Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 08, 2018 | |
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) | 58,747,478 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 21,927 | $ 36,073 |
Interest bearing deposits with banks | 9,142 | 25,869 |
Cash and cash equivalents | 31,069 | 61,942 |
Investment securities available for sale, at fair value | 519,692 | 464,430 |
Investment securities held to maturity, at amortized cost (fair value of $502,591 and $463,799, respectively) | 519,295 | 472,213 |
Restricted stock, at cost | 5,435 | 1,918 |
Mortgage loans held for sale , at fair value | 19,685 | 43,375 |
Other loans held for sale | 5,968 | 2,325 |
Loans receivable (net of allowance for loan losses of $6,650 and $8,599 respectively) | 1,244,262 | 1,153,679 |
Premises and equipment, net | 77,153 | 74,947 |
Other real estate owned, net | 6,966 | 6,966 |
Accrued interest receivable | 7,756 | 7,009 |
Goodwill | 5,011 | 5,011 |
Other assets | 29,172 | 28,532 |
Total Assets | 2,471,464 | 2,322,347 |
Deposits | ||
Demand - non-interest bearing | 464,383 | 438,500 |
Demand - interest bearing | 826,726 | 807,736 |
Money market and savings | 703,263 | 700,322 |
Time deposits | 129,079 | 116,737 |
Total Deposits | 2,123,451 | 2,063,295 |
Short-term borrowings | 93,915 | |
Accrued interest payable | 339 | 293 |
Other liabilities | 8,431 | 10,618 |
Subordinated debt | 11,254 | 21,681 |
Total Liabilities | 2,237,390 | 2,095,887 |
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 59,252,198 as of March 31, 2018 and 57,518,609 as of December 31, 2017; shares outstanding 58,723,353 as of March 31, 2018 and 56,989,764 as of December 31, 2017 | 592 | 575 |
Additional paid in capital | 267,313 | 256,285 |
Accumulated deficit | (15,566) | (18,983) |
Treasury stock at cost (503,408 shares as of March 31, 2018 and December 31, 2017) | (3,725) | (3,725) |
Stock held by deferred compensation plan (25,437 shares as of March 31, 2018 and December 31, 2017) | (183) | (183) |
Accumulated other comprehensive loss | (14,357) | (7,509) |
Total Shareholders’ Equity | 234,074 | 226,460 |
Total Liabilities and Shareholders’ Equity | $ 2,471,464 | $ 2,322,347 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment securities held to maturity, at fair value | $ 502,591 | $ 463,799 |
Loans receivable, allowance for loan losses | $ 6,650 | $ 8,599 |
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) | 59,252,198 | 57,518,609 |
Common stock, shares outstanding (in shares) | 58,723,353 | 56,989,764 |
Treasury stock (in shares) | 503,408 | 503,408 |
Stock held by deferred compensation plan (in shares) | 25,437 | 25,437 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Interest and fees on taxable loans | $ 13,907 | $ 10,941 |
Interest and fees on tax-exempt loans | 362 | 258 |
Interest and dividends on taxable investment securities | 6,349 | 4,733 |
Interest and dividends on tax-exempt investment securities | 109 | 194 |
Interest on federal funds sold and other interest-earning assets | 172 | 61 |
Total interest income | 20,899 | 16,187 |
Interest expense: | ||
Demand-interest bearing | 1,257 | 608 |
Money market and savings | 972 | 698 |
Time deposits | 369 | 296 |
Other borrowings | 185 | 366 |
Total interest expense | 2,783 | 1,968 |
Net interest income | 18,116 | 14,219 |
Provision for loan losses | 400 | |
Net interest income after provision for loan losses | 17,716 | 14,219 |
Non-interest income: | ||
Non-interest income | 1,210 | 892 |
Gain on sales of SBA loans | 992 | 688 |
Other non-interest income | 35 | 46 |
Total non-interest income | 4,535 | 4,338 |
Non-interest expenses: | ||
Salaries and employee benefits | 10,645 | 8,582 |
Occupancy | 2,113 | 1,715 |
Depreciation and amortization | 1,357 | 1,175 |
Legal | 291 | 252 |
Other real estate owned | 311 | 346 |
Appraisal and other loan expenses | 278 | 442 |
Advertising | 329 | 245 |
Data processing | 824 | 785 |
Insurance | 292 | 273 |
Professional fees | 468 | 428 |
Regulatory assessments and costs | 467 | 329 |
Taxes, other | 245 | 236 |
Other operating expenses | 2,482 | 1,996 |
Total non-interest expense | 20,102 | 16,804 |
Income before provision (benefit) for income taxes | 2,149 | 1,753 |
Provision (benefit) for income taxes | 372 | (34) |
Net income | $ 1,777 | $ 1,787 |
Net income per share | ||
Basic (in dollars per share) | $ 0.03 | $ 0.03 |
Diluted (in dollars per share) | $ 0.03 | $ 0.03 |
Loan and Servicing Fees [Member] | ||
Non-interest income: | ||
Non-interest income | $ 147 | $ 337 |
Mortgage Banking [Member] | ||
Non-interest income: | ||
Non-interest income | 2,186 | 2,421 |
Deposit Account [Member] | ||
Non-interest income: | ||
Non-interest income | $ 1,175 | $ 846 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 1,777 | $ 1,787 |
Other comprehensive income (loss), net of tax | ||
Unrealized gains (losses) on securities (pre-tax ($6,708), and $971 respectively) | (5,239) | 623 |
Amortization of net unrealized holding losses during the period (pre-tax $39, and $42 respectively) | 31 | 27 |
Net current-period other comprehensive income (loss) | (5,208) | 650 |
Total comprehensive income (loss) | $ (3,431) | $ 2,437 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Unrealized gain (loss) on securities, pre-tax | $ (6,708) | $ 971 |
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 39 | $ 42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 1,777,000 | $ 1,787,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 400,000 | |
Write down of other real estate owned | 110,000 | |
Depreciation and amortization | 1,357,000 | 1,175,000 |
Stock based compensation | 521,000 | 302,000 |
Amortization of premiums on investment securities | 756,000 | 676,000 |
Accretion of discounts on retained SBA loans | (346,000) | (267,000) |
Fair value adjustments on SBA servicing assets | 504,000 | 265,000 |
Proceeds from sales of SBA loans originated for sale | 13,904,000 | 8,378,000 |
SBA loans originated for sale | (16,555,000) | (8,881,000) |
Gains on sales of SBA loans originated for sale | (992,000) | (688,000) |
Proceeds from sales of mortgage loans originated for sale | 87,037,000 | 76,740,000 |
Mortgage loans originated for sale | (61,998,000) | (70,507,000) |
Fair value adjustment for mortgage loans originated for sale | 663,000 | (218,000) |
Gains on mortgage loans originated for sale | (2,185,000) | (1,857,000) |
Amortization of intangible assets | 26,000 | |
Amortization of debt issuance costs | 2,000 | 7,000 |
Increase in accrued interest receivable and other assets | (504,000) | (1,501,000) |
Decrease in accrued interest payable and other liabilities | (2,229,000) | (1,223,000) |
Net cash provided by operating activities | 22,112,000 | 4,324,000 |
Cash flows from investing activities | ||
Purchase of investment securities available for sale | (75,142,000) | (909,000) |
Purchase of investment securities held to maturity | (61,083,000) | |
Proceeds from the maturity or call of securities available for sale | 12,716,000 | 8,955,000 |
Proceeds from the maturity or call of securities held to maturity | 13,740,000 | 10,352,000 |
Net purchase of restricted stock | (3,517,000) | |
Net increase in loans | (90,637,000) | (60,878,000) |
Net proceeds from sale of other real estate owned | 120,000 | |
Premises and equipment expenditures | (3,563,000) | (3,061,000) |
Net cash used in investing activities | (207,486,000) | (45,421,000) |
Cash flows from financing activities | ||
Net proceeds from exercise of stock options | 429,972 | 291,981 |
Net increase in demand, money market and savings deposits | 47,814,000 | 47,573,000 |
Net increase (decrease) in time deposits | 12,342,000 | (4,731,000) |
Increase in short-term borrowings | 93,915,000 | |
Net cash provided by financing activities | 154,501,000 | 43,134,000 |
Net (decrease) increase in cash and cash equivalents | (30,873,000) | 2,037,000 |
Cash and cash equivalents, beginning of year | 61,942,000 | 34,554,000 |
Cash and cash equivalents, end of period | 31,069,000 | 36,591,000 |
Supplemental disclosures | ||
Interest paid | 2,849,000 | 1,992,000 |
Conversion of subordinated debt to common stock | $ 10,094,000 | $ 240,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation, Share-based Payments [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balance at Dec. 31, 2016 | $ 573,000 | $ 253,570,000 | $ (27,888,000) | $ (3,725,000) | $ (183,000) | $ (7,294,000) | [1] | $ 215,053,000 | |
Net income | 1,787,000 | 1,787,000 | |||||||
Other comprehensive income/loss, net of tax | 650,000 | [1] | 650,000 | ||||||
Stock based compensation | 302,000 | 302,000 | |||||||
Conversion of subordinated debt to common stock | 240,000 | 240,000 | |||||||
Options exercised | 1,000 | 291,000 | 292,000 | ||||||
Balance at Mar. 31, 2017 | 574,000 | 254,403,000 | (26,101,000) | (3,725,000) | (183,000) | (6,644,000) | [1] | 218,324,000 | |
Balance at Dec. 31, 2016 | 573,000 | 253,570,000 | (27,888,000) | (3,725,000) | (183,000) | (7,294,000) | [1] | 215,053,000 | |
Reclassification due to the adoption of ASU 2018-02 | 1,600,000 | ||||||||
Other comprehensive income/loss, net of tax | [1] | (215,000) | |||||||
Balance at Dec. 31, 2017 | 575,000 | 256,285,000 | (18,983,000) | (3,725,000) | (183,000) | (7,509,000) | [1] | 226,460,000 | |
Reclassification due to the adoption of ASU 2018-02 | 1,640,000 | (1,640,000) | [1] | ||||||
Net income | 1,777,000 | 1,777,000 | |||||||
Other comprehensive income/loss, net of tax | (5,208,000) | [1] | (5,208,000) | ||||||
Stock based compensation | 521,000 | 521,000 | |||||||
Conversion of subordinated debt to common stock | 16,000 | 10,078,000 | 10,094,000 | ||||||
Options exercised | 1,000 | 429,000 | 430,000 | ||||||
Balance at Mar. 31, 2018 | $ 592,000 | $ 267,313,000 | $ (15,566,000) | $ (3,725,000) | $ (183,000) | $ (14,357,000) | [1] | $ 234,074,000 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Additional Paid-in Capital [Member] | ||
Conversion of subordinated debt, shares (in shares) | 1,624,614 | 36,922 |
Common Stock [Member] | ||
Options exercised (in shares) | 108,975 | 94,800 |
Options exercised (in shares) | 108,975 | 94,800 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: Basis of Presentation Republic First Bancorp, Inc. (the “Company”) is a one one July 2016, two two 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 March 31, 2018 not may December 31, 2018. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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 heavily dependent 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 Mortgage loans held for sale are originated and held until sold to permanent investors. Management elected to adopt the fair value option in accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Mortgage loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Changes in fair value are reflected in mortgage banking income in the statements of income. 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 10 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. A material reduction in estimated future taxable income may Stock-Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 1.5 2005 1.5 March 31, 2018, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 no 10% may March 31, 2018, 2014 6.0 three March 31, 2018, 1,058,800 2014 $2,923,473. 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 2018 2017 201 8 201 7 Dividend yield (1) 0.0% 0.0% Expected volatility 28.22% (2) 45.50% to 50.09% (3) Risk-free interest rate (4) 2.38 to 2.84% 1.89% to 2.26% Expected life (5 ) 6.25 5.5 to 7.0 Assumed forfeiture rate (6 ) 4.0% 6.0% ( 1 0.0% ( 2 ( 3 five one seven ( 4 five seven ( 5 ) 1 4 ten ( 6 ) three During the three March 31, 2018 2017, 716,364 478,374 March 31, 2018, 3,951,650 $11.0 1,954,112 $8.1 March 31, 2017, 3,121,500 $10.5 1,423,648 $6.7 three March 31, 2018, 108,975 $429,972 4,000 $10,000. three March 31, 2017, 94,800 $291,981 9,600 $44,000. Information regarding stock based compensation for the three March 31, 2018 2017 201 8 201 7 Stock based compensation expense recognized $ 521,000 $ 302,000 Number of unvested stock options 1,997,538 1,697,852 Fair value of unvested stock options $ 5,548,196 $ 4,583,209 Amount remaining to be recognized as expense $ 4,893,747 $ 3,935,014 The remaining unrecognized expense amount of $4,893,747 February 2022. Earnings per Share Earnings per share (“EPS”) consists of two three March 31, 2018. 2008 three March 31, 2017. 2008 2018. three March 31, 2017. no 2018 three March 31, 2017, not The calculation of EPS for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Net income - basic and diluted $ 1,777 $ 1,787 Weighted average shares outstanding 57,100 56,824 Net income per share – basic $ 0.03 $ 0.03 Weighted average shares outstanding (including dilutive CSEs) 58,370 58,048 Net income per share – diluted $ 0.03 $ 0.03 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not Three Months Ended March 31, (in thousands) 2018 2017 Anti-dilutive securities Share based compensation awards 2,681 1,897 Convertible securities - 1,625 Total anti-dilutive securities 2,681 3,522 Recent Accounting Pronouncements ASU 2014 - 09 In May 2014, 2014 09, “Revenue from Contracts with Customers (Topic 660 606 340 40 2014 09 605, August 2015, 2015 14, Revenue from Contracts with The Company (Topic 606 December 15, 2017, 2014 09 January 1, 2018. no not not 11: 606. ASU 2016 - 01 In January 2016, No. 2016 01, Financial Instruments - Overall. 1 2 3 4 5 6 7 December 15, 2017, January 1, 2018 No. 2016 01 January 1, 2018 not 4 March 31, 2018 7 Fair Value of Financial Instruments). ASU 2016 - 02 In February 2016, No. 2016 02, Leases. 12 December 15, 2018, not ASU 2016 - 09 In March 2016, No. 2016 09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting 2016 09 2016 09 2016 09 January 1, 2017. no ASU 2016 - 13 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2019. not 2016 13 ASU 2016 - 15 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 January 1, 2018, 2016 15 not ASU 2017 - 01 In January 2017, 2017 01, Business Combinations (Topic 805 805. 805 No. 141 805 December 15, 2017, December 15, 2018, December 15, 2019. no not not ASU 2017 - 04 In January 2017, 2017 04, Simplifying the Test For Goodwill Impairment 2 December 15, 2019. not 2017 04 ASU 2017 - 08 In March 2017, 2017 08, Premium Amortization on Purchased Callable Debt Securities December 15, 2018. December 15, 2019, December 15, 2020. not 2017 08 ASU 2018 - 02 In February 2018, 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2017 December 15, 2018. not January 1, 2018, $1.6 ASU 2018 - 03 In February 2018, 2018 03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825 10 ). 2016 01 January 1, 2018. not |
Note 3 - Legal Proceedings
Note 3 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
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 | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 4: one |
Note 5 - Investment Securities
