Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 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) | 56,971,264 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Cash and due from banks | $ 28,247 | $ 19,830 | |
Interest bearing deposits with banks | 59,750 | 14,724 | |
Cash and cash equivalents | 87,997 | 34,554 | |
Investment securities available for sale, at fair value | 345,182 | 369,739 | |
Investment securities held to maturity, at amortized cost (fair value of $403,183 and $425,183, respectively) | 409,373 | 432,499 | |
Restricted stock, at cost | 3,878 | 1,366 | |
Loans held for sale | 29,547 | 28,065 | |
Loans receivable (net of allowance for loan losses of $9,454 and $9,155, respectively) | 1,057,056 | 955,817 | |
Premises and equipment, net | 65,471 | 57,040 | |
Other real estate owned, net | 9,909 | 10,174 | |
Accrued interest receivable | 5,840 | 5,497 | |
Goodwill | 5,011 | 5,011 | |
Intangible asset | 9 | 61 | |
Other assets | 24,214 | 24,108 | |
Total Assets | 2,043,487 | 1,923,931 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Demand - non-interest bearing | 370,270 | 324,912 | |
Demand - interest bearing | 647,501 | 605,950 | |
Money market and savings | 607,859 | 635,644 | |
Time deposits | 106,801 | 111,164 | |
Total Deposits | 1,732,431 | 1,677,670 | |
Short-term borrowings | 55,000 | ||
Accrued interest payable | 317 | 444 | |
Other liabilities | 11,762 | 8,883 | |
Subordinated debt | 21,656 | 21,881 | |
Total Liabilities | 1,821,166 | 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 57,500,109 as of June 30, 2017 and 57,283,712 as of December 31, 2016; shares outstanding 56,971,264 as of June 30, 2017 and 56,754,867 as of December 31, 2016 | 575 | 573 | |
Additional paid in capital | 255,215 | 253,570 | |
Accumulated deficit | (24,042) | (27,888) | |
Treasury stock at cost (503,408 shares as of June 30, 2017 and December 31, 2016) | (3,725) | (3,725) | |
Stock held by deferred compensation plan (25,437 shares as of June 30, 2017 and December 31, 2016) | (183) | (183) | |
Accumulated other comprehensive loss | [1] | (5,519) | (7,294) |
Total Shareholders’ Equity | 222,321 | 215,053 | |
Total Liabilities and Shareholders’ Equity | $ 2,043,487 | $ 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Investment securities held to maturity, at fair value | $ 403,183 | $ 425,183 |
Loans receivable, allowance for loan losses | $ 9,454 | $ 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) | 57,500,109 | 57,283,712 |
Common stock, shares outstanding (in shares) | 56,971,264 | 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income: | ||||
Interest and fees on taxable loans | $ 12,069 | $ 10,096 | $ 23,010 | $ 19,813 |
Interest and fees on tax-exempt loans | 261 | 227 | 519 | 441 |
Interest and dividends on taxable investment securities | 4,777 | 2,620 | 9,510 | 5,214 |
Interest and dividends on tax-exempt investment securities | 154 | 179 | 348 | 353 |
Interest on federal funds sold and other interest-earning assets | 70 | 87 | 131 | 150 |
Total interest income | 17,331 | 13,209 | 33,518 | 25,971 |
Interest expense: | ||||
Demand- interest bearing | 695 | 503 | 1,303 | 918 |
Money market and savings | 732 | 637 | 1,430 | 1,246 |
Time deposits | 295 | 183 | 591 | 324 |
Other borrowings | 342 | 289 | 708 | 595 |
Total interest expense | 2,064 | 1,612 | 4,032 | 3,083 |
Net interest income | 15,267 | 11,597 | 29,486 | 22,888 |
Provision for loan losses | 500 | 650 | 500 | 950 |
Net interest income after provision for loan losses | 14,767 | 10,947 | 28,986 | 21,938 |
Non-interest income: | ||||
Loan advisory and servicing fees | 316 | 197 | 653 | 800 |
Mortgage banking income | 2,971 | 5,392 | ||
Gain on sales of SBA loans | 796 | 1,749 | 1,484 | 2,582 |
Service fees on deposit accounts | 907 | 654 | 1,753 | 1,224 |
Gain (loss) on sale of investment securities | (61) | 358 | (61) | 654 |
Net securities impairment recognized in earnings | (4) | (5) | ||
Other non-interest income | (40) | (77) | (86) | (188) |
Total non-interest income | 4,969 | 3,031 | 9,307 | 5,443 |
Non-interest expenses: | ||||
Salaries and employee benefits | 9,389 | 6,551 | 17,971 | 12,603 |
Occupancy | 1,752 | 1,447 | 3,467 | 2,852 |
Depreciation and amortization | 1,121 | 796 | 2,296 | 1,765 |
Legal | 127 | 66 | 379 | 154 |
Other real estate owned | 612 | 323 | 958 | 908 |
Advertising | 222 | 190 | 467 | 319 |
Data processing | 765 | 575 | 1,550 | 1,042 |
Insurance | 200 | 188 | 473 | 394 |
Professional fees | 507 | 455 | 935 | 815 |
Regulatory assessments and costs | 324 | 373 | 653 | 715 |
Taxes, other | 238 | 228 | 474 | 252 |
Other operating expenses | 2,428 | 1,775 | 4,866 | 3,491 |
Total non-interest expense | 17,685 | 12,967 | 34,489 | 25,310 |
Income before benefit for income taxes | 2,051 | 1,011 | 3,804 | 2,071 |
Benefit for income taxes | (8) | (12) | (42) | (37) |
Net income | $ 2,059 | $ 1,023 | $ 3,846 | $ 2,108 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.07 | $ 0.06 |
Diluted (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.07 | $ 0.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Net income | $ 2,059 | $ 1,023 | $ 3,846 | $ 2,108 | ||
Other comprehensive income, net of tax | ||||||
Unrealized gain on securities (pre-tax $1,651, $1,156, $2,622, and $4,468, respectively) | 1,058 | 741 | 1,681 | 2,863 | ||
Reclassification adjustment for securities losses/(gains) (pre-tax $61, $(358), $61, and $(654), respectively) | 39 | (229) | 39 | (419) | ||
Reclassification adjustment for impairment charge (pre-tax $-, $4, $-, and $5, respectively) | 2 | 3 | ||||
Net unrealized gains on securities | 1,097 | 514 | 1,720 | 2,447 | ||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity: | ||||||
Amortization of net unrealized holding losses to income during the period (pre-tax $43, $37, $85, and $95 respectively) | 28 | 24 | 55 | 61 | ||
Net current-period other comprehensive income | 1,125 | 538 | 1,775 | [1] | 2,508 | [1] |
Total comprehensive income | $ 3,184 | $ 1,561 | $ 5,621 | $ 4,616 | ||
[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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Unrealized gain (loss) on securities, pre-tax | $ 1,651 | $ 1,156 | $ 2,622 | $ 4,468 |
Reclassification adjustment for securities gains, pre-tax | 61 | (358) | 61 | (654) |
Reclassification adjustment for impairment charge, pre-tax | 4 | 5 | ||
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 43 | $ 37 | $ 85 | $ 95 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | ||
Net income | $ 3,846,000 | $ 2,108,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 500,000 | 950,000 |
Write down of other real estate owned | 258,000 | 129,000 |
Depreciation and amortization | 2,296,000 | 1,765,000 |
Stock based compensation | 817,000 | 367,000 |
Loss (gain) on sale of investment securities | 61,000 | (654,000) |
Impairment charges on investment securities | 5,000 | |
Amortization of premiums on investment securities | 1,191,000 | 637,000 |
Accretion of discounts on retained SBA loans | (646,000) | (677,000) |
Fair value adjustments on SBA servicing assets | 636,000 | 570,000 |
Proceeds from sales of SBA loans originated for sale | 17,692,000 | 28,918,000 |
SBA loans originated for sale | (17,294,000) | (28,170,000) |
Gains on sales of SBA loans originated for sale | (1,484,000) | (2,582,000) |
Proceeds from sales of mortgage loans originated for sale | 173,501,000 | |
Mortgage loans originated for sale | (169,467,000) | |
Gains on mortgage loans originated for sale | (4,430,000) | |
Amortization of intangible assets | 52,000 | |
Amortization of debt issuance costs | 15,000 | 15,000 |
Increase in accrued interest receivable and other assets | (2,080,000) | (1,686,000) |
Increase (decrease) in accrued interest payable and other liabilities | 2,752,000 | (593,000) |
Net cash provided by operating activities | 8,216,000 | 1,102,000 |
Cash flows from investing activities | ||
Purchase of investment securities available for sale | (10,311,000) | (55,937,000) |
Purchase of investment securities held to maturity | (38,073,000) | |
Proceeds from the sale of securities available for sale | 21,167,000 | 78,582,000 |
Proceeds from the paydowns, maturity, or call of securities available for sale | 15,762,000 | 13,031,000 |
Proceeds from the paydowns, maturity, or call of securities held to maturity | 22,583,000 | 11,029,000 |
(Purchase) redemption of restricted stock | (2,512,000) | 1,692,000 |
Net increase in loans | (101,222,000) | (55,816,000) |
Net proceeds from sale of other real estate owned | 136,000 | 76,000 |
Premises and equipment expenditures | (10,727,000) | (9,218,000) |
Net cash used in investing activities | (65,124,000) | (54,634,000) |
Cash flows from financing activities | ||
Net proceeds from exercise of stock options | 590,521 | 212,634 |
Net increase in demand, money market and savings deposits | 59,124,000 | 146,402,000 |
Net (decrease) increase in time deposits | (4,363,000) | 38,551,000 |
Increase (repayment) in short-term borrowings | 55,000,000 | (47,000,000) |
Net cash provided by financing activities | 110,351,000 | 138,165,000 |
Net increase in cash and cash equivalents | 53,443,000 | 84,633,000 |
Cash and cash equivalents, beginning of year | 34,554,000 | 27,139,000 |
Cash and cash equivalents, end of period | 87,997,000 | 111,772,000 |
Supplemental disclosures | ||
Interest paid | 4,159,000 | 3,015,000 |
Income taxes paid | 75,000 | 60,000 |
Non-cash transfers from loans to other real estate owned | 129,000 | 616,000 |
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 | ||
Options exercised | $ 212 | $ 212 | |||||||
Balance at Jun. 30, 2016 | 384 | 153,476 | (30,725) | (3,725) | (183) | (657) | 118,570 | ||
Balance at Dec. 31, 2015 | 384 | 152,897 | (32,833) | (3,725) | (183) | (3,165) | 113,375 | ||
Net income | 2,108 | 2,108 | |||||||
Other comprehensive income, net of tax | 2,508 | 2,508 | [1] | ||||||
Stock based compensation | 367 | 367 | |||||||
Balance at Dec. 31, 2016 | 573 | 253,570 | (27,888) | (3,725) | (183) | (7,294) | 215,053 | ||
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) | |||||||
Options exercised | 2 | 588 | 590 | ||||||
Balance at Jun. 30, 2017 | 575 | 255,215 | (24,042) | (3,725) | (183) | (5,519) | 222,321 | ||
Balance at Dec. 31, 2016 | 573 | 253,570 | (27,888) | (3,725) | (183) | (7,294) | 215,053 | ||
Net income | 3,846 | 3,846 | |||||||
Other comprehensive income, net of tax | 1,775 | 1,775 | [1] | ||||||
Stock based compensation | 817 | 817 | |||||||
Conversion of subordinated debt to common stock (36,922 shares) | $ 240 | $ 240 | |||||||
[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 | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Additional Paid-in Capital [Member] | ||
Conversion of subordinated debt, shares (in shares) | 36,922 | |
Common Stock [Member] | ||
Options exercised (in shares) | 179,475 | 76,625 |
Options exercised (in shares) | 179,475 | 76,625 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 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 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 X. not three six June 30, 2017 not may December 31, 2017. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 not not 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 not not 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 exclusion of or 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 June 30, 2017, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 no 10% may June 30, 2017, 2014 5.9 six June 30, 2017, 900,500 2014 $3,163,831. 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 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 six June 30, 2017 2016, 492,624 486,550 June 30, 2017, 3,044,325 $13,019,675, 1,353,223 $7,642,587. six June 30, 2017, 179,475 $590,521 9,600 $43,581. six June 30, 2016, 76,625 $212,634 25,550 $39,900. Information regarding stock based compensation for the six June 30, 2017 2016 201 7 201 6 Stock based compensation expense recognized $ 817,000 $ 367,000 Number of unvested stock options 1,691,102 1,218,476 Fair value of unvested stock options $ 4,596,379 $ 2,408,636 Amount remaining to be recognized as expense $ 3,453,675 $ 1,479,287 The remaining amount of $3,453,675 May 2021. Earnings per Share Earnings per share (“EPS”) consist of two 2008. three six June 30, 2017 2016, not The calculation of EPS for the three six June 30, 2017 2016 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income (basic and diluted) $ 2,059 $ 1,023 $ 3,846 $ 2,108 Weighted average shares outstanding 56,945 37,882 56,885 37,860 Net income per share – basic $ 0.04 $ 0.03 $ 0.07 $ 0.06 Weighted average shares outstanding (including dilutive CSEs) 58,301 38,422 58,165 38,344 Net income per share – diluted $ 0.04 $ 0.03 $ 0.07 $ 0.05 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive securities Share based compensation awards 1,688 1,855 1,764 1,910 Convertible securities 1,625 1,662 1,625 1,662 Total anti-dilutive securities 3,313 3,517 3,389 3,572 Recent Accounting Pronouncements ASU 2014 09 In May 2014, 2014 09, 660 606 340 40 605, December 15, 2016. December 15, 2017. not August 2015, 2015 14, Revenue from Contracts with The Company (Topic 606 December 15, 2017, not no 606. ASU 2016 01 In January 2016, No. 2016 01, Financial Instruments - Overall. 1 2 3 4 5 6 7 December 15, 2017, not ASU 2016 02 In February 2016, No. 2016 02, Leases. 12 December 15, 2018, ASU 2016 09 In March 2016, No. 2016 09, 2016 09 2016 09 2016 09 January 1, 2017. not ASU 2016 13 In June 2016, 2016 13, 326 December 15, 2019. not 2016 13 ASU 2016 15 In August 2016, 2016 15, 230 January 1, 2018, not not 2016 15 not ASU- 2017 01 In January 2017, 2017 01, 805 805. 805 No. 141 805 December 15, 2017, December 15, 2018, December 15, 2019. no not not 2017 01 ASU 2017 04 In January 2017, 2017 04, 2 December 15, 2019. not 2017 04 ASU 2017 08 In March 2017, 2017 08, December 15, 2018. December 15, 2019, December 15, 2020. not 2017 08 |
Note 3 - Legal Proceedings
Note 3 - Legal Proceedings | 6 Months Ended |
Jun. 30, 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 |
Note 4 - Segment Reporting
Note 4 - Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 4: one |
Note 5 - Investment Securities
Note 5 - Investment Securities | 6 Months Ended |
