 425,183 |
Loans receivable, allowance for loan losses | $ 9,181 | $ 9,155 |
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) | 57,415,434 | 57,283,712 |
Common stock, shares outstanding (in shares) | 56,886,589 | 56,754,867 |
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 (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income | ||
Interest and fees on taxable loans | $ 10,941 | $ 9,717 |
Interest and fees on tax-exempt loans | 258 | 214 |
Interest and dividends on taxable investment securities | 4,733 | 2,594 |
Interest and dividends on tax-exempt investment securities | 194 | 174 |
Interest on federal funds sold and other interest-earning assets | 61 | 63 |
Total interest income | 16,187 | 12,762 |
Interest expense | ||
Demand-interest bearing | 608 | 415 |
Money market and savings | 698 | 609 |
Time deposits | 296 | 141 |
Other borrowings | 366 | 306 |
Total interest expense | 1,968 | 1,471 |
Net interest income | 14,219 | 11,291 |
Provision for loan losses | 300 | |
Net interest income after provision for loan losses | 14,219 | 10,991 |
Non-interest income | ||
Loan advisory and servicing fees | 337 | 603 |
Mortgage banking income | 2,421 | |
Gain on sales of SBA loans | 688 | 833 |
Service fees on deposit accounts | 846 | 570 |
Gain on sale of investment securities | 296 | |
Net securities impairment losses recognized in earnings | (1) | |
Other non-interest income | (46) | (111) |
Total non-interest income | 4,338 | 2,412 |
Non-interest expenses | ||
Salaries and employee benefits | 8,582 | 6,052 |
Occupancy | 1,715 | 1,405 |
Depreciation and amortization | 1,175 | 969 |
Legal | 252 | 88 |
Other real estate owned | 346 | 585 |
Advertising | 245 | 129 |
Data processing | 785 | 467 |
Insurance | 273 | 206 |
Professional fees | 428 | 360 |
Regulatory assessments and costs | 329 | 342 |
Taxes, other | 236 | 24 |
Other operating expenses | 2,438 | 1,716 |
Total non-interest expense | 16,804 | 12,343 |
Income before benefit for income taxes | 1,753 | 1,060 |
Benefit for income taxes | (34) | (25) |
Net income | $ 1,787 | $ 1,085 |
Net income per share | ||
Basic (in dollars per share) | $ 0.03 | $ 0.03 |
Diluted (in dollars per share) | $ 0.03 | $ 0.03 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net income | $ 1,787 | $ 1,085 | |
Other comprehensive income, net of tax | |||
Unrealized gain on securities (pre-tax $971, and $3,312 respectively) | 623 | 2,122 | |
Reclassification adjustment for securities gains (pre-tax $-, and $(296) respectively) | (190) | ||
Reclassification adjustment for impairment charge (pre-tax $-, and $1 respectively) | 1 | ||
Net unrealized gains on securities | 623 | 1,933 | |
Net unrealized holding losses on securities transferred from available-for-sale to held to maturity: | |||
Amortization of net unrealized holding losses during the period (pre-tax $42, and $58 respectively) | 27 | 37 | |
Net current-period other comprehensive income | [1] | 650 | 1,970 |
Total comprehensive income | $ 2,437 | $ 3,055 | |
[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 (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Unrealized gain (loss) on securities, pre-tax | $ 971 | $ 3,312 |
Reclassification adjustment for securities gains, pre-tax | (296) | |
Reclassification adjustment for impairment charge, pre-tax | 1 | |
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 42 | $ 58 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net income | $ 1,787,000 | $ 1,085,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 300,000 | |
Write down of other real estate owned | 110,000 | 126,000 |
Depreciation and amortization | 1,175,000 | 969,000 |
Stock based compensation | 302,000 | 171,000 |
Gain on sale and call of investment securities | (296,000) | |
Impairment charges on investment securities | 1,000 | |
Amortization of premiums on investment securities | 676,000 | 229,000 |
Accretion of discounts on retained SBA loans | (267,000) | (214,000) |
Fair value adjustments on SBA servicing assets | 265,000 | 70,000 |
Proceeds from sales of SBA loans originated for sale | 8,378,000 | 9,695,000 |
SBA loans originated for sale | (8,881,000) | (7,192,000) |
Gains on sales of SBA loans originated for sale | (688,000) | (833,000) |
Proceeds from sales of mortgage loans originated for sale | 76,740,000 | |
Mortgage loans originated for sale | (70,507,000) | |
Gains on mortgage loans originated for sale | (2,075,000) | |
Amortization of intangible assets | 26,000 | |
Amortization of debt issuance costs | 7,000 | 7,000 |
Increase in accrued interest receivable and other assets | (1,501,000) | (552,000) |
Decrease in accrued interest payable and other liabilities | (1,223,000) | (1,556,000) |
Net cash provided by operating activities | 4,324,000 | 2,010,000 |
Cash flows from investing activities | ||
Purchase of investment securities available for sale | (909,000) | (32,856,000) |
Purchase of investment securities held to maturity | (10,523,000) | |
Proceeds from the sale of securities available for sale | 0 | 54,715,000 |
Proceeds from the maturity or call of securities available for sale | 8,955,000 | 5,878,000 |
Proceeds from the maturity or call of securities held to maturity | 10,352,000 | 4,100,000 |
Proceeds from redemption of restricted stock | 1,880,000 | |
Net increase in loans | (60,878,000) | (24,140,000) |
Net proceeds from sale of other real estate owned | 120,000 | 76,000 |
Premises and equipment expenditures | (3,061,000) | (4,391,000) |
Net cash used in investing activities | (45,421,000) | (5,261,000) |
Cash flows from financing activities | ||
Net proceeds from exercise of stock options | 291,981 | 488 |
Net increase in demand, money market and savings deposits | 47,573,000 | 95,479,000 |
Net decrease in time deposits | (4,731,000) | (7,170,000) |
Decrease in short-term borrowings | (47,000,000) | |
Net cash provided by financing activities | 43,134,000 | 41,310,000 |
Net increase in cash and cash equivalents | 2,037,000 | 38,059,000 |
Cash and cash equivalents, beginning of year | 34,554,000 | 27,139,000 |
Cash and cash equivalents, end of period | 36,591,000 | 65,198,000 |
Supplemental disclosures | ||
Interest paid | 1,992,000 | 1,445,000 |
Non-cash transfers from loans to other real estate owned | 32,000 | |
Conversion of subordinated debt to common stock | $ 240,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 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, 2015 | $ 384 | $ 152,897 | $ (32,833) | $ (3,725) | $ (183) | $ (3,165) | $ 113,375 | ||
Net income | 1,085 | 1,085 | |||||||
Other comprehensive income, net of tax | 1,970 | 1,970 | [1] | ||||||
Stock based compensation | 171 | 171 | |||||||
Options exercised | 1 | 1 | |||||||
Balance at Mar. 31, 2016 | 384 | 153,069 | (31,748) | (3,725) | (183) | (1,195) | 116,602 | ||
Balance at Dec. 31, 2015 | 384 | 152,897 | (32,833) | (3,725) | (183) | (3,165) | 113,375 | ||
Other comprehensive income, net of tax | [1] | (4,129) | |||||||
Balance at Dec. 31, 2016 | 573 | 253,570 | (27,888) | (3,725) | (183) | (7,294) | 215,053 | ||
Net income | 1,787 | 1,787 | |||||||
Other comprehensive income, net of tax | 650 | 650 | [1] | ||||||
Stock based compensation | 302 | 302 | |||||||
Conversion of subordinated debt to common stock (36,922 shares) | 240 | 240 | |||||||
Options exercised | 1 | 291 | 292 | ||||||
Balance at Mar. 31, 2017 | $ 574 | $ 254,403 | $ (26,101) | $ (3,725) | $ (183) | $ (6,644) | $ 218,324 | ||
[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 (Unaudited) (Parentheticals) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Additional Paid-in Capital [Member] | ||
Conversion of subordinated debt, shares (in shares) | 36,922 | |
Common Stock [Member] | ||
Options exercised (in shares) | 94,800 | 250 |
Options exercised (in shares) | 94,800 | 250 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: Republic First Bancorp, Inc. (the “Company”) is a one one On 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. 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. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to United States Securities and Exchange Commission (“SEC”) Form 10 10 three March 31, 2017 may December 31, 2017. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2: Summary of Significant Accounting Policies Risks and Uncertainties The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are dependent primarily upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may 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 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 (“IRLCs”) 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 11 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments, (see “Note 7” In estimating the allowance for loan 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. Subsequent to foreclosure, an estimate for the carrying value of other real estate owned is normally determined through valuations that are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Because the allowance for loan losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may In estimating OTTI of investment securities, securities are evaluated on at least a quarterly basis and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not being required to sell the security prior to an anticipated recovery in the fair value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of investment. Once a decline in value is determined to be other-than-temporary, the portion of the decline related to credit impairment is charged to earnings. In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including the past operating results and forecasts of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about the future taxable income and are consistent with the plans and estimates used to manage the business. Any reduction in estimated future taxable income may 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 March 31, 2017, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 10% may March 31, 2017, 2014 5.9 three March 31, 2017, 893,000 2014 $3,122,517. The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for the three March 31, 2017 2016 201 7 201 6 Dividend yield (1) 0.0% 0.0% Expected volatility (2) 45.50% to 50.09% 47.59% to 52.54% Risk-free interest rate (3) 1.89% to 2.26% 1.23% to 1.82% Expected life (4) 5.5 to 7.0 5.5 to 7.0 Assumed forfeiture rate (5) 6.0% 10.0% (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 the three March 31, 2017 2016, 478,374 470,300 March 31, 2017, 3,121,500 $10,534,698, 1,423,648 $6,685,120. March 31, 2016, 2,491,175 $1,985,387, 1,236,949 $1,252,381. three March 31, 2017, 94,800 $291,981 9,600 $43,581. three March 31, 2016, 250 $488 6,050 $0. Information regarding stock based compensation for the three March 31, 2017 2016 201 7 201 6 Stock based compensation expense recognized $ 302,000 $ 171,000 Number of unvested stock options 1,697,852 1,254,226 Fair value of unvested stock options $ 4,583,209 $ 2,418,303 Amount remaining to be recognized as expense $ 3,935,014 $ 1,690,057 The remaining unrecognized expense amount of $3,935,014 February 2021. Earnings per Share Earnings per share (“EPS”) consist of two 2008. three March 31, 2017 2016, The calculation of EPS for the three March 31, 2017 2016 Three Months Ended March 31, 2017 2016 Net income - basic and diluted $ 1,787 $ 1,085 Weighted average shares outstanding 56,824 37,837 Net income per share – basic $ 0.03 $ 0.03 Weighted average shares outstanding (including dilutive CSEs) 58,048 38,269 Net income per share – diluted $ 0.03 $ 0.03 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. Three Months Ended March 31, (in thousands) 2017 2016 Anti-dilutive securities Share based compensation awards 1,897 2,059 Convertible securities 1,625 1,662 Total anti-dilutive securities 3,522 3,721 During the three March 31, 2017, $240,000 36,922 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 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 ASU 2017 08 In March 2017, 2017 08, December 15, 2018. December 15, 2019, December 15, 2020. The Company has not yet determined the impact the adoption of ASU 2017 08 |
Note 3 - Legal Proceedings
Note 3 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 3: Legal Proceedings The Company and Republic are from time to time parties (plaintiff or defendant) to lawsuits in the normal course of business. While any litigation involves an element of uncertainty, management is of the opinion that the liability of the Company and Republic, if any, resulting from such actions will not have a material effect on the financial condition or results of operations of the Company and Republic. |
Note 4 - Segment Reporting
Note 4 - Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 4: one |
Note 5 - Investment Securities