Note 5 - Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5 : Investment Securities A summary of the amortized cost and market value of securities available for sale and securities held to maturity at March 31, 2018 and December 31, 2017 is as follows: At March 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 372,976 $ 2 $ (12,725 ) $ 360,253 Agency mortgage-backed securities 71,055 1 (1,927 ) 69,129 Municipal securities 17,182 5 (464 ) 16,723 Corporate bonds 62,648 95 (2,661 ) 60,082 Asset-backed securities 12,971 - (27 ) 12,944 Trust preferred securities 725 - (164 ) 561 Total securities available for sale $ 537,557 $ 103 $ (17,968 ) $ 519,692 U.S. Government agencies $ 116,880 $ - $ (4,816 ) $ 112,064 Collateralized mortgage obligations 262,382 745 (7,020 ) 256,107 Agency mortgage-backed securities 139,033 - (5,613 ) 133,420 Other securities 1,000 - - 1,000 Total securities held to maturity $ 519,295 $ 745 $ (17,449 ) $ 502,591 At December 31, 201 7 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 327,972 $ - $ (7,731 ) $ 320,241 Agency mortgage-backed securities 55,664 2 (800 ) 54,866 Municipal securities 15,142 20 (62 ) 15,100 Corporate bonds 62,670 103 (2,491 ) 60,282 Asset-backed securities 13,414 38 - 13,452 Trust preferred securities 725 - (236 ) 489 Total securities available for sale $ 475,587 $ 163 $ (11,320 ) $ 464,430 U.S. Government agencies $ 112,605 $ 50 $ (2,235 ) $ 110,420 Collateralized mortgage obligations 215,567 314 (3,970 ) 211,911 Agency mortgage-backed securities 143,041 47 (2,620 ) 140,468 Other securities 1,000 - - 1,000 Total securities held to maturity $ 472,213 $ 411 $ (8,825 ) $ 463,799 The following table presents investment securities by stated maturity at March 31, 2018. Collateralized mortgage obligations and agency mortgage-backed securities have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay with or without prepayment penalties and, therefore, these securities are classified separately with no specific maturity date. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 2,802 $ 2,799 $ - $ - After 1 year to 5 years 4,938 4,918 21,525 21,098 After 5 years to 10 years 80,553 77,373 96,355 91,966 After 10 years 5,233 5,220 - - Collateralized mortgage obligations 372,976 360,253 262,382 256,107 Agency mortgage-backed securities 71,055 69,129 139,033 133,420 Total $ 537,557 $ 519,692 $ 519,295 $ 502,591 The Company’s investment securities portfolio consists primarily of debt securities issued by U.S. government agencies, U.S. government-sponsored agencies, state governments, local municipalities and certain corporate entities. There were no private label mortgage-backed securities (“MBS”) or collateralized mortgage obligations (“CMO”) held in the investment securities portfolio as of March 31, 2018 and December 31, 2017. There were also no MBS or CMO securities that were rated “Alt-A” or “sub-prime” as of those dates. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the available for sale portfolio are included in shareholders’ equity as a component of accumulated other comprehensive income or loss, net of tax. Securities classified as held to maturity are carried at amortized cost. An unrealized loss exists when the current fair value of an individual security is less than the amortized cost basis. The Company regularly evaluates investment securities that are in an unrealized loss position in order to determine if the decline in fair value is other than temporary. Factors considered in the evaluation include the current economic climate, the length of time and the extent to which the fair value has been below cost, the current interest rate environment and the rating of each security. An OTTI loss must be recognized for a debt security in an unrealized loss position if the Company intends to sell the security or it is more likely than not that it will be required to sell the security prior to recovery of the amortized cost basis. The amount of OTTI loss recognized is equal to the difference between the fair value and the amortized cost basis of the security that is attributed to credit deterioration. Accounting standards require the evaluation of the expected cash flows to be received to determine if a credit loss has occurred. In the event of a credit loss, that amount must be recognized against income in the current period. The portion of the unrealized loss related to other factors, such as liquidity conditions in the market or the current interest rate environment, is recorded in accumulated other comprehensive income (loss) for investment securities classified available for sale. There were no impairment charges (credit losses) on trust preferred securities for the three months ended March 31, 2018 and March 31, 2017. The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at March 31, 2018 and 2017 for which a portion of OTTI, as applicable, was recognized in other comprehensive income: (dollars in thousands) 201 8 201 7 Beginning Balance, January 1 st $ 274 $ 937 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized - - Ending Balance, March 31 st $ 274 $ 937 The following tables show the fair value and gross unrealized losses associated with the investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2018 and December 31, 2017: At March 31, 201 8 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 $ 176,823 $ 4,600 $ 163,503 $ 8,125 $ 340,326 $ 12,725 Agency mortgage-backed securities 47,543 946 19,691 981 67,234 1,927 Municipal securities 11,537 312 2,539 152 14,076 464 Corporate bonds 1,646 5 52,344 2,656 53,990 2,661 Asset backed securities 12,944 27 - - 12,944 27 Trust preferred securities - - 561 164 561 164 Total Available for Sale $ 250,493 $ 5,890 $ 238,638 $ 12,078 $ 489,131 $ 17,968 At March 31, 201 8 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 $ 55,240 $ 1,521 $ 56,824 $ 3,295 $ 112,064 $ 4,816 Collateralized mortgage obligations 122,102 1,879 113,696 5,141 235,798 7,020 Agency mortgage-backed securities 55,003 1,498 78,417 4,115 133,420 5,613 Total Held to Maturity $ 232,345 $ 4,898 $ 248,937 $ 12,551 $ 481,282 $ 17,449 At December 31 , 201 7 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 $ 150,075 $ 1,565 $ 170,166 $ 6,166 $ 320,241 $ 7,731 Agency mortgage-backed securities 29,967 226 21,045 574 51,012 800 Municipal securities 5,742 27 2,656 35 8,398 62 Corporate bonds - - 52,509 2,491 52,509 2,491 Asset backed securities - - - - - - Trust preferred securities - - 489 236 489 236 Total Available for Sale $ 185,784 $ 1,818 $ 246,865 $ 9,502 $ 432,649 $ 11,320 At December 31 , 201 7 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 $ 42,045 $ 213 $ 59,594 $ 2,022 $ 101,639 $ 2,235 Collateralized mortgage obligations 56,955 767 107,986 3,203 164,941 3,970 Agency mortgage-backed securities 55,170 221 82,479 2,399 137,649 2,620 Total Held to Maturity $ 154,170 $ 1,201 $ 250,059 $ 7,624 $ 404,229 $ 8,825 Unrealized losses on securities in the investment portfolio amounted to $35.4 million with a total fair value of $970.4 million as of March 31, 2018 compared to unrealized losses of $20.1 million with a total fair value of $836.9 million as of December 31, 2017. The Company believes the unrealized losses presented in the tables above are temporary in nature and primarily related to market interest rates or limited trading activity in particular type of security rather than the underlying credit quality of the issuers. The Company does not believe that these losses are other than temporary and does not currently intend to sell or believe it will be required to sell securities in an unrealized loss position prior to maturity or recovery of the amortized cost bases. The Company held fourteen U.S. Government agency securities, eighty-five collateralized mortgage obligations and twenty-nine agency mortgage-backed securities that were in an unrealized loss position at March 31, 2018. Principal and interest payments of the underlying collateral for each of these securities are backed by U.S. Government sponsored agencies and carry minimal credit risk. Management found no evidence of OTTI on any of these securities and believes the unrealized losses are due to fluctuations in fair values resulting from changes in market interest rates and are considered temporary as of March 31, 2018. All municipal securities held in the investment portfolio are reviewed on least a quarterly basis for impairment. Each bond carries an investment grade rating by either Moody’s or Standard & Poor’s. In addition, the Company periodically conducts its own independent review on each issuer to ensure the financial stability of the municipal entity. The largest geographic concentration was in Pennsylvania and New Jersey and consisted of either general obligation or revenue bonds backed by the taxing power of the issuing municipality. At March 31, 2018, the investment portfolio included twenty municipal securities that were in an unrealized loss position. Management believes the unrealized losses were the result of movements in long-term interest rates and are not reflective of credit deterioration. At March 31, 2018, the investment portfolio included two asset-backed securities that were in an unrealized loss position. The asset-backed securities held in the investment securities portfolio consist solely of Sallie Mae bonds, collateralized by student loans which are insured by the U.S. Department of Education. Management believes the unrealized losses on these securities were driven by changes in market interest rates and not a result of credit deterioration. At March 31, 2018, the investment portfolio included seven corporate bonds that were in an unrealized loss position. Management believes the unrealized losses on these securities were also driven by changes in market interest rates and not a result of credit deterioration. The unrealized loss on the trust preferred security is primarily the result of the secondary market for such a security becoming inactive and is also considered temporary at this time. The following table provides additional detail on the trust preferred security held in the portfolio as of March 31, 2018. (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 $ 561 $ (164 ) C 18 29 % 0.39 % $ 274 No securities were sold during the three months ended March 31, 2018 and March 31, 2017. |
Note 6 - Loans Receivable and A
Note 6 - Loans Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2018 | |
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 category as of March 31, 2018 and December 31, 2017: (dollars in thousands) March 31, 2018 December 31, 2017 Commercial real estate $ 467,585 $ 433,304 Construction and land development 118,607 104,617 Commercial and industrial 189,420 173,343 Owner occupied real estate 315,418 309,838 Consumer and other 78,992 76,183 Residential mortgage 81,048 64,764 Total loans receivable 1,251,070 1,162,049 Deferred costs (fees) (158 ) 229 Allowance for loan losses (6,650 ) (8,599 ) Net loans receivable $ 1,244,262 $ 1,153,679 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 months ended March 31, 2018 and 2017: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Three months ended March 31 , 201 8 Allowance for loan losses: Beginning balance: $ 3,774 $ 725 $ 1,317 $ 1,737 $ 573 $ 392 $ 81 $ 8,599 Charge-offs (1,535 ) - (151 ) (465 ) (198 ) - - (2,349 ) Recoveries - - - - - - - - Provisions (credits) (336 ) 26 95 420 85 116 (6 ) 400 Ending balance $ 1,903 $ 751 $ 1,261 $ 1,692 $ 460 $ 508 $ 75 $ 6,650 Three months ended March 31, 201 7 Allowance for loan losses: Beginning balance: $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Charge-offs - - - (8 ) (2 ) - - (10 ) Recoveries 7 - 29 - - - - 36 Provisions (credits) (299 ) (11 ) (143 ) 253 (11 ) 72 139 - Ending balance $ 2,962 $ 546 $ 2,770 $ 1,627 $ 575 $ 130 $ 571 $ 9,181 The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of March 31, 2018 and December 31, 2017: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total March 31, 201 8 Allowance for loan losses: Individually evaluated for impairment $ - $ - $ 448 $ 169 $ 51 $ - $ - $ 668 Collectively evaluated for impairment 1,903 751 813 1,523 409 508 75 5,982 Total allowance for loan losses $ 1,903 $ 751 $ 1,261 $ 1,692 $ 460 $ 508 $ 75 $ 6,650 Loans receivable: Loans evaluated individually $ 13,844 $ - $ 7,091 $ 3,425 $ 791 $ - $ - $ 25,151 Loans evaluated collectively 453,741 118,607 182,329 311,993 78,201 81,048 - 1,225,919 Total loans receivable $ 467,585 $ 118,607 $ 189,420 $ 315,418 $ 78,992 $ 81,048 $ - $ 1,251,070 (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 7 Allowance for loan losses: Individually evaluated for impairment $ 1,964 $ - $ 374 $ 235 $ 217 $ - $ - $ 2,790 Collectively evaluated for impairment 1,810 725 943 1,502 356 392 81 5,809 Total allowance for loan losses $ 3,774 $ 725 $ 1,317 $ 1,737 $ 573 $ 392 $ 81 $ 8,599 Loans receivable: Loans evaluated individually $ 15,415 $ - $ 4,501 $ 3,798 $ 1,002 $ - $ - $ 24,716 Loans evaluated collectively 417,889 104,617 168,842 306,040 75,181 64,764 - 1,137,333 Total loans receivable $ 433,304 $ 104,617 $ 173,343 $ 309,838 $ 76,183 $ 64,764 $ - $ 1,162,049 A loan is considered impaired, when based on current information and events, it is probable that the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans, but also include internally classified accruing loans. The following table summarizes information with regard to impaired loans by loan portfolio class as of March 31, 2018 and December 31, 2017: March 31, 201 8 December 31, 201 7 (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 $ 13,844 $ 15,040 $ - $ 9,264 $ 9,268 $ - Construction and land development - - - - - - Commercial and industrial 5,507 9,432 - 2,756 6,674 - Owner occupied real estate 2,583 2,732 - 2,595 2,743 - Consumer and other 639 976 - 655 981 - Residential mortgage - - - - - - Total $ 22,573 $ 28,180 $ - $ 15,270 $ 19,666 $ - With an allowance recorded: Commercial real estate $ - $ - $ - $ 6,151 $ 6,165 $ 1,964 Construction and land development - - - - - - Commercial and industrial 1,584 1,599 448 1,745 1,752 374 Owner occupied real estate 842 849 169 1,203 1,206 235 Consumer and other 152 152 51 347 379 217 Residential mortgage - - - - - - Total $ 2,578 $ 2,600 $ 668 $ 9,446 $ 9,502 $ 2,790 Total: Commercial real estate $ 13,844 $ 15,040 $ - $ 15,415 $ 15,433 $ 1,964 Construction and land development - - - - - - Commercial and industrial 7,091 11,031 448 4,501 8,426 374 Owner occupied real estate 3,425 3,581 169 3,798 3,949 235 Consumer and other 791 1,128 51 1,002 1,360 217 Residential mortgage - - - - - - Total $ 25,151 $ 30,780 $ 668 $ 24,716 $ 29,168 $ 2,790 The following table presents additional information regarding the Company’s impaired loans for the three months ended March 31, 2018 and 2017: Three Months Ended March 31 , 201 8 201 7 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 11,554 $ 72 $ 12,290 $ 70 Construction and land development - - - - Commercial and industrial 4,132 5 1,931 8 Owner occupied real estate 2,589 14 1,126 12 Consumer and other 647 1 752 3 Residential mortgage - - 65 1 Total $ 18,922 $ 92 $ 16,164 $ 94 With an allowance recorded: Commercial real estate $ 3,076 $ - $ 6,759 $ 5 Construction and land development - - - - Commercial and industrial 1,664 3 3,303 17 Owner occupied real estate 1,023 6 1,774 6 Consumer and other 249 1 529 4 Residential mortgage - - - - Total $ 6,012 $ 10 $ 12,365 $ 32 Total: Commercial real estate $ 14,630 $ 72 $ 19,049 $ 75 Construction and land development - - - - Commercial and industrial 5,796 8 5,234 25 Owner occupied real estate 3,612 20 2,900 18 Consumer and other 896 2 1,281 7 Residential mortgage - - 65 1 Total $ 24,934 $ 102 $ 28,529 $ 126 The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of March 31, 2018 and December 31, 2017: (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 March 31 , 201 8 Commercial real estate $ 129 $ - $ 7,426 $ 7,555 $ 460,030 $ 467,585 $ - Construction and land development - - - - 118,607 118,607 - Commercial and industrial 14 - 3,897 3,911 185,509 189,420 - Owner occupied real estate - - 2,018 2,018 313,400 315,418 - Consumer and other 20 - 791 811 78,181 78,992 - Residential mortgage - - - - 81,048 81,048 - Total $ 163 $ - $ 14,132 $ 14,295 $ 1,236,775 $ 1,251,070 $ - (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 7 Commercial real estate $ - $ - $ 8,963 $ 8,963 $ 424,341 $ 433,304 $ - Construction and land development - - - - 104,617 104,617 - Commercial and industrial 969 - 2,895 3,864 169,479 173,343 - Owner occupied real estate - - 2,136 2,136 307,702 309,838 - Consumer and other 144 - 851 995 75,188 76,183 - Residential mortgage - - - - 64,764 64,764 - Total $ 1,113 $ - $ 14,845 $ 15,958 $ 1,146,091 $ 1,162,049 $ - The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2018 and December 31, 2017: (dollars in thousands) Pass Special Mention Substandard Doubtful Total At March 31 , 201 8 : Commercial real estate $ 459,211 $ 948 $ 7,426 $ - $ 467,585 Construction and land development 118,607 - - - 118,607 Commercial and industrial 182,196 133 6,811 280 189,420 Owner occupied real estate 310,621 1,372 3,425 - 315,418 Consumer and other 78,201 - 791 - 78,992 Residential mortgage 80,922 126 - - 81,048 Total $ 1,229,758 $ 2,579 $ 18,453 $ 280 $ 1,251,070 (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 201 7 : Commercial real estate $ 423,382 $ 959 $ 8,963 $ - $ 433,304 Construction and land development 104,617 - - - 104,617 Commercial and industrial 168,702 140 4,221 280 173,343 Owner occupied real estate 306,040 - 3,798 - 309,838 Consumer and other 75,181 - 1,002 - 76,183 Residential mortgage 64,637 127 - - 64,764 Total $ 1,142,559 $ 1,226 $ 17,984 $ 280 $ 1,162,049 The following table shows non-accrual loans by class as of March 31, 2018 and December 31, 2017: (dollars in thousands) March 31, 201 8 December 31, 201 7 Commercial real estate $ 7,426 $ 8,963 Construction and land development - - Commercial and industrial 3,897 2,895 Owner occupied real estate 2,018 2,136 Consumer and other 791 851 Residential mortgage - - Total $ 14,132 $ 14,845 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $179,000 and $276,000 for the three months ended March 31, 2018 and 2017, respectively. Troubled Debt Restructurings A modification to the contractual terms of a loan which results in a concession to a borrower that is experiencing financial difficulty is classified as a troubled debt restructuring (“TDR”). The concessions made in a TDR are those that would not otherwise be considered for a borrower or collateral with similar risk characteristics. A TDR is typically the result of efforts to minimize potential losses that may be incurred during loan workouts, foreclosure, or repossession of collateral at a time when collateral values are declining. Concessions include a reduction in interest rate below current market rates, a material extension of time to the loan term or amortization period, partial forgiveness of the outstanding principal balance, acceptance of interest only payments for a period of time, or a combination of any of these conditions. The following table summarizes information with regard to outstanding troubled debt restructurings at March 31, 2018 and December 31, 2017: (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs March 31, 201 8 Commercial real estate 1 $ 6,418 $ - $ 6,418 Construction and land development - - - - Commercial and industrial 3 - 1,524 1,524 Owner occupied real estate 1 - 242 242 Consumer and other - - - - Residential mortgage - - - - Total 