Jun. 30, 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 June 30, 2017 December 31, 2016 At June 3 0 , 2017 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 213,491 $ 124 $ (4,084 ) $ 209,531 Agency mortgage-backed securities 44,778 1 (1,144 ) 43,635 Municipal securities 12,277 33 (162 ) 12,148 Corporate bonds 66,679 167 (2,244 ) 64,602 Asset-backed securities 14,386 - (88 ) 14,298 Trust preferred securities 1,545 - (577 ) 968 Total securities available for sale $ 353,156 $ 325 $ (8,299 ) $ 345,182 U.S. Government agencies $ 95,865 $ 130 $ (1,612 ) $ 94,383 Collateralized mortgage obligations 188,594 447 (2,318 ) 186,723 Agency mortgage-backed securities 123,894 9 (2,846 ) 121,057 Other securities 1,020 - - 1,020 Total securities held to maturity $ 409,373 $ 586 $ (6,776 ) $ 403,183 At December 31, 2016 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 230,252 $ 145 $ (5,632 ) $ 224,765 Agency mortgage-backed securities 37,973 32 (1,295 ) 36,710 Municipal securities 26,825 151 (429 ) 26,547 Corporate bonds 66,718 8 (1,978 ) 64,748 Asset-backed securities 15,565 - (416 ) 15,149 Trust preferred securities 3,063 - (1,243 ) 1,820 Total securities available for sale $ 380,396 $ 336 $ (10,993 ) $ 369,739 U.S. Government agencies $ 98,538 $ 8 $ (2,238 ) $ 96,308 Collateralized mortgage obligations 202,990 793 (2,553 ) 201,230 Agency mortgage-backed securities 129,951 1 (3,327 ) 126,625 Other securities 1,020 - - 1,020 Total securities held to maturity $ 432,499 $ 802 $ (8,118 ) $ 425,183 The following table presents investment securities by stated maturity at June 30, 2017. no Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 1,000 $ 1,002 $ 20 $ 20 After 1 year to 5 years 11,128 11,222 4,383 4,362 After 5 years to 10 years 57,287 55,487 92,482 91,021 After 10 years 25,472 24,305 - - Collateralized mortgage obligations 213,491 209,531 188,594 186,723 Agency mortgage-backed securities 44,778 43,635 123,894 121,057 Total $ 353,156 $ 345,182 $ 409,373 $ 403,183 Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. The Company’s investment securities portfolio consists primarily of debt securities issued by U.S. government agencies, U.S. government-sponsored agencies, state governments, local municipalities and certain corporate entities. There were no June 30, 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 There were no three six June 30, 2017. three June 30, 2016 $4,000. six June 30, 2016 $5,000. The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at June 30, 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 - 5 Reductions for securities sold during the period (483 ) - Ending Balance, June 30 th $ 454 $ 935 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 June 3 0 , 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 $ 159,544 $ 3,395 $ 27,528 $ 689 $ 187,072 $ 4,084 Agency mortgage-backed securities 33,698 1,117 2,799 27 36,497 1,144 Municipal securities 5,343 162 - - 5,343 162 Corporate bonds 19,710 290 33,046 1,954 52,756 2,244 Asset backed securities - - 14,298 88 14,298 88 Trust preferred securities - - 968 577 968 577 Total Available for Sale $ 218,295 $ 4,964 $ 78,639 $ 3,335 $ 296,934 $ 8,299 At June 3 0 , 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 $ 59,017 $ 1,591 $ 3,362 $ 21 $ 62,379 $ 1,612 Collateralized mortgage obligations 113,696 1,903 33,927 415 147,623 2,318 Agency mortgage-backed securities 118,309 2,846 - - 118,309 2,846 Total Held to Maturity $ 291,022 $ 6,340 $ 37,289 $ 436 $ 328,311 $ 6,776 At December 31, 2016 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, 2016 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 $15.1 $625.2 June 30, 2017 $19.1 $595.0 December 31, 2016. not not The Company held seven fifty-five twenty-two June 30, 2017. no June 30, 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 June 30, 2017, eight not At June 30, 2017, two not June 30, 2017, six not The unrealized losses on the trust preferred securities are primarily the result of the secondary market for such securities becoming inactive and are also considered temporary at this time. The following table provides additional detail about the trust preferred securities held in the portfolio as of June 30, 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 $ 424 $ (301 ) C 19 29 % 0.41 % $ 274 ALESCO Preferred Funding V Class C1 Notes 820 544 (276 ) C 39 15 0.43 180 Total $ 1,545 $ 968 $ (577 ) 58 22 % $ 454 During the three six June 30, 2017, $21.2 $487,000 $548,000. three six June 30, 2017 $22,000 2017 one Proceeds from the sale of the CDO security totaled $970,000. $548,000 not 2017, one $548,000 three six June 30, 2017 twenty-eight one one During the three June 30, 2016, $23.9 $358,000 no three June 30, 2016 $129,000. six June 30, 2016, $78.6 $678,000 $24,000 six June 30, 2016 $235,000. |
Note 6 - Loans Receivable and A
Note 6 - Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 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 June 30, 2017 December 31, 2016: (dollars in thousands) June 30, 2017 December 31, 2016 Commercial real estate $ 412,695 $ 378,519 Construction and land development 83,571 61,453 Commercial and industrial 176,949 174,744 Owner occupied real estate 285,479 276,986 Consumer and other 68,946 63,660 Residential mortgage 39,286 9,682 Total loans receivable 1,066,926 965,044 Deferred costs (fees) (416 ) (72 ) Allowance for loan losses (9,454 ) (9,155 ) Net loans receivable $ 1,057,056 $ 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 six June 30, 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 June 30, 201 7 Allowance for loan losses: Beginning balance: $ 2,962 $ 546 $ 2,770 $ 1,627 $ 575 $ 130 $ 571 $ 9,181 Charge-offs - - (152 ) (100 ) (6 ) - - (258 ) Recoveries - - 30 - 1 - - 31 Provisions (credits) 209 34 (152 ) 71 (26 ) 108 256 500 Ending balance $ 3,171 $ 580 $ 2,496 $ 1,598 $ 544 $ 238 $ 827 $ 9,454 Three months ended June 30, 2016 Allowance for loan losses: Beginning balance: $ 2,045 $ 414 $ 2,942 $ 2,091 $ 312 $ 11 $ 1,214 $ 9,029 Charge-offs - - - (926 ) - - - (926 ) Recoveries 6 - 2 - - - - 8 Provisions (credits) 1,242 (49 ) 192 201 12 - (948 ) 650 Ending balance $ 3,293 $ 365 $ 3,136 $ 1,366 $ 324 $ 11 $ 266 $ 8,761 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Six months ended June 30, 2017 Allowance for loan losses: Beginning balance: $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Charge-offs - - (152 ) (108 ) (8 ) - - (268 ) Recoveries 7 - 59 - 1 - - 67 Provisions (credits) (90 ) 23 (295 ) 324 (37 ) 180 395 500 Ending balance $ 3,171 $ 580 $ 2,496 $ 1,598 $ 544 $ 238 $ 827 $ 9,454 Six months ended June 30, 201 6 Allowance for loan losses: Beginning balance: $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Charge-offs - - (18 ) (954 ) - - - (972 ) Recoveries 6 - 74 - - - - 80 Provisions (credits) 894 27 148 290 29 (3 ) (435 ) 950 Ending balance $ 3,293 $ 365 $ 3,136 $ 1,366 $ 324 $ 11 $ 266 $ 8,761 The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of June 30, 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 June 30, 201 7 Allowance for loan losses: Individually evaluated for impairment $ 1,453 $ - $ 1,552 $ 212 $ 221 $ - $ - $ 3,438 Collectively evaluated for impairment 1,718 580 944 1,386 323 238 827 6,016 Total allowance for loan losses $ 3,171 $ 580 $ 2,496 $ 1,598 $ 544 $ 238 $ 827 $ 9,454 Loans receivable: Loans evaluated individually $ 13,436 $ - $ 5,117 $ 3,336 $ 1,272 $ - $ - $ 23,161 Loans evaluated collectively 399,259 83,571 171,832 282,143 67,674 39,286 - 1,043,765 Total loans receivable $ 412,695 $ 83,571 $ 176,949 $ 285,479 $ 68,946 $ 39,286 $ - $ 1,066,926 (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, 201 6 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 June 30, 2017 December 31, 2016: June 3 0 , 201 7 December 31, 201 6 (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 $ 7,044 $ 7,046 $ - $ 12,347 $ 12,348 $ - Construction and land development - - - - - - Commercial and industrial 2,244 3,408 - 1,955 3,111 - Owner occupied real estate 2,154 2,299 - 621 733 - Consumer and other 926 1,233 - 687 976 - Residential mortgage - - - 130 130 - Total $ 12,368 $ 13,986 $ - $ 15,740 $ 17,298 $ - With an allowance recorded: Commercial real estate $ 6,392 $ 6,406 $ 1,453 $ 6,898 $ 6,912 $ 1,277 Construction and land development - - - - - - Commercial and industrial 2,873 5,540 1,552 3,225 5,892 1,624 Owner occupied real estate 1,182 1,182 212 1,704 1,704 274 Consumer and other 346 374 221 603 627 293 Residential mortgage - - - - - - Total $ 10,793 $ 13,502 $ 3,438 $ 12,430 $ 15,135 $ 3,468 Total: Commercial real estate $ 13,436 $ 13,452 $ 1,453 $ 19,245 $ 19,260 $ 1,277 Construction and land development - - - - - - Commercial and industrial 5,117 8,948 1,552 5,180 9,003 1,624 Owner occupied real estate 3,336 3,481 212 2,325 2,437 274 Consumer and other 1,272 1,607 221 1,290 1,603 293 Residential mortgage - - - 130 130 - Total $ 23,161 $ 27,488 $ 3,438 $ 28,170 $ 32,433 $ 3,468 The following table presents additional information regarding the Company’s impaired loans for the three June 30, 2017 June 30, 2016: Three Months Ended June 30, 201 7 201 6 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 8,794 $ 95 $ 12,085 $ 67 Construction and land development - - 77 - Commercial and industrial 2,139 10 1,782 11 Owner occupied real estate 1,812 17 793 2 Consumer and other 868 5 847 3 Residential mortgage 21 - - - Total $ 13,634 $ 127 $ 15,584 $ 83 With an allowance recorded: Commercial real estate $ 6,515 $ 4 $ 4,966 $ 16 Construction and land development - - 2 - Commercial and industrial 3,015 17 3,450 19 Owner occupied real estate 1,380 8 1,808 8 Consumer and other 407 2 265 3 Residential mortgage - - - - Total $ 11,317 $ 31 $ 10,491 $ 46 Total: Commercial real estate $ 15,309 $ 99 $ 17,051 $ 83 Construction and land development - - 79 - Commercial and industrial 5,154 27 5,232 30 Owner occupied real estate 3,192 25 2,601 10 Consumer and other 1,275 7 1,112 6 Residential mortgage 21 - - - Total $ 24,951 $ 158 $ 26,075 $ 129 The following table presents additional information regarding the Company’s impaired loans for the six June 30, 2017 June 30, 2016: Six Months Ended June 30, 201 7 201 6 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 10,542 $ 165 $ 11,837 $ 132 Construction and land development - - 97 - Commercial and industrial 2,035 18 1,890 21 Owner occupied real estate 1,469 29 638 3 Consumer and other 810 8 838 6 Residential mortgage 43 1 - - Total $ 14,899 $ 221 $ 15,300 $ 162 With an allowance recorded: Commercial real estate $ 6,637 $ 9 $ 2,737 $ 24 Construction and land development - - 1 - Commercial and industrial 3,159 34 3,280 38 Owner occupied real estate 1,577 14 2,319 14 Consumer and other 468 6 239 5 Residential mortgage - - - - Total $ 11,841 $ 63 $ 8,576 $ 81 Total: Commercial real estate $ 17,179 $ 174 $ 14,574 $ 156 Construction and land development - - 98 - Commercial and industrial 5,194 52 5,170 59 Owner occupied real estate 3,046 43 2,957 17 Consumer and other 1,278 14 1,077 11 Residential mortgage 43 1 - - Total $ 26,740 $ 284 $ 23,876 $ 243 The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2017 December 31, 2016: (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 June 30 , 201 7 Commercial real estate $ - $ 863 $ 12,961 $ 13,824 $ 398,871 $ 412,695 $ - Construction and land development - - - - 83,571 83,571 - Commercial and industrial - - 3,309 3,309 173,640 176,949 - Owner occupied real estate - - 1,678 1,678 283,801 285,479 219 Consumer and other 113 - 865 978 67,968 68,946 74 Residential mortgage - - - - 39,286 39,286 - Total $ 113 $ 863 $ 18,813 $ 19,789 $ 1,047,137 $ 1,066,926 $ 293 (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 June 30, 2017 December 31, 2016: (dollars in thousands) Pass Special Mention Substandard Doubtful Total At June 30, 2 017 : Commercial real estate $ 398,400 $ 859 $ 13,436 $ - $ 412,695 Construction and land development 83,571 - - - 83,571 Commercial and industrial 171,252 580 3,688 1,429 176,949 Owner occupied real estate 282,143 - 3,336 - 285,479 Consumer and other 67,674 - 1,272 - 68,946 Residential mortgage 39,158 128 - - 39,286 Total $ 1,042,198 $ 1,567 $ 21,732 $ 1,429 $ 1,066,926 (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 June 30, 2017 December 31, 2016: (dollars in thousands) June 30, 201 7 December 31, 201 6 Commercial real estate $ 12,961 $ 13,089 Construction and land development - - Commercial and industrial 3,309 3,151 Owner occupied real estate 1,459 1,546 Consumer and other 791 808 Residential mortgage - - Total $ 18,520 $ 18,594 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $210,000 $486,000 three six June 30, 2017, $313,000 $513,000 three six June 30, 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 may The following table summarizes the balance of outstanding TDRs June 30, 2017 December 31, 2016: (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs June 30, 201 7 Commercial real estate 1 $ - $ 6,518 $ 6,518 Construction and land development - - - - Commercial and industrial 2 1,191 349 1,540 Owner occupied real estate 1 245 - 245 Consumer and other - - - - Residential mortgage - - - - Total 4 $ 1,436 $ 6,867 $ 8,303 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 not The Company modified one three six June 30, 2017. $975,000 five The Company modified one three six June 30, 2017. $245,000, The Company modified one $6.5 six June 30, 2017 second 2015 $421,000 There were no three six June 30, 2016 There were no June 30, 2017 December 31, 2016. $42,000 $126,000 June 30, 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 six June 30, 2017. no December 31, 2016. |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 not may The Company follows the guidance issued under ASC 820, Fair Value Measurement , ASC 820 1 3 three 820 Level 1 Level 2 not Level 3 no An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 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 June 3 0 , 2017 Assets: Collateralized mortgage obligations $ 209,531 $ - $ 209,531 $ - Agency mortgage-backed securities 43,635 - 43,635 - Municipal securities 12,148 - 12,148 - Corporate bonds 64,602 - 61,523 3,079 Asset-backed securities 14,298 - 14,298 - Trust Preferred Securities 968 - - 968 Securities Available for Sale $ 345,182 $ - $ 341,135 $ 4,047 Mortgage Loans Held for Sale $ 24,307 $ - $ 24,307 $ - SBA Servicing Assets 5,194 - - 5,194 Interest Rate Lock Commitments 761 - 761 - Best Efforts Forward Loan Sales Commitments 21 - 21 - Mandatory Forward Loan Sales Commitments 4 - 4 - Liabilities: Interest Rate Lock Commitments 1 - 1 - Best Efforts Forward Loan Sales Commitments 163 - 163 - Mandatory Forward Loan Sales Commitments 149 - 149 - December 31, 2016 Assets: Collateralized mortgage obligations $ 224,765 $ - $ 224,765 $ - Agency mortgage-backed securities 36,710 - 36,710 - Municipal securities 26,547 - 26,547 - Corporate bonds 64,748 - 61,777 2,971 Asset-backed securities 15,149 - 15,149 - Trust Preferred Securities 1,820 - - 1,820 Securities Available for Sale $ 369,739 $ - $ 364,948 $ 4,791 Mortgage Loans Held for Sale $ 23,911 $ - $ 23,911 $ - SBA Servicing Assets 5,352 - - 5,352 Interest Rate Lock Commitments 439 - 439 - Best Efforts Forward Loan Sales Commitments 103 - 103 - Mandatory Forward Loan Sales Commitments 229 - 229 - Liabilities: Interest Rate Lock Commitments 55 - 55 - Best Efforts Forward Loan Sales Commitments 125 - 125 - Mandatory Forward Loan Sales Commitments 38 - 38 - The following table presents an analysis of the activity in the SBA servicing assets for the three six June 30, 2017 2016: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 