Note 5 - Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5 : Investment Securities A summary of the amortized cost and market value of securities available for sale and securities held to maturity at March 31, 2017 December 31, 2016 At March 31, 201 7 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 222,278 $ 99 $ (4,761 ) $ 217,616 Agency mortgage-backed securities 37,273 24 (1,267 ) 36,030 Municipal securities 27,727 255 (342 ) 27,640 Corporate bonds 66,698 98 (2,515 ) 64,281 Asset-backed securities 14,975 - (175 ) 14,800 Trust preferred securities 3,063 - (1,102 ) 1,961 Total securities available for sale $ 372,014 $ 476 $ (10,162 ) $ 362,328 U.S. Government agencies $ 97,177 $ 31 $ (2,430 ) $ 94,778 Collateralized mortgage obligations 196,461 644 (2,788 ) 194,317 Agency mortgage-backed securities 127,192 - (3,608 ) 123,584 Other securities 1,020 - - 1,020 Total securities held to maturity $ 421,850 $ 675 $ (8,826 ) $ 413,699 At December 31, 201 6 (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 The following table presents investment securities by stated maturity at March 31, 2017. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 650 $ 651 $ - $ - After 1 year to 5 years 13,088 13,247 4,408 4,376 After 5 years to 10 years 73,254 70,702 93,789 91,422 After 10 years 25,471 24,082 - - Collateralized mortgage obligations 222,278 217,616 196,461 194,317 Agency mortgage-backed securities 37,273 36,030 127,192 123,584 Total $ 372,014 $ 362,328 $ 421,850 $ 413,699 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 March 31, 2017 December 31, 2016. 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. There were no three March 31, 2017 $1,000 three March 31, 2016. The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at March 31, 2017 2016 (dollars in thousands) 201 7 201 6 Beginning Balance, January 1 st $ 937 $ 930 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized - 1 Ending Balance, March 31 st $ 937 $ 931 The following tables show the fair value and gross unrealized losses associated with the investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position in the available for sale and held to maturity section: At March 31, 2017 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 $ 194,126 $ 4,512 $ 7,264 $ 249 $ 201,390 $ 4,761 Agency mortgage-backed securities 32,174 1,231 2,973 36 35,147 1,267 Municipal securities 9,598 342 - - 9,598 342 Corporate bonds 19,546 454 35,934 2,061 55,480 2,515 Asset backed securities - - 14,800 175 14,800 175 Trust preferred securities - - 1,961 1,102 1,961 1,102 Total Available for Sale $ 255,444 $ 6,539 $ 62,932 $ 3,623 $ 318,376 $ 10,162 At March 31, 2017 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 $ 86,540 $ 2,398 $ 3,355 $ 32 $ 89,895 $ 2,430 Collateralized mortgage obligations 124,180 2,356 20,325 432 144,505 2,788 Agency mortgage-backed securities 123,584 3,608 - - 123,584 3,608 Total Held to Maturity $ 334,304 $ 8,362 $ 23,680 $ 464 $ 357,984 $ 8,826 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 Unrealized losses on securities in the investment portfolio amounted to $19.0 $676.4 March 31, 2017 $19.1 $595.0 December 31, 2016. The Company held ten fifty five twenty three March 31, 2017. March 31, 2017. 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 March 31, 2017, fifteen At March 31, 2017, two March 31, 2017, seven The unrealized losses on the trust preferred securities are primarily the result of the secondary March 31, 2017. (dollars in thousands) Class / Tranche Amortized Cost Fair Value Unrealized Losses Lowest Credit Rating Assigned Number of Banks Currently Performing Deferrals / Defaults as % of Current Balance Conditional Default Rates for 2018 and beyond Cumulative OTTI Life to Date TPREF Funding II Class B Notes $ 725 $ 428 $ (297 ) C 19 29 % 0.41 % $ 274 TPREF Funding III Class B2 Notes 1,518 956 (562 ) C 15 28 0.42 483 ALESCO Preferred Funding V Class C1 Notes 820 577 (243 ) C 40 15 0.43 180 Total $ 3,063 $ 1,961 $ (1,102 ) 74 24 % $ 937 No three March 31, 2017. three March 31, 2016, $54.7 $320,000 $24,000 three March 31, 2016 $106,000. |
Note 6 - Loans Receivable and A
Note 6 - Loans Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 6 : Loans Receivable and Allowance for Loan Losses The following table sets forth the Company’s gross loans by major categories as of March 31, 2017 December 31, 2016: (dollars in thousands) March 31, 2017 December 31, 2016 Commercial real estate $ 394,840 $ 378,519 Construction and land development 78,636 61,453 Commercial and industrial 188,873 174,744 Owner occupied real estate 273,996 276,986 Consumer and other 67,402 63,660 Residential mortgage 22,652 9,682 Total loans receivable 1,026,399 965,044 Deferred costs (fees) (256 ) (72 ) Allowance for loan losses (9,181 ) (9,155 ) Net loans receivable $ 1,016,962 $ 955,817 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 loan groups are also considered classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the three March 31, 2017 2016: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Three months ended March 31, 2017 Allowance for loan losses: Beginning balance: $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Charge-offs - - - (8 ) (2 ) - - (10 ) Recoveries 7 - 29 - - - - 36 Provisions (credits) (299 ) (11 ) (143 ) 253 (11 ) 72 139 - Ending balance $ 2,962 $ 546 $ 2,770 $ 1,627 $ 575 $ 130 $ 571 $ 9,181 Three months ended March 31, 2016 Allowance for loan losses: Beginning balance: $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Charge-offs - - (18 ) (28 ) - - - (46 ) Recoveries - - 72 - - - - 72 Provisions (credits) (348 ) 76 (44 ) 89 17 (3 ) 513 300 Ending balance $ 2,045 $ 414 $ 2,942 $ 2,091 $ 312 $ 11 $ 1,214 $ 9,029 The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of March 31, 2017 December 31, 2016: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total March 31, 2017 Allowance for loan losses: Individually evaluated for impairment $ 1,305 $ - $ 1,758 $ 297 $ 262 $ - $ - $ 3,622 Collectively evaluated for impairment 1,657 546 1,012 1,330 313 130 571 5,559 Total allowance for loan losses $ 2,962 $ 546 $ 2,770 $ 1,627 $ 575 $ 130 $ 571 $ 9,181 Loans receivable: Loans evaluated individually $ 18,854 $ - $ 5,287 $ 3,475 $ 1,272 $ - $ - $ 28,888 Loans evaluated collectively 375,986 78,636 183,586 270,521 66,130 22,652 - 997,511 Total loans receivable $ 394,840 $ 78,636 $ 188,873 $ 273,996 $ 67,402 $ 22,652 $ - $ 1,026,399 (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 A loan is considered impaired, when based on current information and events, it is probable that the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans, but also include internally classified accruing loans. The following table summarizes information with regard to impaired loans by loan portfolio class as of March 31, 2017 December 31, 2016: March 31, 2017 December 31, 2016 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 12,234 $ 12,235 $ - $ 12,347 $ 12,348 $ - Construction and land development - - - - - - Commercial and industrial 1,907 3,067 - 1,955 3,111 - Owner occupied real estate 1,631 1,742 - 621 733 - Consumer and other 817 1,115 - 687 976 - Residential mortgage - - - 130 130 - Total $ 16,589 $ 18,159 $ - $ 15,740 $ 17,298 $ - With an allowance recorded: Commercial real estate $ 6,620 $ 6,634 $ 1,305 $ 6,898 $ 6,912 $ 1,277 Construction and land development - - - - - - Commercial and industrial 3,380 6,047 1,758 3,225 5,892 1,624 Owner occupied real estate 1,844 1,844 297 1,704 1,704 274 Consumer and other 455 481 262 603 627 293 Residential mortgage - - - - - - Total $ 12,299 $ 15,006 $ 3,622 $ 12,430 $ 15,135 $ 3,468 Total: Commercial real estate $ 18,854 $ 18,869 $ 1,305 $ 19,245 $ 19,260 $ 1,277 Construction and land development - - - - - - Commercial and industrial 5,287 9,114 1,758 5,180 9,003 1,624 Owner occupied real estate 3,475 3,586 297 2,325 2,437 274 Consumer and other 1,272 1,596 262 1,290 1,603 293 Residential mortgage - - - 130 130 - Total $ 28,888 $ 33,165 $ 3,622 $ 28,170 $ 32,433 $ 3,468 The following table presents additional information regarding the Company’s impaired loans for the three March 31, 2017 2016: Three Months Ended March 31 , 2017 201 6 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 12,290 $ 70 $ 11,589 $ 65 Construction and land development - - 117 - Commercial and industrial 1,931 8 1,998 10 Owner occupied real estate 1,126 12 483 1 Consumer and other 752 3 829 3 Residential mortgage 65 1 - - Total $ 16,164 $ 94 $ 15,016 $ 79 With an allowance recorded: Commercial real estate $ 6,759 $ 5 $ 508 $ 8 Construction and land development - - - - Commercial and industrial 3,303 17 3,110 19 Owner occupied real estate 1,774 6 2,830 6 Consumer and other 529 4 213 2 Residential mortgage - - - - Total $ 12,365 $ 32 $ 6,661 $ 35 Total: Commercial real estate $ 19,049 $ 75 $ 12,097 $ 73 Construction and land development - - 117 - Commercial and industrial 5,234 25 5,108 29 Owner occupied real estate 2,900 18 3,313 7 Consumer and other 1,281 7 1,042 5 Residential mortgage 65 1 - - Total $ 28,529 $ 126 $ 21,677 $ 114 The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of March 31, 2017 December 31, 2016: (dollars in thousands) 30-59 Days Pas t Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At March 31 , 201 7 Commercial real estate $ - $ 6 $ 12,733 $ 12,739 $ 382,101 $ 394,840 $ - Construction and land development - - - - 78,636 78,636 - Commercial and industrial 1,009 434 3,299 4,742 184,131 188,873 - Owner occupied real estate 1,174 - 1,690 2,864 271,132 273,996 - Consumer and other 23 24 807 854 66,548 67,402 - Residential mortgage - - - - 22,652 22,652 - Total $ 2,206 $ 464 $ 18,529 $ 21,199 $ 1,005,200 $ 1,026,399 $ - (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 The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2017 December 31, 2016: (dollars in thousands) Pass Special Mention Substandard Doubtful Total At March 31, 2017 : Commercial real estate $ 380,763 $ 863 $ 13,214 $ - $ 394,840 Construction and land development 78,636 - - - 78,636 Commercial and industrial 182,990 596 3,858 1,429 188,873 Owner occupied real estate 270,521 - 3,475 - 273,996 Consumer and other 66,130 - 1,272 - 67,402 Residential mortgage 22,524 128 - - 22,652 Total $ 1,001,564 $ 1,587 $ 21,819 $ 1,429 $ 1,026,399 (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 The following table shows non-accrual loans by class as of March 31, 2017 December 31, 2016: (dollars in thousands) March 31, 2017 December 31, 201 6 Commercial real estate $ 12,733 $ 13,089 Construction and land development - - Commercial and industrial 3,299 3,151 Owner occupied real estate 1,690 1,546 Consumer and other 807 808 Residential mortgage - - Total $ 18,529 $ 18,594 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $276,000 $200,000 three March 31, 2017 2016, 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 the balance of outstanding TDRs at March 31, 2017 December 31, 2016: (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs March 31, 2017 Commercial real estate 2 $ 5,640 $ 6,129 $ 11,769 Construction and land development - - - - Commercial and industrial 2 222 349 571 Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Total 4 $ 5,862 $ 6,478 $ 12,340 December 31, 201 6 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 All TDRs are considered impaired and are therefore individually evaluated for impairment in the calculation of the allowance for loan losses. Some TDRs may The Company modified one $6.1 three March 31, 2017. second 2015 tenant There were no three March 31, 2016 There were no March 31, 2017 December 31, 2016. $59,000 $126,000 March 31, 2017 December 31, 2016. After a loan is determined to be a TDR, the Company continues to track its performance under the most recent restructured terms. There were no three March 31, 2017. no December 31, 2016. |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7 : Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may 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 March 31, 2017 December 31, 2016 (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 March 31 , 201 7 Assets: Collateralized mortgage obligations $ 217,616 $ - $ 217,616 $ - Agency mortgage-backed securities 36,030 - 36,030 - Municipal securities 27,640 - 27,640 - Corporate bonds 64,281 - 61,257 3,024 Asset-backed securities 14,800 - 14,800 - Trust Preferred Securities 1,961 - - 1,961 Securities Available for Sale $ 362,328 $ - $ 357,343 $ 4,985 Mortgage Loans Held for Sale $ 19,753 $ - $ 19,753 $ - SBA Servicing Assets 5,298 - - 5,298 Interest Rate Lock Commitments 831 - 831 - Best Efforts Forward Loan Sales Commitments 3 - 3 - Mandatory Forward Loan Sales Commitments 8 - 8 - Liabilities: Interest Rate Lock Commitments 7 - 7 - Best Efforts Forward Loan Sales Commitments 270 - 270 - Mandatory Forward Loan Sales Commitments 125 - 125 - December 31, 201 6 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 - The following table presents an analysis of the activity in the SBA servicing assets for the three March 31, 2017 2016 : Three Months Ended March 31, (dollars in thousands) 201 7 201 6 Beginning balance $ 5,352 $ 4,886 Additions 211 242 Fair value adjustments (265 ) (70 ) Ending balance $ 5,298 $ 5,058 Fair value adjustments are recorded as loan advisory and servicing fees on the statement of income. Servicing fee income, not including fair value adjustments, totaled $433,000 $434,000 three March 31, 2017 2016, 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) three March 31, 2017 2016: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1 st $ 1,820 $ 2,971 $ 1,883 $ 2,834 Unrealized (losses) gains 141 53 (24 ) 10 Paydowns - - - - Proceeds from sales - - - - Realized (losses) gains - - - - Impairment charges on Level 3 - - (1 ) - Balance, March 31 st $ 1,961 $ 3,024 $ 1,858 $ 2,844 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2017 December 31, 2016 (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 March 31, 2017 Impaired loans $ 8,677 $ - $ - $ 8,677 Other real estate owned 496 - - 496 December 31, 2016 Impaired loans $ 9,110 $ - $ - $ 9,110 Other real estate owned 8,563 - - 8,563 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) March 31, 201 7 Corporate bonds $ 3,024 Discounted Cash Flows Discount Rate (5.06%) Trust preferred securities $ 1,961 Discounted Cash Flows Discount Rate 8.13% - 8.63% (8.36%) SBA servicing assets $ 5,298 Discounted Cash Flows Conditional Prepayment Rate (6.58%) Discount Rate (10.00%) Impaired loans $ 8,677 Appraised Value of Collateral (1) Liquidation expenses (2) 10% - 23% (12%) (3) Other real estate owned $ 496 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 20% (9%) (3) Sales Price Liquidation expenses (2) 7% - 8% (7%) (3) December 31, 201 6 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) (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 March 31, 2017 December 31, 2016. 