5 $ 6,418 $ 1,766 $ 8,184 December 31, 201 7 Commercial real estate 1 $ 6,452 $ - $ 6,452 Construction and land development - - - - Commercial and industrial 3 1,175 349 1,524 Owner occupied real estate 1 242 - 242 Consumer and other - - - - Residential mortgage - - - - Total 5 $ 7,869 $ 349 $ 8,218 All TDRs are considered impaired and are therefore individually evaluated for impairment in the calculation of the allowance for loan losses. Some TDRs may not ultimately result in the full collection of principal and interest as restructured and could lead to potential incremental losses. These potential incremental losses would be factored into our estimate of the allowance for loan losses. The level of any subsequent defaults will likely be affected by future economic conditions. There were no loan modifications made during the three months ended March 31, 2018 that met the criteria of a TDR. The Company modified one commercial and industrial loan during the twelve month period ended December 31, 2017. In accordance with the modified terms of the commercial and industrial loan, the principal balance of $975,000 was converted from a line of credit to a term loan with a five year maturity. The Company modified one owner occupied real estate loan during the twelve month period ended December 31, 2017. In accordance with the modified terms of the owner occupied loan of $245,000, certain concessions have been granted, including a reduction in the interest rate and an extension of the maturity date of the loan. The Company modified one commercial real estate loan in the amount of $6.5 million during the twelve month period ended December 31, 2017 that met the criteria of a TDR. This loan was transferred to non-accrual status during the second quarter of 2015 as a result of delinquency caused by tenant vacancies. The Company restructured the loan based on new leases obtained by the borrower. In accordance with the modified terms of the loan, certain concessions have been granted, including a reduction in the interest rate. In addition, the principal was increased by $421,000. As a result of current payments for six consecutive months, the loan was returned to accrual status in the third quarter of 2017. After a loan is determined to be a TDR, the Company continues to track its performance under the most recent restructured terms. There were three TDRs that subsequently defaulted during the three months ended March 31, 2018. There were no TDRs that subsequently defaulted during the year ended December 31, 2017. There were no residential mortgages in the process of foreclosure as of March 31, 2018 and December 31, 2017. Other real estate owned relating to residential real estate was $42,000 at March 31, 2018 and December 31, 2017. |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7 : Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. The Company follows the guidance issued under ASC 820, Fair Value Measurement , which defines fair value, establishes a framework for measuring fair value under GAAP, and identifies required disclosures on fair value measurements. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are as follows: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2018 December 31, 2017 (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs March 31 , 201 8 Assets: Collateralized mortgage obligations $ 360,253 $ - $ 360,253 $ - Agency mortgage-backed securities 69,129 - 69,129 - Municipal securities 16,723 - 16,723 - Corporate bonds 60,082 - 56,992 3,090 Asset-backed securities 12,944 - 12,944 - Trust Preferred Securities 561 - - 561 Securities Available for Sale $ 519,692 $ - $ 516,041 $ 3,651 Mortgage Loans Held for Sale $ 19,685 $ - $ 19,685 $ - SBA Servicing Assets 5,059 - - 5,059 Interest Rate Lock Commitments 634 - 634 - Best Efforts Forward Loan Sales Commitments 5 - 5 - Mandatory Forward Loan Sales Commitments 9 - 9 - Liabilities: Interest Rate Lock Commitments 1 - 1 - Best Efforts Forward Loan Sales Commitments 228 - 228 - Mandatory Forward Loan Sales Commitments 148 - 148 - December 31, 201 7 Assets: Collateralized mortgage obligations $ 320,241 $ - $ 320,241 $ - Agency mortgage-backed securities 54,866 - 54,866 - Municipal securities 15,100 - 15,100 - Corporate bonds 60,282 - 57,196 3,086 Asset-backed securities 13,452 - 13,452 - Trust Preferred Securities 489 - - 489 Securities Available for Sale $ 464,430 $ - $ 460,855 $ 3,575 Mortgage Loans Held for Sale $ 43,375 $ - $ 43,375 $ - SBA Servicing Assets 5,243 - - 5,243 Interest Rate Lock Commitments 363 - 363 - Best Efforts Forward Loan Sales Commitments 5 - 5 - Mandatory Forward Loan Sales Commitments 19 - 19 - Liabilities: Interest Rate Lock Commitments 1 - 1 - Best Efforts Forward Loan Sales Commitments 93 - 93 - Mandatory Forward Loan Sales Commitments 195 - 195 - The following table presents an analysis of the activity in the SBA servicing assets for the three March 31, 2018 2017: Three Months Ended March 31, (dollars in thousands) 201 8 201 7 Beginning balance, January 1st $ 5,243 $ 5,352 Additions 320 211 Fair value adjustments (504 ) (265 ) Ending balance, March 31 st $ 5,059 $ 5,298 Fair value adjustments are recorded as loan and servicing fees on the statement of income. Servicing fee income, not $493,000 $433,000 three March 31, 2018 2017, $206.5 March 31, 2018 $204.9 December 31, 2017 The following table presents a reconciliation of the securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3 three March 31, 2018 2017: Three Months Ended March 31, 201 8 Three Months Ended March 31, 201 7 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1 st $ 489 $ 3,086 $ 1,820 $ 2,971 Unrealized gains 72 4 141 53 Paydowns - - - - Proceeds from sales - - - - Realized gains - - - - Impairment charges on Level 3 - - - - Balance, March 31 st $ 561 $ 3,090 $ 1,961 $ 3,024 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2018 December 31, 2017 (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs March 31, 2018 Impaired loans $ 6,527 $ - $ - $ 6,527 Other real estate owned - - - - December 31, 2017 Impaired loans $ 7,322 $ - $ - $ 7,322 Other real estate owned 5,727 - - 5,727 The table below presents additional quantitative information about Level 3 Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range ( Weighted Average) March 31, 201 8 Corporate bonds $ 3,090 Discounted Cash Flows Discount Rate (6.77%) Trust preferred security $ 561 Discounted Cash Flows Discount Rate (7.74%) SBA servicing assets $ 5,059 Discounted Cash Flows Conditional Prepayment Rate (9.33%) Discount Rate (10.75%) Impaired loans $ 6,527 Appraised Value of Collateral (1) Liquidation expenses (2) 10% - 30% (12%) (3) December 31, 201 7 Corporate bonds $ 3,086 Discounted Cash Flows Discount Rate (5.99%) Trust preferred security $ 489 Discounted Cash Flows Discount Rate (8.33%) SBA servicing assets $ 5,243 Discounted Cash Flows Conditional Prepayment Rate (7.85%) Discount Rate (10.50%) Impaired loans $ 7,322 Appraised Value of Collateral (1) Liquidation expenses (2) 10% - 21% (14%) (3) Other real estate owned $ 5,727 Appraised Value of Collateral (1) Liquidation expenses (2) (22%) (3) Sales Price Liquidation expenses (2) 4% - 7% (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 March 31, 2018 December 31, 2017. 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 security is a pool 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 this security has become inactive, and therefore this security is classified as a Level 3 not no An independent, third March 31, 2018 December 31, 2017. The fair market valuation for the CDO was determined based on discounted cash flow analyses. The cash flows are primarily dependent on the estimated speeds at which the underlying 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 the securities that default. Increases (decreases) in actual or expected issuer defaults tend to decrease (increase) the fair value of senior and mezzanine tranches of CDOs. The value of the Company’s mezzanine tranches of the CDO is also affected by expected future interest rates. However, due to the structure of the 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 not 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 three March 31, 2018 December 31, 2017. 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 $294,000 three March 31, 2018 $129,000 three March 31, 2017, The following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that Republic is contractually entitled to receive at maturity as of March 31, 2018 December 31, 2017 ( Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance March 31, 2018 $ 19,685 $ 19,019 $ 666 December 31, 2017 $ 43,375 $ 42,046 $ 1,329 Changes in the excess carrying amount over aggregate unpaid principal balance are recorded in the statement of income in mortgage banking income. Republic did not 90 March 31, 2018 December 31, 2017. 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 Impaired Loans (Carried at Lower of Cost or Fair Value) Impaired loans are those that the Company has measured impairment based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third 3 Other Real Estate Owned (Carried at Lower of Cost or Fair Value) These assets are carried at the lower of cost or fair value. At March 31, 2018 December 31, 2017, 3 SBA Servicing Asset (Carried at Fair Value) The SBA servicing asset is initially recorded when loans are sold and the servicing rights are retained and recorded on the balance sheet. An updated fair value is obtained from an independent third The Company uses assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. At March 31, 2018 December 31, 2017, 10% 20% (dollars in thousands) March 3 1 , 201 8 December 31, 201 7 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 5,059 $ 5,243 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 2 % 2 % Adjustable-rate SBA loans 98 % 98 % Total 100 % 100 % Weighted Average Remaining Term (years) 20.4 20.5 Prepayment Speed 9.33 % 7.85 % Effect on fair value of a 10% increase $ (173 ) $ (171 ) Effect on fair value of a 20% increase (337 ) (333 ) Weighted Average Discount Rate 10.75 % 10.50 % Effect on fair value of a 10% increase $ (195 ) $ (211 ) Effect on fair value of a 20% increase (376 ) (407 ) 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 non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Deposit liabilities are classified within Level 2 Short-term Borrowings (Carried at Cost) Due to their short-term nature, the carrying amounts of short-term borrowings, which include overnight borrowings, approximate their fair value. Short-term borrowings are classified within Level 2 Subordinated Debt (Carried at Cost) Fair values of subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity. Due to the significant judgment involved in developing the spreads used to value the subordinated debt, it is classified within Level 3 Off-Balance Sheet Financial Instruments (Disclosed at notional amounts) Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The estimated fair values of the Company’s financial instruments at March 31, 2018 Fair Value Measurements at March 31, 201 8 (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 $ 31,069 $ 31,069 $ 31,069 $ - $ - Investment securities available for sale 519,692 519,692 - 516,041 3,651 Investment securities held to maturity 519,295 502,591 - 502,591 - Restricted stock 5,435 5,435 - 5,435 - Loans held for sale 25,653 26,069 - 19,685 6,384 Loans receivable, net 1,244,262 1,209,861 - - 1,209,861 SBA servicing assets 5,059 5,059 - - 5,059 Accrued interest receivable 7,756 7,756 - 7,756 - Interest rate lock commitments 634 634 - 634 - Best efforts forward loan sales commitments 5 5 - 5 - Mandatory forward loan sales commitments 9 9 - 9 - Financial liabilities: Deposits Demand, savings and money market $ 1,994,372 $ 1,994,372 $ - $ 1,994,372 $ - Time 129,079 127,491 - 127,491 - Short-term borrowings 93,915 93,915 - 93,915 - Subordinated debt 11,254 8,514 - - 8,514 Accrued interest payable 339 339 - 339 - Interest rate lock commitments 1 1 - 1 - Best efforts forward loan sales commitments 228 228 - 228 - Mandatory forward loan sales commitments 148 148 - 148 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - The estimated fair values of the Company’s financial instruments at December 31, 2017 Fair Value Measurements at December 31, 2017 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 61,942 $ 61,942 $ 61,942 $ - $ - Investment securities available for sale 464,430 464,430 - 460,855 3,575 Investment securities held to maturity 472,213 463,799 - 463,799 - Restricted stock 1,918 1,918 - 1,918 - Loans held for sale 45,700 45,714 - 43,375 2,339 Loans receivable, net 1,153,679 1,120,305 - - 1,120,305 SBA servicing assets 5,243 5,243 - - 5,243 Accrued interest receivable 7,009 7,009 - 7,009 - Interest rate lock commitments 363 363 - 363 - Best efforts forward loan sales commitments 5 5 - 5 - Mandatory forward loan sales commitments 19 19 - 19 - Financial liabilities: Deposits Demand, savings and money market $ 1,946,558 $ 1,946,558 $ - $ 1,946,558 $ - Time 116,737 115,673 - 115,673 - Subordinated debt 21,681 18,458 - - 18,458 Accrued interest payable 293 293 - 293 - Interest rate lock commitments 1 1 - 1 - Best efforts forward loan sales commitments 93 93 - 93 - Mandatory forward loan sales commitments 195 195 - 195 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - |
Note 8 - Changes in Accumulated
Note 8 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8: ( 1 The following table presents the changes in accumulated other comprehensive loss by component for the three March 31, 2018 2017, December 31, 2017. 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, 2018 $ (7,150 ) $ (359 ) $ (7,509 ) Reclassification due to the adoption of ASU 2018-02 (1,562 ) (78 ) (1,640 ) Unrealized loss on securities (5,239 ) - (5,239 ) Amounts reclassified from accumulated other comprehensive income to net income (2) - 31 31 Net current-period other comprehensive income (loss) (5,239 ) 31 (5,208 ) Balance March 31, 2018 $ (13,951 ) $ (406 ) $ (14,357 ) Balance January 1, 2017 $ (6,831 ) $ (463 ) $ (7,294 ) Unrealized gain on securities 623 - 623 Amounts reclassified from accumulated other comprehensive income to net income (2) - 27 27 Net current-period other comprehensive income 623 27 650 Balance March 31, 2017 $ (6,208 ) $ (436 ) $ (6,644 ) Balance January 1, 2017 $ (6,831 ) $ (463 ) $ (7,294 ) Unrealized loss on securities (413 ) - (413 ) Amounts reclassified from accumulated other comprehensive income to net income (2) 94 104 198 Net current-period other comprehensive income (loss) (319 ) 104 (215 ) Balance December 31, 2017 $ (7,150 ) $ (359 ) $ (7,509 ) ( 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 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 9: Goodwill and Other Intangibles The Company completed an annual impairment test for goodwill as of July 31, 2017. July 31, three March 31, 2018 2017, no no not The Company’s goodwill and intangible assets related to the acquisition of Oak Mortgage in July 2016 (dollars in thousands) Balance December 31, 201 7 Additions/ Adjustments Amortization Balance March 3 1, 201 8 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite (dollars in thousands) Balance December 31, 201 6 Additions/ Adjustments Amortization Balance March 3 1, 2017 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite Non-compete agreements 61 - (26 ) 35 1 Total $ 5,072 $ - $ (26 ) $ 5,046 |
Note 10 - Derivatives and Risk
Note 10 - Derivatives and Risk Management Activities | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 1 0 : Derivatives and Risk Management Activities Republic did not three March 31, 2018 three March 31, 2017. not March 31, 2018 December 31, 2017 ( March 31, 2018 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLCs Other Assets $ 634 $ 25,566 Best efforts forward loan sales commitments Other Assets 5 615 Mandatory forward loan sales commitments Other Assets 9 2,647 Liability derivatives: IRLCs Other Liabilities $ 1 $ 412 Best efforts forward loan sales commitments Other Liabilities 228 25,363 Mandatory forward loan sales commitments Other Liabilities 148 16,276 December 31, 201 7 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLCs Other Assets $ 363 $ 16,366 Best efforts forward loan sales commitments Other Assets 5 1,807 Mandatory forward loan sales commitments Other Assets 19 4,566 Liability derivatives: IRLCs Other Liabilities $ 1 $ 424 Best efforts forward loan sales commitments Other Liabilities 93 14,983 Mandatory forward loan sales commitments Other Liabilities 195 36,223 The following table summarizes the amounts recorded in Republic’s statement of income for derivative instruments not three March 31, 2018 2017 Three Months Ended March 31, 201 8 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ 271 Best efforts forward loan sales commitments Mortgage banking income - Mandatory forward loan sales commitments Mortgage banking income (10 ) Liability derivatives: IRLCs Mortgage banking income $ - Best efforts forward loan sales commitments Mortgage banking income (135 ) Mandatory forward loan sales commitments Mortgage banking income 47 Three Months Ended March 31, 201 7 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ 392 Best efforts forward loan sales commitments Mortgage banking income (100 ) Mandatory forward loan sales commitments Mortgage banking income (221 ) Liability derivatives: IRLCs Mortgage banking income $ 48 Best efforts forward loan sales commitments Mortgage banking income (145 ) Mandatory forward loan sales commitments Mortgage banking income (87 ) 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 |