201 7 201 6 201 7 201 6 Beginning balance $ 5,298 $ 5,058 $ 5,352 $ 4,886 Additions 267 560 478 802 Fair value adjustments (371 ) (500 ) (636 ) (570 ) Ending balance $ 5,194 $ 5,118 $ 5,194 $ 5,118 Fair value adjustments are recorded as loan advisory and servicing fees on the statement of income. Servicing fee income, not $485,000 $441,000 three June 30, 2017 2016, not $918,000 $875,000 six June 30, 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 six June 30, 2017 2016: Three Months Ended June 30, 201 7 Three Months Ended June 30, 201 6 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, April 1st $ 1,961 $ 3,024 $ 1,858 $ 2,844 Unrealized gains (losses) 525 55 (99 ) 26 Paydowns - - - - Proceeds from sales (970 ) - - - Realized losses (548 ) - - - Impairment charges on Level 3 - - (4 ) - Balance, June 30th $ 968 $ 3,079 $ 1,755 $ 2,870 Six Months Ended June 30, 201 7 Six Months Ended June 30, 201 6 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1st $ 1,820 $ 2,971 $ 1,883 $ 2,834 Unrealized gains (losses) 666 108 (123 ) 36 Paydowns - - - - Proceeds from sales (970 ) - - - Realized losses (548 ) - - - Impairment charges on Level 3 - - (5 ) - Balance, June 30th $ 968 $ 3,079 $ 1,755 $ 2,870 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 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 June 30, 2017: Impaired loans $ 7,545 $ - $ - $ 7,545 Other real estate owned 607 - - 607 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) June 3 0 , 2017 Corporate bonds $ 3,079 Discounted Cash Flows Discount Rate (5.46%) Trust preferred securities $ 968 Discounted Cash Flows Discount Rate 8.73% - 8.94% (8.82%) SBA servicing assets $ 5,194 Discounted Cash Flows Conditional Prepayment Rate (6.57%) Discount Rate (10.25%) Impaired loans $ 7,545 Appraised Value of Collateral (1) Liquidation expenses (2) 10% - 28% (14%) (3) Other real estate owned $ 607 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 20% (8%) Sales Price Liquidation expenses (2) 6% - 8% (7%) (3) December 31, 2016 Corporate bonds $ 2,971 Discounted Cash Flows Discount Rate (4.68%) Trust preferred securities $ 1,820 Discounted Cash Flows Discount Rate 8.85% - 9.35% (9.08%) SBA servicing assets $ 5,352 Discounted Cash Flows Conditional Prepayment Rate (6.12%) Discount Rate (10.00%) Impaired loans $ 9,110 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 20% (11%) (3) Sales Price Liquidation expenses (2) (7%) (3) Other real estate owned $ 8,563 Appraised Value of Collateral (1) Liquidation expenses (2) 5% - 76% (17%) (3) Sales Price Liquidation expenses (2) 7% - 8% (7%) (3) ( 1 Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 not ( 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 not Fair Value Assumptions The following information should not may not June 30, 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 not 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, not Level 3 not 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 market for these securities has become inactive, and therefore these securities are classified as Level 3 not no An independent, third June 30, 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 to decrease (increase) the fair value of the Company’s senior and mezzanine tranches of CDOs. The values of the Company’s mezzanine tranches of CDOs are also affected by expected future interest rates. However, due to the structure of each security, timing of cash flows, and secondary effects on the financial performance of the underlying issuers, the effects of changes in future interest rates on the fair value of the Company’s holdings are not Also included in Level 3 2 2010 not 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-market prices and are classified within Level 3 no not six June 30, 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. $171,000 $300,000 three six June 30, 2017, $0 three six June 30, 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 June 30, 2017 December 31, 2016 ( Mortgage loans held for sale Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance June 30, 2017 $ 24,307 $ 23,522 $ 785 December 31, 2016 $ 23,911 $ 23,428 $ 483 Republic did not 90 June 30, 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 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 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 June 30, 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 June 30, 2017 December 31, 2016, 10% 20% (dollars in thousands) June 3 0 , 201 7 December 31, 201 6 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 5,194 $ 5,352 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 1 % 0 % Adjustable-rate SBA loans 99 % 100 % Total 100 % 100 % Weighted Average Remaining Term (in years) 20.7 21.1 Prepayment Speed 6.57 % 6.12 % Effect on fair value of a 10% increase $ (161 ) $ (161 ) Effect on fair value of a 20% increase (315 ) (316 ) Weighted Average Discount Rate 10.25 % 10.00 % Effect on fair value of a 10% increase $ (218 ) $ (226 ) Effect on fair value of a 20% increase (420 ) (435 ) The sensitivity calculations above are hypothetical and should not may not one may Restricted Stock (Carried at Cost) The carrying amount of restricted stock approximates fair value, and considers the limited marketability of such securities. Restricted stock is classified within Level 2 Accrued Interest Receivable and Payable (Carried at Cost) The carrying amounts of accrued interest receivable and accrued interest payable approximates fair value and are classified within Level 2 Deposit Liabilities (Carried at Cost) The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Deposit liabilities are classified within Level 2 Short-term Borrowings (Carried at Cost) Due to their short-term nature, the carrying amounts of short-term borrowings, which include overnight borrowings, approximate their fair value. Short-term borrowings are classified within Level 2 Subordinated Debt (Carried at Cost) Fair values of subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity. Due to the significant judgment involved in developing the spreads used to value the subordinated debt, it is classified within Level 3 Off-Balance Sheet Financial Instruments (Disclosed at n otional amounts) Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The estimated fair values of the Company’s financial instruments were as follows at June 30, 2017: Fair Value Measurements at June 3 0 , 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 $ 87,997 $ 87,997 $ 87,997 $ - $ - Investment securities available for sale 345,182 345,182 - 341,135 4,047 Investment securities held to maturity 409,373 403,183 - 403,183 - Restricted stock 3,878 3,878 - 3,878 - Loans held for sale 29,547 29,756 - 24,307 5,449 Loans receivable, net 1,057,056 1,032,111 - - 1,032,111 SBA servicing assets 5,194 5,194 - - 5,194 Accrued interest receivable 5,840 5,840 - 5,840 - Interest rate lock commitments 761 761 - 761 - Best efforts forward loan sales commitments 21 21 - 21 - Mandatory forward loan sales commitments 4 4 - 4 - Financial liabilities: Deposits Demand, savings and money market $ 1,625,630 $ 1,625,630 $ - $ 1,625,630 $ - Time 106,801 106,319 - 106,319 - Short-term borrowing 55,000 55,000 - 55,000 - Subordinated debt 21,656 17,591 - - 17,591 Accrued interest payable 317 317 - 317 - Interest rate lock commitments 1 1 - 1 - Best efforts forward loan sales commitments 163 163 - 163 - Mandatory forward loan sales commitments 149 149 - 149 - 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 Loss By Component (1) | 6 Months Ended |
Jun. 30, 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 six June 30, 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 1,681 - 1,681 Amounts reclassified from accumulated other comprehensive income to net income (2) 39 55 94 Net current-period other comprehensive income 1,720 55 1,775 Balance June 30, 2017 $ (5,111 ) $ (408 ) $ (5,519 ) Balance January 1, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized gain on securities 2,863 - 2,863 Amounts reclassified from accumulated other comprehensive income to net income (2) (416 ) 61 (355 ) Net current-period other comprehensive income 2,447 61 2,508 Balance June 30, 2016 $ (115 ) $ (542 ) $ (657 ) 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 | 6 Months Ended |
Jun. 30, 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 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. not 2016. not (dollars in thousands) Three Months Ended June 3 0 , 2016 Six Months Ended June 30, 2016 Total revenues $ 19,395 $ 36,855 Net income $ 1,719 $ 3,203 |
Note 10 - Goodwill and Other In
Note 10 - Goodwill and Other Intangibles | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 10: The Company’s goodwill and intangible assets related to the acquisition of Oak Mortgage in July 2016 (dollars in thousands) Balance December 31, 2016 Additions/ Adjustments Amortization Balance June 3 0 , 2017 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite Non-compete agreements 61 - (52 ) 9 1 Total $ 5,072 $ - $ (52 ) $ 5,020 |
Note 11 - Derivatives and Risk
Note 11 - Derivatives and Risk Management Activities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 11: Republic did not six June 30, 2017 six June 30, 2016. not June 30, 2017 December 31, 2016 ( June 3 0 , 2017 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 761 $ 38,651 Best efforts forward loan sales commitments Other Assets 21 9,095 Mandatory forward loan sales commitments Other Assets 4 2,089 Liability derivatives: IRLC’s Other Liabilities $ 1 $ 500 Best efforts forward loan sales commitments Other Liabilities 163 30,056 Mandatory forward loan sales commitments Other Liabilities 149 20,793 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 three six June 30, 2017 ( Three Months Ended June 3 0 , 2017 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (71 ) Best efforts forward loan sales commitments Mortgage banking income 18 Mandatory forward loan sales commitments Mortgage banking income (4 ) Liability derivatives: IRLC’s Mortgage banking income $ 6 Best efforts forward loan sales commitments Mortgage banking income 107 Mandatory forward loan sales commitments Mortgage banking income (23 ) Six Months Ended June 30, 2017 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ 321 Best efforts forward loan sales commitments Mortgage banking income (82 ) Mandatory forward loan sales commitments Mortgage banking income (225 ) Liability derivatives: IRLC’s Mortgage banking income $ 54 Best efforts forward loan sales commitments Mortgage banking income (38 ) Mandatory forward loan sales commitments Mortgage banking income (110 ) There was no three six June 30, 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) | 6 Months Ended |
Jun. 30, 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 not not 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 not not 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 exclusion of or 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 June 30, 2017, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 no 10% may June 30, 2017, 2014 5.9 six June 30, 2017, 900,500 2014 $3,163,831. 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 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 six June 30, 2017 2016, 492,624 486,550 June 30, 2017, 3,044,325 $13,019,675, 1,353,223 $7,642,587. six June 30, 2017, 179,475 $590,521 9,600 $43,581. six June 30, 2016, 76,625 $212,634 25,550 $39,900. Information regarding stock based compensation for the six June 30, 2017 2016 201 7 201 6 Stock based compensation expense recognized $ 817,000 $ 367,000 Number of unvested stock options 1,691,102 1,218,476 Fair value of unvested stock options $ 4,596,379 $ 2,408,636 Amount remaining to be recognized as expense $ 3,453,675 $ 1,479,287 The remaining amount of $3,453,675 May 2021. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per share (“EPS”) consist of two 2008. three six June 30, 2017 2016, not The calculation of EPS for the three six June 30, 2017 2016 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income (basic and diluted) $ 2,059 $ 1,023 $ 3,846 $ 2,108 Weighted average shares outstanding 56,945 37,882 56,885 37,860 Net income per share – basic $ 0.04 $ 0.03 $ 0.07 $ 0.06 Weighted average shares outstanding (including dilutive CSEs) 58,301 38,422 58,165 38,344 Net income per share – diluted $ 0.04 $ 0.03 $ 0.07 $ 0.05 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive securities Share based compensation awards 1,688 1,855 1,764 1,910 Convertible securities 1,625 1,662 1,625 1,662 Total anti-dilutive securities 3,313 3,517 3,389 3,572 |
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. not August 2015, 2015 14, Revenue from Contracts with The Company (Topic 606 December 15, 2017, not no 606. ASU 2016 01 In January 2016, No. 2016 01, Financial Instruments - Overall. 1 2 3 4 5 6 7 December 15, 2017, not ASU 2016 02 In February 2016, No. 2016 02, Leases. 12 December 15, 2018, ASU 2016 09 In March 2016, No. 2016 09, 2016 09 2016 09 2016 09 January 1, 2017. not ASU 2016 13 In June 2016, 2016 13, 326 December 15, 2019. not 2016 13 ASU 2016 15 In August 2016, 2016 15, 230 January 1, 2018, not not 2016 15 not ASU- 2017 01 In January 2017, 2017 01, 805 805. 805 No. 141 805 December 15, 2017, December 15, 2018, December 15, 2019. no not not 2017 01 ASU 2017 04 In January 2017, 2017 04, 2 December 15, 2019. not 2017 04 ASU 2017 08 In March 2017, 2017 08, December 15, 2018. December 15, 2019, December 15, 2020. not 2017 08 |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 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 $ 817,000 $ 367,000 Number of unvested stock options 1,691,102 1,218,476 Fair value of unvested stock options $ 4,596,379 $ 2,408,636 Amount remaining to be recognized as expense $ 3,453,675 $ 1,479,287 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income (basic and diluted) $ 2,059 $ 1,023 $ 3,846 $ 2,108 Weighted average shares outstanding 56,945 37,882 56,885 37,860 Net income per share – basic $ 0.04 $ 0.03 $ 0.07 $ 0.06 Weighted average shares outstanding (including dilutive CSEs) 58,301 38,422 58,165 38,344 Net income per share – diluted $ 0.04 $ 0.03 $ 0.07 $ 0.05 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive securities Share based compensation awards 1,688 1,855 1,764 1,910 Convertible securities 1,625 1,662 1,625 1,662 Total anti-dilutive securities 3,313 3,517 3,389 3,572 |
Note 5 - Investment Securities