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 March 31, 2017 December 31, 2016. 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 not three March 31, 2017 December 31, 2016. 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, December 31, 2016. $129,000 three March 31, 2017 $0 three March 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 March 31, 2017 December 31, 2016 Mortgage loans held for sale Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance March 31, 2017 $ 19,753 $ 19,052 $ 701 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 March 31, 2017 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 March 31, 2017 December 31, 2016, 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 March 31, 2017 December 31, 2016, 10% 20% (dollars in thousands) March 3 1 , 201 7 December 31, 201 6 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 5,298 $ 5,352 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 0 % 0 % Adjustable-rate SBA loans 100 % 100 % Total 100 % 100 % Weighted Average Remaining Term (in years) 20.9 21.1 Prepayment Speed 6.58 % 6.12 % Effect on fair value of a 10% increase $ (164 ) $ (161 ) Effect on fair value of a 20% increase (321 ) (316 ) Weighted Average Discount Rate 10.00 % 10.00 % Effect on fair value of a 10% increase $ (220 ) $ (226 ) Effect on fair value of a 20% increase (423 ) (435 ) 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 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 March 31, 2017. Fair Value Measurements at March 31, 2017 (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 $ 36,591 $ 36,591 $ 36,591 $ - $ - Investment securities available for sale 362,328 362,328 - 357,343 4,985 Investment securities held to maturity 421,850 413,699 - 413,699 - Restricted stock 1,366 1,366 - 1,366 - Loans held for sale 25,098 25,237 - 19,753 5,484 Loans receivable, net 1,016,962 995,394 - - 995,394 SBA servicing assets 5,298 5,298 - - 5,298 Accrued interest receivable 5,987 5,987 - 5,987 - Interest rate lock commitments 831 831 - 831 - Best efforts forward loan sales commitments 3 3 - 3 - Mandatory forward loan sales commitments 8 8 - 8 - Financial liabilities: Deposits Demand, savings and money market $ 1,614,079 $ 1,614,079 $ - $ 1,614,079 $ - Time 106,433 104,888 - 104,888 - Subordinated debt 21,648 16,927 - - 16,927 Accrued interest payable 490 490 - 490 - Interest rate lock commitments 7 7 - 7 - Best efforts forward loan sales commitments 270 270 - 270 - Mandatory forward loan sales commitments 125 125 - 125 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - The estimated fair values of the Company’s financial instruments were as follows at December 31, 2016. Fair Value Measurements at December 31, 2016 (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 $ 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 - - - - - |
Note 8 - Changes in Accumulated
Note 8 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8: (1) The following table presents the changes in accumulated other comprehensive loss by component for the three March 31, 2017 2016, December 31, 2016. 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, 2017 $ (6,831 ) $ (463 ) $ (7,294 ) Unrealized gain on securities 623 - 623 Amounts reclassified from accumulated other comprehensive income to net income (2) - 27 27 Net current-period other comprehensive income 623 27 650 Balance March 31, 2017 $ (6,208 ) $ (436 ) $ (6,644 ) Balance January 1, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized gain on securities 2,122 - 2,122 Amounts reclassified from accumulated other comprehensive income to net income (2) (189 ) 37 (152 ) Net current-period other comprehensive income 1,933 37 1,970 Balance March 31, 2016 $ (629 ) $ (566 ) $ (1,195 ) Balance January 1, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized gain 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 (4,269 ) 140 (4,129 ) Balance December 31, 2016 $ (6,831 ) $ (463 ) $ (7,294 ) (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 9 - Business Combination
Note 9 - Business Combination | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 9: Oak Mortgage Company, LLC On 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): Consideration paid: Original Estimates Adjustments to Estimates Final Valuation 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, 2016. 2016. (dollars in thousands) Three Months Ended March 31, 2016 Total revenues $ 17,460 Net income $ 1,484 |
Note 10 - Goodwill and Other In
Note 10 - Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 10: 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, 201 6 Additions/ Adjustments Amortization Balance March 3 1, 2017 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite Non-compete agreements 61 - (26 ) 35 1 Total $ 5,072 $ - $ (26 ) $ 5,046 |
Note 11 - Derivatives and Risk
Note 11 - Derivatives and Risk Management Activities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 11: 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 three March 31, 2017 three March 31, 2016. March 31, 2017 December 31, 2016 March 31, 2017 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 831 $ 33,875 Best efforts forward loan sales commitments Other Assets 3 2,467 Mandatory forward loan sales commitments Other Assets 8 2,500 Liability derivatives: IRLC’s Other Liabilities $ 7 $ 3,882 Best efforts forward loan sales commitments Other Liabilities 270 35,290 Mandatory forward loan sales commitments Other Liabilities 125 16,527 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 three March 31, 2017 Three Months Ended March 31, 201 7 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ 392 Best efforts forward loan sales commitments Mortgage banking income (100 ) Mandatory forward loan sales commitments Mortgage banking income (221 ) Liability derivatives: IRLC’s Mortgage banking income $ 48 Best efforts forward loan sales commitments Mortgage banking income (145 ) Mandatory forward loan sales commitments Mortgage banking income (87 ) There was no three March 31, 2016. 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) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties and Certain Significant Estimates [Policy Text Block] | Risks and Uncertainties The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are dependent primarily upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may |
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 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 (“IRLCs”) 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 11 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments, (see “Note 7” In estimating the allowance for loan 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. Subsequent to foreclosure, an estimate for the carrying value of other real estate owned is normally determined through valuations that are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Because the allowance for loan losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may In estimating OTTI of investment securities, securities are evaluated on at least a quarterly basis and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not being required to sell the security prior to an anticipated recovery in the fair value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of investment. Once a decline in value is determined to be other-than-temporary, the portion of the decline related to credit impairment is charged to earnings. In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including the past operating results and forecasts of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about the future taxable income and are consistent with the plans and estimates used to manage the business. Any reduction in estimated future taxable income may |
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 March 31, 2017, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 10% may March 31, 2017, 2014 5.9 three March 31, 2017, 893,000 2014 $3,122,517. The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for the three March 31, 2017 2016 201 7 201 6 Dividend yield (1) 0.0% 0.0% Expected volatility (2) 45.50% to 50.09% 47.59% to 52.54% Risk-free interest rate (3) 1.89% to 2.26% 1.23% to 1.82% Expected life (4) 5.5 to 7.0 5.5 to 7.0 Assumed forfeiture rate (5) 6.0% 10.0% (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 the three March 31, 2017 2016, 478,374 470,300 March 31, 2017, 3,121,500 $10,534,698, 1,423,648 $6,685,120. March 31, 2016, 2,491,175 $1,985,387, 1,236,949 $1,252,381. three March 31, 2017, 94,800 $291,981 9,600 $43,581. three March 31, 2016, 250 $488 6,050 $0. Information regarding stock based compensation for the three March 31, 2017 2016 201 7 201 6 Stock based compensation expense recognized $ 302,000 $ 171,000 Number of unvested stock options 1,697,852 1,254,226 Fair value of unvested stock options $ 4,583,209 $ 2,418,303 Amount remaining to be recognized as expense $ 3,935,014 $ 1,690,057 The remaining unrecognized expense amount of $3,935,014 February 2021. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per share (“EPS”) consist of two 2008. three March 31, 2017 2016, The calculation of EPS for the three March 31, 2017 2016 Three Months Ended March 31, 2017 2016 Net income - basic and diluted $ 1,787 $ 1,085 Weighted average shares outstanding 56,824 37,837 Net income per share – basic $ 0.03 $ 0.03 Weighted average shares outstanding (including dilutive CSEs) 58,048 38,269 Net income per share – diluted $ 0.03 $ 0.03 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. Three Months Ended March 31, (in thousands) 2017 2016 Anti-dilutive securities Share based compensation awards 1,897 2,059 Convertible securities 1,625 1,662 Total anti-dilutive securities 3,522 3,721 During the three March 31, 2017, $240,000 36,922 |
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 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 ASU 2017 08 In March 2017, 2017 08, December 15, 2018. December 15, 2019, December 15, 2020. The Company has not yet determined the impact the adoption of ASU 2017 08 |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 7 201 6 Dividend yield (1) 0.0% 0.0% Expected volatility (2) 45.50% to 50.09% 47.59% to 52.54% Risk-free interest rate (3) 1.89% to 2.26% 1.23% to 1.82% Expected life (4) 5.5 to 7.0 5.5 to 7.0 Assumed forfeiture rate (5) 6.0% 10.0% |
Share-based Compensation, Activity [Table Text Block] | 201 7 201 6 Stock based compensation expense recognized $ 302,000 $ 171,000 Number of unvested stock options 1,697,852 1,254,226 Fair value of unvested stock options $ 4,583,209 $ 2,418,303 Amount remaining to be recognized as expense $ 3,935,014 $ 1,690,057 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 Net income - basic and diluted $ 1,787 $ 1,085 Weighted average shares outstanding 56,824 37,837 Net income per share – basic $ 0.03 $ 0.03 Weighted average shares outstanding (including dilutive CSEs) 58,048 38,269 Net income per share – diluted $ 0.03 $ 0.03 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, (in thousands) 2017 2016 Anti-dilutive securities Share based compensation awards 1,897 2,059 Convertible securities 1,625 1,662 Total anti-dilutive securities 3,522 3,721 |
Note 5 - Investment Securities
Note 5 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At March 31, 201 7 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 222,278 $ 99 $ (4,761 ) $ 217,616 Agency mortgage-backed securities 37,273 24 (1,267 ) 36,030 Municipal securities 27,727 255 (342 ) 27,640 Corporate bonds 66,698 98 (2,515 ) 64,281 Asset-backed securities 14,975 - (175 ) 14,800 Trust preferred securities 3,063 - (1,102 ) 1,961 Total securities available for sale $ 372,014 $ 476 $ (10,162 ) $ 362,328 U.S. Government agencies $ 97,177 $ 31 $ (2,430 ) $ 94,778 Collateralized mortgage obligations 196,461 644 (2,788 ) 194,317 Agency mortgage-backed securities 127,192 - (3,608 ) 123,584 Other securities 1,020 - - 1,020 Total securities held to maturity $ 421,850 $ 675 $ (8,826 ) $ 413,699 At December 31, 201 6 (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 |
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 $ 650 $ 651 $ - $ - After 1 year to 5 years 13,088 13,247 4,408 4,376 After 5 years to 10 years 73,254 70,702 93,789 91,422 After 10 years 25,471 24,082 - - Collateralized mortgage obligations 222,278 217,616 196,461 194,317 Agency mortgage-backed securities 37,273 36,030 127,192 123,584 Total $ 372,014 $ 362,328 $ 421,850 $ 413,699 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | (dollars in thousands) 201 7 201 6 Beginning Balance, January 1 st $ 937 $ 930 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized - 1 Ending Balance, March 31 st $ 937 $ 931 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At March 31, 2017 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 $ 194,126 $ 4,512 $ 7,264 $ 249 $ 201,390 $ 4,761 Agency mortgage-backed securities 32,174 1,231 2,973 36 35,147 1,267 Municipal securities 9,598 342 - - 9,598 342 Corporate bonds 19,546 454 35,934 2,061 55,480 2,515 Asset backed securities - - 14,800 175 14,800 175 Trust preferred securities - - 1,961 1,102 1,961 1,102 Total Available for Sale $ 255,444 $ 6,539 $ 62,932 $ 3,623 $ 318,376 $ 10,162 At March 31, 2017 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 $ 86,540 $ 2,398 $ 3,355 $ 32 $ 89,895 $ 2,430 Collateralized mortgage obligations 124,180 2,356 20,325 432 144,505 2,788 Agency mortgage-backed securities 123,584 3,608 - - 123,584 3,608 Total Held to Maturity $ 334,304 $ 8,362 $ 23,680 $ 464 $ 357,984 $ 8,826 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 |