Note 11 - Revenue Recognition
Note 11 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 11: Revenue Recognition On January 1, 2018, the Company adopted ASU 2014 - 09 “ Revenue from Contracts with Customers ” (Topic 606 ) and all subsequent ASUs that modified Topic 606. As stated in Note 2 Summary of Significant Accounting Policies, the implementation of the new standard did not have a material impact on the measurement of recognition of revenue. Management determined that a cumulative effect adjustment to opening retained earnings was not deemed necessary. Results for reporting periods beginning January 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain non-interest income streams such as gains on sales of residential mortgage and SBA loans, income associated with servicing assets, and loan fees, including residential mortgage originations to be sold and prepayment and late fees charged across all loan categories are also not in scope of the new guidance. Topic 606 is applicable to non-interest revenue streams such as service charges on deposit accounts. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Non-interest revenue streams in-scope of Topic 606 are discussed below. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), ATM fees, NSF fees, and other deposit related fees. The Company’s performance obligation for account analysis fees and monthly services fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided, which is typically one month. Revenue is recognized at month end after the completion of the service period and payment for these service charges on deposit accounts is primarily received through a direct charge to customers’ accounts. ATM fees, NSF fees, and other deposit related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and the related revenue recognized, at a point in time. Payment for these service charges are received immediately through a direct charge to customers’ accounts. For the Company, there are no other material revenue streams within the scope of Topic 606. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2018 and 2017. Three Months Ended March 31, (dollars in thousands) 2018 2017 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 1,175 $ 846 Other non-interest income 35 46 Non-interest income (in-scope of Topic 606) 1,210 892 Non-interest income (out-of-scope of Topic 606) 3,325 3,446 Total non-interest income $ 4,535 $ 4,338 Contract Balances A contract assets balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s non-interest revenue streams are largely based on transaction activity, or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2018 and December 31, 2017, the Company did not have any significant contract balances. Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize as an expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the assets that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. 40 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block] | Mortgage Banking Activities and Mortgage Loans Held for Sale Mortgage loans held for sale are originated and held until sold to permanent investors. Management elected to adopt the fair value option in accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Mortgage loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Changes in fair value are reflected in mortgage banking income in the statements of income. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. |
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 heavily dependent 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 |
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 10 |
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. A material reduction in estimated future taxable income may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 1.5 2005 1.5 March 31, 2018, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 no 10% may March 31, 2018, 2014 6.0 three March 31, 2018, 1,058,800 2014 $2,923,473. 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 2018 2017 201 8 201 7 Dividend yield (1) 0.0% 0.0% Expected volatility 28.22% (2) 45.50% to 50.09% (3) Risk-free interest rate (4) 2.38 to 2.84% 1.89% to 2.26% Expected life (5 ) 6.25 5.5 to 7.0 Assumed forfeiture rate (6 ) 4.0% 6.0% ( 1 0.0% ( 2 ( 3 five one seven ( 4 five seven ( 5 ) 1 4 ten ( 6 ) three During the three March 31, 2018 2017, 716,364 478,374 March 31, 2018, 3,951,650 $11.0 1,954,112 $8.1 March 31, 2017, 3,121,500 $10.5 1,423,648 $6.7 three March 31, 2018, 108,975 $429,972 4,000 $10,000. three March 31, 2017, 94,800 $291,981 9,600 $44,000. Information regarding stock based compensation for the three March 31, 2018 2017 201 8 201 7 Stock based compensation expense recognized $ 521,000 $ 302,000 Number of unvested stock options 1,997,538 1,697,852 Fair value of unvested stock options $ 5,548,196 $ 4,583,209 Amount remaining to be recognized as expense $ 4,893,747 $ 3,935,014 The remaining unrecognized expense amount of $4,893,747 February 2022. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per share (“EPS”) consists of two three March 31, 2018. 2008 three March 31, 2017. 2008 2018. three March 31, 2017. no 2018 three March 31, 2017, not The calculation of EPS for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Net income - basic and diluted $ 1,777 $ 1,787 Weighted average shares outstanding 57,100 56,824 Net income per share – basic $ 0.03 $ 0.03 Weighted average shares outstanding (including dilutive CSEs) 58,370 58,048 Net income per share – diluted $ 0.03 $ 0.03 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not Three Months Ended March 31, (in thousands) 2018 2017 Anti-dilutive securities Share based compensation awards 2,681 1,897 Convertible securities - 1,625 Total anti-dilutive securities 2,681 3,522 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements ASU 2014 09 In May 2014, 2014 09, “Revenue from Contracts with Customers (Topic 660 606 340 40 2014 09 605, August 2015, 2015 14, Revenue from Contracts with The Company (Topic 606 December 15, 2017, 2014 09 January 1, 2018. no not not 11: 606. ASU 2016 01 In January 2016, No. 2016 01, Financial Instruments - Overall. 1 2 3 4 5 6 7 December 15, 2017, January 1, 2018 No. 2016 01 January 1, 2018 not 4 March 31, 2018 7 Fair Value of Financial Instruments). ASU 2016 02 In February 2016, No. 2016 02, Leases. 12 December 15, 2018, not ASU 2016 09 In March 2016, No. 2016 09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting 2016 09 2016 09 2016 09 January 1, 2017. no ASU 2016 13 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2019. not 2016 13 ASU 2016 15 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 January 1, 2018, 2016 15 not ASU- 2017 01 In January 2017, 2017 01, Business Combinations (Topic 805 805. 805 No. 141 805 December 15, 2017, December 15, 2018, December 15, 2019. no not not ASU 2017 04 In January 2017, 2017 04, Simplifying the Test For Goodwill Impairment 2 December 15, 2019. not 2017 04 ASU 2017 08 In March 2017, 2017 08, Premium Amortization on Purchased Callable Debt Securities December 15, 2018. December 15, 2019, December 15, 2020. not 2017 08 ASU 2018 02 In February 2018, 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2017 December 15, 2018. not January 1, 2018, $1.6 ASU 2018 03 In February 2018, 2018 03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825 10 ). 2016 01 January 1, 2018. not |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 8 201 7 Dividend yield (1) 0.0% 0.0% Expected volatility 28.22% (2) 45.50% to 50.09% (3) Risk-free interest rate (4) 2.38 to 2.84% 1.89% to 2.26% Expected life (5 ) 6.25 5.5 to 7.0 Assumed forfeiture rate (6 ) 4.0% 6.0% |
Share-based Compensation, Activity [Table Text Block] | 201 8 201 7 Stock based compensation expense recognized $ 521,000 $ 302,000 Number of unvested stock options 1,997,538 1,697,852 Fair value of unvested stock options $ 5,548,196 $ 4,583,209 Amount remaining to be recognized as expense $ 4,893,747 $ 3,935,014 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2018 2017 Net income - basic and diluted $ 1,777 $ 1,787 Weighted average shares outstanding 57,100 56,824 Net income per share – basic $ 0.03 $ 0.03 Weighted average shares outstanding (including dilutive CSEs) 58,370 58,048 Net income per share – diluted $ 0.03 $ 0.03 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, (in thousands) 2018 2017 Anti-dilutive securities Share based compensation awards 2,681 1,897 Convertible securities - 1,625 Total anti-dilutive securities 2,681 3,522 |
Note 5 - Investment Securities
Note 5 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At March 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 372,976 $ 2 $ (12,725 ) $ 360,253 Agency mortgage-backed securities 71,055 1 (1,927 ) 69,129 Municipal securities 17,182 5 (464 ) 16,723 Corporate bonds 62,648 95 (2,661 ) 60,082 Asset-backed securities 12,971 - (27 ) 12,944 Trust preferred securities 725 - (164 ) 561 Total securities available for sale $ 537,557 $ 103 $ (17,968 ) $ 519,692 U.S. Government agencies $ 116,880 $ - $ (4,816 ) $ 112,064 Collateralized mortgage obligations 262,382 745 (7,020 ) 256,107 Agency mortgage-backed securities 139,033 - (5,613 ) 133,420 Other securities 1,000 - - 1,000 Total securities held to maturity $ 519,295 $ 745 $ (17,449 ) $ 502,591 At December 31, 201 7 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 327,972 $ - $ (7,731 ) $ 320,241 Agency mortgage-backed securities 55,664 2 (800 ) 54,866 Municipal securities 15,142 20 (62 ) 15,100 Corporate bonds 62,670 103 (2,491 ) 60,282 Asset-backed securities 13,414 38 - 13,452 Trust preferred securities 725 - (236 ) 489 Total securities available for sale $ 475,587 $ 163 $ (11,320 ) $ 464,430 U.S. Government agencies $ 112,605 $ 50 $ (2,235 ) $ 110,420 Collateralized mortgage obligations 215,567 314 (3,970 ) 211,911 Agency mortgage-backed securities 143,041 47 (2,620 ) 140,468 Other securities 1,000 - - 1,000 Total securities held to maturity $ 472,213 $ 411 $ (8,825 ) $ 463,799 |
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 $ 2,802 $ 2,799 $ - $ - After 1 year to 5 years 4,938 4,918 21,525 21,098 After 5 years to 10 years 80,553 77,373 96,355 91,966 After 10 years 5,233 5,220 - - Collateralized mortgage obligations 372,976 360,253 262,382 256,107 Agency mortgage-backed securities 71,055 69,129 139,033 133,420 Total $ 537,557 $ 519,692 $ 519,295 $ 502,591 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | (dollars in thousands) 201 8 201 7 Beginning Balance, January 1 st $ 274 $ 937 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized - - Ending Balance, March 31 st $ 274 $ 937 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At March 31, 201 8 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 $ 176,823 $ 4,600 $ 163,503 $ 8,125 $ 340,326 $ 12,725 Agency mortgage-backed securities 47,543 946 19,691 981 67,234 1,927 Municipal securities 11,537 312 2,539 152 14,076 464 Corporate bonds 1,646 5 52,344 2,656 53,990 2,661 Asset backed securities 12,944 27 - - 12,944 27 Trust preferred securities - - 561 164 561 164 Total Available for Sale $ 250,493 $ 5,890 $ 238,638 $ 12,078 $ 489,131 $ 17,968 At March 31, 201 8 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 $ 55,240 $ 1,521 $ 56,824 $ 3,295 $ 112,064 $ 4,816 Collateralized mortgage obligations 122,102 1,879 113,696 5,141 235,798 7,020 Agency mortgage-backed securities 55,003 1,498 78,417 4,115 133,420 5,613 Total Held to Maturity $ 232,345 $ 4,898 $ 248,937 $ 12,551 $ 481,282 $ 17,449 At December 31 , 201 7 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 $ 150,075 $ 1,565 $ 170,166 $ 6,166 $ 320,241 $ 7,731 Agency mortgage-backed securities 29,967 226 21,045 574 51,012 800 Municipal securities 5,742 27 2,656 35 8,398 62 Corporate bonds - - 52,509 2,491 52,509 2,491 Asset backed securities - - - - - - Trust preferred securities - - 489 236 489 236 Total Available for Sale $ 185,784 $ 1,818 $ 246,865 $ 9,502 $ 432,649 $ 11,320 At December 31 , 201 7 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 $ 42,045 $ 213 $ 59,594 $ 2,022 $ 101,639 $ 2,235 Collateralized mortgage obligations 56,955 767 107,986 3,203 164,941 3,970 Agency mortgage-backed securities 55,170 221 82,479 2,399 137,649 2,620 Total Held to Maturity $ 154,170 $ 1,201 $ 250,059 $ 7,624 $ 404,229 $ 8,825 |
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 $ 561 $ (164 ) C 18 29 % 0.39 % $ 274 |
Note 6 - Loans Receivable and24
Note 6 - Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) March 31, 2018 December 31, 2017 Commercial real estate $ 467,585 $ 433,304 Construction and land development 118,607 104,617 Commercial and industrial 189,420 173,343 Owner occupied real estate 315,418 309,838 Consumer and other 78,992 76,183 Residential mortgage 81,048 64,764 Total loans receivable 1,251,070 1,162,049 Deferred costs (fees) (158 ) 229 Allowance for loan losses (6,650 ) (8,599 ) Net loans receivable $ 1,244,262 $ 1,153,679 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Three months ended March 31 , 201 8 Allowance for loan losses: Beginning balance: $ 3,774 $ 725 $ 1,317 $ 1,737 $ 573 $ 392 $ 81 $ 8,599 Charge-offs (1,535 ) - (151 ) (465 ) (198 ) - - (2,349 ) Recoveries - - - - - - - - Provisions (credits) (336 ) 26 95 420 85 116 (6 ) 400 Ending balance $ 1,903 $ 751 $ 1,261 $ 1,692 $ 460 $ 508 $ 75 $ 6,650 Three months ended March 31, 201 7 Allowance for loan losses: Beginning balance: $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Charge-offs - - - (8 ) (2 ) - - (10 ) Recoveries 7 - 29 - - - - 36 Provisions (credits) (299 ) (11 ) (143 ) 253 (11 ) 72 139 - Ending balance $ 2,962 $ 546 $ 2,770 $ 1,627 $ 575 $ 130 $ 571 $ 9,181 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total March 31, 201 8 Allowance for loan losses: Individually evaluated for impairment $ - $ - $ 448 $ 169 $ 51 $ - $ - $ 668 Collectively evaluated for impairment 1,903 751 813 1,523 409 508 75 5,982 Total allowance for loan losses $ 1,903 $ 751 $ 1,261 $ 1,692 $ 460 $ 508 $ 75 $ 6,650 Loans receivable: Loans evaluated individually $ 13,844 $ - $ 7,091 $ 3,425 $ 791 $ - $ - $ 25,151 Loans evaluated collectively 453,741 118,607 182,329 311,993 78,201 81,048 - 1,225,919 Total loans receivable $ 467,585 $ 118,607 $ 189,420 $ 315,418 $ 78,992 $ 81,048 $ - $ 1,251,070 (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 7 Allowance for loan losses: Individually evaluated for impairment $ 1,964 $ - $ 374 $ 235 $ 217 $ - $ - $ 2,790 Collectively evaluated for impairment 1,810 725 943 1,502 356 392 81 5,809 Total allowance for loan losses $ 3,774 $ 725 $ 1,317 $ 1,737 $ 573 $ 392 $ 81 $ 8,599 Loans receivable: Loans evaluated individually $ 15,415 $ - $ 4,501 $ 3,798 $ 1,002 $ - $ - $ 24,716 Loans evaluated collectively 417,889 104,617 168,842 306,040 75,181 64,764 - 1,137,333 Total loans receivable $ 433,304 $ 104,617 $ 173,343 $ 309,838 $ 76,183 $ 64,764 $ - $ 1,162,049 |
Impaired Financing Receivables [Table Text Block] | March 31, 201 8 December 31, 201 7 (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 $ 13,844 $ 15,040 $ - $ 9,264 $ 9,268 $ - Construction and land development - - - - - - Commercial and industrial 5,507 9,432 - 2,756 6,674 - Owner occupied real estate 2,583 2,732 - 2,595 2,743 - Consumer and other 639 976 - 655 981 - Residential mortgage - - - - - - Total $ 22,573 $ 28,180 $ - $ 15,270 $ 19,666 $ - With an allowance recorded: Commercial real estate $ - $ - $ - $ 6,151 $ 6,165 $ 1,964 Construction and land development - - - - - - Commercial and industrial 1,584 1,599 448 1,745 1,752 374 Owner occupied real estate 842 849 169 1,203 1,206 235 Consumer and other 152 152 51 347 379 217 Residential mortgage - - - - - - Total $ 2,578 $ 2,600 $ 668 $ 9,446 $ 9,502 $ 2,790 Total: Commercial real estate $ 13,844 $ 15,040 $ - $ 15,415 $ 15,433 $ 1,964 Construction and land development - - - - - - Commercial and industrial 7,091 11,031 448 4,501 8,426 374 Owner occupied real estate 3,425 3,581 169 3,798 3,949 235 Consumer and other 791 1,128 51 1,002 1,360 217 Residential mortgage - - - - - - Total $ 25,151 $ 30,780 $ 668 $ 24,716 $ 29,168 $ 2,790 |
Impaired Financing Receivables, Average Recorded Investment and Interest Income, Accrual Method [Table Text Block] | Three Months Ended March 31 , 201 8 201 7 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 11,554 $ 72 $ 12,290 $ 70 Construction and land development - - - - Commercial and industrial 4,132 5 1,931 8 Owner occupied real estate 2,589 14 1,126 12 Consumer and other 647 1 752 3 Residential mortgage - - 65 1 Total $ 18,922 $ 92 $ 16,164 $ 94 With an allowance recorded: Commercial real estate $ 3,076 $ - $ 6,759 $ 5 Construction and land development - - - - Commercial and industrial 1,664 3 3,303 17 Owner occupied real estate 1,023 6 1,774 6 Consumer and other 249 1 529 4 Residential mortgage - - - - Total $ 6,012 $ 10 $ 12,365 $ 32 Total: Commercial real estate $ 14,630 $ 72 $ 19,049 $ 75 Construction and land development - - - - Commercial and industrial 5,796 8 5,234 25 Owner occupied real estate 3,612 20 2,900 18 Consumer and other 896 2 1,281 7 Residential mortgage - - 65 1 Total $ 24,934 $ 102 $ 28,529 $ 126 |