Note 5 - Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At June 3 0 , 2017 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 213,491 $ 124 $ (4,084 ) $ 209,531 Agency mortgage-backed securities 44,778 1 (1,144 ) 43,635 Municipal securities 12,277 33 (162 ) 12,148 Corporate bonds 66,679 167 (2,244 ) 64,602 Asset-backed securities 14,386 - (88 ) 14,298 Trust preferred securities 1,545 - (577 ) 968 Total securities available for sale $ 353,156 $ 325 $ (8,299 ) $ 345,182 U.S. Government agencies $ 95,865 $ 130 $ (1,612 ) $ 94,383 Collateralized mortgage obligations 188,594 447 (2,318 ) 186,723 Agency mortgage-backed securities 123,894 9 (2,846 ) 121,057 Other securities 1,020 - - 1,020 Total securities held to maturity $ 409,373 $ 586 $ (6,776 ) $ 403,183 At December 31, 2016 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 230,252 $ 145 $ (5,632 ) $ 224,765 Agency mortgage-backed securities 37,973 32 (1,295 ) 36,710 Municipal securities 26,825 151 (429 ) 26,547 Corporate bonds 66,718 8 (1,978 ) 64,748 Asset-backed securities 15,565 - (416 ) 15,149 Trust preferred securities 3,063 - (1,243 ) 1,820 Total securities available for sale $ 380,396 $ 336 $ (10,993 ) $ 369,739 U.S. Government agencies $ 98,538 $ 8 $ (2,238 ) $ 96,308 Collateralized mortgage obligations 202,990 793 (2,553 ) 201,230 Agency mortgage-backed securities 129,951 1 (3,327 ) 126,625 Other securities 1,020 - - 1,020 Total securities held to maturity $ 432,499 $ 802 $ (8,118 ) $ 425,183 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 1,000 $ 1,002 $ 20 $ 20 After 1 year to 5 years 11,128 11,222 4,383 4,362 After 5 years to 10 years 57,287 55,487 92,482 91,021 After 10 years 25,472 24,305 - - Collateralized mortgage obligations 213,491 209,531 188,594 186,723 Agency mortgage-backed securities 44,778 43,635 123,894 121,057 Total $ 353,156 $ 345,182 $ 409,373 $ 403,183 |
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 - 5 Reductions for securities sold during the period (483 ) - Ending Balance, June 30 th $ 454 $ 935 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At June 3 0 , 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 $ 159,544 $ 3,395 $ 27,528 $ 689 $ 187,072 $ 4,084 Agency mortgage-backed securities 33,698 1,117 2,799 27 36,497 1,144 Municipal securities 5,343 162 - - 5,343 162 Corporate bonds 19,710 290 33,046 1,954 52,756 2,244 Asset backed securities - - 14,298 88 14,298 88 Trust preferred securities - - 968 577 968 577 Total Available for Sale $ 218,295 $ 4,964 $ 78,639 $ 3,335 $ 296,934 $ 8,299 At June 3 0 , 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 $ 59,017 $ 1,591 $ 3,362 $ 21 $ 62,379 $ 1,612 Collateralized mortgage obligations 113,696 1,903 33,927 415 147,623 2,318 Agency mortgage-backed securities 118,309 2,846 - - 118,309 2,846 Total Held to Maturity $ 291,022 $ 6,340 $ 37,289 $ 436 $ 328,311 $ 6,776 At December 31, 2016 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, 2016 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 $ 424 $ (301 ) C 19 29 % 0.41 % $ 274 ALESCO Preferred Funding V Class C1 Notes 820 544 (276 ) C 39 15 0.43 180 Total $ 1,545 $ 968 $ (577 ) 58 22 % $ 454 |
Note 6 - Loans Receivable and24
Note 6 - Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) June 30, 2017 December 31, 2016 Commercial real estate $ 412,695 $ 378,519 Construction and land development 83,571 61,453 Commercial and industrial 176,949 174,744 Owner occupied real estate 285,479 276,986 Consumer and other 68,946 63,660 Residential mortgage 39,286 9,682 Total loans receivable 1,066,926 965,044 Deferred costs (fees) (416 ) (72 ) Allowance for loan losses (9,454 ) (9,155 ) Net loans receivable $ 1,057,056 $ 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 June 30, 201 7 Allowance for loan losses: Beginning balance: $ 2,962 $ 546 $ 2,770 $ 1,627 $ 575 $ 130 $ 571 $ 9,181 Charge-offs - - (152 ) (100 ) (6 ) - - (258 ) Recoveries - - 30 - 1 - - 31 Provisions (credits) 209 34 (152 ) 71 (26 ) 108 256 500 Ending balance $ 3,171 $ 580 $ 2,496 $ 1,598 $ 544 $ 238 $ 827 $ 9,454 Three months ended June 30, 2016 Allowance for loan losses: Beginning balance: $ 2,045 $ 414 $ 2,942 $ 2,091 $ 312 $ 11 $ 1,214 $ 9,029 Charge-offs - - - (926 ) - - - (926 ) Recoveries 6 - 2 - - - - 8 Provisions (credits) 1,242 (49 ) 192 201 12 - (948 ) 650 Ending balance $ 3,293 $ 365 $ 3,136 $ 1,366 $ 324 $ 11 $ 266 $ 8,761 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Six months ended June 30, 2017 Allowance for loan losses: Beginning balance: $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Charge-offs - - (152 ) (108 ) (8 ) - - (268 ) Recoveries 7 - 59 - 1 - - 67 Provisions (credits) (90 ) 23 (295 ) 324 (37 ) 180 395 500 Ending balance $ 3,171 $ 580 $ 2,496 $ 1,598 $ 544 $ 238 $ 827 $ 9,454 Six months ended June 30, 201 6 Allowance for loan losses: Beginning balance: $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Charge-offs - - (18 ) (954 ) - - - (972 ) Recoveries 6 - 74 - - - - 80 Provisions (credits) 894 27 148 290 29 (3 ) (435 ) 950 Ending balance $ 3,293 $ 365 $ 3,136 $ 1,366 $ 324 $ 11 $ 266 $ 8,761 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total June 30, 201 7 Allowance for loan losses: Individually evaluated for impairment $ 1,453 $ - $ 1,552 $ 212 $ 221 $ - $ - $ 3,438 Collectively evaluated for impairment 1,718 580 944 1,386 323 238 827 6,016 Total allowance for loan losses $ 3,171 $ 580 $ 2,496 $ 1,598 $ 544 $ 238 $ 827 $ 9,454 Loans receivable: Loans evaluated individually $ 13,436 $ - $ 5,117 $ 3,336 $ 1,272 $ - $ - $ 23,161 Loans evaluated collectively 399,259 83,571 171,832 282,143 67,674 39,286 - 1,043,765 Total loans receivable $ 412,695 $ 83,571 $ 176,949 $ 285,479 $ 68,946 $ 39,286 $ - $ 1,066,926 (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, 201 6 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] | June 3 0 , 201 7 December 31, 201 6 (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 $ 7,044 $ 7,046 $ - $ 12,347 $ 12,348 $ - Construction and land development - - - - - - Commercial and industrial 2,244 3,408 - 1,955 3,111 - Owner occupied real estate 2,154 2,299 - 621 733 - Consumer and other 926 1,233 - 687 976 - Residential mortgage - - - 130 130 - Total $ 12,368 $ 13,986 $ - $ 15,740 $ 17,298 $ - With an allowance recorded: Commercial real estate $ 6,392 $ 6,406 $ 1,453 $ 6,898 $ 6,912 $ 1,277 Construction and land development - - - - - - Commercial and industrial 2,873 5,540 1,552 3,225 5,892 1,624 Owner occupied real estate 1,182 1,182 212 1,704 1,704 274 Consumer and other 346 374 221 603 627 293 Residential mortgage - - - - - - Total $ 10,793 $ 13,502 $ 3,438 $ 12,430 $ 15,135 $ 3,468 Total: Commercial real estate $ 13,436 $ 13,452 $ 1,453 $ 19,245 $ 19,260 $ 1,277 Construction and land development - - - - - - Commercial and industrial 5,117 8,948 1,552 5,180 9,003 1,624 Owner occupied real estate 3,336 3,481 212 2,325 2,437 274 Consumer and other 1,272 1,607 221 1,290 1,603 293 Residential mortgage - - - 130 130 - Total $ 23,161 $ 27,488 $ 3,438 $ 28,170 $ 32,433 $ 3,468 |
Impaired Financing Receivables, Average Recorded Investment and Interest Income, Accrual Method [Table Text Block] | Three Months Ended June 30, 201 7 201 6 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 8,794 $ 95 $ 12,085 $ 67 Construction and land development - - 77 - Commercial and industrial 2,139 10 1,782 11 Owner occupied real estate 1,812 17 793 2 Consumer and other 868 5 847 3 Residential mortgage 21 - - - Total $ 13,634 $ 127 $ 15,584 $ 83 With an allowance recorded: Commercial real estate $ 6,515 $ 4 $ 4,966 $ 16 Construction and land development - - 2 - Commercial and industrial 3,015 17 3,450 19 Owner occupied real estate 1,380 8 1,808 8 Consumer and other 407 2 265 3 Residential mortgage - - - - Total $ 11,317 $ 31 $ 10,491 $ 46 Total: Commercial real estate $ 15,309 $ 99 $ 17,051 $ 83 Construction and land development - - 79 - Commercial and industrial 5,154 27 5,232 30 Owner occupied real estate 3,192 25 2,601 10 Consumer and other 1,275 7 1,112 6 Residential mortgage 21 - - - Total $ 24,951 $ 158 $ 26,075 $ 129 Six Months Ended June 30, 201 7 201 6 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 10,542 $ 165 $ 11,837 $ 132 Construction and land development - - 97 - Commercial and industrial 2,035 18 1,890 21 Owner occupied real estate 1,469 29 638 3 Consumer and other 810 8 838 6 Residential mortgage 43 1 - - Total $ 14,899 $ 221 $ 15,300 $ 162 With an allowance recorded: Commercial real estate $ 6,637 $ 9 $ 2,737 $ 24 Construction and land development - - 1 - Commercial and industrial 3,159 34 3,280 38 Owner occupied real estate 1,577 14 2,319 14 Consumer and other 468 6 239 5 Residential mortgage - - - - Total $ 11,841 $ 63 $ 8,576 $ 81 Total: Commercial real estate $ 17,179 $ 174 $ 14,574 $ 156 Construction and land development - - 98 - Commercial and industrial 5,194 52 5,170 59 Owner occupied real estate 3,046 43 2,957 17 Consumer and other 1,278 14 1,077 11 Residential mortgage 43 1 - - Total $ 26,740 $ 284 $ 23,876 $ 243 |
Past Due Financing Receivables [Table Text Block] | (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At June 30 , 201 7 Commercial real estate $ - $ 863 $ 12,961 $ 13,824 $ 398,871 $ 412,695 $ - Construction and land development - - - - 83,571 83,571 - Commercial and industrial - - 3,309 3,309 173,640 176,949 - Owner occupied real estate - - 1,678 1,678 283,801 285,479 219 Consumer and other 113 - 865 978 67,968 68,946 74 Residential mortgage - - - - 39,286 39,286 - Total $ 113 $ 863 $ 18,813 $ 19,789 $ 1,047,137 $ 1,066,926 $ 293 (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 June 30, 2 017 : Commercial real estate $ 398,400 $ 859 $ 13,436 $ - $ 412,695 Construction and land development 83,571 - - - 83,571 Commercial and industrial 171,252 580 3,688 1,429 176,949 Owner occupied real estate 282,143 - 3,336 - 285,479 Consumer and other 67,674 - 1,272 - 68,946 Residential mortgage 39,158 128 - - 39,286 Total $ 1,042,198 $ 1,567 $ 21,732 $ 1,429 $ 1,066,926 (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) June 30, 201 7 December 31, 201 6 Commercial real estate $ 12,961 $ 13,089 Construction and land development - - Commercial and industrial 3,309 3,151 Owner occupied real estate 1,459 1,546 Consumer and other 791 808 Residential mortgage - - Total $ 18,520 $ 18,594 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs June 30, 201 7 Commercial real estate 1 $ - $ 6,518 $ 6,518 Construction and land development - - - - Commercial and industrial 2 1,191 349 1,540 Owner occupied real estate 1 245 - 245 Consumer and other - - - - Residential mortgage - - - - Total 4 $ 1,436 $ 6,867 $ 8,303 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) | 6 Months Ended |
Jun. 30, 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 June 3 0 , 2017 Assets: Collateralized mortgage obligations $ 209,531 $ - $ 209,531 $ - Agency mortgage-backed securities 43,635 - 43,635 - Municipal securities 12,148 - 12,148 - Corporate bonds 64,602 - 61,523 3,079 Asset-backed securities 14,298 - 14,298 - Trust Preferred Securities 968 - - 968 Securities Available for Sale $ 345,182 $ - $ 341,135 $ 4,047 Mortgage Loans Held for Sale $ 24,307 $ - $ 24,307 $ - SBA Servicing Assets 5,194 - - 5,194 Interest Rate Lock Commitments 761 - 761 - Best Efforts Forward Loan Sales Commitments 21 - 21 - Mandatory Forward Loan Sales Commitments 4 - 4 - Liabilities: Interest Rate Lock Commitments 1 - 1 - Best Efforts Forward Loan Sales Commitments 163 - 163 - Mandatory Forward Loan Sales Commitments 149 - 149 - December 31, 2016 Assets: Collateralized mortgage obligations $ 224,765 $ - $ 224,765 $ - Agency mortgage-backed securities 36,710 - 36,710 - Municipal securities 26,547 - 26,547 - Corporate bonds 64,748 - 61,777 2,971 Asset-backed securities 15,149 - 15,149 - Trust Preferred Securities 1,820 - - 1,820 Securities Available for Sale $ 369,739 $ - $ 364,948 $ 4,791 Mortgage Loans Held for Sale $ 23,911 $ - $ 23,911 $ - SBA Servicing Assets 5,352 - - 5,352 Interest Rate Lock Commitments 439 - 439 - Best Efforts Forward Loan Sales Commitments 103 - 103 - Mandatory Forward Loan Sales Commitments 229 - 229 - Liabilities: Interest Rate Lock Commitments 55 - 55 - Best Efforts Forward Loan Sales Commitments 125 - 125 - Mandatory Forward Loan Sales Commitments 38 - 38 - |
Schedule of Servicing Assets at Fair Value [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 201 7 201 6 201 7 201 6 Beginning balance $ 5,298 $ 5,058 $ 5,352 $ 4,886 Additions 267 560 478 802 Fair value adjustments (371 ) (500 ) (636 ) (570 ) Ending balance $ 5,194 $ 5,118 $ 5,194 $ 5,118 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended June 30, 201 7 Three Months Ended June 30, 201 6 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, April 1st $ 1,961 $ 3,024 $ 1,858 $ 2,844 Unrealized gains (losses) 525 55 (99 ) 26 Paydowns - - - - Proceeds from sales (970 ) - - - Realized losses (548 ) - - - Impairment charges on Level 3 - - (4 ) - Balance, June 30th $ 968 $ 3,079 $ 1,755 $ 2,870 Six Months Ended June 30, 201 7 Six Months Ended June 30, 201 6 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1st $ 1,820 $ 2,971 $ 1,883 $ 2,834 Unrealized gains (losses) 666 108 (123 ) 36 Paydowns - - - - Proceeds from sales (970 ) - - - Realized losses (548 ) - - - Impairment charges on Level 3 - - (5 ) - Balance, June 30th $ 968 $ 3,079 $ 1,755 $ 2,870 |
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 June 30, 2017: Impaired loans $ 7,545 $ - $ - $ 7,545 Other real estate owned 607 - - 607 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) June 3 0 , 2017 Corporate bonds $ 3,079 Discounted Cash Flows Discount Rate (5.46%) Trust preferred securities $ 968 Discounted Cash Flows Discount Rate 8.73% - 8.94% (8.82%) SBA servicing assets $ 5,194 Discounted Cash Flows Conditional Prepayment Rate (6.57%) Discount Rate (10.25%) Impaired loans $ 7,545 Appraised Value of Collateral (1) Liquidation expenses (2) 10% - 28% (14%) (3) Other real estate owned $ 607 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 20% (8%) Sales Price Liquidation expenses (2) 6% - 8% (7%) (3) December 31, 2016 Corporate bonds $ 2,971 Discounted Cash Flows Discount Rate (4.68%) Trust preferred securities $ 1,820 Discounted Cash Flows Discount Rate 8.85% - 9.35% (9.08%) SBA servicing assets $ 5,352 Discounted Cash Flows Conditional Prepayment Rate (6.12%) Discount Rate (10.00%) Impaired loans $ 9,110 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 20% (11%) (3) Sales Price Liquidation expenses (2) (7%) (3) Other real estate owned $ 8,563 Appraised Value of Collateral (1) Liquidation expenses (2) 5% - 76% (17%) (3) Sales Price Liquidation expenses (2) 7% - 8% (7%) (3) |