Schedule of Trust Preferred Securities [Table Text Block] | (dollars in thousands) Class / Tranche Amortized Cost Fair Value Unrealized Losses Lowest Credit Rating Assigned Number of Banks Currently Performing Deferrals / Defaults as % of Current Balance Conditional Default Rates for 2018 and beyond Cumulative OTTI Life to Date TPREF Funding II Class B Notes $ 725 $ 428 $ (297 ) C 19 29 % 0.41 % $ 274 TPREF Funding III Class B2 Notes 1,518 956 (562 ) C 15 28 0.42 483 ALESCO Preferred Funding V Class C1 Notes 820 577 (243 ) C 40 15 0.43 180 Total $ 3,063 $ 1,961 $ (1,102 ) 74 24 % $ 937 |
Note 6 - Loans Receivable and24
Note 6 - Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) March 31, 2017 December 31, 2016 Commercial real estate $ 394,840 $ 378,519 Construction and land development 78,636 61,453 Commercial and industrial 188,873 174,744 Owner occupied real estate 273,996 276,986 Consumer and other 67,402 63,660 Residential mortgage 22,652 9,682 Total loans receivable 1,026,399 965,044 Deferred costs (fees) (256 ) (72 ) Allowance for loan losses (9,181 ) (9,155 ) Net loans receivable $ 1,016,962 $ 955,817 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Three months ended March 31, 2017 Allowance for loan losses: Beginning balance: $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Charge-offs - - - (8 ) (2 ) - - (10 ) Recoveries 7 - 29 - - - - 36 Provisions (credits) (299 ) (11 ) (143 ) 253 (11 ) 72 139 - Ending balance $ 2,962 $ 546 $ 2,770 $ 1,627 $ 575 $ 130 $ 571 $ 9,181 Three months ended March 31, 2016 Allowance for loan losses: Beginning balance: $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Charge-offs - - (18 ) (28 ) - - - (46 ) Recoveries - - 72 - - - - 72 Provisions (credits) (348 ) 76 (44 ) 89 17 (3 ) 513 300 Ending balance $ 2,045 $ 414 $ 2,942 $ 2,091 $ 312 $ 11 $ 1,214 $ 9,029 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total March 31, 2017 Allowance for loan losses: Individually evaluated for impairment $ 1,305 $ - $ 1,758 $ 297 $ 262 $ - $ - $ 3,622 Collectively evaluated for impairment 1,657 546 1,012 1,330 313 130 571 5,559 Total allowance for loan losses $ 2,962 $ 546 $ 2,770 $ 1,627 $ 575 $ 130 $ 571 $ 9,181 Loans receivable: Loans evaluated individually $ 18,854 $ - $ 5,287 $ 3,475 $ 1,272 $ - $ - $ 28,888 Loans evaluated collectively 375,986 78,636 183,586 270,521 66,130 22,652 - 997,511 Total loans receivable $ 394,840 $ 78,636 $ 188,873 $ 273,996 $ 67,402 $ 22,652 $ - $ 1,026,399 (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 |
Impaired Financing Receivables [Table Text Block] | March 31, 2017 December 31, 2016 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 12,234 $ 12,235 $ - $ 12,347 $ 12,348 $ - Construction and land development - - - - - - Commercial and industrial 1,907 3,067 - 1,955 3,111 - Owner occupied real estate 1,631 1,742 - 621 733 - Consumer and other 817 1,115 - 687 976 - Residential mortgage - - - 130 130 - Total $ 16,589 $ 18,159 $ - $ 15,740 $ 17,298 $ - With an allowance recorded: Commercial real estate $ 6,620 $ 6,634 $ 1,305 $ 6,898 $ 6,912 $ 1,277 Construction and land development - - - - - - Commercial and industrial 3,380 6,047 1,758 3,225 5,892 1,624 Owner occupied real estate 1,844 1,844 297 1,704 1,704 274 Consumer and other 455 481 262 603 627 293 Residential mortgage - - - - - - Total $ 12,299 $ 15,006 $ 3,622 $ 12,430 $ 15,135 $ 3,468 Total: Commercial real estate $ 18,854 $ 18,869 $ 1,305 $ 19,245 $ 19,260 $ 1,277 Construction and land development - - - - - - Commercial and industrial 5,287 9,114 1,758 5,180 9,003 1,624 Owner occupied real estate 3,475 3,586 297 2,325 2,437 274 Consumer and other 1,272 1,596 262 1,290 1,603 293 Residential mortgage - - - 130 130 - Total $ 28,888 $ 33,165 $ 3,622 $ 28,170 $ 32,433 $ 3,468 |
Impaired Financing Receivables, Average Recorded Investment and Interest Income, Accrual Method [Table Text Block] | Three Months Ended March 31 , 2017 201 6 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 12,290 $ 70 $ 11,589 $ 65 Construction and land development - - 117 - Commercial and industrial 1,931 8 1,998 10 Owner occupied real estate 1,126 12 483 1 Consumer and other 752 3 829 3 Residential mortgage 65 1 - - Total $ 16,164 $ 94 $ 15,016 $ 79 With an allowance recorded: Commercial real estate $ 6,759 $ 5 $ 508 $ 8 Construction and land development - - - - Commercial and industrial 3,303 17 3,110 19 Owner occupied real estate 1,774 6 2,830 6 Consumer and other 529 4 213 2 Residential mortgage - - - - Total $ 12,365 $ 32 $ 6,661 $ 35 Total: Commercial real estate $ 19,049 $ 75 $ 12,097 $ 73 Construction and land development - - 117 - Commercial and industrial 5,234 25 5,108 29 Owner occupied real estate 2,900 18 3,313 7 Consumer and other 1,281 7 1,042 5 Residential mortgage 65 1 - - Total $ 28,529 $ 126 $ 21,677 $ 114 |
Past Due Financing Receivables [Table Text Block] | (dollars in thousands) 30-59 Days Pas t Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At March 31 , 201 7 Commercial real estate $ - $ 6 $ 12,733 $ 12,739 $ 382,101 $ 394,840 $ - Construction and land development - - - - 78,636 78,636 - Commercial and industrial 1,009 434 3,299 4,742 184,131 188,873 - Owner occupied real estate 1,174 - 1,690 2,864 271,132 273,996 - Consumer and other 23 24 807 854 66,548 67,402 - Residential mortgage - - - - 22,652 22,652 - Total $ 2,206 $ 464 $ 18,529 $ 21,199 $ 1,005,200 $ 1,026,399 $ - (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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) Pass Special Mention Substandard Doubtful Total At March 31, 2017 : Commercial real estate $ 380,763 $ 863 $ 13,214 $ - $ 394,840 Construction and land development 78,636 - - - 78,636 Commercial and industrial 182,990 596 3,858 1,429 188,873 Owner occupied real estate 270,521 - 3,475 - 273,996 Consumer and other 66,130 - 1,272 - 67,402 Residential mortgage 22,524 128 - - 22,652 Total $ 1,001,564 $ 1,587 $ 21,819 $ 1,429 $ 1,026,399 (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 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (dollars in thousands) March 31, 2017 December 31, 201 6 Commercial real estate $ 12,733 $ 13,089 Construction and land development - - Commercial and industrial 3,299 3,151 Owner occupied real estate 1,690 1,546 Consumer and other 807 808 Residential mortgage - - Total $ 18,529 $ 18,594 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs March 31, 2017 Commercial real estate 2 $ 5,640 $ 6,129 $ 11,769 Construction and land development - - - - Commercial and industrial 2 222 349 571 Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Total 4 $ 5,862 $ 6,478 $ 12,340 December 31, 201 6 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 |
Note 7 - Fair Value of Financ25
Note 7 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31 , 201 7 Assets: Collateralized mortgage obligations $ 217,616 $ - $ 217,616 $ - Agency mortgage-backed securities 36,030 - 36,030 - Municipal securities 27,640 - 27,640 - Corporate bonds 64,281 - 61,257 3,024 Asset-backed securities 14,800 - 14,800 - Trust Preferred Securities 1,961 - - 1,961 Securities Available for Sale $ 362,328 $ - $ 357,343 $ 4,985 Mortgage Loans Held for Sale $ 19,753 $ - $ 19,753 $ - SBA Servicing Assets 5,298 - - 5,298 Interest Rate Lock Commitments 831 - 831 - Best Efforts Forward Loan Sales Commitments 3 - 3 - Mandatory Forward Loan Sales Commitments 8 - 8 - Liabilities: Interest Rate Lock Commitments 7 - 7 - Best Efforts Forward Loan Sales Commitments 270 - 270 - Mandatory Forward Loan Sales Commitments 125 - 125 - December 31, 201 6 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 - |
Schedule of Servicing Assets at Fair Value [Table Text Block] | Three Months Ended March 31, (dollars in thousands) 201 7 201 6 Beginning balance $ 5,352 $ 4,886 Additions 211 242 Fair value adjustments (265 ) (70 ) Ending balance $ 5,298 $ 5,058 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1 st $ 1,820 $ 2,971 $ 1,883 $ 2,834 Unrealized (losses) gains 141 53 (24 ) 10 Paydowns - - - - Proceeds from sales - - - - Realized (losses) gains - - - - Impairment charges on Level 3 - - (1 ) - Balance, March 31 st $ 1,961 $ 3,024 $ 1,858 $ 2,844 |
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 March 31, 2017 Impaired loans $ 8,677 $ - $ - $ 8,677 Other real estate owned 496 - - 496 December 31, 2016 Impaired loans $ 9,110 $ - $ - $ 9,110 Other real estate owned 8,563 - - 8,563 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range (Weighted Average) March 31, 201 7 Corporate bonds $ 3,024 Discounted Cash Flows Discount Rate (5.06%) Trust preferred securities $ 1,961 Discounted Cash Flows Discount Rate 8.13% - 8.63% (8.36%) SBA servicing assets $ 5,298 Discounted Cash Flows Conditional Prepayment Rate (6.58%) Discount Rate (10.00%) Impaired loans $ 8,677 Appraised Value of Collateral (1) Liquidation expenses (2) 10% - 23% (12%) (3) Other real estate owned $ 496 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 20% (9%) (3) Sales Price Liquidation expenses (2) 7% - 8% (7%) (3) December 31, 201 6 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) |
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 March 31, 2017 $ 19,753 $ 19,052 $ 701 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) March 3 1 , 201 7 December 31, 201 6 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 5,298 $ 5,352 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 0 % 0 % Adjustable-rate SBA loans 100 % 100 % Total 100 % 100 % Weighted Average Remaining Term (in years) 20.9 21.1 Prepayment Speed 6.58 % 6.12 % Effect on fair value of a 10% increase $ (164 ) $ (161 ) Effect on fair value of a 20% increase (321 ) (316 ) Weighted Average Discount Rate 10.00 % 10.00 % Effect on fair value of a 10% increase $ (220 ) $ (226 ) Effect on fair value of a 20% increase (423 ) (435 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at March 31, 2017 (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 $ 36,591 $ 36,591 $ 36,591 $ - $ - Investment securities available for sale 362,328 362,328 - 357,343 4,985 Investment securities held to maturity 421,850 413,699 - 413,699 - Restricted stock 1,366 1,366 - 1,366 - Loans held for sale 25,098 25,237 - 19,753 5,484 Loans receivable, net 1,016,962 995,394 - - 995,394 SBA servicing assets 5,298 5,298 - - 5,298 Accrued interest receivable 5,987 5,987 - 5,987 - Interest rate lock commitments 831 831 - 831 - Best efforts forward loan sales commitments 3 3 - 3 - Mandatory forward loan sales commitments 8 8 - 8 - Financial liabilities: Deposits Demand, savings and money market $ 1,614,079 $ 1,614,079 $ - $ 1,614,079 $ - Time 106,433 104,888 - 104,888 - Subordinated debt 21,648 16,927 - - 16,927 Accrued interest payable 490 490 - 490 - Interest rate lock commitments 7 7 - 7 - Best efforts forward loan sales commitments 270 270 - 270 - Mandatory forward loan sales commitments 125 125 - 125 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - Fair Value Measurements at December 31, 2016 (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 $ 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 - - - - - |
Note 8 - Changes in Accumulat26
Note 8 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 $ (6,831 ) $ (463 ) $ (7,294 ) Unrealized gain on securities 623 - 623 Amounts reclassified from accumulated other comprehensive income to net income (2) - 27 27 Net current-period other comprehensive income 623 27 650 Balance March 31, 2017 $ (6,208 ) $ (436 ) $ (6,644 ) Balance January 1, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized gain on securities 2,122 - 2,122 Amounts reclassified from accumulated other comprehensive income to net income (2) (189 ) 37 (152 ) Net current-period other comprehensive income 1,933 37 1,970 Balance March 31, 2016 $ (629 ) $ (566 ) $ (1,195 ) Balance January 1, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized gain 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 (4,269 ) 140 (4,129 ) Balance December 31, 2016 $ (6,831 ) $ (463 ) $ (7,294 ) |
Note 9 - Business Combination (
Note 9 - Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Consideration paid: Original Estimates Adjustments to Estimates Final Valuation 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] | (dollars in thousands) Three Months Ended March 31, 2016 Total revenues $ 17,460 Net income $ 1,484 |
Note 10 - Goodwill and Other 28
Note 10 - Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (dollars in thousands) Balance December 31, 201 6 Additions/ Adjustments Amortization Balance March 3 1, 2017 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite Non-compete agreements 61 - (26 ) 35 1 Total $ 5,072 $ - $ (26 ) $ 5,046 |
Note 11 - Derivatives and Ris29
Note 11 - Derivatives and Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] | March 31, 2017 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 831 $ 33,875 Best efforts forward loan sales commitments Other Assets 3 2,467 Mandatory forward loan sales commitments Other Assets 8 2,500 Liability derivatives: IRLC’s Other Liabilities $ 7 $ 3,882 Best efforts forward loan sales commitments Other Liabilities 270 35,290 Mandatory forward loan sales commitments Other Liabilities 125 16,527 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] | Three Months Ended March 31, 201 7 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ 392 Best efforts forward loan sales commitments Mortgage banking income (100 ) Mandatory forward loan sales commitments Mortgage banking income (221 ) Liability derivatives: IRLC’s Mortgage banking income $ 48 Best efforts forward loan sales commitments Mortgage banking income (145 ) Mandatory forward loan sales commitments Mortgage banking income (87 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Mar. 31, 2017 |