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 March 31 , 201 8 Commercial real estate $ 129 $ - $ 7,426 $ 7,555 $ 460,030 $ 467,585 $ - Construction and land development - - - - 118,607 118,607 - Commercial and industrial 14 - 3,897 3,911 185,509 189,420 - Owner occupied real estate - - 2,018 2,018 313,400 315,418 - Consumer and other 20 - 791 811 78,181 78,992 - Residential mortgage - - - - 81,048 81,048 - Total $ 163 $ - $ 14,132 $ 14,295 $ 1,236,775 $ 1,251,070 $ - (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 7 Commercial real estate $ - $ - $ 8,963 $ 8,963 $ 424,341 $ 433,304 $ - Construction and land development - - - - 104,617 104,617 - Commercial and industrial 969 - 2,895 3,864 169,479 173,343 - Owner occupied real estate - - 2,136 2,136 307,702 309,838 - Consumer and other 144 - 851 995 75,188 76,183 - Residential mortgage - - - - 64,764 64,764 - Total $ 1,113 $ - $ 14,845 $ 15,958 $ 1,146,091 $ 1,162,049 $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) Pass Special Mention Substandard Doubtful Total At March 31 , 201 8 : Commercial real estate $ 459,211 $ 948 $ 7,426 $ - $ 467,585 Construction and land development 118,607 - - - 118,607 Commercial and industrial 182,196 133 6,811 280 189,420 Owner occupied real estate 310,621 1,372 3,425 - 315,418 Consumer and other 78,201 - 791 - 78,992 Residential mortgage 80,922 126 - - 81,048 Total $ 1,229,758 $ 2,579 $ 18,453 $ 280 $ 1,251,070 (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 201 7 : Commercial real estate $ 423,382 $ 959 $ 8,963 $ - $ 433,304 Construction and land development 104,617 - - - 104,617 Commercial and industrial 168,702 140 4,221 280 173,343 Owner occupied real estate 306,040 - 3,798 - 309,838 Consumer and other 75,181 - 1,002 - 76,183 Residential mortgage 64,637 127 - - 64,764 Total $ 1,142,559 $ 1,226 $ 17,984 $ 280 $ 1,162,049 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (dollars in thousands) March 31, 201 8 December 31, 201 7 Commercial real estate $ 7,426 $ 8,963 Construction and land development - - Commercial and industrial 3,897 2,895 Owner occupied real estate 2,018 2,136 Consumer and other 791 851 Residential mortgage - - Total $ 14,132 $ 14,845 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs March 31, 201 8 Commercial real estate 1 $ 6,418 $ - $ 6,418 Construction and land development - - - - Commercial and industrial 3 - 1,524 1,524 Owner occupied real estate 1 - 242 242 Consumer and other - - - - Residential mortgage - - - - Total 5 $ 6,418 $ 1,766 $ 8,184 December 31, 201 7 Commercial real estate 1 $ 6,452 $ - $ 6,452 Construction and land development - - - - Commercial and industrial 3 1,175 349 1,524 Owner occupied real estate 1 242 - 242 Consumer and other - - - - Residential mortgage - - - - Total 5 $ 7,869 $ 349 $ 8,218 |
Note 7 - Fair Value of Financ25
Note 7 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs March 31 , 201 8 Assets: Collateralized mortgage obligations $ 360,253 $ - $ 360,253 $ - Agency mortgage-backed securities 69,129 - 69,129 - Municipal securities 16,723 - 16,723 - Corporate bonds 60,082 - 56,992 3,090 Asset-backed securities 12,944 - 12,944 - Trust Preferred Securities 561 - - 561 Securities Available for Sale $ 519,692 $ - $ 516,041 $ 3,651 Mortgage Loans Held for Sale $ 19,685 $ - $ 19,685 $ - SBA Servicing Assets 5,059 - - 5,059 Interest Rate Lock Commitments 634 - 634 - Best Efforts Forward Loan Sales Commitments 5 - 5 - Mandatory Forward Loan Sales Commitments 9 - 9 - Liabilities: Interest Rate Lock Commitments 1 - 1 - Best Efforts Forward Loan Sales Commitments 228 - 228 - Mandatory Forward Loan Sales Commitments 148 - 148 - December 31, 201 7 Assets: Collateralized mortgage obligations $ 320,241 $ - $ 320,241 $ - Agency mortgage-backed securities 54,866 - 54,866 - Municipal securities 15,100 - 15,100 - Corporate bonds 60,282 - 57,196 3,086 Asset-backed securities 13,452 - 13,452 - Trust Preferred Securities 489 - - 489 Securities Available for Sale $ 464,430 $ - $ 460,855 $ 3,575 Mortgage Loans Held for Sale $ 43,375 $ - $ 43,375 $ - SBA Servicing Assets 5,243 - - 5,243 Interest Rate Lock Commitments 363 - 363 - Best Efforts Forward Loan Sales Commitments 5 - 5 - Mandatory Forward Loan Sales Commitments 19 - 19 - Liabilities: Interest Rate Lock Commitments 1 - 1 - Best Efforts Forward Loan Sales Commitments 93 - 93 - Mandatory Forward Loan Sales Commitments 195 - 195 - |
Schedule of Servicing Assets at Fair Value [Table Text Block] | Three Months Ended March 31, (dollars in thousands) 201 8 201 7 Beginning balance, January 1st $ 5,243 $ 5,352 Additions 320 211 Fair value adjustments (504 ) (265 ) Ending balance, March 31 st $ 5,059 $ 5,298 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 201 8 Three Months Ended March 31, 201 7 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1 st $ 489 $ 3,086 $ 1,820 $ 2,971 Unrealized gains 72 4 141 53 Paydowns - - - - Proceeds from sales - - - - Realized gains - - - - Impairment charges on Level 3 - - - - Balance, March 31 st $ 561 $ 3,090 $ 1,961 $ 3,024 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs March 31, 2018 Impaired loans $ 6,527 $ - $ - $ 6,527 Other real estate owned - - - - December 31, 2017 Impaired loans $ 7,322 $ - $ - $ 7,322 Other real estate owned 5,727 - - 5,727 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range ( Weighted Average) March 31, 201 8 Corporate bonds $ 3,090 Discounted Cash Flows Discount Rate (6.77%) Trust preferred security $ 561 Discounted Cash Flows Discount Rate (7.74%) SBA servicing assets $ 5,059 Discounted Cash Flows Conditional Prepayment Rate (9.33%) Discount Rate (10.75%) Impaired loans $ 6,527 Appraised Value of Collateral (1) Liquidation expenses (2) 10% - 30% (12%) (3) December 31, 201 7 Corporate bonds $ 3,086 Discounted Cash Flows Discount Rate (5.99%) Trust preferred security $ 489 Discounted Cash Flows Discount Rate (8.33%) SBA servicing assets $ 5,243 Discounted Cash Flows Conditional Prepayment Rate (7.85%) Discount Rate (10.50%) Impaired loans $ 7,322 Appraised Value of Collateral (1) Liquidation expenses (2) 10% - 21% (14%) (3) Other real estate owned $ 5,727 Appraised Value of Collateral (1) Liquidation expenses (2) (22%) (3) Sales Price Liquidation expenses (2) 4% - 7% (7%) (3) |
Fair Value Option, Disclosures [Table Text Block] | Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance March 31, 2018 $ 19,685 $ 19,019 $ 666 December 31, 2017 $ 43,375 $ 42,046 $ 1,329 |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | (dollars in thousands) March 3 1 , 201 8 December 31, 201 7 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 5,059 $ 5,243 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 2 % 2 % Adjustable-rate SBA loans 98 % 98 % Total 100 % 100 % Weighted Average Remaining Term (years) 20.4 20.5 Prepayment Speed 9.33 % 7.85 % Effect on fair value of a 10% increase $ (173 ) $ (171 ) Effect on fair value of a 20% increase (337 ) (333 ) Weighted Average Discount Rate 10.75 % 10.50 % Effect on fair value of a 10% increase $ (195 ) $ (211 ) Effect on fair value of a 20% increase (376 ) (407 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at March 31, 201 8 (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 $ 31,069 $ 31,069 $ 31,069 $ - $ - Investment securities available for sale 519,692 519,692 - 516,041 3,651 Investment securities held to maturity 519,295 502,591 - 502,591 - Restricted stock 5,435 5,435 - 5,435 - Loans held for sale 25,653 26,069 - 19,685 6,384 Loans receivable, net 1,244,262 1,209,861 - - 1,209,861 SBA servicing assets 5,059 5,059 - - 5,059 Accrued interest receivable 7,756 7,756 - 7,756 - Interest rate lock commitments 634 634 - 634 - Best efforts forward loan sales commitments 5 5 - 5 - Mandatory forward loan sales commitments 9 9 - 9 - Financial liabilities: Deposits Demand, savings and money market $ 1,994,372 $ 1,994,372 $ - $ 1,994,372 $ - Time 129,079 127,491 - 127,491 - Short-term borrowings 93,915 93,915 - 93,915 - Subordinated debt 11,254 8,514 - - 8,514 Accrued interest payable 339 339 - 339 - Interest rate lock commitments 1 1 - 1 - Best efforts forward loan sales commitments 228 228 - 228 - Mandatory forward loan sales commitments 148 148 - 148 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - Fair Value Measurements at December 31, 2017 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 61,942 $ 61,942 $ 61,942 $ - $ - Investment securities available for sale 464,430 464,430 - 460,855 3,575 Investment securities held to maturity 472,213 463,799 - 463,799 - Restricted stock 1,918 1,918 - 1,918 - Loans held for sale 45,700 45,714 - 43,375 2,339 Loans receivable, net 1,153,679 1,120,305 - - 1,120,305 SBA servicing assets 5,243 5,243 - - 5,243 Accrued interest receivable 7,009 7,009 - 7,009 - Interest rate lock commitments 363 363 - 363 - Best efforts forward loan sales commitments 5 5 - 5 - Mandatory forward loan sales commitments 19 19 - 19 - Financial liabilities: Deposits Demand, savings and money market $ 1,946,558 $ 1,946,558 $ - $ 1,946,558 $ - Time 116,737 115,673 - 115,673 - Subordinated debt 21,681 18,458 - - 18,458 Accrued interest payable 293 293 - 293 - Interest rate lock commitments 1 1 - 1 - Best efforts forward loan sales commitments 93 93 - 93 - Mandatory forward loan sales commitments 195 195 - 195 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - |
Note 8 - Changes in Accumulat26
Note 8 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 $ (7,150 ) $ (359 ) $ (7,509 ) Reclassification due to the adoption of ASU 2018-02 (1,562 ) (78 ) (1,640 ) Unrealized loss on securities (5,239 ) - (5,239 ) Amounts reclassified from accumulated other comprehensive income to net income (2) - 31 31 Net current-period other comprehensive income (loss) (5,239 ) 31 (5,208 ) Balance March 31, 2018 $ (13,951 ) $ (406 ) $ (14,357 ) Balance January 1, 2017 $ (6,831 ) $ (463 ) $ (7,294 ) Unrealized gain on securities 623 - 623 Amounts reclassified from accumulated other comprehensive income to net income (2) - 27 27 Net current-period other comprehensive income 623 27 650 Balance March 31, 2017 $ (6,208 ) $ (436 ) $ (6,644 ) Balance January 1, 2017 $ (6,831 ) $ (463 ) $ (7,294 ) Unrealized loss on securities (413 ) - (413 ) Amounts reclassified from accumulated other comprehensive income to net income (2) 94 104 198 Net current-period other comprehensive income (loss) (319 ) 104 (215 ) Balance December 31, 2017 $ (7,150 ) $ (359 ) $ (7,509 ) |
Note 9 - Goodwill and Other I27
Note 9 - Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (dollars in thousands) Balance December 31, 201 7 Additions/ Adjustments Amortization Balance March 3 1, 201 8 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite (dollars in thousands) Balance December 31, 201 6 Additions/ Adjustments Amortization Balance March 3 1, 2017 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite Non-compete agreements 61 - (26 ) 35 1 Total $ 5,072 $ - $ (26 ) $ 5,046 |
Note 10 - Derivatives and Ris28
Note 10 - Derivatives and Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] | March 31, 2018 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLCs Other Assets $ 634 $ 25,566 Best efforts forward loan sales commitments Other Assets 5 615 Mandatory forward loan sales commitments Other Assets 9 2,647 Liability derivatives: IRLCs Other Liabilities $ 1 $ 412 Best efforts forward loan sales commitments Other Liabilities 228 25,363 Mandatory forward loan sales commitments Other Liabilities 148 16,276 December 31, 201 7 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLCs Other Assets $ 363 $ 16,366 Best efforts forward loan sales commitments Other Assets 5 1,807 Mandatory forward loan sales commitments Other Assets 19 4,566 Liability derivatives: IRLCs Other Liabilities $ 1 $ 424 Best efforts forward loan sales commitments Other Liabilities 93 14,983 Mandatory forward loan sales commitments Other Liabilities 195 36,223 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance [Table Text Block] | Three Months Ended March 31, 201 8 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ 271 Best efforts forward loan sales commitments Mortgage banking income - Mandatory forward loan sales commitments Mortgage banking income (10 ) Liability derivatives: IRLCs Mortgage banking income $ - Best efforts forward loan sales commitments Mortgage banking income (135 ) Mandatory forward loan sales commitments Mortgage banking income 47 Three Months Ended March 31, 201 7 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ 392 Best efforts forward loan sales commitments Mortgage banking income (100 ) Mandatory forward loan sales commitments Mortgage banking income (221 ) Liability derivatives: IRLCs Mortgage banking income $ 48 Best efforts forward loan sales commitments Mortgage banking income (145 ) Mandatory forward loan sales commitments Mortgage banking income (87 ) |
Note 11 - Revenue Recognition (
Note 11 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, (dollars in thousands) 2018 2017 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 1,175 $ 846 Other non-interest income 35 46 Non-interest income (in-scope of Topic 606) 1,210 892 Non-interest income (out-of-scope of Topic 606) 3,325 3,446 Total non-interest income $ 4,535 $ 4,338 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Mar. 31, 2018 |
Number of Wholly Owned Subsidiary | 1 |
Number of Unconsolidated Subsidiaries | 2 |
Number of Trust Preferred Securities Issued | 2 |
Note 2 - Summary of Significa31
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Apr. 29, 2014 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
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, Period for Determining Forfeiture Rate | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 716,364 | 478,374 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 3,951,650 | 3,121,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 11,000,000 | $ 10,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,954,112 | 1,423,648 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 8,100,000 | $ 6,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 108,975 | 94,800 | |||
Proceeds from Stock Options Exercised | $ 429,972 | $ 291,981 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 4,000 | 9,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Options Forfeited, Weighted Average Grant Date Fair Value, Amount | $ 10,000 | $ 44,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 4,893,747 | $ 3,935,014 | |||
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | $ 1,600,000 | ||||
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 Dividend Rate | [1] | 0.00% | |||
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 | 6,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,600,000 | ||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,058,800 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Amount | $ 2,923,473 | ||||
Stock Options and Restricted Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Stock Options and Restricted Stock Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Stock Options and Restricted Stock Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. |
Note 2 - Summary of Significa32
Note 2 - Summary of Significant Accounting Policies - Valuation Assumptions (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | ||
Dividend yield(1) | [1] | 0.00% | 0.00% |
Expected volatility | [2] | 28.22% | |
Expected life(5) (years) (Year) | [3] | 6 years 91 days | |
Assumed forfeiture rate(6) | [4] | 4.00% | 6.00% |
Maximum [Member] | |||
Dividend yield(1) | [1] | 0.00% | |
Expected volatility | [5] | 50.09% | |
Risk-free interest rate(4) | [6] | 2.84% | 2.26% |
Expected life(5) (years) (Year) | [3] | 7 years | |
Assumed forfeiture rate(6) | [4] | 6.00% | |
Minimum [Member] | |||
Expected volatility | [5] | 45.50% | |
Risk-free interest rate(4) | [6] | 2.38% | 1.89% |
Expected life(5) (years) (Year) | [3] | 5 years 182 days | |
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. | ||
[2] | Expected volatility is based on a historical volatility calculation for "FRBK" stock combined with a peer group volatility analysis. | ||
[3] | The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. | ||
[4] | Forfeiture rate is determined through forfeited and expired options as a percentage of options granted over the current three year period. | ||
[5] | Expected volatility is based on Bloomberg's five and one-half to seven year volatility calculation for "FRBK" stock. | ||
[6] | The risk-free interest rate is based on the five to seven year Treasury bond. |
Note 2 - Summary of Significa33
Note 2 - Summary of Significant Accounting Policies - Stock-based Compensation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock based compensation expense recognized | $ 521,000 | $ 302,000 |
Number of unvested stock options (in shares) | 1,997,538 | 1,697,852 |
Fair value of unvested stock options | $ 5,548,196 | $ 4,583,209 |
