Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 13, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | REPUBLIC FIRST BANCORP INC | ||
Entity Central Index Key | 0000834285 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 58,825,278 | ||
Entity Public Float | $ 411,031,864 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 35,685 | $ 36,073 |
Interest bearing deposits with banks | 36,788 | 25,869 |
Cash and cash equivalents | 72,473 | 61,942 |
Investment securities available for sale, at fair value | 321,014 | 464,430 |
Investment securities held to maturity, at amortized cost (fair value of $747,323 and $463,799, respectively) | 761,563 | 472,213 |
Restricted stock, at cost | 5,754 | 1,918 |
Mortgage loans held for sale, at fair value | 20,887 | 43,375 |
Other loans held for sale | 5,404 | 2,325 |
Loans receivable (net of allowance for loan losses of $8,615 and $8,599, respectively) | 1,427,983 | 1,153,679 |
Premises and equipment, net | 87,661 | 74,947 |
Other real estate owned, net | 6,223 | 6,966 |
Accrued interest receivable | 9,025 | 7,009 |
Goodwill | 5,011 | 5,011 |
Other assets | 30,299 | 28,532 |
Total Assets | 2,753,297 | 2,322,347 |
Deposits | ||
Demand - non-interest bearing | 519,056 | 438,500 |
Demand - interest bearing | 1,042,561 | 807,736 |
Money market and savings | 676,993 | 700,322 |
Time deposits | 154,257 | 116,737 |
Total Deposits | 2,392,867 | 2,063,295 |
Short-term borrowings | 91,422 | |
Accrued interest payable | 558 | 293 |
Other liabilities | 12,002 | 10,618 |
Subordinated debt | 11,259 | 21,681 |
Total Liabilities | 2,508,108 | 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 59,318,073 as of December 31, 2018 and 57,518,609 as of December 31, 2017; shares outstanding 58,789,228 as of December 31, 2018 and 56,989,764 as of December 31, 2017 | 593 | 575 |
Additional paid in capital | 269,147 | 256,285 |
Accumulated deficit | (8,716) | (18,983) |
Treasury stock at cost (503,408 shares as of December 31, 2018 and December 31, 2017) | (3,725) | (3,725) |
Stock held by deferred compensation plan (25,437 shares as of December 31, 2018 and December 31, 2017) | (183) | (183) |
Accumulated other comprehensive loss | (11,927) | (7,509) |
Total Shareholders’ Equity | 245,189 | 226,460 |
Total Liabilities and Shareholders’ Equity | $ 2,753,297 | $ 2,322,347 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment securities held to maturity, at fair value | $ 747,323 | $ 463,799 |
Loans receivable, allowance for loan losses | $ 8,615 | $ 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) | 59,318,073 | 57,518,609 |
Common stock, shares outstanding (in shares) | 58,789,228 | 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 - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income: | |||
Interest and fees on taxable loans | $ 62,502,000 | $ 48,993,000 | $ 40,827,000 |
Interest and fees on tax-exempt loans | 1,543,000 | 1,101,000 | 960,000 |
Interest and dividends on taxable investment securities | 26,677,000 | 19,643,000 | 11,264,000 |
Interest and dividends on tax-exempt investment securities | 505,000 | 535,000 | 703,000 |
Interest on federal funds sold and other interest-earning assets | 847,000 | 577,000 | 473,000 |
Total interest income | 92,074,000 | 70,849,000 | 54,227,000 |
Interest expense: | |||
Demand- interest bearing | 7,946,000 | 3,020,000 | 2,088,000 |
Money market and savings | 4,898,000 | 3,160,000 | 2,639,000 |
Time deposits | 1,588,000 | 1,238,000 | 942,000 |
Other borrowings | 1,738,000 | 1,366,000 | 1,194,000 |
Total interest expense | 16,170,000 | 8,784,000 | 6,863,000 |
Net interest income | 75,904,000 | 62,065,000 | 47,364,000 |
Provision for loan losses | 2,300,000 | 900,000 | 1,557,000 |
Net interest income after provision for loan losses | 73,604,000 | 61,165,000 | 45,807,000 |
Non-interest income: | |||
Non-interest income | 5,650,000 | 4,081,000 | 2,993,000 |
Gain on sales of SBA loans | 3,105,000 | 3,378,000 | 4,981,000 |
Gain (loss) on sale of investment securities | (67,000) | (146,000) | 656,000 |
Net securities impairment losses recognized in earnings | (7,000) | ||
Other non-interest income | 174,000 | 177,000 | 335,000 |
Total non-interest income | 20,322,000 | 20,097,000 | 15,312,000 |
Non-interest expenses: | |||
Salaries and employee benefits | 44,082,000 | 37,959,000 | 28,602,000 |
Occupancy | 8,046,000 | 7,156,000 | 6,109,000 |
Depreciation and amortization | 5,447,000 | 4,618,000 | 3,518,000 |
Legal | 985,000 | 984,000 | 459,000 |
Other real estate owned | 1,588,000 | 4,092,000 | 2,182,000 |
Appraisal and other loan expenses | 1,840,000 | 1,878,000 | 866,000 |
Advertising | 1,211,000 | 1,279,000 | 811,000 |
Data processing | 3,855,000 | 3,134,000 | 2,408,000 |
Insurance | 996,000 | 982,000 | 962,000 |
Professional fees | 2,048,000 | 1,893,000 | 1,580,000 |
Automated teller machine expenses | 1,868,000 | 1,264,000 | 814,000 |
Regulatory assessments and costs | 1,675,000 | 1,367,000 | 1,413,000 |
Taxes, other | 796,000 | 817,000 | 366,000 |
Other operating expenses | 9,284,000 | 7,853,000 | 6,203,000 |
Total non-interest expense | 83,721,000 | 75,276,000 | 56,293,000 |
Income before benefit for income taxes | 10,205,000 | 5,986,000 | 4,826,000 |
Provision (benefit) for income taxes | 1,578,000 | (2,919,000) | (119,000) |
Net income | $ 8,627,000 | $ 8,905,000 | $ 4,945,000 |
Net income per share | |||
Basic (in dollars per share) | $ 0.15 | $ 0.16 | $ 0.13 |