Number of Wholly Owned Subsidiary | 1 |
Number of Unconsolidated Subsidiaries | 3 |
Number of Trust Preferred Securities Issued | 3 |
Note 2 - Summary of Significa31
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Apr. 29, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | [1] | 0.00% | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 478,374 | 470,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,121,500 | 2,491,175 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 10,534,698 | $ 1,985,387 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,423,648 | 1,236,949 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 6,685,120 | $ 1,252,381 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 94,800 | 250 | ||
Proceeds from Stock Options Exercised | $ 291,981 | $ 488 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 9,600 | 6,050 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Options Forfeited, Weighted Average Grant Date Fair Value, Amount | $ 43,581 | $ 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 3,935,014 | 1,690,057 | ||
Debt Conversion, Converted Instrument, Amount | 240,000 | |||
Convertible Subordinated Debt [Member] | ||||
Debt Conversion, Converted Instrument, Amount | $ 240,000 | |||
Debt Conversion, Converted Instrument, Shares Issued | 36,922 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Term | 5 years 182 days | |||
Treasury Bond Term On Which Risk Free Interest Rate is Based | 5 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Term | 7 years | |||
Treasury Bond Term On Which Risk Free Interest Rate is Based | 7 years | |||
The 2005 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 | |||
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 | 5,900,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 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 | 893,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Amount | $ 3,122,517 | |||
Stock Options and Restricted Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Stock Options and Restricted Stock Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Stock Options and Restricted Stock Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. |
Note 2 - Summary of Significa32
Note 2 - Summary of Significant Accounting Policies - Valuation Assumptions (Details) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Dividend yield(1) | [1] | 0.00% | 0.00% |
Assumed forfeiture rate(5) | [2] | 6.00% | 10.00% |
Minimum [Member] | |||
Expected volatility(2) | [3] | 45.50% | 47.59% |
Risk-free interest rate(3) | [4] | 1.89% | 1.23% |
Expected life(4) (in years) (Year) | [5] | 5 years 182 days | 5 years 182 days |
Maximum [Member] | |||
Expected volatility(2) | [3] | 50.09% | 52.54% |
Risk-free interest rate(3) | [4] | 2.26% | 1.82% |
Expected life(4) (in years) (Year) | [5] | 7 years | 7 years |
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. | ||
[2] | Forfeiture rate is determined through forfeited and expired options as a percentage of options granted over the current three year period. | ||
[3] | Expected volatility is based on Bloomberg's five and one-half to seven year volatility calculation for "FRBK" stock. | ||
[4] | The risk-free interest rate is based on the five to seven year Treasury bond. | ||
[5] | The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. |
Note 2 - Summary of Significa33
Note 2 - Summary of Significant Accounting Policies - Stock-based Compensation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stock based compensation expense recognized | $ 302,000 | $ 171,000 |
Number of unvested stock options (in shares) | 1,697,852 | 1,254,226 |
Fair value of unvested stock options | $ 4,583,209 | $ 2,418,303 |
Amount remaining to be recognized as expense | $ 3,935,014 | $ 1,690,057 |
Note 2 - Summary of Significa34
Note 2 - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income - basic and diluted | $ 1,787 | $ 1,085 |
Weighted average shares outstanding (in shares) | 56,824 | 37,837 |
Net income per share – basic (in dollars per share) | $ 0.03 | $ 0.03 |
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 58,048 | 38,269 |
Net income per share – diluted (in dollars per share) | $ 0.03 | $ 0.03 |
Note 2 - Summary of Significa35
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Anti-dilutive securities (in shares) | 3,522 | 3,721 |
Employee Stock Option [Member] | ||
Anti-dilutive securities (in shares) | 1,897 | 2,059 |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities (in shares) | 1,625 | 1,662 |
Note 4 - Segment Reporting (Det
Note 4 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Reportable Segments | 1 |
Note 5 - Investment Securitie37
Note 5 - Investment Securities (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | $ 1,000 | |
Securities, Continuous Loss Position, Accumulated Loss | 19,000,000 | $ 19,100,000 | |
Securities, Continuous Unrealized Loss Position, Fair Value | 676,400,000 | $ 595,000,000 | |
Proceeds from Sale of Available-for-sale Securities | $ 0 | 54,715,000 | |
Available-for-sale Securities, Gross Realized Gains | 320,000 | ||
Available-for-sale Securities, Gross Realized Losses | 24,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 106,000 | ||
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 | 55 | ||
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 | 23 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 15 | ||
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 | 7 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 |
Note 5 - Investment Securitie38
Note 5 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment securities available for sale, at amortized cost | $ 372,014 | $ 380,396 |
Investment securities available for sale, gross unrealized gains | 476 | 336 |
Investment securities available for sale, gross unrealized losses | (10,162) | (10,993) |
Investment securities available for sale, at fair value | 362,328 | 369,739 |
Investment securities held to maturity, at amortized cost | 421,850 | 432,499 |
Investment securities held to maturity, gross unrealized gains | 675 | 802 |
Investment securities held to maturity, gross unrealized losses | (8,826) | (8,118) |
Investment securities held to maturity, at fair value | 413,699 | 425,183 |
Investment securities held to maturity, at amortized cost | 421,850 | 432,499 |
Investment securities held to maturity, gross unrealized losses | (8,826) | (8,118) |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, at amortized cost | 222,278 | 230,252 |
Investment securities available for sale, gross unrealized gains | 99 | 145 |
Investment securities available for sale, gross unrealized losses | (4,761) | (5,632) |
Investment securities available for sale, at fair value | 217,616 | 224,765 |
Investment securities held to maturity, at amortized cost | 196,461 | 202,990 |
Investment securities held to maturity, gross unrealized gains | 644 | 793 |
Investment securities held to maturity, gross unrealized losses | (2,788) | (2,553) |
Investment securities held to maturity, at fair value | 194,317 | 201,230 |
Investment securities held to maturity, at amortized cost | 196,461 | 202,990 |
Investment securities held to maturity, gross unrealized losses | (2,788) | (2,553) |
Collateralized Mortgage Backed Securities [Member] | ||
Investment securities available for sale, at amortized cost | 37,273 | 37,973 |
Investment securities available for sale, gross unrealized gains | 24 | 32 |
Investment securities available for sale, gross unrealized losses | (1,267) | (1,295) |
Investment securities available for sale, at fair value | 36,030 | 36,710 |
Investment securities held to maturity, at amortized cost | 127,192 | 129,951 |
Investment securities held to maturity, gross unrealized gains | 1 | |
Investment securities held to maturity, gross unrealized losses | (3,608) | (3,327) |
Investment securities held to maturity, at fair value | 123,584 | 126,625 |
Investment securities held to maturity, at amortized cost | 127,192 | 129,951 |
Investment securities held to maturity, gross unrealized losses | (3,608) | (3,327) |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 27,727 | 26,825 |
Investment securities available for sale, gross unrealized gains | 255 | 151 |
Investment securities available for sale, gross unrealized losses | (342) | (429) |
Investment securities available for sale, at fair value | 27,640 | 26,547 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 66,698 | 66,718 |
Investment securities available for sale, gross unrealized gains | 98 | 8 |
Investment securities available for sale, gross unrealized losses | (2,515) | (1,978) |
Investment securities available for sale, at fair value | 64,281 | 64,748 |
Asset-backed Securities [Member] | ||
Investment securities available for sale, at amortized cost | 14,975 | 15,565 |
Investment securities available for sale, gross unrealized gains | ||
Investment securities available for sale, gross unrealized losses | (175) | (416) |
Investment securities available for sale, at fair value | 14,800 | 15,149 |
Collateralized Debt Obligations [Member] | ||
Investment securities available for sale, at amortized cost | 3,063 | 3,063 |
Investment securities available for sale, gross unrealized gains | ||
Investment securities available for sale, gross unrealized losses | (1,102) | (1,243) |
Investment securities available for sale, at fair value | 1,961 | 1,820 |
US Government Agencies Debt Securities [Member] | ||
Investment securities held to maturity, at amortized cost | 97,177 | 98,538 |
Investment securities held to maturity, gross unrealized gains | 31 | 8 |
Investment securities held to maturity, gross unrealized losses | (2,430) | (2,238) |
Investment securities held to maturity, at fair value | 94,778 | 96,308 |
Investment securities held to maturity, at amortized cost | 97,177 | 98,538 |
Investment securities held to maturity, gross unrealized losses | (2,430) | (2,238) |
Other Debt Obligations [Member] | ||
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 |
Investment securities held to maturity, at amortized cost | 1,020 | 1,020 |
Investment securities held to maturity, gross unrealized losses |
Note 5 - Investment Securitie39
Note 5 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Due in 1 year or less, available for sale, amortized cost | $ 650 | |
Due in 1 year or less, available for sale, fair value | 651 | |
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 | 13,088 | |
After 1 year to 5 years, available for sale, fair value | 13,247 | |
After 1 year to 5 years, held to maturity, amortized cost | 4,408 | |
After 1 year to 5 years, held to maturity, fair value | 4,376 | |
After 5 years to 10 years, available for sale, amortized cost | 73,254 | |
After 5 years to 10 years, available for sale, fair value | 70,702 | |
After 5 years to 10 years, held to maturity, amortized cost | 93,789 | |
After 5 years to 10 years, held to maturity, fair value | 91,422 | |
After 10 years, available for sale, amortized cost | 25,471 | |
After 10 years, available for sale, fair value | 24,082 | |
After 10 years, held to maturity, amortized cost | ||
After 10 years, held to maturity, fair value | ||
Total, available for sale, amortized cost | 372,014 | |
Total, available for sale, fair value | 362,328 | |
Total, held to maturity, amortized cost | 421,850 | $ 432,499 |
Total, held to maturity, fair value | 413,699 | 425,183 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 222,278 | |
No specific maturity date, available for sale, fair value | 217,616 | |
No specific maturity date, held to maturity, amortized cost | 196,461 | |
No specific maturity date, held to maturity, fair value | 194,317 | |
Total, held to maturity, amortized cost | 196,461 | 202,990 |
Total, held to maturity, fair value | 194,317 | 201,230 |
Collateralized Mortgage Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 37,273 | |
No specific maturity date, available for sale, fair value | 36,030 | |
No specific maturity date, held to maturity, amortized cost | 127,192 | |
No specific maturity date, held to maturity, fair value | 123,584 | |
Total, held to maturity, amortized cost | 127,192 | 129,951 |
Total, held to maturity, fair value | $ 123,584 | $ 126,625 |
Note 5 - Investment Securitie40
Note 5 - Investment Securities - Credit-related Impairment Losses on Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning Balance | $ 937,000 | $ 930,000 |
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 0 | 1,000 |
Ending Balance, March 31st | $ 937,000 | $ 931,000 |
Note 5 - Investment Securitie41
Note 5 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 255,444 | $ 269,895 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 6,539 | 8,777 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 62,932 | 38,473 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,623 | 2,216 |
Available for sale securities in a continuous unrealized loss position, fair value | 318,376 | 308,368 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 10,162 | 10,993 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 334,304 | 274,424 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 8,362 | 7,994 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 23,680 | 12,158 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 464 | 124 |