Amount remaining to be recognized as expense | $ 4,893,747 | $ 3,935,014 |
Note 2 - Summary of Significa34
Note 2 - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 1,777 | $ 1,787 |
Weighted average shares outstanding (in shares) | 57,100 | 56,824 |
Basic (in dollars per share) | $ 0.03 | $ 0.03 |
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 58,370 | 58,048 |
Diluted (in dollars per share) | $ 0.03 | $ 0.03 |
Note 2 - Summary of Significa35
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Anti-dilutive securities (in shares) | 2,681 | 3,522 |
Employee Stock Option [Member] | ||
Anti-dilutive securities (in shares) | 2,681 | 1,897 |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities (in shares) | 1,625 |
Note 4 - Segment Reporting (Det
Note 4 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Number of Reportable Segments | 1 |
Note 5 - Investment Securitie37
Note 5 - Investment Securities (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | $ 0 | |
Securities, Continuous Loss Position, Accumulated Loss | 35,400 | $ 20,100 | |
Securities, Continuous Unrealized Loss Position, Fair Value | 970,400 | $ 836,900 | |
Proceeds from Sale of Available-for-sale Securities, Total | $ 0 | $ 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Subprime [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | AltA [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
US Government Agencies Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 14 | ||
Collateralized Mortgage Obligations [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 85 | ||
Collateralized Mortgage Obligations [Member] | Subprime [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | AltA [Member] | |||
Number of Securities in Investment Portfolio | 0 | 0 | |
Collateralized Mortgage Backed Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 29 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 20 | ||
Asset-backed Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 2 | ||
Corporate Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 7 |
Note 5 - Investment Securitie38
Note 5 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Amortized Cost | $ 537,557 | $ 475,587 |
Investment securities available for sale, gross unrealized gains | 103 | 163 |
Unrealized Losses | (17,968) | (11,320) |
Investment securities available for sale, at fair value | 519,692 | 464,430 |
Investment securities held to maturity, at amortized cost | 519,295 | 472,213 |
Investment securities held to maturity, gross unrealized gains | 745 | 411 |
Investment securities held to maturity, gross unrealized losses | (17,449) | (8,825) |
Investment securities held to maturity, at fair value | 502,591 | 463,799 |
Investment securities held to maturity, at amortized cost (fair value of $502,591 and $463,799, respectively) | 519,295 | 472,213 |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | 372,976 | 327,972 |
Investment securities available for sale, gross unrealized gains | 2 | |
Unrealized Losses | (12,725) | (7,731) |
Investment securities available for sale, at fair value | 360,253 | 320,241 |
Investment securities held to maturity, at amortized cost | 262,382 | 215,567 |
Investment securities held to maturity, gross unrealized gains | 745 | 314 |
Investment securities held to maturity, gross unrealized losses | (7,020) | (3,970) |
Investment securities held to maturity, at fair value | 256,107 | 211,911 |
Investment securities held to maturity, at amortized cost (fair value of $502,591 and $463,799, respectively) | 262,382 | 215,567 |
Agency Mortgage-backed Securities [Member] | ||
Amortized Cost | 71,055 | 55,664 |
Investment securities available for sale, gross unrealized gains | 1 | 2 |
Unrealized Losses | (1,927) | (800) |
Investment securities available for sale, at fair value | 69,129 | 54,866 |
Investment securities held to maturity, at amortized cost | 139,033 | 143,041 |
Investment securities held to maturity, gross unrealized gains | 47 | |
Investment securities held to maturity, gross unrealized losses | (5,613) | (2,620) |
Investment securities held to maturity, at fair value | 133,420 | 140,468 |
Investment securities held to maturity, at amortized cost (fair value of $502,591 and $463,799, respectively) | 139,033 | 143,041 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 17,182 | 15,142 |
Investment securities available for sale, gross unrealized gains | 5 | 20 |
Unrealized Losses | (464) | (62) |
Investment securities available for sale, at fair value | 16,723 | 15,100 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 62,648 | 62,670 |
Investment securities available for sale, gross unrealized gains | 95 | 103 |
Unrealized Losses | (2,661) | (2,491) |
Investment securities available for sale, at fair value | 60,082 | 60,282 |
Asset-backed Securities [Member] | ||
Amortized Cost | 12,971 | 13,414 |
Investment securities available for sale, gross unrealized gains | 38 | |
Unrealized Losses | (27) | |
Investment securities available for sale, at fair value | 12,944 | 13,452 |
Collateralized Debt Obligations [Member] | ||
Amortized Cost | 725 | 725 |
Investment securities available for sale, gross unrealized gains | ||
Unrealized Losses | (164) | (236) |
Investment securities available for sale, at fair value | 561 | 489 |
US Government Agencies Debt Securities [Member] | ||
Investment securities held to maturity, at amortized cost | 116,880 | 112,605 |
Investment securities held to maturity, gross unrealized gains | 50 | |
Investment securities held to maturity, gross unrealized losses | (4,816) | (2,235) |
Investment securities held to maturity, at fair value | 112,064 | 110,420 |
Investment securities held to maturity, at amortized cost (fair value of $502,591 and $463,799, respectively) | 116,880 | 112,605 |
Other Debt Obligations [Member] | ||
Investment securities held to maturity, at amortized cost | 1,000 | 1,000 |
Investment securities held to maturity, gross unrealized gains | ||
Investment securities held to maturity, gross unrealized losses | ||
Investment securities held to maturity, at fair value | 1,000 | 1,000 |
Investment securities held to maturity, at amortized cost (fair value of $502,591 and $463,799, respectively) | $ 1,000 | $ 1,000 |
Note 5 - Investment Securitie39
Note 5 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Due in 1 year or less, available for sale, amortized cost | $ 2,802 | |
Due in 1 year or less, available for sale, fair value | 2,799 | |
Due in 1 year or less, held to maturity, amortized cost | ||
Due in 1 year or less, held to maturity, fair value | ||
After 1 year to 5 years, available for sale, amortized cost | 4,938 | |
After 1 year to 5 years, available for sale, fair value | 4,918 | |
After 1 year to 5 years, held to maturity, amortized cost | 21,525 | |
After 1 year to 5 years, held to maturity, fair value | 21,098 | |
After 5 years to 10 years, available for sale, amortized cost | 80,553 | |
After 5 years to 10 years, available for sale, fair value | 77,373 | |
After 5 years to 10 years, held to maturity, amortized cost | 96,355 | |
After 5 years to 10 years, held to maturity, fair value | 91,966 | |
After 10 years, available for sale, amortized cost | 5,233 | |
After 10 years, available for sale, fair value | 5,220 | |
After 10 years, held to maturity, amortized cost | ||
After 10 years, held to maturity, fair value | ||
Total, available for sale, amortized cost | 537,557 | $ 475,587 |
Total, available for sale, fair value | 519,692 | 464,430 |
Total, held to maturity, amortized cost | 519,295 | 472,213 |
Total, held to maturity, fair value | 502,591 | 463,799 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 372,976 | |
No specific maturity date, available for sale, fair value | 360,253 | |
No specific maturity date, held to maturity, amortized cost | 262,382 | |
No specific maturity date, held to maturity, fair value | 256,107 | |
Total, available for sale, amortized cost | 372,976 | 327,972 |
Total, available for sale, fair value | 360,253 | 320,241 |
Total, held to maturity, amortized cost | 262,382 | 215,567 |
Total, held to maturity, fair value | 256,107 | $ 211,911 |
Collateralized Mortgage Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 71,055 | |
No specific maturity date, available for sale, fair value | 69,129 | |
No specific maturity date, held to maturity, amortized cost | 139,033 | |
No specific maturity date, held to maturity, fair value | $ 133,420 |
Note 5 - Investment Securitie40
Note 5 - Investment Securities - Credit-related Impairment Losses on Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Beginning Balance | $ 274 | $ 937 |
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 0 | 0 |
Ending Balance | $ 274 | $ 937 |
Note 5 - Investment Securitie41
Note 5 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 250,493 | $ 185,784 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 5,890 | 1,818 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 238,638 | 246,865 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 12,078 | 9,502 |
Available for sale securities in a continuous unrealized loss position, fair value | 489,131 | 432,649 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 17,968 | 11,320 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 232,345 | 154,170 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,898 | 1,201 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 248,937 | 250,059 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 12,551 | 7,624 |
Held to maturity securities in a continuous unrealized loss position, fair value | 481,282 | 404,229 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 17,449 | 8,825 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 176,823 | 150,075 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,600 | 1,565 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 163,503 | 170,166 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 8,125 | 6,166 |
Available for sale securities in a continuous unrealized loss position, fair value | 340,326 | 320,241 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 12,725 | 7,731 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 122,102 | 56,955 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,879 | 767 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 113,696 | 107,986 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 5,141 | 3,203 |
Held to maturity securities in a continuous unrealized loss position, fair value | 235,798 | 164,941 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 7,020 | 3,970 |
US Government Agencies Debt Securities [Member] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 55,240 | 42,045 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,521 | 213 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 56,824 | 59,594 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,295 | 2,022 |
Held to maturity securities in a continuous unrealized loss position, fair value | 112,064 | 101,639 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 4,816 | 2,235 |
Agency Mortgage-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 47,543 | 29,967 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 946 | 226 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 19,691 | 21,045 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 981 | 574 |
Available for sale securities in a continuous unrealized loss position, fair value | 67,234 | 51,012 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 1,927 | 800 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 55,003 | 55,170 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,498 | 221 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 78,417 | 82,479 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 4,115 | 2,399 |
Held to maturity securities in a continuous unrealized loss position, fair value | 133,420 | 137,649 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 5,613 | 2,620 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 11,537 | 5,742 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 312 | 27 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 2,539 | 2,656 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 152 | 35 |
Available for sale securities in a continuous unrealized loss position, fair value | 14,076 | 8,398 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 464 | 62 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 1,646 | |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 5 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 52,344 | 52,509 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,656 | 2,491 |
Available for sale securities in a continuous unrealized loss position, fair value | 53,990 | 52,509 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 2,661 | 2,491 |
Asset-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 12,944 | |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 27 | |
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 | 12,944 | |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 27 | |
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 | 561 | 489 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 164 | 236 |
Available for sale securities in a continuous unrealized loss position, fair value | 561 | 489 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 164 | $ 236 |
Note 5 - Investment Securitie42
Note 5 - Investment Securities - Trust Preferred Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Amortized Cost | $ 537,557 | $ 475,587 | ||
Investment securities available for sale, at fair value | 519,692 | 464,430 | ||
Unrealized Losses | (17,968) | (11,320) | ||
Cumulative OTTI Life to Date | $ 274 | $ 274 | $ 937 | $ 937 |
TPREF Funding II [Member] | ||||
Class / Tranche | Class B Notes | |||
Amortized Cost | $ 725 | |||
Investment securities available for sale, at fair value | 561 | |||
Unrealized Losses | $ (164) | |||
Lowest Credit Rating Assigned | C | |||
Number of Banks Currently Performing | 18 | |||
Deferrals / Defaults as % of Current Balance | 29.00% | |||
Conditional Default Rates for 2018 and beyond | 0.39% | |||
Cumulative OTTI Life to Date | $ 274 |
Note 6 - Loans Receivable and43
Note 6 - Loans Receivable and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 179,000 | $ 276,000 | |
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Financing Receivable, Modifications, Recorded Investment | $ 8,184,000 | $ 8,218,000 | |
Financing Receivable, Modifications, Increase in Principal Balance | $ 421,000 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 3 | 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 0 | |
Real Estate Acquired Through Foreclosure | 6,966,000 | 6,966,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Recorded Investment | 1,524,000 | $ 1,524,000 | |
Commercial Portfolio Segment [Member] | Converted From Line of Credit to Term Loan With Five Year Maturity [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | $ 975,000 | ||
Owner Occupied Real Estate [Member] | |||
Financing Receivable, Modifications, Recorded Investment | 242,000 | $ 242,000 | |
Owner Occupied Real Estate [Member] | Contractual Interest Rate Reduction and Extended Maturity [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | $ 245,000 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Recorded Investment | 6,418,000 | $ 6,452,000 | |
Commercial Real Estate Portfolio Segment [Member] | Increase in Principal Balance and Reduction in Interest Rate [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 6,500,000 | ||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Recorded Investment | |||
Real Estate Acquired Through Foreclosure | $ 42,000 | $ 42,000 |
Note 6 - Loans Receivable and44
Note 6 - Loans Receivable and Allowance for Loan Losses - Gross Loans by Major Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loans receivable | $ 1,251,070 | $ 1,162,049 |
Deferred costs (fees) | (158) | 229 |
Allowance for loan losses | (6,650) | (8,599) |
Net loans receivable | 1,244,262 | 1,153,679 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 467,585 | 433,304 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 118,607 | 104,617 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 189,420 | 173,343 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 315,418 | 309,838 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 78,992 | 76,183 |
Residential Portfolio Segment [Member] | ||
Loans receivable | $ 81,048 | $ 64,764 |
Note 6 - Loans Receivable and45
Note 6 - Loans Receivable and Allowances for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Beginning balance | $ 8,599 | $ 9,155 | ||
Charge-offs | (2,349) | (10) | ||
Recoveries | 36 | |||
Provision for loan losses | 400 | |||
Ending balance | 6,650 | 9,181 | ||
Allowance for loan losses, individually evaluated for impairment | $ 668 | $ 2,790 | ||
Allowance for loan losses, collectively evaluated for impairment | 5,982 | 5,809 | ||
Total allowance for loan losses | 8,599 | 9,155 | 6,650 | 8,599 |
Loans evaluated individually | 25,151 | 24,716 | ||
Loans evaluated collectively | 1,225,919 | 1,137,333 | ||
Total loans receivable | 1,251,070 | 1,162,049 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 3,774 | 3,254 | ||