Diluted (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.12 |
Loan and Servicing Fees [Member] | |||
Non-interest income: | |||
Non-interest income | $ 1,401,000 | $ 1,614,000 | $ 1,627,000 |
Mortgage Banking [Member] | |||
Non-interest income: | |||
Non-interest income | 10,233,000 | 11,170,000 | 5,062,000 |
Deposit Account [Member] | |||
Non-interest income: | |||
Non-interest income | $ 5,476,000 | $ 3,904,000 | $ 2,658,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 8,627 | $ 8,905 | $ 4,945 |
Other comprehensive , net of tax | |||
Unrealized gain/(loss) on securities (pre-tax $5,364, $(646), and $(6,011), respectively) | 3,927 | (413) | (3,853) |
Reclassification adjustment for securities losses (gains) (pre-tax $67, $146 and $(656), respectively) | 49 | 94 | (420) |
Reclassification adjustment for impairment charge (pre-tax $-, $- and $7, respectively) | 4 | ||
Net unrealized gains/(losses) on securities | 3,976 | (319) | (4,269) |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (6,855) | ||
Amortization of net unrealized holding losses during the period (pre-tax $137, $163 and $219, respectively) | 101 | 104 | 140 |
Net current-period other comprehensive income (loss) | (2,778) | (215) | (4,129) |
Total comprehensive income | $ 5,849 | $ 8,690 | $ 816 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrealized gain (loss) on securities, pre-tax | $ 5,364,000 | $ (646,000) | $ (6,011,000) |
Reclassification adjustment for securities losses (gains), pre-tax | 67,000 | 146,000 | (656,000) |
Reclassification adjustment for impairment charge, pre-tax | 0 | 0 | 7,000 |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity, pre-tax | (9,362,000) | 0 | 0 |
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 137,000 | $ 163,000 | $ 219,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Net income | $ 8,627,000 | $ 8,905,000 | $ 4,945,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Provision for loan losses | 2,300,000 | 900,000 | 1,557,000 |
Write down of other real estate owned | 563,000 | 3,000,000 | 355,000 |
Depreciation and amortization | 5,447,000 | 4,618,000 | 3,518,000 |
Deferred income taxes | 1,527,000 | (5,056,000) | (380,000) |
Stock based compensation | 2,116,000 | 1,842,000 | 759,000 |
Loss (gain) on sale of investment securities | 67,000 | 146,000 | (656,000) |
Impairment charges on investment securities | 7,000 | ||
Amortization of premiums on investment securities | 2,878,000 | 2,469,000 | 1,980,000 |
Accretion of discounts on retained SBA loans | (1,332,000) | (1,088,000) | (1,364,000) |
Fair value adjustments on SBA servicing assets | 1,458,000 | 1,187,000 | 1,075,000 |
Proceeds from sales of SBA loans originated for sale | 42,726,000 | 42,269,000 | 58,107,000 |
SBA loans originated for sale | (42,700,000) | (37,062,000) | (53,627,000) |
Gains on sales of SBA loans originated for sale | (3,105,000) | (3,378,000) | (4,981,000) |
Proceeds from sales of mortgage loans originated for sale | 322,264,000 | 311,187,000 | 163,414,000 |
Mortgage loans originated for sale | (291,870,000) | (321,222,000) | (161,717,000) |
Fair value adjustment for mortgage loans originated for sale | 513,000 | (846,000) | (483,000) |
Gains on mortgage loans originated for sale | (8,378,000) | (8,128,000) | (3,712,000) |
Amortization of intangible assets | 61,000 | 43,000 | |
Amortization of debt issuance costs | 6,000 | 29,000 | 24,000 |
Increase in accrued interest receivable and other assets | (5,047,000) | (2,330,000) | (2,729,000) |
Net increase (decrease) in accrued interest payable and other liabilities | 1,570,000 | 1,513,000 | (846,000) |
Net cash provided by (used in) operating activities | 39,630,000 | (984,000) | 5,289,000 |
Cash flows from investing activities | |||
Purchase of investment securities available for sale | (149,209,000) | (165,065,000) | (207,482,000) |
Purchase of investment securities held to maturity | (123,265,000) | (89,350,000) | (294,187,000) |
Proceeds from the sale of securities available for sale | 6,439,000 | 31,197,000 | 78,585,000 |
Proceeds from the paydown, maturity, or call of securities available for sale | 48,796,000 | 48,547,000 | 36,982,000 |
Proceeds from the paydown, maturity, or call of securities held to maturity | 63,565,000 | 37,315,000 | 33,160,000 |
Net (purchase) redemption of restricted stock | (3,836,000) | (552,000) | 1,693,000 |
Net increase in loans | (275,587,000) | (197,965,000) | (89,428,000) |
Net proceeds from sale of other real estate owned | 495,000 | 499,000 | 1,400,000 |
Net cash paid in acquisition | (5,913,000) | ||
Premises and equipment expenditures | (18,161,000) | (22,525,000) | (14,291,000) |
Net cash used in investing activities | (450,763,000) | (357,899,000) | (459,481,000) |
Cash flows from financing activities | |||
Net proceeds from stock offering | 99,175,000 | ||
Net proceeds from exercise of stock options | 670,413 | 646,263 | 726,157 |
Net increase in demand, money market and savings deposits | 292,053,000 | 380,052,000 | 384,786,000 |
Net increase in time deposits | 37,519,000 | 5,573,000 | 43,586,000 |
Increase (repayment) in short-term borrowings | 91,422,000 | (66,666,000) | |
Net cash provided by financing activities | 421,664,000 | 386,271,000 | 461,607,000 |
Net increase in cash and cash equivalents | 10,531,000 | 27,388,000 | 7,415,000 |
Cash and cash equivalents, beginning of year | 61,942,000 | 34,554,000 | 27,139,000 |
Cash and cash equivalents, end of year | 72,473,000 | 61,942,000 | 34,554,000 |