Held to maturity securities in a continuous unrealized loss position, fair value | 357,984 | 286,582 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 8,826 | 8,118 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 194,126 | 192,308 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,512 | 5,380 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 7,264 | 7,579 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 249 | 252 |
Available for sale securities in a continuous unrealized loss position, fair value | 201,390 | 199,887 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 4,761 | 5,632 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 124,180 | 108,974 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,356 | 2,469 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 20,325 | 8,572 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 432 | 84 |
Held to maturity securities in a continuous unrealized loss position, fair value | 144,505 | 117,546 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 2,788 | 2,553 |
US Government Agencies Debt Securities [Member] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 86,540 | 67,725 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,398 | 2,198 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 3,355 | 3,586 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 32 | 40 |
Held to maturity securities in a continuous unrealized loss position, fair value | 89,895 | 71,311 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 2,430 | 2,238 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 32,174 | 29,916 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,231 | 1,260 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 2,973 | 3,199 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 36 | 35 |
Available for sale securities in a continuous unrealized loss position, fair value | 35,147 | 33,115 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 1,267 | 1,295 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 123,584 | 97,725 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,608 | 3,327 |
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 | 123,584 | 97,725 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 3,608 | 3,327 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 9,598 | 15,414 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 342 | 429 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | ||
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | ||
Available for sale securities in a continuous unrealized loss position, fair value | 9,598 | 15,414 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 342 | 429 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 19,546 | 32,257 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 454 | 1,708 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 35,934 | 10,726 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,061 | 270 |
Available for sale securities in a continuous unrealized loss position, fair value | 55,480 | 42,983 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 2,515 | 1,978 |
Asset-backed Securities [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 | 14,800 | 15,149 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 175 | 416 |
Available for sale securities in a continuous unrealized loss position, fair value | 14,800 | 15,149 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 175 | 416 |
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 | 1,961 | 1,820 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,102 | 1,243 |
Available for sale securities in a continuous unrealized loss position, fair value | 1,961 | 1,820 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 1,102 | $ 1,243 |
Note 5 - Investment Securitie42
Note 5 - Investment Securities - Trust Preferred Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Amortized Cost | $ 372,014 | $ 380,396 | ||
Investment securities available for sale, at fair value | 362,328 | 369,739 | ||
Unrealized Losses | (10,162) | (10,993) | ||
Cumulative OTTI Life to Date | $ 937 | 937 | $ 931 | $ 930 |
TPREF Funding II [Member] | ||||
Class / Tranche | Class B Notes | |||
Amortized Cost | $ 725 | |||
Investment securities available for sale, at fair value | 428 | |||
Unrealized Losses | $ (297) | |||
Lowest Credit Rating Assigned | C | |||
Number of Banks Currently Performing | 19 | |||
Deferrals / Defaults as % of Current Balance | 29.00% | |||
Conditional Default Rates for 2015 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 | 956 | |||
Unrealized Losses | $ (562) | |||
Lowest Credit Rating Assigned | C | |||
Number of Banks Currently Performing | 15 | |||
Deferrals / Defaults as % of Current Balance | 28.00% | |||
Conditional Default Rates for 2015 and beyond | 0.42% | |||
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 | 577 | |||
Unrealized Losses | $ (243) | |||
Lowest Credit Rating Assigned | C | |||
Number of Banks Currently Performing | 40 | |||
Deferrals / Defaults as % of Current Balance | 15.00% | |||
Conditional Default Rates for 2015 and beyond | 0.43% | |||
Cumulative OTTI Life to Date | $ 180 | |||
Collateralized Debt Obligations [Member] | ||||
Amortized Cost | 3,063 | 3,063 | ||
Investment securities available for sale, at fair value | 1,961 | 1,820 | ||
Unrealized Losses | $ (1,102) | $ (1,243) | ||
Number of Banks Currently Performing | 74 | |||
Deferrals / Defaults as % of Current Balance | 24.00% | |||
Conditional Default Rates for 2015 and beyond | ||||
Cumulative OTTI Life to Date | $ 937 |
Note 6 - Loans Receivable and43
Note 6 - Loans Receivable and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 276,000 | $ 200,000 | |
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Real Estate Acquired Through Foreclosure | $ 9,944,000 | $ 10,174,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 6,100,000 | ||
Residential Portfolio Segment [Member] | |||
Real Estate Acquired Through Foreclosure | $ 59,000 | $ 126,000 |
Note 6 - Loans Receivable and44
Note 6 - Loans Receivable and Allowances for Loan Losses - Gross Loans by Major Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans receivable | $ 1,026,399 | $ 965,044 |
Deferred costs (fees) | (256) | (72) |
Allowance for loan losses | (9,181) | (9,155) |
Net loans receivable | 1,016,962 | 955,817 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 394,840 | 378,519 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 78,636 | 61,453 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 188,873 | 174,744 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 273,996 | 276,986 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 67,402 | 63,660 |
Residential Portfolio Segment [Member] | ||
Loans receivable | $ 22,652 | $ 9,682 |
Note 6 - Loans Receivable and45
Note 6 - Loans Receivable and Allowances for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Beginning balance: | $ 9,155 | $ 8,703 | ||
Charge-offs | (10) | (46) | ||
Recoveries | 36 | 72 | ||
Provision for loan losses | 300 | |||
Ending balance | 9,181 | 9,029 | ||
Allowance for loan losses, individually evaluated for impairment | $ 3,622 | $ 3,468 | ||
Allowance for loan losses, collectively evaluated for impairment | 5,559 | 5,687 | ||
Total allowance for loan losses | 9,155 | 8,703 | 9,181 | 9,155 |
Loans evaluated individually | 28,888 | 28,170 | ||
Loans evaluated collectively | 997,511 | 936,874 | ||
Total loans receivable | 1,026,399 | 965,044 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance: | 3,254 | 2,393 | ||
Charge-offs | ||||
Recoveries | 7 | |||
Provision for loan losses | (299) | (348) | ||
Ending balance | 2,962 | 2,045 | ||
Allowance for loan losses, individually evaluated for impairment | 1,305 | 1,277 | ||
Allowance for loan losses, collectively evaluated for impairment | 1,657 | 1,977 | ||
Total allowance for loan losses | 3,254 | 2,393 | 2,962 | 3,254 |
Loans evaluated individually | 18,854 | 19,245 | ||
Loans evaluated collectively | 375,986 | 359,274 | ||
Total loans receivable | 394,840 | 378,519 | ||
Construction and Land Development Portfolio Segment [Member] | ||||
Beginning balance: | 557 | 338 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | (11) | 76 | ||
Ending balance | 546 | 414 | ||
Allowance for loan losses, individually evaluated for impairment | ||||
Allowance for loan losses, collectively evaluated for impairment | 546 | 557 | ||
Total allowance for loan losses | 557 | 338 | 546 | 557 |
Loans evaluated individually | ||||
Loans evaluated collectively | 78,636 | 61,453 | ||
Total loans receivable | 78,636 | 61,453 | ||
Commercial Portfolio Segment [Member] | ||||
Beginning balance: | 2,884 | 2,932 | ||
Charge-offs | (18) | |||
Recoveries | 29 | 72 | ||
Provision for loan losses | (143) | (44) | ||
Ending balance | 2,770 | 2,942 | ||
Allowance for loan losses, individually evaluated for impairment | 1,758 | 1,624 | ||
Allowance for loan losses, collectively evaluated for impairment | 1,012 | 1,260 | ||
Total allowance for loan losses | 2,884 | 2,932 | 2,770 | 2,884 |
Loans evaluated individually | 5,287 | 5,180 | ||
Loans evaluated collectively | 183,586 | 169,564 | ||
Total loans receivable | 188,873 | 174,744 | ||
Owner Occupied Real Estate [Member] | ||||
Beginning balance: | 1,382 | 2,030 | ||
Charge-offs | (8) | (28) | ||
Recoveries | ||||
Provision for loan losses | 253 | 89 | ||
Ending balance | 1,627 | 2,091 | ||
Allowance for loan losses, individually evaluated for impairment | 297 | 274 | ||
Allowance for loan losses, collectively evaluated for impairment | 1,330 | 1,108 | ||
Total allowance for loan losses | 1,382 | 2,030 | 1,627 | 1,382 |
Loans evaluated individually | 3,475 | 2,325 | ||
Loans evaluated collectively | 270,521 | 274,661 | ||
Total loans receivable | 273,996 | 276,986 | ||
Consumer Portfolio Segment [Member] | ||||
Beginning balance: | 588 | 295 | ||
Charge-offs | (2) | |||
Recoveries | ||||
Provision for loan losses | (11) | 17 | ||
Ending balance | 575 | 312 | ||
Allowance for loan losses, individually evaluated for impairment | 262 | 293 | ||
Allowance for loan losses, collectively evaluated for impairment | 313 | 295 | ||
Total allowance for loan losses | 588 | 295 | 575 | 588 |
Loans evaluated individually | 1,272 | 1,290 | ||
Loans evaluated collectively | 66,130 | 62,370 | ||
Total loans receivable | 67,402 | 63,660 | ||
Residential Portfolio Segment [Member] | ||||
Beginning balance: | 58 | 14 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | 72 | (3) | ||
Ending balance | 130 | 11 | ||
Allowance for loan losses, individually evaluated for impairment | ||||
Allowance for loan losses, collectively evaluated for impairment | 130 | 58 | ||
Total allowance for loan losses | 58 | 14 | 130 | 58 |
Loans evaluated individually | 130 | |||
Loans evaluated collectively | 22,652 | 9,552 | ||
Total loans receivable | 22,652 | 9,682 | ||
Unallocated Financing Receivables [Member] | ||||
Beginning balance: | 432 | 701 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | 139 | 513 | ||
Ending balance | 571 | 1,214 | ||
Allowance for loan losses, individually evaluated for impairment | ||||
Allowance for loan losses, collectively evaluated for impairment | 571 | 432 | ||
Total allowance for loan losses | $ 432 | $ 701 | 571 | 432 |
Loans evaluated individually | ||||
Loans evaluated collectively | ||||
Total loans receivable |
Note 6 - Loans Receivable and46
Note 6 - Loans Receivable and Allowances for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
With no related allowance - Recorded investment | $ 16,589 | $ 15,740 |
With no related allowance - Unpaid principal balance | 18,159 | 17,298 |
With related allowance - Recorded investment | 12,299 | 12,430 |
With related allowance - Unpaid principal balance | 15,006 | 15,135 |
Related allowance | 3,622 | 3,468 |
Recorded investment | 28,888 | 28,170 |
Unpaid principal balance | 33,165 | 32,433 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 12,234 | 12,347 |
With no related allowance - Unpaid principal balance | 12,235 | 12,348 |
With related allowance - Recorded investment | 6,620 | 6,898 |
With related allowance - Unpaid principal balance | 6,634 | 6,912 |
Related allowance | 1,305 | 1,277 |
Recorded investment | 18,854 | 19,245 |
Unpaid principal balance | 18,869 | 19,260 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | ||
With no related allowance - Unpaid principal balance | ||
With related allowance - Recorded investment | ||
With related allowance - Unpaid principal balance | ||
Related allowance | ||
Recorded investment | ||
Unpaid principal balance | ||
Commercial Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 1,907 | 1,955 |
With no related allowance - Unpaid principal balance | 3,067 | 3,111 |
With related allowance - Recorded investment | 3,380 | 3,225 |
With related allowance - Unpaid principal balance | 6,047 | 5,892 |
Related allowance | 1,758 | 1,624 |
Recorded investment | 5,287 | 5,180 |
Unpaid principal balance | 9,114 | 9,003 |
Owner Occupied Real Estate [Member] | ||
With no related allowance - Recorded investment | 1,631 | 621 |
With no related allowance - Unpaid principal balance | 1,742 | 733 |
With related allowance - Recorded investment | 1,844 | 1,704 |
With related allowance - Unpaid principal balance | 1,844 | 1,704 |
Related allowance | 297 | 274 |
Recorded investment | 3,475 | 2,325 |
Unpaid principal balance | 3,586 | 2,437 |
Consumer Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 817 | 687 |
With no related allowance - Unpaid principal balance | 1,115 | 976 |
With related allowance - Recorded investment | 455 | 603 |
With related allowance - Unpaid principal balance | 481 | 627 |
Related allowance | 262 | 293 |