Charge-offs | (1,535) | |||
Recoveries | 7 | |||
Provision for loan losses | (336) | (299) | ||
Ending balance | 1,903 | 2,962 | ||
Allowance for loan losses, individually evaluated for impairment | 1,964 | |||
Allowance for loan losses, collectively evaluated for impairment | 1,903 | 1,810 | ||
Total allowance for loan losses | 3,774 | 3,254 | 1,903 | 3,774 |
Loans evaluated individually | 13,844 | 15,415 | ||
Loans evaluated collectively | 453,741 | 417,889 | ||
Total loans receivable | 467,585 | 433,304 | ||
Construction and Land Development Portfolio Segment [Member] | ||||
Beginning balance | 725 | 557 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | 26 | (11) | ||
Ending balance | 751 | 546 | ||
Allowance for loan losses, individually evaluated for impairment | ||||
Allowance for loan losses, collectively evaluated for impairment | 751 | 725 | ||
Total allowance for loan losses | 725 | 557 | 751 | 725 |
Loans evaluated individually | ||||
Loans evaluated collectively | 118,607 | 104,617 | ||
Total loans receivable | 118,607 | 104,617 | ||
Commercial Portfolio Segment [Member] | ||||
Beginning balance | 1,317 | 2,884 | ||
Charge-offs | (151) | |||
Recoveries | 29 | |||
Provision for loan losses | 95 | (143) | ||
Ending balance | 1,261 | 2,770 | ||
Allowance for loan losses, individually evaluated for impairment | 448 | 374 | ||
Allowance for loan losses, collectively evaluated for impairment | 813 | 943 | ||
Total allowance for loan losses | 1,317 | 2,884 | 1,261 | 1,317 |
Loans evaluated individually | 7,091 | 4,501 | ||
Loans evaluated collectively | 182,329 | 168,842 | ||
Total loans receivable | 189,420 | 173,343 | ||
Owner Occupied Real Estate [Member] | ||||
Beginning balance | 1,737 | 1,382 | ||
Charge-offs | (465) | (8) | ||
Recoveries | ||||
Provision for loan losses | 420 | 253 | ||
Ending balance | 1,692 | 1,627 | ||
Allowance for loan losses, individually evaluated for impairment | 169 | 235 | ||
Allowance for loan losses, collectively evaluated for impairment | 1,523 | 1,502 | ||
Total allowance for loan losses | 1,737 | 1,382 | 1,692 | 1,737 |
Loans evaluated individually | 3,425 | 3,798 | ||
Loans evaluated collectively | 311,993 | 306,040 | ||
Total loans receivable | 315,418 | 309,838 | ||
Consumer Portfolio Segment [Member] | ||||
Beginning balance | 573 | 588 | ||
Charge-offs | (198) | (2) | ||
Recoveries | ||||
Provision for loan losses | 85 | (11) | ||
Ending balance | 460 | 575 | ||
Allowance for loan losses, individually evaluated for impairment | 51 | 217 | ||
Allowance for loan losses, collectively evaluated for impairment | 409 | 356 | ||
Total allowance for loan losses | 573 | 588 | 460 | 573 |
Loans evaluated individually | 791 | 1,002 | ||
Loans evaluated collectively | 78,201 | 75,181 | ||
Total loans receivable | 78,992 | 76,183 | ||
Residential Portfolio Segment [Member] | ||||
Beginning balance | 392 | 58 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | 116 | 72 | ||
Ending balance | 508 | 130 | ||
Allowance for loan losses, individually evaluated for impairment | ||||
Allowance for loan losses, collectively evaluated for impairment | 508 | 392 | ||
Total allowance for loan losses | 392 | 58 | 508 | 392 |
Loans evaluated individually | ||||
Loans evaluated collectively | 81,048 | 64,764 | ||
Total loans receivable | 81,048 | 64,764 | ||
Unallocated Financing Receivables [Member] | ||||
Beginning balance | 81 | 432 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | (6) | 139 | ||
Ending balance | 75 | 571 | ||
Allowance for loan losses, individually evaluated for impairment | ||||
Allowance for loan losses, collectively evaluated for impairment | 75 | 81 | ||
Total allowance for loan losses | $ 81 | $ 432 | 75 | 81 |
Loans evaluated individually | ||||
Loans evaluated collectively | ||||
Total loans receivable |
Note 6 - Loans Receivable and46
Note 6 - Loans Receivable and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
With no related allowance - Recorded investment | $ 22,573 | $ 15,270 |
With no related allowance - Unpaid principal balance | 28,180 | 19,666 |
With related allowance - Recorded investment | 2,578 | 9,446 |
With related allowance - Unpaid principal balance | 2,600 | 9,502 |
Related allowance | 668 | 2,790 |
Recorded investment | 25,151 | 24,716 |
Unpaid principal balance | 30,780 | 29,168 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 13,844 | 9,264 |
With no related allowance - Unpaid principal balance | 15,040 | 9,268 |
With related allowance - Recorded investment | 6,151 | |
With related allowance - Unpaid principal balance | 6,165 | |
Related allowance | 1,964 | |
Recorded investment | 13,844 | 15,415 |
Unpaid principal balance | 15,040 | 15,433 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | ||
With no related allowance - Unpaid principal balance | ||
With related allowance - Recorded investment | ||
With related allowance - Unpaid principal balance | ||
Related allowance | ||
Recorded investment | ||
Unpaid principal balance | ||
Commercial Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 5,507 | 2,756 |
With no related allowance - Unpaid principal balance | 9,432 | 6,674 |
With related allowance - Recorded investment | 1,584 | 1,745 |
With related allowance - Unpaid principal balance | 1,599 | 1,752 |
Related allowance | 448 | 374 |
Recorded investment | 7,091 | 4,501 |
Unpaid principal balance | 11,031 | 8,426 |
Owner Occupied Real Estate [Member] | ||
With no related allowance - Recorded investment | 2,583 | 2,595 |
With no related allowance - Unpaid principal balance | 2,732 | 2,743 |
With related allowance - Recorded investment | 842 | 1,203 |
With related allowance - Unpaid principal balance | 849 | 1,206 |
Related allowance | 169 | 235 |
Recorded investment | 3,425 | 3,798 |
Unpaid principal balance | 3,581 | 3,949 |
Consumer Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 639 | 655 |
With no related allowance - Unpaid principal balance | 976 | 981 |
With related allowance - Recorded investment | 152 | 347 |
With related allowance - Unpaid principal balance | 152 | 379 |
Related allowance | 51 | 217 |
Recorded investment | 791 | 1,002 |
Unpaid principal balance | 1,128 | 1,360 |
Residential Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | ||
With no related allowance - Unpaid principal balance | ||
With related allowance - Recorded investment | ||
With related allowance - Unpaid principal balance | ||
Related allowance | ||
Recorded investment | ||
Unpaid principal balance |
Note 6 - Loans Receivable and47
Note 6 - Loans Receivable and Allowance for Loan Losses - Impaired Loans Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
With no related allowance recorded - Average recorded investment | $ 18,922 | $ 16,164 |
With no related allowance recorded - Interest income recognized | 92 | 94 |
With related allowance recorded - Average recorded investment | 6,012 | 12,365 |
With related allowance recorded - Interest income recognized | 10 | 32 |
Average recorded investment | 24,934 | 28,529 |
Interest income recognized | 102 | 126 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 11,554 | 12,290 |
With no related allowance recorded - Interest income recognized | 72 | 70 |
With related allowance recorded - Average recorded investment | 3,076 | 6,759 |
With related allowance recorded - Interest income recognized | 5 | |
Average recorded investment | 14,630 | 19,049 |
Interest income recognized | 72 | 75 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | ||
With no related allowance recorded - Interest income recognized | ||
With related allowance recorded - Average recorded investment | ||
With related allowance recorded - Interest income recognized | ||
Average recorded investment | ||
Interest income recognized | ||
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 4,132 | 1,931 |
With no related allowance recorded - Interest income recognized | 5 | 8 |
With related allowance recorded - Average recorded investment | 1,664 | 3,303 |
With related allowance recorded - Interest income recognized | 3 | 17 |
Average recorded investment | 5,796 | 5,234 |
Interest income recognized | 8 | 25 |
Owner Occupied Real Estate [Member] | ||
With no related allowance recorded - Average recorded investment | 2,589 | 1,126 |
With no related allowance recorded - Interest income recognized | 14 | 12 |
With related allowance recorded - Average recorded investment | 1,023 | 1,774 |
With related allowance recorded - Interest income recognized | 6 | 6 |
Average recorded investment | 3,612 | 2,900 |
Interest income recognized | 20 | 18 |
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 647 | 752 |
With no related allowance recorded - Interest income recognized | 1 | 3 |
With related allowance recorded - Average recorded investment | 249 | 529 |
With related allowance recorded - Interest income recognized | 1 | 4 |
Average recorded investment | 896 | 1,281 |
Interest income recognized | 2 | 7 |
Residential Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 65 | |
With no related allowance recorded - Interest income recognized | 1 | |
With related allowance recorded - Average recorded investment | ||
With related allowance recorded - Interest income recognized | ||
Average recorded investment | 65 | |
Interest income recognized | $ 1 |
Note 6 - Loans Receivable and48
Note 6 - Loans Receivable and Allowance for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loans receivable, total past due | $ 14,295 | $ 15,958 |
Loans receivable, current | 1,236,775 | 1,146,091 |
Loans receivable | 1,251,070 | 1,162,049 |
Loans receivable greater than 90 days and accruing | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 163 | 1,113 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 14,132 | 14,845 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, total past due | 7,555 | 8,963 |
Loans receivable, current | 460,030 | 424,341 |
Loans receivable | 467,585 | 433,304 |
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 | 129 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 7,426 | 8,963 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable, total past due | ||
Loans receivable, current | 118,607 | 104,617 |
Loans receivable | 118,607 | 104,617 |
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 | 3,911 | 3,864 |
Loans receivable, current | 185,509 | 169,479 |
Loans receivable | 189,420 | 173,343 |
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 | 14 | 969 |
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 | 3,897 | 2,895 |
Owner Occupied Real Estate [Member] | ||
Loans receivable, total past due | 2,018 | 2,136 |
Loans receivable, current | 313,400 | 307,702 |
Loans receivable | 315,418 | 309,838 |
Loans receivable greater than 90 days and accruing | ||
Owner Occupied Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | ||
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 | 2,018 | 2,136 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, total past due | 811 | 995 |
Loans receivable, current | 78,181 | 75,188 |
Loans receivable | 78,992 | 76,183 |
Loans receivable greater than 90 days and accruing | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 20 | 144 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 791 | 851 |
Residential Portfolio Segment [Member] | ||
Loans receivable, total past due | ||
Loans receivable, current | 81,048 | 64,764 |
Loans receivable | 81,048 | 64,764 |
Loans receivable greater than 90 days and accruing | ||
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 |
Note 6 - Loans Receivable and49
Note 6 - Loans Receivable and Allowance for Loan Losses - Loans by Internal Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loans receivable | $ 1,251,070 | $ 1,162,049 |
Pass [Member] | ||
Loans receivable | 1,229,758 | 1,142,559 |
Special Mention [Member] | ||
Loans receivable | 2,579 | 1,226 |
Substandard [Member] | ||
Loans receivable | 18,453 | 17,984 |
Doubtful [Member] | ||
Loans receivable | 280 | 280 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 467,585 | 433,304 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 459,211 | 423,382 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 948 | 959 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 7,426 | 8,963 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 118,607 | 104,617 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 118,607 | 104,617 |
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 | 189,420 | 173,343 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 182,196 | 168,702 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 133 | 140 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 6,811 | 4,221 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 280 | 280 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 315,418 | 309,838 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Loans receivable | 310,621 | 306,040 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Loans receivable | 1,372 | |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Loans receivable | 3,425 | 3,798 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | ||
Loans receivable | 78,992 | 76,183 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 78,201 | 75,181 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 791 | 1,002 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | ||
Loans receivable | 81,048 | 64,764 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 80,922 | 64,637 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 126 | 127 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable |
Note 6 - Loans Receivable and50
Note 6 - Loans Receivable and Allowance for Loan Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Non-accrual loans | $ 14,132 | $ 14,845 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 7,426 | 8,963 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | ||
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 3,897 | 2,895 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 2,018 | 2,136 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 791 | 851 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans |
Note 6 - Loan Receivables and A
Note 6 - Loan Receivables and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Number of Loans | 5 | 5 |
Troubled debt restructurings, accrual status | $ 6,418 | $ 7,869 |
Troubled debt restructurings, non-accrual status | 1,766 | 349 |
Troubled debt restructurings | $ 8,184 | $ 8,218 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 6,418 | $ 6,452 |
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | $ 6,418 | $ 6,452 |
Construction and Land Development Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Commercial Portfolio Segment [Member] | ||
Number of Loans | 3 | 3 |
Troubled debt restructurings, accrual status | $ 1,175 | |
Troubled debt restructurings, non-accrual status | 1,524 | 349 |
Troubled debt restructurings | $ 1,524 | $ 1,524 |
Owner Occupied Real Estate [Member] | ||
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 242 | |
Troubled debt restructurings, non-accrual status | 242 | |
Troubled debt restructurings | $ 242 | $ 242 |
Consumer Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Residential Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings |
Note 7 - Fair Value of Financ52
Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Servicing Asset, Total | $ 206,500,000 | $ 204,900,000 | |
Loans Held-for-sale, Write-down | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | $ 0 | |
Interest and Fees [Member] | |||
Interest and Fee Income, Loans Held-for-sale, Mortgages | 294,000 | $ 129,000 | |
SBA Servicing Assets [Member] | |||
Contractually Specified Servicing Fees, Amount | $ 493,000 | $ 433,000 | |
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% |
Note 7 - Fair Value of Financ53
Note 7 - Fair Value of Financial Instruments - Financial Assets Measured at on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Total, available for sale, fair value | $ 519,692 | $ 464,430 | ||
SBA Servicing Assets | 5,059 | 5,243 | $ 5,298 | $ 5,352 |
Collateralized Mortgage Obligations [Member] | ||||
Total, available for sale, fair value | 360,253 | 320,241 | ||
Agency Mortgage-backed Securities [Member] | ||||
Total, available for sale, fair value | 69,129 | 54,866 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Total, available for sale, fair value | 16,723 | 15,100 | ||
Corporate Debt Securities [Member] | ||||
Total, available for sale, fair value | 60,082 | 60,282 | ||
Asset-backed Securities [Member] | ||||
Total, available for sale, fair value | 12,944 | 13,452 | ||
Collateralized Debt Obligations [Member] | ||||
Total, available for sale, fair value | 561 | 489 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Total, available for sale, fair value | 519,692 | 464,430 | ||
Mortgages Held-for-sale, Fair Value Disclosure | 19,685 | 43,375 | ||
SBA Servicing Assets | 5,059 | 5,243 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total, available for sale, fair value | ||||
Mortgages Held-for-sale, Fair Value Disclosure | ||||
SBA Servicing Assets | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total, available for sale, fair value | 516,041 | 460,855 | ||
Mortgages Held-for-sale, Fair Value Disclosure | 19,685 | 43,375 | ||