Supplemental disclosures | |||
Interest paid | 15,905,000 | 8,935,000 | 6,664,000 |
Income taxes paid | 75,000 | 190,000 | |
Non-cash transfers from loans to other real estate owned | 315,000 | 291,000 | 616,000 |
Conversion of subordinated debt to common stock | 10,094,000 | 229,000 | |
Transfer of available-for-sale securities to held-to-maturity securities | $ 230,094,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation, Share-based Payments [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance at Dec. 31, 2015 | $ 384 | $ 152,897 | $ (32,833) | $ (3,725) | $ (183) | $ (3,165) | [1] | $ 113,375 |
Net income | 4,945 | 4,945 | ||||||
Other comprehensive income/loss, net of tax | (4,129) | [1] | (4,129) | |||||
Proceeds from shares issued under common stock offering (18,691,589 shares) net of offering costs of $825 | 187 | 98,988 | 99,175 | |||||
Stock based compensation | 759 | 759 | ||||||
Stock options issued in acquisition | 202 | 202 | ||||||
Options exercised | 2 | 724 | 726 | |||||
Balance at Dec. 31, 2016 | 573 | 253,570 | (27,888) | (3,725) | (183) | (7,294) | [1] | 215,053 |
Net income | 8,905 | 8,905 | ||||||
Other comprehensive income/loss, net of tax | (215) | [1] | (215) | |||||
Stock based compensation | 1,842 | 1,842 | ||||||
Options exercised | 2 | 644 | 646 | |||||
Conversion of subordinated debt to common stock | 229 | 229 | ||||||
Balance at Dec. 31, 2017 | 575 | 256,285 | (18,983) | (3,725) | (183) | (7,509) | [1] | 226,460 |
Net income | 8,627 | 8,627 | ||||||
Other comprehensive income/loss, net of tax | (2,778) | [1] | (2,778) | |||||
Stock based compensation | 2,116 | 2,116 | ||||||
Options exercised | 2 | 668 | 670 | |||||
Conversion of subordinated debt to common stock | 16 | 10,078 | 10,094 | |||||
Reclassification due to the adoption of ASU 2018-02 | 1,640 | (1,640) | [1] | |||||
Balance at Dec. 31, 2018 | $ 593 | $ 269,147 | $ (8,716) | $ (3,725) | $ (183) | $ (11,927) | [1] | $ 245,189 |
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock [Member] | |||
Proceeds from shares issued under common stock offering (in shares) | 18,691,589 | ||
Proceeds from shares issued under common stock offering, offering costs | $ 825 | ||
Options exercised (in shares) | 174,850 | 197,975 | 226,275 |
Additional Paid-in Capital [Member] | |||
Conversion of subordinated debt, shares (in shares) | 1,624,614 | 36,922 | |
Options exercised (in shares) | 174,850 | 197,975 | 226,275 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of Operations Republic First Bancorp, Inc. (the “Company”) is a one one July 28, 2016, January 1, 2018, 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 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Republic. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material inter-company transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. Risks and Uncertainties and Certain Significant Estimates The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are 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 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, and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Greater Philadelphia region. Note 3 4 not one Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all cash and due from banks, interest-bearing deposits with an original maturity of ninety ninety Restrictions on Cash and Due from Banks Republic is required to maintain certain average reserve balances as established by the Federal Reserve Board. The amounts of those balances for the reserve computation periods that include December 31, 2018 2017 $51.4 $31.2 Investment Securities Held to Maturity Available for Sale – may Investment securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not not not $7,000 December 31, 2016 December 31, 2018, no In December 2018, twenty-three two $230.1 $9.4 December 31, 2018, $9.8 eleven July 2014. Restricted Stock Restricted stock, which represents a required investment in the capital stock of correspondent banks related to available credit facilities, was carried at cost as of December 31, 2018 2017. At December 31, 2018 December 31, 2017, $5.6 $1.8 December 31, 2018 December 31, 2018 December 31, 2017, $143,000. Mortgage Banking Activities and Mortgage Loans Held for Sale Mortgage loans held for sale are originated and held until sold to permanent investors. On July 28, 2016, 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 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 24 Best Efforts Forward Loan Sale Commitments Best efforts forward loan sale commitments are commitments to sell individual mortgage loans at a fixed price to an investor at a future date. Best efforts forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of income. Mandatory Forward Loan Sales Commitments Mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Mandatory forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of income. Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is recognized as an asset and is to be reviewed for impairment annually and between annual tests when events and circumstances indicate that impairment may The Company has one July 28, 2016 December 31, 2017 July 31, 2017 350 20 no On January 1, 2018, July 31, 2018 no two July 31, 2018, one no $5.0 December 31, 2018 2017, Loans Receivable The loans receivable portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, and residential mortgages. Consumer loans consist of home equity loans and other consumer loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower’s ability to repay their obligation as agreed. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. Accordingly, the repayment of a commercial and industrial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Commercial real estate and owner occupied real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. In addition, the underwriting considers the amount of the principal advanced relative to the property value. Commercial real estate and owner occupied real estate loans may third Construction and land development loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation amounts used are estimates and may Consumer and other loans consist of home equity loans and lines of credit and other loans to individuals originated through the Company’s retail network, which are typically secured by personal property or unsecured. Home equity loans and lines of credit often carry additional risk as a result of typically being in a second may may Residential mortgage loans are secured by one four first 80% Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated based upon the principal amounts outstanding. The Company defers and amortizes certain origination and commitment fees, and certain direct loan origination costs over the contractual life of the related loan. This results in an adjustment of the related loans yield. The Company accounts for amortization of premiums and accretion of discounts related to loans purchased based upon the effective interest method. If a loan prepays in full before the contractual maturity date, any unamortized premiums, discounts or fees are recognized immediately as an adjustment to interest income. Loans are generally classified as non-accrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 90 may may Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments would represent management’s estimate of losses inherent in its unfunded loan commitments and would be recorded in other liabilities on the consolidated balance sheet, if necessary. The allowance for credit losses is established through a provision for loan losses charged to operations. Loans are charged against the allowance when management believes that the collectability of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The allowance for credit losses is an amount that represents management’s estimate of known and inherent losses related to the loan portfolio and unfunded loan commitments. Because the allowance for credit losses is dependent, to a great extent, on the general economy and other conditions that may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are categorized as impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for several qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All identified losses are immediately charged off and therefore no In estimating the allowance for credit losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. These qualitative risk factors include: 1 Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices. 2 National, regional and local economic and business conditions as well as the condition of various segments. 3 Nature and volume of the portfolio and terms of loans. 4 Experience, ability and depth of lending management and staff. 5 Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 6 Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 7 Existence and effect of any concentration of credit and changes in the level of such concentrations. 8 Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment, include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may not In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may may not Transfers of Financial Assets The Company accounts for the transfers and servicing financial assets in accordance with ASC 860 , Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities 860 , Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not A servicing asset related to SBA loans is initially recorded when these loans are sold and the servicing rights are retained. The servicing asset is recorded on the balance sheet and included in other assets. An updated fair value of the servicing asset is obtained from an independent third The Company uses various assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. For more information on the SBA servicing asset including the sensitivity of the current fair value of the SBA loan servicing rights to adverse changes in key assumptions, see Note 15 Other Loans Held for Sale Other loans held for sale consist of the guaranteed portion of SBA loans that the Company intends to sell after origination and are reflected at the lower of aggregate cost or fair value. When the sale of the loan occurs, the premium received is combined with the estimated present value of future cash flows on the related servicing asset and recorded as a Gain on the Sale of SBA loans which is categorized as non-interest income. Subsequent fees collected for servicing of the sold portion of a loan are combined with fair value adjustments to the SBA servicing asset and recorded as a net amount in Loan and Servicing Fees, which is also categorized as non-interest income. Guarantees The Company accounts for guarantees in accordance with ASC 815 Guarantor’s Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others 815 December 31, 2018 $13.9 $12.5 2019 $1.4 2020. no December 31, 2018 December 31, 2017. Premises and Equipment Premises and equipment (including land) are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and equipment is calculated over the estimated useful life of the asset using the straight-line method for financial reporting purposes, and accelerated methods for income tax purposes. The estimated useful lives are 40 3 13 1 30 Other Real Estate Owned Other real estate owned consists of assets acquired through, or in lieu of, loan foreclosure. They are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from other real estate owned. Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. Income Taxes Income tax accounting guidance results in two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not not The Company accounts for uncertain tax positions if it is more likely than not, not 50 not 50 not not The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 1.5 2005 1.5 December 31, 2018, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 no 10% may December 31, 2018, 2014 6.3 not Earnings Per Share Earnings per share (“EPS”) consists of two twelve December 31, 2018. 2008 twelve December 31, 2017. 2008 2018. no 2018 twelve December 31, 2017 2016. not The calculation of EPS for the years ended December 31, 2018, 2017, 2016 (dollars in thousands, except per share amounts) 2018 2017 2016 Net income - basic and diluted $ 8,627 $ 8,905 $ 4,945 Weighted average shares outstanding 58,358 56,933 39,281 Net income per share – basic $ 0.15 $ 0.16 $ 0.13 Weighted average shares outstanding (including dilutive CSEs) 59,407 58,250 39,865 Net income per share – diluted $ 0.15 $ 0.15 $ 0.12 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not (in thousands) 2018 2017 2016 Anti-dilutive securities Share based compensation awards 2,813 1,689 1,747 Convertible securities - 1,625 1,662 Total anti-dilutive securities 2,813 3,314 3,409 Comprehensive Income The Company presents as a component of comprehensive income the amounts from transactions and other events, which currently are excluded from the consolidated statements of income and are recorded directly to shareholders’ equity. These amounts consist of unrealized holding gains (losses) on available for sale securities and amortization of unrealized holding losses on available-for-sale securities transferred to held-to-maturity. Trust Preferred Securities The Company has sponsored two not 1 25% 1 7 Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation 810 not 810 not not 810 The Company does not 810 $341,000. Treasury Stock Common stock purchased for treasury is recorded at cost. 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 25: 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 December 31, 2018 7 Fair Value of Financial Instruments). ASU 2016 02 In February 2016, No. 2016 02, Leases. 12 December 15, 2018, In July 2018, 2018 11 842 In December 2018, 2018 20 842 not third The Company adopted this ASU on January 1, 2019. $48.9 January 1, 2019. 39 not not 1 2 3 4 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 may December 15, 2019. not 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. July 1, 2018 2017 04 not ASU 2017 08 In March 2017, 2017 08, Premium Amortization on Purchased Callable Debt Securities, December 15, 2018. December 15, 2019, December 15, 2020. 2017 08 not ASU 2017 09 In May 2017, 2017 09, Compensation – Stock Compensation: Scope of Modification Accounting, 718. December 15, 2017. 1 not 2 not January 1, 2018 2017 09 not 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 ASU 2018 07 In June 2018, 2018 07, Compensation – Stock Compensation (Topic 718 2018 07, December 15, 2018, January 1, 2019. not Reclassifications A reclassification has been made to 2017 2016 2018 no $1.3 $814,000 December 31, 2017 2016, |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities A summary of the amortized cost and market value of securities available for sale and securities held to maturity at December 31, 2018 2017 At December 3 1 , 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 197,812 $ 567 $ (2,120 ) $ 196,259 Agency mortgage-backed securities 39,105 5 (611 ) 38,499 Municipal securities 20,807 64 (232 ) 20,639 Corporate bonds 62,583 87 (3,396 ) 59,274 Asset-backed securities 6,433 - (90 ) 6,343 Total securities available for sale $ 326,740 $ 723 $ (6,449 ) $ 321,014 U.S. Government agencies $ 107,390 $ - $ (3,772 ) $ 103,618 Collateralized mortgage obligations 500,690 570 (5,793 ) 495,467 Agency mortgage-backed securities 153,483 - (5,245 ) 148,238 Total securities held to maturity $ 761,563 $ 570 $ (14,810 ) $ 747,323 At December 31, 2017 (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 December 31, 2018. no Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 2,375 $ 2,375 $ - $ - After 1 year to 5 years 6,894 6,908 14,116 13,937 After 5 years to 10 years 75,320 71,734 93,274 89,681 After 10 years 5,234 5,239 - - Collateralized mortgage obligations 197,812 196,259 500,690 495,467 Agency mortgage-backed securities 39,105 38,499 153,483 148,238 Total $ 326,740 $ 321,014 $ 761,563 $ 747,323 Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. The Company’s investment securities portfolio consists primarily of debt securities issued by U.S. government agencies, U.S. government-sponsored agencies, state governments, local municipalities and financial institutions. There were no December 31, 2018 December 31, 2017. no The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the