Recorded investment | 1,272 | 1,290 |
Unpaid principal balance | 1,596 | 1,603 |
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 6 - Loans Receivable and47
Note 6 - Loans Receivable and Allowances for Loan Losses - Impaired Loans Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
With no related allowance recorded - Average recorded investment | $ 16,164 | $ 15,016 |
With no related allowance recorded - Interest income recognized | 94 | 79 |
With related allowance recorded - Average recorded investment | 12,365 | 6,661 |
With related allowance recorded - Interest income recognized | 32 | 35 |
Average recorded investment | 28,529 | 21,677 |
Interest income recognized | 126 | 114 |
Average recorded investment | 28,529 | 21,677 |
Interest income recognized | 126 | 114 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 12,290 | 11,589 |
With no related allowance recorded - Interest income recognized | 70 | 65 |
With related allowance recorded - Average recorded investment | 6,759 | 508 |
With related allowance recorded - Interest income recognized | 5 | 8 |
Average recorded investment | 19,049 | 12,097 |
Interest income recognized | 75 | 73 |
Average recorded investment | 19,049 | 12,097 |
Interest income recognized | 75 | 73 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 117 | |
With no related allowance recorded - Interest income recognized | ||
With related allowance recorded - Average recorded investment | ||
With related allowance recorded - Interest income recognized | ||
Average recorded investment | 117 | |
Interest income recognized | ||
Average recorded investment | 117 | |
Interest income recognized | ||
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 1,931 | 1,998 |
With no related allowance recorded - Interest income recognized | 8 | 10 |
With related allowance recorded - Average recorded investment | 3,303 | 3,110 |
With related allowance recorded - Interest income recognized | 17 | 19 |
Average recorded investment | 5,234 | 5,108 |
Interest income recognized | 25 | 29 |
Average recorded investment | 5,234 | 5,108 |
Interest income recognized | 25 | 29 |
Owner Occupied Real Estate [Member] | ||
With no related allowance recorded - Average recorded investment | 1,126 | 483 |
With no related allowance recorded - Interest income recognized | 12 | 1 |
With related allowance recorded - Average recorded investment | 1,774 | 2,830 |
With related allowance recorded - Interest income recognized | 6 | 6 |
Average recorded investment | 2,900 | 3,313 |
Interest income recognized | 18 | 7 |
Average recorded investment | 2,900 | 3,313 |
Interest income recognized | 18 | 7 |
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 752 | 829 |
With no related allowance recorded - Interest income recognized | 3 | 3 |
With related allowance recorded - Average recorded investment | 529 | 213 |
With related allowance recorded - Interest income recognized | 4 | 2 |
Average recorded investment | 1,281 | 1,042 |
Interest income recognized | 7 | 5 |
Average recorded investment | 1,281 | 1,042 |
Interest income recognized | 7 | 5 |
Residential Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 65 | |
With no related allowance recorded - Interest income recognized | 1 | |
With related allowance recorded - Average recorded investment | ||
With related allowance recorded - Interest income recognized | ||
Average recorded investment | 65 | |
Interest income recognized | 1 | |
Average recorded investment | 65 | |
Interest income recognized | $ 1 |
Note 6 - Loans Receivable and48
Note 6 - Loans Receivable and Allowance for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans receivable, total past due | $ 21,199 | $ 19,987 |
Loans receivable, current | 1,005,200 | 945,057 |
Loans receivable | 1,026,399 | 965,044 |
Loans receivable greater than 90 days and accruing | 302 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 2,206 | 1,060 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 464 | 31 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 18,529 | 18,896 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, total past due | 12,739 | 13,098 |
Loans receivable, current | 382,101 | 365,421 |
Loans receivable | 394,840 | 378,519 |
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 | 6 | 9 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 12,733 | 13,089 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable, total past due | ||
Loans receivable, current | 78,636 | 61,453 |
Loans receivable | 78,636 | 61,453 |
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 | ||
Commercial Portfolio Segment [Member] | ||
Loans receivable, total past due | 4,742 | 3,719 |
Loans receivable, current | 184,131 | 171,025 |
Loans receivable | 188,873 | 174,744 |
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 | 1,009 | 568 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 434 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 3,299 | 3,151 |
Owner Occupied Real Estate [Member] | ||
Loans receivable, total past due | 2,864 | 2,186 |
Loans receivable, current | 271,132 | 274,800 |
Loans receivable | 273,996 | 276,986 |
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 | 1,174 | 468 |
Owner Occupied Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Owner Occupied Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 1,690 | 1,718 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, total past due | 854 | 854 |
Loans receivable, current | 66,548 | 62,806 |
Loans receivable | 67,402 | 63,660 |
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 | 23 | 24 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 24 | 22 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 807 | 808 |
Residential Portfolio Segment [Member] | ||
Loans receivable, total past due | 130 | |
Loans receivable, current | 22,652 | 9,552 |
Loans receivable | 22,652 | 9,682 |
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 | ||
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 6 - Loans Receivable and49
Note 6 - Loans Receivable and Allowance for Loan Losses - Loans by Internal Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans receivable | $ 1,026,399 | $ 965,044 |
Pass [Member] | ||
Loans receivable | 1,001,564 | 940,549 |
Special Mention [Member] | ||
Loans receivable | 1,587 | 1,994 |
Substandard [Member] | ||
Loans receivable | 21,819 | 21,072 |
Doubtful [Member] | ||
Loans receivable | 1,429 | 1,429 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 394,840 | 378,519 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 380,763 | 364,066 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 863 | 877 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 13,214 | 13,576 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 78,636 | 61,453 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 78,636 | 61,453 |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Commercial Portfolio Segment [Member] | ||
Loans receivable | 188,873 | 174,744 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 182,990 | 168,958 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 596 | 606 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 3,858 | 3,751 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 1,429 | 1,429 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 273,996 | 276,986 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Loans receivable | 270,521 | 274,150 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Loans receivable | 511 | |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Loans receivable | 3,475 | 2,325 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | ||
Loans receivable | 67,402 | 63,660 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 66,130 | 62,370 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 1,272 | 1,290 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | ||
Loans receivable | 22,652 | 9,682 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 22,524 | 9,552 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 128 | |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 130 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable |
Note 6 - Loans Receivable and50
Note 6 - Loans Receivable and Allowance for Loan Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Non-accrual loans | $ 18,529 | $ 18,594 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 12,733 | 13,089 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | ||
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 3,299 | 3,151 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 1,690 | 1,546 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 807 | 808 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans |
Note 6 - Loans Receivable and51
Note 6 - Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Number of Loans | 4 | 3 |
Troubled debt restructurings, accrual status | $ 5,862 | $ 5,897 |
Troubled debt restructurings, non-accrual status | 6,478 | 349 |
Troubled debt restructurings | $ 12,340 | $ 6,246 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Loans | 2 | 1 |
Troubled debt restructurings, accrual status | $ 5,640 | $ 5,669 |
Troubled debt restructurings, non-accrual status | 6,129 | |
Troubled debt restructurings | $ 11,769 | $ 5,669 |
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 | $ 222 | $ 228 |
Troubled debt restructurings, non-accrual status | 349 | 349 |
Troubled debt restructurings | $ 571 | $ 577 |
Owner Occupied Real Estate [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
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 7 - Fair Value of Financ52
Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Servicing Fees | $ 433,000 | $ 434,000 | |
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 | $ 129,000 | $ 0 |
Note 7 - Fair Value of Financ53
Note 7 - Fair Value of Financial Instruments - Financial Assets Measured at on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale, at fair value | $ 362,328 | $ 369,739 | ||
SBA Servicing Assets | 5,298 | 5,352 | $ 5,058 | $ 4,886 |
Fair Value, Measurements, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 362,328 | 369,739 | ||
Mortgage Loans Held for Sale | 19,753 | 23,911 | ||
SBA Servicing Assets | 5,298 | 5,352 | ||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Asset | 3 | 103 | ||
Derivative Liability | 270 | 125 | ||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | 8 | 229 | ||
Derivative Liability | 125 | 38 | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | 831 | 439 | ||
Derivative Liability | 7 | 55 | ||
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 | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
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 2 [Member] | ||||
Investment securities available for sale, at fair value | 357,343 | 364,948 | ||
Mortgage Loans Held for Sale | 19,753 | 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 | 3 | 103 | ||
Derivative Liability | 270 | 125 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | 8 | 229 | ||
Derivative Liability | 125 | 38 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | 831 | 439 | ||
Derivative Liability | 7 | 55 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 4,985 | 4,791 | ||
Mortgage Loans Held for Sale | ||||
SBA Servicing Assets | 5,298 | 5,352 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Collateralized Mortgage Obligations [Member] | ||||
Investment securities available for sale, at fair value | 217,616 | 224,765 | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 217,616 | 224,765 | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 217,616 | 224,765 | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Collateralized Mortgage Backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 36,030 | 36,710 | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 36,030 | 36,710 | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 36,030 | 36,710 | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 27,640 | 26,547 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 27,640 | 26,547 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 27,640 | 26,547 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Corporate Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 64,281 | 64,748 | ||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 64,281 | 64,748 | ||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 61,257 | 61,777 | ||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 3,024 | 2,971 | ||
Asset-backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 14,800 | 15,149 | ||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 14,800 | 15,149 | ||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 14,800 | 15,149 | ||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Collateralized Debt Obligations [Member] | ||||
Investment securities available for sale, at fair value | 1,961 | 1,820 | ||
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 1,961 | 1,820 | ||
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | $ 1,961 | $ 1,820 |
Note 7 - Fair Value of Financ54
Note 7 - Fair Value of Financial Instruments - SBA Servicing Assets Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning balance, servicing assets | $ 5,352 | $ 4,886 |
Additions | 211 | 242 |
Fair value adjustments | (265) | (70) |
Ending balance, servicing assets | $ 5,298 | $ 5,058 |
Note 7 - Fair Value of Financ55
Note 7 - Fair Value of Financial Instruments - Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Collateralized Debt Obligations [Member] | ||||
Balance | $ 1,820 | $ 1,883 | ||
Unrealized (losses) gains | 141 | (24) | ||
Paydowns | ||||
Proceeds from sales | ||||
Realized (losses) gains | ||||
Impairment charges on Level 3 | (1) | |||