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 June 30, 2017 $ 24,307 $ 23,522 $ 785 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) June 3 0 , 201 7 December 31, 201 6 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 5,194 $ 5,352 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 1 % 0 % Adjustable-rate SBA loans 99 % 100 % Total 100 % 100 % Weighted Average Remaining Term (in years) 20.7 21.1 Prepayment Speed 6.57 % 6.12 % Effect on fair value of a 10% increase $ (161 ) $ (161 ) Effect on fair value of a 20% increase (315 ) (316 ) Weighted Average Discount Rate 10.25 % 10.00 % Effect on fair value of a 10% increase $ (218 ) $ (226 ) Effect on fair value of a 20% increase (420 ) (435 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at June 3 0 , 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 $ 87,997 $ 87,997 $ 87,997 $ - $ - Investment securities available for sale 345,182 345,182 - 341,135 4,047 Investment securities held to maturity 409,373 403,183 - 403,183 - Restricted stock 3,878 3,878 - 3,878 - Loans held for sale 29,547 29,756 - 24,307 5,449 Loans receivable, net 1,057,056 1,032,111 - - 1,032,111 SBA servicing assets 5,194 5,194 - - 5,194 Accrued interest receivable 5,840 5,840 - 5,840 - Interest rate lock commitments 761 761 - 761 - Best efforts forward loan sales commitments 21 21 - 21 - Mandatory forward loan sales commitments 4 4 - 4 - Financial liabilities: Deposits Demand, savings and money market $ 1,625,630 $ 1,625,630 $ - $ 1,625,630 $ - Time 106,801 106,319 - 106,319 - Short-term borrowing 55,000 55,000 - 55,000 - Subordinated debt 21,656 17,591 - - 17,591 Accrued interest payable 317 317 - 317 - Interest rate lock commitments 1 1 - 1 - Best efforts forward loan sales commitments 163 163 - 163 - Mandatory forward loan sales commitments 149 149 - 149 - 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 Loss By Component (1) (Tables) | 6 Months Ended |
Jun. 30, 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 1,681 - 1,681 Amounts reclassified from accumulated other comprehensive income to net income (2) 39 55 94 Net current-period other comprehensive income 1,720 55 1,775 Balance June 30, 2017 $ (5,111 ) $ (408 ) $ (5,519 ) Balance January 1, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized gain on securities 2,863 - 2,863 Amounts reclassified from accumulated other comprehensive income to net income (2) (416 ) 61 (355 ) Net current-period other comprehensive income 2,447 61 2,508 Balance June 30, 2016 $ (115 ) $ (542 ) $ (657 ) 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) | 6 Months Ended |
Jun. 30, 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 June 3 0 , 2016 Six Months Ended June 30, 2016 Total revenues $ 19,395 $ 36,855 Net income $ 1,719 $ 3,203 |
Note 10 - Goodwill and Other 28
Note 10 - Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (dollars in thousands) Balance December 31, 2016 Additions/ Adjustments Amortization Balance June 3 0 , 2017 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite Non-compete agreements 61 - (52 ) 9 1 Total $ 5,072 $ - $ (52 ) $ 5,020 |
Note 11 - Derivatives and Ris29
Note 11 - Derivatives and Risk Management Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] | June 3 0 , 2017 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 761 $ 38,651 Best efforts forward loan sales commitments Other Assets 21 9,095 Mandatory forward loan sales commitments Other Assets 4 2,089 Liability derivatives: IRLC’s Other Liabilities $ 1 $ 500 Best efforts forward loan sales commitments Other Liabilities 163 30,056 Mandatory forward loan sales commitments Other Liabilities 149 20,793 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 June 3 0 , 2017 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (71 ) Best efforts forward loan sales commitments Mortgage banking income 18 Mandatory forward loan sales commitments Mortgage banking income (4 ) Liability derivatives: IRLC’s Mortgage banking income $ 6 Best efforts forward loan sales commitments Mortgage banking income 107 Mandatory forward loan sales commitments Mortgage banking income (23 ) Six Months Ended June 30, 2017 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ 321 Best efforts forward loan sales commitments Mortgage banking income (82 ) Mandatory forward loan sales commitments Mortgage banking income (225 ) Liability derivatives: IRLC’s Mortgage banking income $ 54 Best efforts forward loan sales commitments Mortgage banking income (38 ) Mandatory forward loan sales commitments Mortgage banking income (110 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Jun. 30, 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 | Jun. 30, 2017 | Jun. 30, 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, Options Forfeited, Weighted Average Grant Date Fair Value, Amount | $ 43,581 | $ 39,900 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 492,624 | 486,550 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,044,325 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 13,019,675 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,353,223 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 7,642,587 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 179,475 | 76,625 | ||
Proceeds from Stock Options Exercised | $ 590,521 | $ 212,634 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 9,600 | 25,550 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,453,675 | $ 1,479,287 | ||
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, Options, Grants in Period, Gross | 900,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Amount | $ 3,163,831 | |||
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% | |||
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) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 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 ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Stock based compensation expense recognized | $ 817,000 | $ 367,000 |
Number of unvested stock options (in shares) | 1,691,102 | 1,218,476 |
Fair value of unvested stock options | $ 4,596,379 | $ 2,408,636 |
Amount remaining to be recognized as expense | $ 3,453,675 | $ 1,479,287 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income (basic and diluted) | $ 2,059 | $ 1,023 | $ 3,846 | $ 2,108 |
Weighted average shares outstanding (in shares) | 56,945 | 37,882 | 56,885 | 37,860 |
Net income per share – basic (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.07 | $ 0.06 |
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 58,301 | 38,422 | 58,165 | 38,344 |
Net income per share – diluted (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.07 | $ 0.05 |
Note 2 - Summary of Significa35
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Anti-dilutive securities (in shares) | 3,313 | 3,517 | 3,389 | 3,572 |
Employee Stock Option [Member] | ||||
Anti-dilutive securities (in shares) | 1,688 | 1,855 | 1,764 | 1,910 |
Convertible Debt Securities [Member] | ||||
Anti-dilutive securities (in shares) | 1,625 | 1,662 | 1,625 | 1,662 |
Note 4 - Segment Reporting (Det
Note 4 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Number of Reportable Segments | 1 |
Note 5 - Investment Securitie37
Note 5 - Investment Securities (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 548,000 | $ 24,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 22,000 | 129,000 | 22,000 | 235,000 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | 4,000 | 0 | 5,000 | |
Securities, Continuous Loss Position, Accumulated Loss | 15,100,000 | 15,100,000 | $ 19,100,000 | ||
Securities, Continuous Unrealized Loss Position, Fair Value | 625,200,000 | 625,200,000 | $ 595,000,000 | ||
Proceeds from Sale of Available-for-sale Securities | $ 21,200,000 | 23,900,000 | 21,167,000 | 78,582,000 | |
Available-for-sale Securities, Gross Realized Gains | $ 358,000 | $ 487,000 | $ 678,000 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Subprime [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | AltA [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Collateralized Mortgage Obligations [Member] | |||||
Number of Securities Sold | 1 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 55 | 55 | |||
Collateralized Mortgage Obligations [Member] | Subprime [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Collateralized Mortgage Obligations [Member] | AltA [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 7 | 7 | |||
Collateralized Mortgage Backed Securities [Member] | |||||
Number of Securities Sold | 1 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 22 | 22 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Number of Securities Sold | 28 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 8 | 8 | |||
Asset-backed Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | 2 | |||
Corporate Debt Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 6 | 6 | |||
Collateralized Debt Obligations [Member] | |||||
Number of Securities Sold | 1 | 1 | |||
Available-for-sale Securities, Gross Realized Losses | $ 548,000 | $ 548,000 | |||
Proceeds from Sale of Available-for-sale Securities | $ 970,000 |
Note 5 - Investment Securitie38
Note 5 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investment securities held to maturity, at amortized cost | $ 409,373 | $ 432,499 |
Investment securities held to maturity, at amortized cost | 409,373 | 432,499 |
Investment securities held to maturity, gross unrealized gains | 586 | 802 |
Investment securities held to maturity, gross unrealized losses | (6,776) | (8,118) |
Investment securities held to maturity, gross unrealized losses | (6,776) | (8,118) |
Investment securities held to maturity, at fair value | 403,183 | 425,183 |
Investment securities available for sale, at amortized cost | 353,156 | 380,396 |
Investment securities available for sale, gross unrealized gains | 325 | 336 |
Investment securities available for sale, gross unrealized losses | (8,299) | (10,993) |
Investment securities available for sale, at fair value | 345,182 | 369,739 |
Collateralized Mortgage Obligations [Member] | ||
Investment securities held to maturity, at amortized cost | 188,594 | 202,990 |
Investment securities held to maturity, at amortized cost | 188,594 | 202,990 |
Investment securities held to maturity, gross unrealized gains | 447 | 793 |
Investment securities held to maturity, gross unrealized losses | (2,318) | (2,553) |
Investment securities held to maturity, gross unrealized losses | (2,318) | (2,553) |
Investment securities held to maturity, at fair value | 186,723 | 201,230 |
Investment securities available for sale, at amortized cost | 213,491 | 230,252 |
Investment securities available for sale, gross unrealized gains | 124 | 145 |
Investment securities available for sale, gross unrealized losses | (4,084) | (5,632) |
Investment securities available for sale, at fair value | 209,531 | 224,765 |
Collateralized Mortgage Backed Securities [Member] | ||
Investment securities held to maturity, at amortized cost | 123,894 | 129,951 |
Investment securities held to maturity, at amortized cost | 123,894 | 129,951 |
Investment securities held to maturity, gross unrealized gains | 9 | 1 |
Investment securities held to maturity, gross unrealized losses | (2,846) | (3,327) |
Investment securities held to maturity, gross unrealized losses | (2,846) | (3,327) |
Investment securities held to maturity, at fair value | 121,057 | 126,625 |
Investment securities available for sale, at amortized cost | 44,778 | 37,973 |
Investment securities available for sale, gross unrealized gains | 1 | 32 |
Investment securities available for sale, gross unrealized losses | (1,144) | (1,295) |
Investment securities available for sale, at fair value | 43,635 | 36,710 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 12,277 | 26,825 |
Investment securities available for sale, gross unrealized gains | 33 | 151 |
Investment securities available for sale, gross unrealized losses | (162) | (429) |
Investment securities available for sale, at fair value | 12,148 | 26,547 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 66,679 | 66,718 |
Investment securities available for sale, gross unrealized gains | 167 | 8 |
Investment securities available for sale, gross unrealized losses | (2,244) | (1,978) |
Investment securities available for sale, at fair value | 64,602 | 64,748 |
Asset-backed Securities [Member] | ||
Investment securities available for sale, at amortized cost | 14,386 | 15,565 |
Investment securities available for sale, gross unrealized gains | ||
Investment securities available for sale, gross unrealized losses | (88) | (416) |
Investment securities available for sale, at fair value | 14,298 | 15,149 |
Collateralized Debt Obligations [Member] | ||
Investment securities available for sale, at amortized cost | 1,545 | 3,063 |
Investment securities available for sale, gross unrealized gains | ||
Investment securities available for sale, gross unrealized losses | (577) | (1,243) |
Investment securities available for sale, at fair value | 968 | 1,820 |
US Government Agencies Debt Securities [Member] | ||
Investment securities held to maturity, at amortized cost | 95,865 | 98,538 |
Investment securities held to maturity, at amortized cost | 95,865 | 98,538 |
Investment securities held to maturity, gross unrealized gains | 130 | 8 |
Investment securities held to maturity, gross unrealized losses | (1,612) | (2,238) |
Investment securities held to maturity, gross unrealized losses | (1,612) | (2,238) |
Investment securities held to maturity, at fair value | 94,383 | 96,308 |
Other Debt Obligations [Member] | ||
Investment securities held to maturity, at amortized cost | 1,020 | 1,020 |
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, gross unrealized losses | ||
Investment securities held to maturity, at fair value | $ 1,020 | $ 1,020 |
Note 5 - Investment Securitie39
Note 5 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Due in 1 year or less, available for sale, amortized cost | $ 1,000 | |
Due in 1 year or less, available for sale, fair value | 1,002 | |
Due in 1 year or less, held to maturity, amortized cost | 20 | |
Due in 1 year or less, held to maturity, fair value | 20 | |
After 1 year to 5 years, available for sale, amortized cost | 11,128 | |
After 1 year to 5 years, available for sale, fair value | 11,222 | |
After 1 year to 5 years, held to maturity, amortized cost | 4,383 | |
After 1 year to 5 years, held to maturity, fair value | 4,362 | |
After 5 years to 10 years, available for sale, amortized cost | 57,287 | |
After 5 years to 10 years, available for sale, fair value | 55,487 | |
After 5 years to 10 years, held to maturity, amortized cost | 92,482 | |
After 5 years to 10 years, held to maturity, fair value | 91,021 | |
After 10 years, available for sale, amortized cost | 25,472 | |
After 10 years, available for sale, fair value | 24,305 | |
After 10 years, held to maturity, amortized cost | ||
After 10 years, held to maturity, fair value | ||
Total, available for sale, amortized cost | 353,156 | |
Total, available for sale, fair value | 345,182 | |
Total, held to maturity, amortized cost | 409,373 | $ 432,499 |
Total, held to maturity, fair value | 403,183 | 425,183 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 213,491 | |
No specific maturity date, available for sale, fair value | 209,531 | |
No specific maturity date, held to maturity, amortized cost | 188,594 | |
No specific maturity date, held to maturity, fair value | 186,723 | |
Total, held to maturity, amortized cost | 188,594 | 202,990 |
Total, held to maturity, fair value | 186,723 | 201,230 |
Collateralized Mortgage Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 44,778 | |