SBA Servicing Assets | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total, available for sale, fair value | 3,651 | 3,575 | ||
Mortgages Held-for-sale, Fair Value Disclosure | ||||
SBA Servicing Assets | 5,059 | 5,243 | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||||
Total, available for sale, fair value | 360,253 | 320,241 | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total, available for sale, fair value | 360,253 | 320,241 | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | ||||
Total, available for sale, fair value | 69,129 | 54,866 | ||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total, available for sale, fair value | 69,129 | 54,866 | ||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||
Total, available for sale, fair value | 16,723 | 15,100 | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total, available for sale, fair value | 16,723 | 15,100 | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Total, available for sale, fair value | 60,082 | 60,282 | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total, available for sale, fair value | 56,992 | 57,196 | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total, available for sale, fair value | 3,090 | 3,086 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||||
Total, available for sale, fair value | 12,944 | 13,452 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total, available for sale, fair value | 12,944 | 13,452 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | ||||
Total, available for sale, fair value | 561 | 489 | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total, available for sale, fair value | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total, available for sale, fair value | 561 | 489 | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | 634 | 363 | ||
Derivative Liability | 1 | 1 | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset | 634 | 363 | ||
Derivative Liability | 1 | 1 | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Asset | 5 | 5 | ||
Derivative Liability | 228 | 93 | ||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset | 5 | 5 | ||
Derivative Liability | 228 | 93 | ||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | 9 | 19 | ||
Derivative Liability | 148 | 195 | ||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Asset | ||||
Derivative Liability | ||||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset | 9 | 19 | ||
Derivative Liability | 148 | 195 | ||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset | ||||
Derivative Liability |
Note 7 - Fair Value of Financ54
Note 7 - Fair Value of Financial Instruments - SBA Servicing Assets Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Beginning balance, January 1st | $ 5,243 | $ 5,352 |
Additions | 320 | 211 |
Fair value adjustments | (504) | (265) |
Ending balance, March 31st | $ 5,059 | $ 5,298 |
Note 7 - Fair Value of Financ55
Note 7 - Fair Value of Financial Instruments - Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Collateralized Debt Obligations [Member] | ||
Balance | $ 489 | $ 1,820 |
Unrealized gains | 72 | 141 |
Paydowns | ||
Proceeds from sales | ||
Realized gains | ||
Impairment charges on Level 3 | ||
Balance | 561 | 1,961 |
Corporate Debt Securities [Member] | ||
Balance | 3,086 | 2,971 |
Unrealized gains | 4 | 53 |
Paydowns | ||
Proceeds from sales | ||
Realized gains | ||
Impairment charges on Level 3 | ||
Balance | $ 3,090 | $ 3,024 |
Note 7 - Fair Value of Financ56
Note 7 - Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Impaired loans | $ 6,527 | $ 7,322 |
Other real estate owned | 5,727 | |
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 | 6,527 | 7,322 |
Other real estate owned | $ 5,727 |
Note 7 - Fair Value of Financ57
Note 7 - Fair Value of Financial Instruments - Quantitative Information about Level 3 Assets (Details) $ in Thousands | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | |||
Fair Value | $ 3,090 | $ 3,086 | |
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | Measurement Input, Discount Rate [Member] | |||
Discount rate | 6.77 | 5.99 | |
Valuation Technique, Discounted Cash Flow [Member] | Collateralized Debt Obligations [Member] | |||
Fair Value | $ 561 | $ 489 | |
Valuation Technique, Discounted Cash Flow [Member] | Collateralized Debt Obligations [Member] | Measurement Input, Discount Rate [Member] | |||
Discount rate | 7.74 | 8.33 | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | |||
Fair Value | $ 5,059 | $ 5,243 | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Discount Rate [Member] | |||
Conditional prepayment rate | 10.75 | 10.5 | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Prepayment Rate [Member] | |||
Conditional prepayment rate | 9.33 | 7.85 | |
Valuation, Market Approach [Member] | Impaired Loans [Member] | |||
Fair Value | [1] | $ 6,527 | $ 7,322 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | |||
Discount rate | [2],[3] | 30 | 21 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||
Discount rate | [2],[3] | 10 | 10 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Discount rate | [2],[3] | 12 | 14 |
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | |||
Fair Value | [1] | $ 5,727 | |
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||
Liquidation expenses | [2],[3] | 22 | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | |||
Liquidation expenses | [2],[3] | 7 | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||
Liquidation expenses | [2],[3] | 4 | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Liquidation expenses | [2],[3] | 7 | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | ||
[3] | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. |
Note 7 - Fair Value of Financ58
Note 7 - Fair Value of Financial Instruments - Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Aggregate Unpaid Principal Balance | $ 19,019 | $ 42,046 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | 666 | 1,329 |
Reported Value Measurement [Member] | ||
Carrying Amount | $ 19,685 | $ 43,375 |
Note 7 - Fair Value of Financ59
Note 7 - Fair Value of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
SBA Servicing Asset | ||||
Fair Value of SBA Servicing Asset | $ 5,059 | $ 5,243 | $ 5,298 | $ 5,352 |
Composition of SBA Loans Serviced for Others | ||||
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||
Weighted Average Remaining Term (years) (Year) | 20 years 146 days | 20 years 182 days | ||
Prepayment Speed | 9.33% | 7.85% | ||
Effect on fair value of a 10% increase | $ (173) | $ (171) | ||
Effect on fair value of a 20% increase | $ (337) | $ (333) | ||
Weighted Average Discount Rate | 10.75% | 10.50% | ||
Effect on fair value of a 10% increase | $ (195) | $ (211) | ||
Effect on fair value of a 20% increase | $ (376) | $ (407) | ||
Fixed Rate SBA Loans [Member] | ||||
Composition of SBA Loans Serviced for Others | ||||
Composition of SBA loans serviced for others | 2.00% | 2.00% | ||
Adjustable Rate SBA Loans [Member] | ||||
Composition of SBA Loans Serviced for Others | ||||
Composition of SBA loans serviced for others | 98.00% | 98.00% |
Note 7 - Fair Value of Financ60
Note 7 - Fair Value of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||||
Investment securities available for sale, at fair value | $ 519,692 | $ 464,430 | ||
Investment securities held to maturity, at fair value | 502,591 | 463,799 | ||
Fair Value of SBA Servicing Asset | 5,059 | 5,243 | $ 5,298 | $ 5,352 |
Financial liabilities: | ||||
Short-term borrowings | 93,915 | |||
Reported Value Measurement [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 31,069 | 61,942 | ||
Investment securities available for sale, at fair value | 519,692 | 464,430 | ||
Investment securities held to maturity, at fair value | 519,295 | 472,213 | ||
Restricted stock | 5,435 | 1,918 | ||
Loans held for sale | 25,653 | 45,700 | ||
Loans receivable, net | 1,244,262 | 1,153,679 | ||
Fair Value of SBA Servicing Asset | 5,059 | 5,243 | ||
Accrued interest receivable | 7,756 | 7,009 | ||
Financial liabilities: | ||||
Demand, savings and money market | 1,994,372 | 1,946,558 | ||
Time | 129,079 | 116,737 | ||
Short-term borrowings | 93,915 | |||
Subordinated debt | 11,254 | 21,681 | ||
Accrued interest payable | 339 | 293 | ||
Off-Balance Sheet Data | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 634 | 363 | ||
Financial liabilities: | ||||
Derivative liability | 1 | 1 | ||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 5 | 5 | ||
Financial liabilities: | ||||
Derivative liability | 228 | 93 | ||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 9 | 19 | ||
Financial liabilities: | ||||
Derivative liability | 148 | 195 | ||
Estimate of Fair Value Measurement [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 31,069 | 61,942 | ||
Investment securities available for sale, at fair value | 519,692 | 464,430 | ||
Investment securities held to maturity, at fair value | 502,591 | 463,799 | ||
Restricted stock | 5,435 | 1,918 | ||
Loans held for sale | 26,069 | 45,714 | ||
Loans receivable, net | 1,209,861 | 1,120,305 | ||
Fair Value of SBA Servicing Asset | 5,059 | 5,243 | ||
Accrued interest receivable | 7,756 | 7,009 | ||
Financial liabilities: | ||||
Demand, savings and money market | 1,994,372 | 1,946,558 | ||
Time | 127,491 | 115,673 | ||
Short-term borrowings | 93,915 | |||
Subordinated debt | 8,514 | 18,458 | ||
Accrued interest payable | 339 | 293 | ||
Off-Balance Sheet Data | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 634 | 363 | ||
Financial liabilities: | ||||
Derivative liability | 1 | 1 | ||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 5 | 5 | ||
Financial liabilities: | ||||
Derivative liability | 228 | 93 | ||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 9 | 19 | ||
Financial liabilities: | ||||
Derivative liability | 148 | 195 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 31,069 | 61,942 | ||
Investment securities available for sale, at fair value | ||||
Investment securities held to maturity, at fair value | ||||
Restricted stock | ||||
Loans held for sale | ||||
Loans receivable, net | ||||
Fair Value of SBA Servicing Asset | ||||
Accrued interest receivable | ||||
Financial liabilities: | ||||
Demand, savings and money market | ||||
Time | ||||
Short-term borrowings | ||||
Subordinated debt | ||||
Accrued interest payable | ||||
Off-Balance Sheet Data | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | ||||
Financial liabilities: | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | ||||
Financial liabilities: | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | ||||
Financial liabilities: | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | 516,041 | 460,855 | ||
Investment securities held to maturity, at fair value | 502,591 | 463,799 | ||
Restricted stock | 5,435 | 1,918 | ||
Loans held for sale | 19,685 | 43,375 | ||
Loans receivable, net | ||||
Fair Value of SBA Servicing Asset | ||||
Accrued interest receivable | 7,756 | 7,009 | ||
Financial liabilities: | ||||
Demand, savings and money market | 1,994,372 | 1,946,558 | ||
Time | 127,491 | 115,673 | ||
Short-term borrowings | 93,915 | |||
Subordinated debt | ||||
Accrued interest payable | 339 | 293 | ||
Off-Balance Sheet Data | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 634 | 363 | ||
Financial liabilities: | ||||
Derivative liability | 1 | 1 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 5 | 5 | ||
Financial liabilities: | ||||
Derivative liability | 228 | 93 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | 9 | 19 | ||
Financial liabilities: | ||||
Derivative liability | 148 | 195 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | 3,651 | 3,575 | ||
Investment securities held to maturity, at fair value | ||||
Restricted stock | ||||
Loans held for sale | 6,384 | 2,339 | ||
Loans receivable, net | 1,209,861 | 1,120,305 | ||
Fair Value of SBA Servicing Asset | 5,059 | 5,243 | ||
Accrued interest receivable | ||||
Financial liabilities: | ||||
Demand, savings and money market | ||||
Time | ||||
Short-term borrowings | ||||
Subordinated debt | 8,514 | 18,458 | ||
Accrued interest payable | ||||
Off-Balance Sheet Data | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | ||||
Financial liabilities: | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | ||||
Financial liabilities: | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Financial assets: | ||||
Derivative asset | ||||
Financial liabilities: | ||||
Derivative liability |
Note 8 - Changes in Accumulat61
Note 8 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Balance | $ 226,460,000 | $ 215,053,000 | $ 215,053,000 | |
Reclassification due to the adoption of ASU 2018-02 | 1,600,000 | |||
Net current-period other comprehensive income (loss) | (5,208,000) | 650,000 | ||
Balance | 234,074,000 | 218,324,000 | 226,460,000 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Balance | [1] | (7,150,000) | (6,831,000) | (6,831,000) |
Reclassification due to the adoption of ASU 2018-02 | [1] | (1,562,000) | ||
Unrealized loss on securities | [1] | (5,239,000) | 623,000 | (413,000) |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 94,000 | ||
Net current-period other comprehensive income (loss) | [1] | (5,239,000) | 623,000 | (319,000) |
Balance | [1] | (13,951,000) | (6,208,000) | (7,150,000) |
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||||
Balance | [1] | (359,000) | (463,000) | (463,000) |
Reclassification due to the adoption of ASU 2018-02 | [1] | (78,000) | ||
Unrealized loss on securities | [1] | |||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 31,000 | 27,000 | 104,000 |
Net current-period other comprehensive income (loss) | [1] | 31,000 | 27,000 | 104,000 |
Balance | [1] | (406,000) | (436,000) | (359,000) |
AOCI Attributable to Parent [Member] | ||||
Balance | [1] | (7,509,000) | (7,294,000) | (7,294,000) |
Reclassification due to the adoption of ASU 2018-02 | [1] | (1,640,000) | ||
Unrealized loss on securities | [1] | (5,239,000) | 623,000 | (413,000) |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 31,000 | 27,000 | 198,000 |
Net current-period other comprehensive income (loss) | [1] | (5,208,000) | 650,000 | (215,000) |
Balance | [1] | $ (14,357,000) | $ (6,644,000) | $ (7,509,000) |
[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 - Goodwill and Other I62
Note 9 - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 9 - Goodwill and Other I63
Note 9 - Goodwill and Other Intangibles - Summary of Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill | $ 5,011 | $ 5,011 |
Goodwill, additions/adjustments | 0 | |
Goodwill | 5,011 | 5,011 |
Goodwill | 5,011 | 5,011 |
Non-compete agreements | 61 | |
Non-compete agreements, additions/adjustments | ||
Amortization | (26) | |
Non-compete agreements | $ 35 | |
Non-compete agreements, amortization period (Year) | 1 year | |
Total | $ 5,072 | |
Additions/adjustments | ||
Total | $ 5,046 |
Note 10 - Derivatives and Ris64
Note 10 - Derivatives and Risk Management Activities - Amounts Recorded in Statement of Financial Condition (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Other Assets [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
IRLCs | $ 5 | $ 5 |
IRLCs | 615 | 1,807 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
IRLCs | 9 | 19 |
IRLCs | 2,647 | 4,566 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
IRLCs | 634 | 363 |
IRLCs | 25,566 | 16,366 |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
IRLCs | 228 | 93 |
IRLCs | 25,363 | 14,983 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
IRLCs | 148 | 195 |
IRLCs | 16,276 | 36,223 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
IRLCs | 1 | 1 |
IRLCs | $ 412 | $ 424 |
Note 10 - Derivatives and Ris65
Note 10 - Derivatives and Risk Management Activities - Derivative Instrument Gain (Loss) Recorded in Statement of Income (Details) - Not Designated as Hedging Instrument [Member] - Mortgage Banking Income [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Best Efforts Forward Loan sales Commitments [Member] | Liability Derivatives [Member] | ||
IRLCs | $ (135) | $ (145) |
Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | ||
IRLCs | 47 | (87) |
Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
IRLCs | (100) | |
Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
IRLCs | (10) | (221) |
Interest Rate Lock Commitments [Member] | Liability Derivatives [Member] | ||
IRLCs | 48 | |
Interest Rate Lock Commitments [Member] | Asset Derivatives [Member] | ||
IRLCs | $ 271 | $ 392 |
Note 11 - Revenue Recognition66
Note 11 - Revenue Recognition (Details Textual) $ in Thousands | Mar. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 30 days |
Contract Acquisition Costs [Member] | |
Capitalized Contract Cost, Net, Total | $ 0 |
Note 11 - Revenue Recognition -
Note 11 - Revenue Recognition -Non-interest Income Segregated by Revenue Streams (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Non-interest income | $ 1,210 | $ 892 |
Non-interest income (out-of-scope of Topic 606) | 3,325 | 3,446 |
Total non-interest income | 4,535 | 4,338 |
Deposit Account [Member] | ||
Non-interest income | 1,175 | 846 |
Other Non-interest Income From Customers [Member] | ||
Non-interest income | $ 35 | $ 46 |