Balance | 1,820 | 1,883 | $ 1,961 | $ 1,858 |
Corporate Debt Securities [Member] | ||||
Balance | 2,971 | 2,834 | ||
Unrealized (losses) gains | 53 | 10 | ||
Paydowns | ||||
Proceeds from sales | ||||
Realized (losses) gains | ||||
Impairment charges on Level 3 | ||||
Balance | $ 2,971 | $ 2,834 | $ 3,024 | $ 2,844 |
Note 7 - Fair Value of Financ56
Note 7 - Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Impaired loans | $ 8,677 | $ 9,110 |
Other real estate owned | 496 | 8,563 |
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 | 8,677 | 9,110 |
Other real estate owned | $ 496 | $ 8,563 |
Note 7 - Fair Value of Financ57
Note 7 - Fair Value of Financial Instruments - Quantitative Information about Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Income Approach Valuation Technique [Member] | Corporate Debt Securities [Member] | |||
Fair Value | $ 3,024 | $ 2,971 | |
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 | 5.06% | 4.68% | |
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | |||
Fair Value | $ 1,961 | $ 1,820 | |
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 | 8.36% | 9.08% | |
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | Minimum [Member] | |||
Discount Rate | 8.13% | 8.85% | |
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | Maximum [Member] | |||
Discount Rate | 8.63% | 9.35% | |
Income Approach Valuation Technique [Member] | SBA Servicing Assets [Member] | |||
Fair Value | $ 5,298 | $ 5,352 | |
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 | 6.58% | 6.12% | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | |||
Fair Value | $ 8,677 | $ 9,110 | |
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] | 12.00% | 11.00% |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Minimum [Member] | |||
Liquidation expenses | [3] | 10.00% | 7.00% |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Maximum [Member] | |||
Liquidation expenses | [3] | 23.00% | 20.00% |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | |||
Fair Value | $ 496 | $ 8,563 | |
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] | Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Liquidation expenses | [3] | 9.00% | 17.00% |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | Minimum [Member] | |||
Liquidation expenses | [3] | 7.00% | 5.00% |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | Maximum [Member] | |||
Liquidation expenses | [3] | 20.00% | 76.00% |
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] | Weighted Average [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) | Liquidation expenses (2) |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Liquidation expenses | [3] | 7.00% | 7.00% |
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% | 8.00% |
[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 7 - Fair Value of Financ58
Note 7 - Fair Value of Financial Instruments - Disclosure of Mortgage Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Aggregate Unpaid Principal Balance | $ 19,052 | $ 23,428 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | 701 | 483 |
Reported Value Measurement [Member] | ||
Carrying Amount | $ 19,753 | $ 23,911 |
Note 7 - Fair Value of Financ59
Note 7 - Fair Value of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value of SBA Servicing Asset | $ 5,298 | $ 5,352 | $ 5,058 | $ 4,886 |
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||
Weighted Average Remaining Term (in years) (Year) | 20 years 328 days | 21 years 36 days | ||
Prepayment Speed | 6.58% | 6.12% | ||
Effect on fair value of a 10% increase | $ (164) | $ (161) | ||
Effect on fair value of a 20% increase | $ (321) | $ (316) | ||
Weighted Average Discount Rate | 10.00% | 10.00% | ||
Effect on fair value of a 10% increase | $ (220) | $ (226) | ||
Effect on fair value of a 20% increase | $ (423) | $ (435) | ||
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 7 - Fair Value of Financ60
Note 7 - Fair Value of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale, at fair value | $ 362,328 | $ 369,739 | ||
Investment securities held to maturity, at fair value | 413,699 | 425,183 | ||
Fair Value of SBA Servicing Asset | 5,298 | 5,352 | $ 5,058 | $ 4,886 |
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 36,591 | 34,554 | ||
Investment securities available for sale, at fair value | 362,328 | 369,739 | ||
Investment securities held to maturity, at fair value | 421,850 | 432,499 | ||
Restricted stock | 1,366 | 1,366 | ||
Loans held for sale | 25,098 | 28,065 | ||
Loans receivable, net | 1,016,962 | 955,817 | ||
Fair Value of SBA Servicing Asset | 5,298 | 5,352 | ||
Accrued interest receivable | 5,987 | 5,497 | ||
Demand, savings and money market | 1,614,079 | 1,566,506 | ||
Time | 106,433 | 111,164 | ||
Subordinated debt | 21,648 | 21,881 | ||
Accrued interest payable | 490 | 444 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 3 | 103 | ||
Derivative liability | 270 | 125 | ||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 8 | 229 | ||
Derivative liability | 125 | 38 | ||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 831 | 439 | ||
Derivative liability | 7 | 55 | ||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 36,591 | 34,554 | ||
Investment securities available for sale, at fair value | 362,328 | 369,739 | ||
Investment securities held to maturity, at fair value | 413,699 | 425,183 | ||
Restricted stock | 1,366 | 1,366 | ||
Loans held for sale | 25,237 | 28,267 | ||
Loans receivable, net | 995,394 | 937,944 | ||
Fair Value of SBA Servicing Asset | 5,298 | 5,352 | ||
Accrued interest receivable | 5,987 | 5,497 | ||
Demand, savings and money market | 1,614,079 | 1,566,506 | ||
Time | 104,888 | 110,988 | ||
Subordinated debt | 16,927 | 16,286 | ||
Accrued interest payable | 490 | 444 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 3 | 103 | ||
Derivative liability | 270 | 125 | ||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 8 | 229 | ||
Derivative liability | 125 | 38 | ||
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 831 | 439 | ||
Derivative liability | 7 | 55 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 36,591 | 34,554 | ||
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 | ||||
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 | 357,343 | 364,948 | ||
Investment securities held to maturity, at fair value | 413,699 | 425,183 | ||
Restricted stock | 1,366 | 1,366 | ||
Loans held for sale | 19,753 | 23,911 | ||
Loans receivable, net | ||||
Fair Value of SBA Servicing Asset | ||||
Accrued interest receivable | 5,987 | 5,497 | ||
Demand, savings and money market | 1,614,079 | 1,566,506 | ||
Time | 104,888 | 110,988 | ||
Subordinated debt | ||||
Accrued interest payable | 490 | 444 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 3 | 103 | ||
Derivative liability | 270 | 125 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 8 | 229 | ||
Derivative liability | 125 | 38 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 831 | 439 | ||
Derivative liability | 7 | 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 | 4,985 | 4,791 | ||
Investment securities held to maturity, at fair value | ||||
Restricted stock | ||||
Loans held for sale | 5,484 | 4,356 | ||
Loans receivable, net | 995,394 | 937,944 | ||
Fair Value of SBA Servicing Asset | 5,298 | 5,352 | ||
Accrued interest receivable | ||||
Demand, savings and money market | ||||
Time | ||||
Subordinated debt | 16,927 | 16,286 | ||
Accrued interest payable | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
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 8 - Changes in Accumulat61
Note 8 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Balance | [1] | $ (7,294) | $ (3,165) | $ (3,165) |
Unrealized gain on securities | [1] | 623 | 2,122 | (3,853) |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 27 | (152) | (276) |
Net current-period other comprehensive income | [1] | 650 | 1,970 | (4,129) |
Balance | [1] | (6,644) | (1,195) | (7,294) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Balance | [1] | (6,831) | (2,562) | (2,562) |
Unrealized gain on securities | [1] | 623 | 2,122 | (3,853) |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | (189) | (416) | |
Net current-period other comprehensive income | [1] | 623 | 1,933 | (4,269) |
Balance | [1] | (6,208) | (629) | (6,831) |
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||||
Balance | [1] | (463) | (603) | (603) |
Unrealized gain on securities | [1] | |||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 27 | 37 | 140 |
Net current-period other comprehensive income | [1] | 27 | 37 | 140 |
Balance | [1] | $ (436) | $ (566) | $ (463) |
[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 9 - Business Combination62
Note 9 - 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 9 - Business Combination -
Note 9 - Business Combination - Consideration Paid and Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 28, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Liabilities assumed: | |||
Goodwill resulting from acquisition of Oak Mortgage | $ 5,011 | $ 5,011 | |
Oak Mortgage [Member] | |||
Cash | $ 7,136 | ||
Equity instruments | 202 | ||
Deferred additional purchase price | 500 | ||
Value of consideration | 7,838 | ||
Assets acquired: | |||
Cash and cash equivalents | 1,223 | ||
Loans held for sale | 20,871 | ||
Loans receivable | 1,132 | ||
Premises and equipment | 103 | ||
Derivative assets | 1,508 | ||
Intangible assets – non compete agreements | 104 | ||
Other assets | 125 | ||
Total assets | 25,066 | ||
Liabilities assumed: | |||
Warehouse lines of credit | 19,666 | ||
Derivative liabilities | 412 | ||
Other liabilities | 2,161 | ||
Total liabilities | 22,239 | ||
Net assets acquired | 2,827 | ||
Goodwill resulting from acquisition of Oak Mortgage | 5,011 | ||
Oak Mortgage [Member] | Changes Measurement [Member] | |||
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 | ||
Total liabilities | 119 | ||
Net assets acquired | (119) | ||
Goodwill resulting from acquisition of Oak Mortgage | 119 | ||
Oak Mortgage [Member] | Original Estimate [Member] | |||
Cash | 7,136 | ||
Equity instruments | 202 | ||
Deferred additional purchase price | 500 | ||
Value of consideration | 7,838 | ||
Assets acquired: | |||
Cash and cash equivalents | 1,223 | ||
Loans held for sale | 20,871 | ||
Loans receivable | 1,132 | ||
Premises and equipment | 103 | ||
Derivative assets | 1,508 | ||
Intangible assets – non compete agreements | 104 | ||
Other assets | 125 | ||
Total assets | 25,066 | ||
Liabilities assumed: | |||
Warehouse lines of credit | 19,666 | ||
Derivative liabilities | 412 | ||
Other liabilities | 2,042 | ||
Total liabilities | 22,120 | ||
Net assets acquired | 2,946 | ||
Goodwill resulting from acquisition of Oak Mortgage | $ 4,892 |
Note 9 - Business Combination64
Note 9 - Business Combination - Pro Forma Information (Details) - Oak Mortgage [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Total revenues | $ 17,460 |
Net income | $ 1,484 |
Note 10 - Goodwill and Other 65
Note 10 - Goodwill and Other Intangibles - Summary of Goodwill and Other Intangibles (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill | $ 5,011 |
Goodwill, additions/adjustments | |
Goodwill | 5,011 |
Non-compete agreements | 61 |
Non-compete agreements, additions/adjustments | |
Amortization | (26) |
Non-compete agreements | $ 35 |
Non-compete agreements, amortization period (Year) | 1 year |
Total | $ 5,072 |
Additions/adjustments | |
Total | $ 5,046 |
Note 11 - Derivatives and Ris66
Note 11 - Derivatives and Risk Management Activities (Details Textual) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Derivative, Gain (Loss) on Derivative, Net | $ 0 |
Note 11 - Derivatives and Ris67
Note 11 - Derivatives and Risk Management Activities - Amounts Recorded in Statement to Financial Condition (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Assets [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Asset, Fair Value | $ 3 | $ 103 |
Derivative Asset, Notional Amount | 2,467 | 8,586 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Asset, Fair Value | 8 | 229 |
Derivative Asset, Notional Amount | 2,500 | 18,373 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Asset, Fair Value | 831 | 439 |
Derivative Asset, Notional Amount | 33,875 | 20,792 |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Liability, Fair Value | 270 | 125 |
Derivative Liability, Notional Amount | 35,290 | 18,963 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Liability, Fair Value | 125 | 38 |
Derivative Liability, Notional Amount | 16,527 | 5,024 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Liability, Fair Value | 7 | 55 |
Derivative Liability, Notional Amount | $ 3,882 | $ 6,757 |
Note 11 - Derivatives and Ris68
Note 11 - Derivatives and Risk Management Activities - Derivative Instrument Gain (Loss) Recorded in Statement of Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Gain (Loss), Net | $ 0 | |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Best Efforts Forward Loan sales Commitments [Member] | Liability Derivatives [Member] | ||
Derivative Gain (Loss), Net | $ (145,000) | |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | ||
Derivative Gain (Loss), Net | (87,000) | |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Gain (Loss), Net | (100,000) | |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Gain (Loss), Net | (221,000) | |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Liability Derivatives [Member] | ||
Derivative Gain (Loss), Net | 48,000 | |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Asset Derivatives [Member] | ||
Derivative Gain (Loss), Net | $ 392,000 |