No specific maturity date, available for sale, fair value | 43,635 | |
No specific maturity date, held to maturity, amortized cost | 123,894 | |
No specific maturity date, held to maturity, fair value | 121,057 | |
Total, held to maturity, amortized cost | 123,894 | 129,951 |
Total, held to maturity, fair value | $ 121,057 | $ 126,625 |
Note 5 - Investment Securitie40
Note 5 - Investment Securities - Credit-related Impairment Losses on Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 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 | $ 4,000 | 0 | 5,000 |
Reductions for securities sold during the period | (483,000) | |||
Ending Balance | $ 454,000 | $ 935,000 | $ 454,000 | $ 935,000 |
Note 5 - Investment Securitie41
Note 5 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | $ 291,022 | $ 274,424 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 6,340 | 7,994 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 37,289 | 12,158 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 436 | 124 |
Held to maturity securities in a continuous unrealized loss position, fair value | 328,311 | 286,582 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 6,776 | 8,118 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 218,295 | 269,895 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,964 | 8,777 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 78,639 | 38,473 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,335 | 2,216 |
Available for sale securities in a continuous unrealized loss position, fair value | 296,934 | 308,368 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 8,299 | 10,993 |
Collateralized Mortgage Obligations [Member] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 113,696 | 108,974 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,903 | 2,469 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 33,927 | 8,572 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 415 | 84 |
Held to maturity securities in a continuous unrealized loss position, fair value | 147,623 | 117,546 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 2,318 | 2,553 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 159,544 | 192,308 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,395 | 5,380 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 27,528 | 7,579 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 689 | 252 |
Available for sale securities in a continuous unrealized loss position, fair value | 187,072 | 199,887 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 4,084 | 5,632 |
US Government Agencies Debt Securities [Member] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 59,017 | 67,725 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,591 | 2,198 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 3,362 | 3,586 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 21 | 40 |
Held to maturity securities in a continuous unrealized loss position, fair value | 62,379 | 71,311 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 1,612 | 2,238 |
Collateralized Mortgage Backed Securities [Member] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 118,309 | 97,725 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,846 | 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 | 118,309 | 97,725 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 2,846 | 3,327 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 33,698 | 29,916 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,117 | 1,260 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 2,799 | 3,199 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 27 | 35 |
Available for sale securities in a continuous unrealized loss position, fair value | 36,497 | 33,115 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 1,144 | 1,295 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 5,343 | 15,414 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 162 | 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 | 5,343 | 15,414 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 162 | 429 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 19,710 | 32,257 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 290 | 1,708 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 33,046 | 10,726 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,954 | 270 |
Available for sale securities in a continuous unrealized loss position, fair value | 52,756 | 42,983 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 2,244 | 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 | 14,298 | 15,149 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 88 | 416 |
Available for sale securities in a continuous unrealized loss position, fair value | 14,298 | 15,149 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 88 | 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 | 968 | 1,820 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 577 | 1,243 |
Available for sale securities in a continuous unrealized loss position, fair value | 968 | 1,820 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 577 | $ 1,243 |
Note 5 - Investment Securitie42
Note 5 - Investment Securities - Trust Preferred Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Unrealized Losses | $ (8,299) | $ (10,993) | ||
Cumulative OTTI Life to Date | 454 | 937 | $ 935 | $ 930 |
Amortized Cost | 353,156 | 380,396 | ||
Investment securities available for sale, at fair value | 345,182 | 369,739 | ||
TPREF Funding II [Member] | ||||
Unrealized Losses | $ (301) | |||
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 | |||
Class / Tranche | Class B Notes | |||
Amortized Cost | $ 725 | |||
Investment securities available for sale, at fair value | 424 | |||
ALESCO Preferred Funding V [Member] | ||||
Unrealized Losses | $ (276) | |||
Lowest Credit Rating Assigned | C | |||
Number of Banks Currently Performing | 39 | |||
Deferrals / Defaults as % of Current Balance | 15.00% | |||
Conditional Default Rates for 2015 and beyond | 0.43% | |||
Cumulative OTTI Life to Date | $ 180 | |||
Class / Tranche | Class C1 Notes | |||
Amortized Cost | $ 820 | |||
Investment securities available for sale, at fair value | 544 | |||
Collateralized Debt Obligations [Member] | ||||
Unrealized Losses | $ (577) | (1,243) | ||
Number of Banks Currently Performing | 58 | |||
Deferrals / Defaults as % of Current Balance | 22.00% | |||
Conditional Default Rates for 2015 and beyond | ||||
Cumulative OTTI Life to Date | $ 454 | |||
Amortized Cost | 1,545 | 3,063 | ||
Investment securities available for sale, at fair value | $ 968 | $ 1,820 |
Note 6 - Loans Receivable and43
Note 6 - Loans Receivable and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications, Recorded Investment | $ 8,303,000 | $ 8,303,000 | $ 6,246,000 | ||
Mortgage Loans in Process of Foreclosure, Amount | 0 | 0 | 0 | ||
Real Estate Acquired Through Foreclosure | $ 9,909,000 | $ 9,909,000 | $ 10,174,000 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 210,000 | $ 313,000 | $ 486,000 | $ 513,000 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 1,540,000 | $ 1,540,000 | $ 577,000 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | |||
Commercial Portfolio Segment [Member] | Converted From Line of Credit to Term Loan With Five Year Maturity [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 975,000 | $ 975,000 | |||
Owner Occupied Real Estate [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 245,000 | $ 245,000 | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | |||
Owner Occupied Real Estate [Member] | Reduction of Interest Rate and Extension of Maturity Date [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 245,000 | $ 245,000 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | 6,518,000 | 6,518,000 | 5,669,000 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 6,500,000 | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | ||||
Commercial Real Estate Portfolio Segment [Member] | Increase in Principal Blance and Reduction in Interest Rate [Member] | |||||
Financing Receivable, Modifications, Increase in Principal Balance | $ 421,000 | ||||
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | |||||
Real Estate Acquired Through Foreclosure | $ 42,000 | $ 42,000 | $ 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Loans receivable | $ 1,066,926 | $ 965,044 |
Deferred costs (fees) | (416) | (72) |
Allowance for loan losses | (9,454) | (9,155) |
Net loans receivable | 1,057,056 | 955,817 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 412,695 | 378,519 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 83,571 | 61,453 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 176,949 | 174,744 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 285,479 | 276,986 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 68,946 | 63,660 |
Residential Portfolio Segment [Member] | ||
Loans receivable | $ 39,286 | $ 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 | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Beginning balance: | $ 9,181 | $ 9,029 | $ 9,155 | $ 8,703 | ||
Charge-offs | (258) | (926) | (268) | (972) | ||
Recoveries | 31 | 8 | 67 | 80 | ||
Provision for loan losses | 500 | 650 | 500 | 950 | ||
Ending balance | 9,454 | 8,761 | 9,454 | 8,761 | ||
Allowance for loan losses, collectively evaluated for impairment | $ 6,016 | $ 5,687 | ||||
Total allowance for loan losses | 9,181 | 9,029 | 9,454 | 8,761 | 9,454 | 9,155 |
Loans evaluated individually | 23,161 | 28,170 | ||||
Loans evaluated collectively | 1,043,765 | 936,874 | ||||
Total loans receivable | 1,066,926 | 965,044 | ||||
Allowance for loan losses, individually evaluated for impairment | 3,438 | 3,468 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Beginning balance: | 2,962 | 2,045 | 3,254 | 2,393 | ||
Charge-offs | ||||||
Recoveries | 6 | 7 | 6 | |||
Provision for loan losses | 209 | 1,242 | (90) | 894 | ||
Ending balance | 3,171 | 3,293 | 3,171 | 3,293 | ||
Allowance for loan losses, collectively evaluated for impairment | 1,718 | 1,977 | ||||
Total allowance for loan losses | 2,962 | 2,045 | 3,171 | 3,293 | 3,171 | 3,254 |
Loans evaluated individually | 13,436 | 19,245 | ||||
Loans evaluated collectively | 399,259 | 359,274 | ||||
Total loans receivable | 412,695 | 378,519 | ||||
Allowance for loan losses, individually evaluated for impairment | 1,453 | 1,277 | ||||
Construction and Land Development Portfolio Segment [Member] | ||||||
Beginning balance: | 546 | 414 | 557 | 338 | ||
Charge-offs | ||||||
Recoveries | ||||||
Provision for loan losses | 34 | (49) | 23 | 27 | ||
Ending balance | 580 | 365 | 580 | 365 | ||
Allowance for loan losses, collectively evaluated for impairment | 580 | 557 | ||||
Total allowance for loan losses | 546 | 414 | 580 | 365 | 580 | 557 |
Loans evaluated individually | ||||||
Loans evaluated collectively | 83,571 | 61,453 | ||||
Total loans receivable | 83,571 | 61,453 | ||||
Allowance for loan losses, individually evaluated for impairment | ||||||
Commercial Portfolio Segment [Member] | ||||||
Beginning balance: | 2,770 | 2,942 | 2,884 | 2,932 | ||
Charge-offs | (152) | (152) | (18) | |||
Recoveries | 30 | 2 | 59 | 74 | ||
Provision for loan losses | (152) | 192 | (295) | 148 | ||
Ending balance | 2,496 | 3,136 | 2,496 | 3,136 | ||
Allowance for loan losses, collectively evaluated for impairment | 944 | 1,260 | ||||
Total allowance for loan losses | 2,770 | 2,942 | 2,496 | 3,136 | 2,496 | 2,884 |
Loans evaluated individually | 5,117 | 5,180 | ||||
Loans evaluated collectively | 171,832 | 169,564 | ||||
Total loans receivable | 176,949 | 174,744 | ||||
Allowance for loan losses, individually evaluated for impairment | 1,552 | 1,624 | ||||
Owner Occupied Real Estate [Member] | ||||||
Beginning balance: | 1,627 | 2,091 | 1,382 | 2,030 | ||
Charge-offs | (100) | (926) | (108) | (954) | ||
Recoveries | ||||||
Provision for loan losses | 71 | 201 | 324 | 290 | ||
Ending balance | 1,598 | 1,366 | 1,598 | 1,366 | ||
Allowance for loan losses, collectively evaluated for impairment | 1,386 | 1,108 | ||||
Total allowance for loan losses | 1,627 | 2,091 | 1,598 | 1,366 | 1,598 | 1,382 |
Loans evaluated individually | 3,336 | 2,325 | ||||
Loans evaluated collectively | 282,143 | 274,661 | ||||
Total loans receivable | 285,479 | 276,986 | ||||
Allowance for loan losses, individually evaluated for impairment | 212 | 274 | ||||
Consumer Portfolio Segment [Member] | ||||||
Beginning balance: | 575 | 312 | 588 | 295 | ||
Charge-offs | (6) | (8) | ||||
Recoveries | 1 | 1 | ||||
Provision for loan losses | (26) | 12 | (37) | 29 | ||
Ending balance | 544 | 324 | 544 | 324 | ||
Allowance for loan losses, collectively evaluated for impairment | 323 | 295 | ||||
Total allowance for loan losses | 575 | 312 | 544 | 324 | 544 | 588 |
Loans evaluated individually | 1,272 | 1,290 | ||||
Loans evaluated collectively | 67,674 | 62,370 | ||||
Total loans receivable | 68,946 | 63,660 | ||||
Allowance for loan losses, individually evaluated for impairment | 221 | 293 | ||||
Residential Portfolio Segment [Member] | ||||||
Beginning balance: | 130 | 11 | 58 | 14 | ||
Charge-offs | ||||||
Recoveries | ||||||
Provision for loan losses | 108 | 180 | (3) | |||
Ending balance | 238 | 11 | 238 | 11 | ||
Allowance for loan losses, collectively evaluated for impairment | 238 | 58 | ||||
Total allowance for loan losses | 130 | 11 | 238 | 11 | 238 | 58 |
Loans evaluated individually | 130 | |||||
Loans evaluated collectively | 39,286 | 9,552 | ||||
Total loans receivable | 39,286 | 9,682 | ||||
Allowance for loan losses, individually evaluated for impairment | ||||||
Unallocated Financing Receivables [Member] | ||||||
Beginning balance: | 571 | 1,214 | 432 | 701 | ||
Charge-offs | ||||||
Recoveries | ||||||
Provision for loan losses | 256 | (948) | 395 | (435) | ||
Ending balance | 827 | 266 | 827 | 266 | ||
Allowance for loan losses, collectively evaluated for impairment | 827 | 432 | ||||
Total allowance for loan losses | $ 571 | $ 1,214 | $ 827 | $ 266 | 827 | 432 |
Loans evaluated individually | ||||||
Loans evaluated collectively | ||||||
Total loans receivable | ||||||
Allowance for loan losses, individually evaluated for impairment |
Note 6 - Loans Receivable and46
Note 6 - Loans Receivable and Allowances for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Recorded investment | $ 23,161 | $ 28,170 |
Unpaid principal balance | 27,488 | 32,433 |
With no related allowance - Recorded investment | 12,368 | 15,740 |
With no related allowance - Unpaid principal balance | 13,986 | 17,298 |
With related allowance - Recorded investment | 10,793 | 12,430 |
With related allowance - Unpaid principal balance | 13,502 | 15,135 |
Related allowance | 3,438 | 3,468 |
Commercial Real Estate Portfolio Segment [Member] | ||
Recorded investment | 13,436 | 19,245 |
Unpaid principal balance | 13,452 | 19,260 |
With no related allowance - Recorded investment | 7,044 | 12,347 |