available for sale portfolio are included in shareholders’ equity as a component of accumulated other comprehensive income or loss, net of tax. Securities classified as held to maturity are carried at amortized cost. An unrealized loss exists when the current fair value of an individual security is less than the amortized cost basis. The Company regularly evaluates investment securities that are in an unrealized loss position in order to determine if the decline in fair value is other than temporary. Factors considered in the evaluation include the current economic climate, the length of time and the extent to which the fair value has been below cost, the current interest rate environment and the rating of each security. An OTTI loss must be recognized for a debt security in an unrealized loss position if the Company intends to sell the security or it is more likely than not There were no December 31, 2018 2017. December 31, 2016 $7,000. At December 31, 2018 2017, $710.7 $555.2 The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at December 31, 2018, 2017, 2016 (dollars in thousands) 201 8 201 7 201 6 Beginning Balance, January 1 st $ 274 $ 937 $ 930 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized - - 7 Reductions for securities sold during the period (274 ) (663 ) - Ending Balance, December 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 December 31, 2018 2017: At December 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 $ 58,883 $ 270 $ 83,377 $ 1,850 $ 142,260 $ 2,120 Agency mortgage-backed securities 1,134 10 16,768 601 17,902 611 Municipal securities 1,549 7 12,154 225 13,703 232 Corporate bonds - - 53,189 3,396 53,189 3,396 Asset backed securities 6,343 90 - - 6,343 90 Total Available for Sale $ 67,909 $ 377 $ 165,488 $ 6,072 $ 233,397 $ 6,449 At December 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 $ 5,351 $ 26 $ 98,267 $ 3,746 $ 103,618 $ 3,772 Collateralized mortgage obligations 44,574 475 173,467 5,318 218,041 5,793 Agency mortgage-backed securities - - 119,243 5,245 119,243 5,245 Total Held to Maturity $ 49,925 $ 501 $ 390,977 $ 14,309 $ 440,902 $ 14,810 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, 2017 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 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 $21.3 $674.3 December 31, 2018 $20.1 $836.9 December 31, 2017. not not The Company held fourteen sixty-four twenty-six December 31, 2018. no December 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 December 31, 2018, nineteen not At December 31, 2018, one not December 31, 2018, seven not Proceeds associated with the sale of securities available for sale in 2018 $6.4 $67,000 December 31, 2018 $18,000. 2018 one $660,000. $66,000 twelve December 31, 2018 $17,000. not 2018, $66,000 2018. Proceeds of sales of securities available for sale in 2017 $31.2 $652,000 $798,000 December 31, 2017 $52,000. 2017 two $1.5 $798,000 twelve December 31, 2017 $287,000. two $798,000 2017 The Company had proceeds from the sale of securities available for sale in 2016 $78.6 $680,000 $24,000 2016 $236,000. In December 2018, twenty-three two $230.1 $9.4 December 31, 2018, $9.8 eleven July 2014. |
Note 4 - Loans Receivable
Note 4 - Loans Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. L oans Receivable The following table sets forth the Company’s gross loans by major categories as of December 31, 2018 2017: (dollars in thousands) December 31, 2018 December 31, 2017 Commercial real estate $ 515,738 $ 433,304 Construction and land development 121,042 104,617 Commercial and industrial 200,423 173,343 Owner occupied real estate 367,895 309,838 Consumer and other 91,152 76,183 Residential mortgage 140,364 64,764 Total loans receivable 1,436,614 1,162,049 Deferred costs (fees) (16 ) 229 Allowance for loan losses (8,615 ) (8,599 ) Net loans receivable $ 1,427,983 $ 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. Included in loans are loans due from directors and other related parties of $13.0 December 31, 2018, $8.9 December 31, 2017, $7.9 December 31, 2016. December 31, 2018, 2017, 2016. (dollars in thousands) December 31, 201 8 December 31, 201 7 December 31, 201 6 Balance at beginning of year $ 8,920 $ 7,862 $ 8,521 Additions 4,812 1,896 - Repayments (703 ) (838 ) (659 ) Balance at end of year $ 13,029 $ 8,920 $ 7,862 |
Note 5 - Allowances for Loan Lo
Note 5 - Allowances for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | 5. Allowances for Loan Losses The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the years ended December 31, 2018, 2017, 2016: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Year ended December, 201 8 Allowance for loan losses: Beginning balance: $ 3,774 $ 725 $ 1,317 $ 1,737 $ 573 $ 392 $ 81 $ 8,599 Charge-offs (1,603 ) - (151 ) (465 ) (219 ) - - (2,438 ) Recoveries 50 - 81 20 3 - - 154 Provisions 241 52 507 741 220 502 37 2,300 Ending balance $ 2,462 $ 777 $ 1,754 $ 2,033 $ 577 $ 894 $ 118 $ 8,615 Year ended December, 201 7 Allowance for loan losses: Beginning Balance: $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Charge-offs - - (1,366 ) (157 ) (53 ) - - (1,576 ) Recoveries 54 - 64 - 2 - - 120 Provisions (credits) 466 168 (265 ) 512 36 334 (351 ) 900 Ending balance $ 3,774 $ 725 $ 1,317 $ 1,737 $ 573 $ 392 $ 81 $ 8,599 Year ended December, 201 6 Allowance for loan losses: Beginning Balance: $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Charge-offs - (60 ) (143 ) (1,052 ) (11 ) (10 ) - (1,276 ) Recoveries 6 - 163 - 2 - - 171 Provisions (credits) 855 279 (68 ) 404 302 54 (269 ) 1,557 Ending balance $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of December 31, 2018 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 December 31, 201 8 Allowance for loan losses: Individually evaluated for impairment $ 295 $ - $ 867 $ 217 $ 94 $ - $ - $ 1,473 Collectively evaluated for impairment 2,167 777 887 1,816 483 894 118 7,142 Total allowance for loan losses $ 2,462 $ 777 $ 1,754 $ 2,033 $ 577 $ 894 $ 118 $ 8,615 Loans receivable: Loans evaluated individually $ 10,947 $ - $ 3,662 $ 2,560 $ 861 $ - $ - $ 18,030 Loans evaluated collectively 504,791 121,042 196,761 365,335 90,291 140,364 - 1,418,584 Total loans receivable $ 515,738 $ 121,042 $ 200,423 $ 367,895 $ 91,152 $ 140,364 $ - $ 1,436,614 (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 December 31, 2018 2017: December 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 $ 6,332 $ 6,337 $ - $ 9,264 $ 9,268 $ - Construction and land development - - - - - - Commercial and industrial 1,655 5,418 - 2,756 6,674 - Owner occupied real estate 1,905 2,013 - 2,595 2,743 - Consumer and other 710 1,082 - 655 981 - Residential mortgage - - - - - - Total $ 10,602 $ 14,850 $ - $ 15,270 $ 19,666 $ - With an allowance recorded: Commercial real estate $ 4,615 $ 5,498 $ 295 $ 6,151 $ 6,165 $ 1,964 Construction and land development - - - - - - Commercial and industrial 2,007 2,195 867 1,745 1,752 374 Owner occupied real estate 655 704 217 1,203 1,206 235 Consumer and other 151 158 94 347 379 217 Residential mortgage - - - - - - Total $ 7,428 $ 8,555 $ 1,473 $ 9,446 $ 9,502 $ 2,790 Total: Commercial real estate $ 10,947 $ 11,835 $ 295 $ 15,415 $ 15,433 $ 1,964 Construction and land development - - - - - - Commercial and industrial 3,662 7,613 867 4,501 8,426 374 Owner occupied real estate 2,560 2,717 217 3,798 3,949 235 Consumer and other 861 1,240 94 1,002 1,360 217 Residential mortgage - - - - - - Total $ 18,030 $ 23,405 $ 1,473 $ 24,716 $ 29,168 $ 2,790 The following table presents additional information regarding the Company’s impaired loans for the years ended December 31, 2018, 2017, 2016: Years Ended December 31, 201 8 201 7 201 6 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 10,429 $ 288 $ 9,579 $ 366 $ 12,033 $ 264 Construction and land development - - - - 58 - Commercial and industrial 3,341 52 2,270 37 1,828 42 Owner occupied real estate 2,275 58 1,894 58 642 10 Consumer and other 658 21 801 21 858 16 Residential mortgage - - 26 1 26 1 Total $ 16,703 $ 419 $ 14,570 $ 483 $ 15,445 $ 333 With an allowance recorded: Commercial real estate $ 3,076 $ - $ 6,490 $ 14 $ 4,455 $ 52 Construction and land development - - - - 12 - Commercial and industrial 1,862 6 2,517 68 3,357 74 Owner occupied real estate 969 25 1,390 32 2,104 31 Consumer and other 191 1 420 10 322 12 Residential mortgage - - - - - - Total $ 6,098 $ 32 $ 10,817 $ 124 $ 10,250 $ 169 Total: Commercial real estate $ 13,505 $ 288 $ 16,069 $ 380 $ 16,488 $ 316 Construction and land development - - - - 70 - Commercial and industrial 5,203 58 4,787 105 5,185 116 Owner occupied real estate 3,244 83 3,284 90 2,746 41 Consumer and other 849 22 1,221 31 1,180 28 Residential mortgage - - 26 1 26 1 Total $ 22,801 $ 451 $ 25,387 $ 607 $ 25,695 $ 502 The total average recorded investment on the Company’s impaired loans for the years ended December 31, 2018, 2017, 2016 $22.8 $25.4 $25.7 $451,000, $607,000, $502,000, The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2018 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 December 31, 201 8 Commercial real estate $ 339 $ 921 $ 4,631 $ 5,891 $ 509,847 $ 515,738 $ - Construction and land development - - - - 121,042 121,042 - Commercial and industrial 280 - 3,661 3,941 196,482 200,423 - Owner occupied real estate - 653 1,188 1,841 366,054 367,895 - Consumer and other 214 - 861 1,075 90,077 91,152 - Residential mortgage 302 - - 302 140,062 140,364 - Total $ 1,135 $ 1,574 $ 10,341 $ 13,050 $ 1,423,564 $ 1,436,614 $ - (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 our internal risk rating system as of December 31, 2018 2017: (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 201 8 : Commercial real estate $ 510,186 $ 921 $ 4,631 $ - $ 515,738 Construction and land development 121,042 - - - 121,042 Commercial and industrial 196,751 10 3,382 280 200,423 Owner occupied real estate 364,032 1,303 2,560 - 367,895 Consumer and other 90,291 - 861 - 91,152 Residential mortgage 140,240 124 - - 140,364 Total $ 1,422,542 $ 2,358 $ 11,434 $ 280 $ 1,436,614 (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 December 31, 2018 2017: (dollars in thousands) December 31, 201 8 December 31, 201 7 Commercial real estate $ 4,631 $ 8,963 Construction and land development - - Commercial and industrial 3,661 2,895 Owner occupied real estate 1,188 2,136 Consumer and other 861 851 Residential mortgage - - Total $ 10,341 $ 14,845 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $498,000, $590,000, $1.0 2018, 2017, 2016, Troubled Debt Restructurings A modification to the contractual terms of a loan which results in a concession to a borrower that is experiencing financial difficulty is classified as a troubled debt restructuring (“TDR”). The concessions made in a TDR are those that would not may The following table summarizes information with regard to outstanding troubled debt restructurings at December 31, 2018 