With no related allowance - Unpaid principal balance | 7,046 | 12,348 |
With related allowance - Recorded investment | 6,392 | 6,898 |
With related allowance - Unpaid principal balance | 6,406 | 6,912 |
Related allowance | 1,453 | 1,277 |
Construction and Land Development Portfolio Segment [Member] | ||
Recorded investment | ||
Unpaid principal balance | ||
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 | ||
Commercial Portfolio Segment [Member] | ||
Recorded investment | 5,117 | 5,180 |
Unpaid principal balance | 8,948 | 9,003 |
With no related allowance - Recorded investment | 2,244 | 1,955 |
With no related allowance - Unpaid principal balance | 3,408 | 3,111 |
With related allowance - Recorded investment | 2,873 | 3,225 |
With related allowance - Unpaid principal balance | 5,540 | 5,892 |
Related allowance | 1,552 | 1,624 |
Owner Occupied Real Estate [Member] | ||
Recorded investment | 3,336 | 2,325 |
Unpaid principal balance | 3,481 | 2,437 |
With no related allowance - Recorded investment | 2,154 | 621 |
With no related allowance - Unpaid principal balance | 2,299 | 733 |
With related allowance - Recorded investment | 1,182 | 1,704 |
With related allowance - Unpaid principal balance | 1,182 | 1,704 |
Related allowance | 212 | 274 |
Consumer Portfolio Segment [Member] | ||
Recorded investment | 1,272 | 1,290 |
Unpaid principal balance | 1,607 | 1,603 |
With no related allowance - Recorded investment | 926 | 687 |
With no related allowance - Unpaid principal balance | 1,233 | 976 |
With related allowance - Recorded investment | 346 | 603 |
With related allowance - Unpaid principal balance | 374 | 627 |
Related allowance | 221 | 293 |
Residential Portfolio Segment [Member] | ||
Recorded investment | 130 | |
Unpaid principal balance | 130 | |
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 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
With related allowance recorded - Average recorded investment | $ 11,317 | $ 10,491 | $ 11,841 | $ 8,576 |
With related allowance recorded - Interest income recognized | 31 | 46 | 63 | 81 |
Average recorded investment | 24,951 | 26,075 | 26,740 | 23,876 |
Interest income recognized | 158 | 129 | 284 | 243 |
Average recorded investment | 24,951 | 26,075 | 26,740 | 23,876 |
Interest income recognized | 158 | 129 | 284 | 243 |
With no related allowance recorded - Average recorded investment | 13,634 | 15,584 | 14,899 | 15,300 |
With no related allowance recorded - Interest income recognized | 127 | 83 | 221 | 162 |
Commercial Real Estate Portfolio Segment [Member] | ||||
With related allowance recorded - Average recorded investment | 6,515 | 4,966 | 6,637 | 2,737 |
With related allowance recorded - Interest income recognized | 4 | 16 | 9 | 24 |
Average recorded investment | 15,309 | 17,051 | 17,179 | 14,574 |
Interest income recognized | 99 | 83 | 174 | 156 |
Average recorded investment | 15,309 | 17,051 | 17,179 | 14,574 |
Interest income recognized | 99 | 83 | 174 | 156 |
With no related allowance recorded - Average recorded investment | 8,794 | 12,085 | 10,542 | 11,837 |
With no related allowance recorded - Interest income recognized | 95 | 67 | 165 | 132 |
Construction and Land Development Portfolio Segment [Member] | ||||
With related allowance recorded - Average recorded investment | 2 | 1 | ||
With related allowance recorded - Interest income recognized | ||||
Average recorded investment | 79 | 98 | ||
Interest income recognized | ||||
Average recorded investment | 79 | 98 | ||
Interest income recognized | ||||
With no related allowance recorded - Average recorded investment | 77 | 97 | ||
With no related allowance recorded - Interest income recognized | ||||
Commercial Portfolio Segment [Member] | ||||
With related allowance recorded - Average recorded investment | 3,015 | 3,450 | 3,159 | 3,280 |
With related allowance recorded - Interest income recognized | 17 | 19 | 34 | 38 |
Average recorded investment | 5,154 | 5,232 | 5,194 | 5,170 |
Interest income recognized | 27 | 30 | 52 | 59 |
Average recorded investment | 5,154 | 5,232 | 5,194 | 5,170 |
Interest income recognized | 27 | 30 | 52 | 59 |
With no related allowance recorded - Average recorded investment | 2,139 | 1,782 | 2,035 | 1,890 |
With no related allowance recorded - Interest income recognized | 10 | 11 | 18 | 21 |
Owner Occupied Real Estate [Member] | ||||
With related allowance recorded - Average recorded investment | 1,380 | 1,808 | 1,577 | 2,319 |
With related allowance recorded - Interest income recognized | 8 | 8 | 14 | 14 |
Average recorded investment | 3,192 | 2,601 | 3,046 | 2,957 |
Interest income recognized | 25 | 10 | 43 | 17 |
Average recorded investment | 3,192 | 2,601 | 3,046 | 2,957 |
Interest income recognized | 25 | 10 | 43 | 17 |
With no related allowance recorded - Average recorded investment | 1,812 | 793 | 1,469 | 638 |
With no related allowance recorded - Interest income recognized | 17 | 2 | 29 | 3 |
Consumer Portfolio Segment [Member] | ||||
With related allowance recorded - Average recorded investment | 407 | 265 | 468 | 239 |
With related allowance recorded - Interest income recognized | 2 | 3 | 6 | 5 |
Average recorded investment | 1,275 | 1,112 | 1,278 | 1,077 |
Interest income recognized | 7 | 6 | 14 | 11 |
Average recorded investment | 1,275 | 1,112 | 1,278 | 1,077 |
Interest income recognized | 7 | 6 | 14 | 11 |
With no related allowance recorded - Average recorded investment | 868 | 847 | 810 | 838 |
With no related allowance recorded - Interest income recognized | 5 | 3 | 8 | 6 |
Residential Portfolio Segment [Member] | ||||
With related allowance recorded - Average recorded investment | ||||
With related allowance recorded - Interest income recognized | ||||
Average recorded investment | 21 | 43 | ||
Interest income recognized | 1 | |||
Average recorded investment | 21 | 43 | ||
Interest income recognized | 1 | |||
With no related allowance recorded - Average recorded investment | 21 | 43 | ||
With no related allowance recorded - 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Loans receivable, total past due | $ 19,789 | $ 19,987 |
Loans receivable, current | 1,047,137 | 945,057 |
Loans receivable | 1,066,926 | 965,044 |
Loans receivable greater than 90 days and accruing | 293 | 302 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 113 | 1,060 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 863 | 31 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 18,813 | 18,896 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, total past due | 13,824 | 13,098 |
Loans receivable, current | 398,871 | 365,421 |
Loans receivable | 412,695 | 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 | 863 | 9 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 12,961 | 13,089 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable, total past due | ||
Loans receivable, current | 83,571 | 61,453 |
Loans receivable | 83,571 | 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 | 3,309 | 3,719 |
Loans receivable, current | 173,640 | 171,025 |
Loans receivable | 176,949 | 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 | 568 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 3,309 | 3,151 |
Owner Occupied Real Estate [Member] | ||
Loans receivable, total past due | 1,678 | 2,186 |
Loans receivable, current | 283,801 | 274,800 |
Loans receivable | 285,479 | 276,986 |
Loans receivable greater than 90 days and accruing | 219 | 172 |
Owner Occupied Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 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 | 1,678 | 1,718 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, total past due | 978 | 854 |
Loans receivable, current | 67,968 | 62,806 |
Loans receivable | 68,946 | 63,660 |
Loans receivable greater than 90 days and accruing | 74 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 113 | 24 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 22 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 865 | 808 |
Residential Portfolio Segment [Member] | ||
Loans receivable, total past due | 130 | |
Loans receivable, current | 39,286 | 9,552 |
Loans receivable | 39,286 | 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Loans receivable | $ 1,066,926 | $ 965,044 |
Pass [Member] | ||
Loans receivable | 1,042,198 | 940,549 |
Special Mention [Member] | ||
Loans receivable | 1,567 | 1,994 |
Substandard [Member] | ||
Loans receivable | 21,732 | 21,072 |
Doubtful [Member] | ||
Loans receivable | 1,429 | 1,429 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 412,695 | 378,519 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 398,400 | 364,066 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 859 | 877 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 13,436 | 13,576 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 83,571 | 61,453 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 83,571 | 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 | 176,949 | 174,744 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 171,252 | 168,958 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 580 | 606 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 3,688 | 3,751 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 1,429 | 1,429 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 285,479 | 276,986 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Loans receivable | 282,143 | 274,150 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Loans receivable | 511 | |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Loans receivable | 3,336 | 2,325 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | ||
Loans receivable | 68,946 | 63,660 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 67,674 | 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 | 39,286 | 9,682 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 39,158 | 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Non-accrual loans | $ 18,520 | $ 18,594 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 12,961 | 13,089 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | ||
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 3,309 | 3,151 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 1,459 | 1,546 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 791 | 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 | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Troubled debt restructurings, non-accrual status | $ 6,867 | $ 349 |
Troubled debt restructurings | $ 8,303 | $ 6,246 |
Number of Loans | 4 | 3 |
Troubled debt restructurings, accrual status | $ 1,436 | $ 5,897 |
Commercial Real Estate Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual status | 6,518 | |
Troubled debt restructurings | $ 6,518 | $ 5,669 |
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 5,669 | |
Construction and Land Development Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual status | 349 | 349 |
Troubled debt restructurings | $ 1,540 | $ 577 |
Number of Loans | 2 | 2 |
Troubled debt restructurings, accrual status | $ 1,191 | $ 228 |
Owner Occupied Real Estate [Member] | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | $ 245 | |
Number of Loans | 1 | |
Troubled debt restructurings, accrual status | $ 245 | |
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Residential Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Number of Loans | ||
Troubled debt restructurings, accrual status |
Note 7 - Fair Value of Financ52
Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Servicing Fees | $ 485,000 | $ 441,000 | $ 918,000 | $ 875,000 |
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 | $ 171,000 | $ 0 | $ 300,000 | $ 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 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale, at fair value | $ 345,182 | $ 369,739 | ||||
SBA Servicing Assets | 5,194 | $ 5,298 | 5,352 | $ 5,118 | $ 5,058 | $ 4,886 |
Fair Value, Measurements, Recurring [Member] | ||||||
Investment securities available for sale, at fair value | 345,182 | 369,739 | ||||
Mortgage Loans Held for Sale | 24,307 | 23,911 | ||||
SBA Servicing Assets | 5,194 | 5,352 | ||||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative Asset | 21 | 103 | ||||
Derivative Liability | 163 | 125 | ||||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative Asset | 4 | 229 | ||||
Derivative Liability | 149 | 38 | ||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative Asset | 761 | 439 | ||||
Derivative Liability | 1 | 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 | 341,135 | 364,948 | ||||
Mortgage Loans Held for Sale | 24,307 | 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 | 21 | 103 | ||||
Derivative Liability | 163 | 125 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative Asset | 4 | 229 | ||||
Derivative Liability | 149 | 38 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative Asset | 761 | 439 | ||||
Derivative Liability | 1 | 55 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Investment securities available for sale, at fair value | 4,047 | 4,791 | ||||
Mortgage Loans Held for Sale | ||||||
SBA Servicing Assets | 5,194 | 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 | 209,531 | 224,765 | ||||
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Investment securities available for sale, at fair value | 209,531 | 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 | 209,531 | 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 | 43,635 | 36,710 | ||||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Investment securities available for sale, at fair value | 43,635 | 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 | 43,635 | 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 | 12,148 | 26,547 | ||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Investment securities available for sale, at fair value | 12,148 | 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 | 12,148 | 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 | 64,602 | 64,748 | ||||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Investment securities available for sale, at fair value | 64,602 | 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 | 61,523 | 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 | 3,079 | 2,971 | ||||
Asset-backed Securities [Member] | ||||||
Investment securities available for sale, at fair value | 14,298 | 15,149 | ||||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Investment securities available for sale, at fair value | 14,298 | 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 | 14,298 | 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 | 968 | 1,820 | ||||
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Investment securities available for sale, at fair value | 968 | 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 | $ 968 | $ 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Beginning balance, servicing assets | $ 5,298 | $ 5,058 | $ 5,352 | $ 4,886 |
Additions | 267 | 560 | 478 | 802 |
Fair value adjustments | (371) | (500) | (636) | (570) |
Ending balance, servicing assets | $ 5,194 | $ 5,118 | $ 5,194 | $ 5,118 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Collateralized Debt Obligations [Member] | ||||
Paydowns | ||||
Proceeds from sales | (970) | (970) | ||
Realized losses | (548) | (548) | ||
Impairment charges on Level 3 | (4) | (5) | ||
Balance | 968 | 1,755 | 968 | 1,755 |
Balance | 1,961 | 1,858 | 1,820 | 1,883 |
Unrealized gains (losses) | 525 | (99) | 666 | (123) |
Corporate Debt Securities [Member] | ||||
Paydowns | ||||
Proceeds from sales | ||||
Realized losses | ||||
Impairment charges on Level 3 | ||||
Balance | 3,079 | 2,870 | 3,079 | 2,870 |
Balance | 3,024 | 2,844 | 2,971 | 2,834 |
Unrealized gains (losses) | $ 55 | $ 26 | $ 108 | $ 36 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Impaired loans | $ 7,545 | $ 9,110 |
Other real estate owned | 607 | 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 | 7,545 | 9,110 |
Other real estate owned | $ 607 | $ 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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | |||
Income Approach Valuation Technique [Member] | Corporate Debt Securities [Member] | ||||
Unobservable Input | Discount Rate | Discount Rate | ||
Fair Value | $ 3,079 | $ 2,971 | ||
Valuation Technique | Discounted Cash Flows | Discounted Cash Flows | ||
Income Approach Valuation Technique [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | ||||
Discount Rate | 5.46% | 4.68% | ||
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | ||||
Unobservable Input | Discount Rate | Discount Rate | ||
Fair Value | $ 968 | $ 1,820 | ||
Valuation Technique | Discounted Cash Flows | Discounted Cash Flows | ||
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | Weighted Average [Member] | ||||
Discount Rate | 8.82% | 9.08% | ||
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | Minimum [Member] | ||||
Discount Rate | 8.73% | 8.85% | ||
Income Approach Valuation Technique [Member] | Collateralized Debt Obligations [Member] | Maximum [Member] | ||||
Discount Rate | 8.94% | 9.35% | ||
Income Approach Valuation Technique [Member] | SBA Servicing Assets [Member] | ||||
Unobservable Input | Conditional Prepayment Rate | Conditional Prepayment Rate | ||
Fair Value | $ 5,194 | $ 5,352 | ||
Valuation Technique | Discounted Cash Flows | Discounted Cash Flows | ||
Unobservable Input | Discount Rate | Discount Rate | ||
Income Approach Valuation Technique [Member] | SBA Servicing Assets [Member] | Weighted Average [Member] | ||||
Discount Rate | 10.25% | 10.00% | ||
Discount Rate | 6.57% | 6.12% | ||
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | ||||
Unobservable Input | [1] | Liquidation expenses (2) | Liquidation expenses (2) | |
Fair Value | $ 7,545 | $ 9,110 | ||
Valuation Technique | [2] | Appraised Value of Collateral (1) | Appraised Value of Collateral (1) | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Weighted Average [Member] | ||||
Discount Rate | [3] | 14.00% | 11.00% | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Minimum [Member] | ||||
Discount Rate | [3] | 10.00% | 7.00% | |
Market Approach Valuation Technique [Member] | Impaired Loans [Member] | Maximum [Member] | ||||
Discount Rate | [3] | 28.00% | 20.00% | |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Unobservable Input | [1] | Liquidation expenses (2) | Liquidation expenses (2) | |
Fair Value | $ 607 | $ 8,563 | ||
Valuation Technique | [2] | Appraised Value of Collateral (1) | Appraised Value of Collateral (1) | |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | ||||
Discount Rate | [3] | 8.00% | 17.00% | |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ||||
Discount Rate | [3] | 7.00% | 5.00% | |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ||||
Discount Rate | [3] | 20.00% | 76.00% | |
Sales Price Valuation Technique [Member] | Impaired Loans [Member] | ||||
Valuation Technique | Sales Price | |||
Unobservable Input | [1] | Liquidation expenses (2) | ||
Sales Price Valuation Technique [Member] | Impaired Loans [Member] | Minimum [Member] | ||||
Discount Rate | [3] | |||
Sales Price Valuation Technique [Member] | Impaired Loans [Member] | Maximum [Member] | ||||
Discount Rate | [3] | |||
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | ||||
Valuation Technique | Sales Price | Sales Price | ||
Unobservable Input | Liquidation expenses (2) | Liquidation expenses (2) | [1] | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | ||||
Discount Rate | [3] | 7.00% | 7.00% | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ||||
Discount Rate | [3] | 6.00% | 7.00% | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ||||
Discount Rate | [3] | 8.00% | 8.00% | |
[1] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||
[2] | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | |||
[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 | Jun. 30, 2017 | Dec. 31, 2016 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | $ 785 | $ 483 |
Aggregate Unpaid Principal Balance | 23,522 | 23,428 |
Reported Value Measurement [Member] | ||
Carrying Amount | $ 24,307 | $ 23,911 |
Note 7 - Fair Value of Financ59
Note 7 - Fair Value of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value of SBA Servicing Asset | $ 5,194 | $ 5,352 | $ 5,298 | $ 5,118 | $ 5,058 | $ 4,886 |
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||||
Weighted Average Remaining Term (in years) (Year) | 20 years 255 days | 21 years 36 days | ||||
Prepayment Speed | 6.57% | 6.12% | ||||
Effect on fair value of a 10% increase | $ (161) | $ (161) | ||||
Effect on fair value of a 20% increase | $ (315) | $ (316) | ||||
Weighted Average Discount Rate | 10.25% | 10.00% | ||||
Effect on fair value of a 10% increase | $ (218) | $ (226) | ||||
Effect on fair value of a 20% increase | $ (420) | $ (435) | ||||
Fixed Rate SBA Loans [Member] | ||||||
Composition of SBA loans serviced for others | 1.00% | 0.00% | ||||
Adjustable Rate SBA Loans [Member] | ||||||
Composition of SBA loans serviced for others | 99.00% | 100.00% |
Note 7 - Fair Value of Financ60
Note 7 - Fair Value of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value of SBA Servicing Asset | $ 5,194 | $ 5,298 | $ 5,352 | $ 5,118 | $ 5,058 | $ 4,886 |
Short-term borrowings | 55,000 | |||||
Investment securities available for sale, at fair value | 345,182 | 369,739 | ||||
Investment securities held to maturity, at fair value | 403,183 | 425,183 | ||||
Reported Value Measurement [Member] | ||||||
Loans held for sale | 29,547 | 28,065 | ||||
Loans receivable, net | 1,057,056 | 955,817 | ||||
Fair Value of SBA Servicing Asset | 5,194 | 5,352 | ||||
Accrued interest receivable | 5,840 | 5,497 | ||||
Demand, savings and money market | 1,625,630 | 1,566,506 | ||||
Time | 106,801 | 111,164 | ||||
Short-term borrowings | 55,000 | |||||
Subordinated debt | 21,656 | 21,881 | ||||
Accrued interest payable | 317 | 444 | ||||
Commitments to extend credit | ||||||
Standby letters-of-credit | ||||||
Cash and cash equivalents | 87,997 | 34,554 | ||||
Investment securities available for sale, at fair value | 345,182 | 369,739 | ||||
Investment securities held to maturity, at fair value | 409,373 | 432,499 | ||||
Restricted stock | 3,878 | 1,366 | ||||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 21 | 103 | ||||
Derivative liability | 163 | 125 | ||||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 4 | 229 | ||||
Derivative liability | 149 | 38 | ||||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 761 | 439 | ||||
Derivative liability | 1 | 55 | ||||
Estimate of Fair Value Measurement [Member] | ||||||
Loans held for sale | 29,756 | 28,267 | ||||
Loans receivable, net | 1,032,111 | 937,944 | ||||
Fair Value of SBA Servicing Asset | 5,194 | 5,352 | ||||
Accrued interest receivable | 5,840 | 5,497 | ||||
Demand, savings and money market | 1,625,630 | 1,566,506 | ||||
Time | 106,319 | 110,988 | ||||
Short-term borrowings | 55,000 | |||||
Subordinated debt | 17,591 | 16,286 | ||||
Accrued interest payable | 317 | 444 | ||||
Commitments to extend credit | ||||||
Standby letters-of-credit | ||||||
Cash and cash equivalents | 87,997 | 34,554 | ||||
Investment securities available for sale, at fair value | 345,182 | 369,739 | ||||
Investment securities held to maturity, at fair value | 403,183 | 425,183 | ||||
Restricted stock | 3,878 | 1,366 | ||||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 21 | 103 | ||||
Derivative liability | 163 | 125 | ||||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 4 | 229 | ||||
Derivative liability | 149 | 38 | ||||
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 761 | 439 | ||||
Derivative liability | 1 | 55 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Loans held for sale | ||||||
Loans receivable, net | ||||||
Fair Value of SBA Servicing Asset | ||||||
Accrued interest receivable | ||||||
Demand, savings and money market | ||||||
Time | ||||||
Short-term borrowings | ||||||
Subordinated debt | ||||||
Accrued interest payable | ||||||
Commitments to extend credit | ||||||
Standby letters-of-credit | ||||||
Cash and cash equivalents | 87,997 | 34,554 | ||||
Investment securities available for sale, at fair value | ||||||
Investment securities held to maturity, at fair value | ||||||
Restricted stock | ||||||
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] | ||||||
Loans held for sale | 24,307 | 23,911 | ||||
Loans receivable, net | ||||||
Fair Value of SBA Servicing Asset | ||||||
Accrued interest receivable | 5,840 | 5,497 | ||||
Demand, savings and money market | 1,625,630 | 1,566,506 | ||||
Time | 106,319 | 110,988 | ||||
Short-term borrowings | 55,000 | |||||
Subordinated debt | ||||||
Accrued interest payable | 317 | 444 | ||||
Commitments to extend credit | ||||||
Standby letters-of-credit | ||||||
Cash and cash equivalents | ||||||
Investment securities available for sale, at fair value | 341,135 | 364,948 | ||||
Investment securities held to maturity, at fair value | 403,183 | 425,183 | ||||
Restricted stock | 3,878 | 1,366 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 21 | 103 | ||||
Derivative liability | 163 | 125 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 4 | 229 | ||||
Derivative liability | 149 | 38 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 761 | 439 | ||||
Derivative liability | 1 | 55 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Loans held for sale | 5,449 | 4,356 | ||||
Loans receivable, net | 1,032,111 | 937,944 | ||||
Fair Value of SBA Servicing Asset | 5,194 | 5,352 | ||||
Accrued interest receivable | ||||||
Demand, savings and money market | ||||||
Time | ||||||
Short-term borrowings | ||||||
Subordinated debt | 17,591 | 16,286 | ||||
Accrued interest payable | ||||||
Commitments to extend credit | ||||||
Standby letters-of-credit | ||||||
Cash and cash equivalents | ||||||
Investment securities available for sale, at fair value | 4,047 | 4,791 | ||||
Investment securities held to maturity, at fair value | ||||||
Restricted stock | ||||||
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 Loss By Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |||||
Balance | [1] | $ (5,519) | $ (657) | $ (5,519) | $ (657) | $ (7,294) | |||
Balance | [1] | (7,294) | (3,165) | (3,165) | |||||
Unrealized gain on securities | [1] | 1,681 | 2,863 | (3,853) | |||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 94 | (355) | (276) | |||||
Net current-period other comprehensive income | 1,125 | 538 | 1,775 | [1] | 2,508 | [1] | (4,129) | [1] | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||
Balance | [1] | (5,111) | (115) | (5,111) | (115) | (6,831) | |||
Balance | [1] | (6,831) | (2,562) | (2,562) | |||||
Unrealized gain on securities | [1] | 1,681 | 2,863 | (3,853) | |||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 39 | (416) | (416) | |||||
Net current-period other comprehensive income | [1] | 1,720 | 2,447 | (4,269) | |||||
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | |||||||||
Balance | [1] | $ (408) | $ (542) | (408) | (542) | (463) | |||
Balance | [1] | (463) | (603) | (603) | |||||
Unrealized gain on securities | [1] | ||||||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 55 | 61 | 140 | |||||
Net current-period other comprehensive income | [1] | $ 55 | $ 61 | $ 140 | |||||
[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 |
Note 9 - Business Combination -
Note 9 - Business Combination - Consideration Paid and Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 28, 2016 | Jun. 30, 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] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Total revenues | $ 19,395 | $ 36,855 |
Net income | $ 1,719 | $ 3,203 |
Note 10 - Goodwill and Other 65
Note 10 - Goodwill and Other Intangibles - Summary of Goodwill and Other Intangibles (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill | $ 5,011 |
Goodwill, additions/adjustments | |
Additions/adjustments | |
Goodwill | 5,011 |
Non-compete agreements | $ 61 |
Non-compete agreements, amortization period (Year) | 1 year |
Non-compete agreements, additions/adjustments | |
Amortization | (52) |
Non-compete agreements | 9 |
Total | 5,072 |
Amortization | (52) |
Total | $ 5,020 |
Note 11 - Derivatives and Ris66
Note 11 - Derivatives and Risk Management Activities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 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, Notional Amount | $ 9,095 | $ 8,586 |
Derivative Asset, Fair Value | 21 | 103 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Asset, Notional Amount | 2,089 | 18,373 |
Derivative Asset, Fair Value | 4 | 229 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Asset, Notional Amount | 38,651 | 20,792 |
Derivative Asset, Fair Value | 761 | 439 |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Liability, Fair Value | 163 | 125 |
Derivative Liability, Notional Amount | 30,056 | 18,963 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Liability, Fair Value | 149 | 38 |
Derivative Liability, Notional Amount | 20,793 | 5,024 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Liability, Fair Value | 1 | 55 |
Derivative Liability, Notional Amount | $ 500 | $ 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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Gain (Loss), Net | $ 0 | $ 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 | $ 107 | $ (38) | ||
Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | ||||
Derivative Gain (Loss), Net | (23) | (110) | ||
Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Gain (Loss), Net | 18 | (82) | ||
Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Gain (Loss), Net | (4) | (225) | ||
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Liability Derivatives [Member] | ||||
Derivative Gain (Loss), Net | 6 | 54 | ||
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | Mortgage Banking Income [Member] | Asset Derivatives [Member] | ||||
Derivative Gain (Loss), Net | $ (71) | $ 321 |