2017: (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs December 31, 201 8 Commercial real estate 1 $ 6,316 $ - $ 6,316 Construction and land development - - - - Commercial and industrial 3 - 1,224 1,224 Owner occupied real estate 1 - 242 242 Consumer and other - - - - Residential mortgage - - - - Total 5 $ 6,316 $ 1,466 $ 7,782 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 There were no twelve December 31, 2018 The Company modified one twelve December 31, 2017. $975,000 five The Company modified one twelve December 31, 2017. $245,000, The Company modified one $6.5 twelve December 31, 2017 second 2015 $421,000. six third 2017. There were no twelve December 31, 2016 After a loan is determined to be a TDR, we continue to track its performance under the most recent restructured terms. There were three December 31, 2018. no December 31, 2017 2016. There were no December 31, 2018 December 31, 2017, $0 $42,000 December 31, 2018 2017, |
Note 6 - Other Real Estate Owne
Note 6 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Real Estate Owned [Text Block] | 6. Other Real Estate Owned Other real estate owned consists of properties acquired as a result of foreclosures or deeds in-lieu-of foreclosure. Costs relating to the development or improvement of assets are capitalized, and costs relating to holding the property are charged to expense. As of December 31, 2018 six The following table presents a reconciliation of other real estate owned for the years ended December 31, 2018, 2017, 2016: (dollars in thousands) December 31 , 201 8 December 31, 201 7 December 31, 201 6 Beginning Balance, January 1 st $ 6,966 $ 10,174 11,313 Additions 315 291 616 Valuation adjustments (563 ) (3,000 ) (355 ) Dispositions (495 ) (499 ) (1,400 ) Ending Balance $ 6,223 $ 6,966 10,174 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7 . Premises and Equipment A summary of premises and equipment is as follows: (dollars in thousands) December 31, 201 8 December 31, 201 7 Land $ 15,957 $ 12,711 Buildings 49,204 40,519 Leasehold improvements 20,396 20,477 Furniture, fixtures and equipment 21,430 18,521 Construction in progress 8,041 4,961 115,028 97,189 Less accumulated depreciation (27,367 ) (22,242 ) Net premises and equipment $ 87,661 $ 74,947 Depreciation expense on premises and equipment amounted to approximately $5.4 $4.6 $3.5 2018, 2017, 2016, $8.0 $2.7 seven $8.0 December 31, 2018. |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Borrowings Republic has a line of credit with the Federal Home Loan Bank (“FHLB”) of Pittsburgh with a maximum borrowing capacity of $717.1 December 31, 2018. December 31, 2018 2017, no December 31, 2018, $91.4 2.65% no December 31, 2017. December 31, 2018 2017, $100.0 $75.0 no 2018 2017. December 31, 2018, $1.0 $206.9 2018 $82.9 2017. Republic also has a line of credit in the amount of $10.0 December 31, 2018 2017, no no 2018 2017. Republic also established a line of credit with Zions Bank in the amount of $15.0 December 31, 2018. December 31, 2018, no no 2018. Subordinated debt and corporation-obligated-mandatorily redeemable capital securities of subsidiary trust holding solely junior obligations of the corporation: The Company has sponsored two not 1 25% 1 In December 2006, $6.0 $0.2 $6.2 2037, 1.73% 3 may five On June 28, 2007, $5.0 $0.2 $5.2 2037, 1.55% 3 On June 10, 2008, $10.8 December 5, 2016, $0.3 $11.1 2038, 8.0% fifth 1.7 $6.50 $240,000 37,000 2017. January 31, 2018, March 31, 2018 first 2018, $10.1 1.6 March 31 2018, Deferred issuance costs included in subordinated debt were $82,000 $555,000 December 31, 2018 December 31, 2017, $6,000, $29,000, $24,000 December 31, 2018, 2017, 2016, $467,000 first 2018 470 20. |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 9. Deposits The following is a breakdown, by contractual maturities of the Company’s certificates of deposit for the years 2019 2023. (dollars in thousands) 201 9 20 20 20 2 1 20 2 2 20 2 3 Thereafter Total Certificates of Deposit $ 94,022 $ 57,138 $ 1,135 $ 958 $ 1,004 $ - $ 154,257 Certificates of deposit of $250,000 $104.6 $57.5 December 31, 2018 2017, Deposits of related parties totaled $102.7 $107.1 December 31, 2018 2017, $18.6 $18.4 December 31, 2018 2017, $277,000 $132,000 December 31, 2018 2017, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The provision (benefit) for income taxes for the years ended December 31, 2018, 2017, 2016 (dollars in thousands) 201 8 20 1 7 20 1 6 Current Federal $ - $ 2,137 $ 261 State 51 - - Deferred Federal 2,006 (5,056 ) (380 ) State (479 ) - - Total provision (benefit) for income taxes $ 1,578 $ (2,919 ) $ (119 ) The following table reconciles the difference between the actual tax provision and the amount per the statutory federal income tax rate of 21.0% December 31, 2018 35.0% December 31, 2017, 2016. (dollars in thousands) 201 8 20 1 7 20 1 6 Tax provision computed at federal statutory rate $ 2,143 $ 2,095 $ 1,689 State income tax, net of federal benefit (340 ) - - Tax exempt interest (430 ) (573 ) (582 ) Deferred tax only items 199 - - Effect of change in tax rate - 7,661 - Deferred tax asset valuation allowance adjustment - (12,214 ) (1,508 ) Other 6 112 282 Total provision (benefit) for income taxes $ 1,578 $ (2,919 ) $ (119 ) The significant components of the Company’s net deferred tax asset as of December 31, 2018 2017 (dollars in thousands) 201 8 201 7 Deferred tax assets Allowance for loan losses $ 2,185 $ 2,047 Deferred compensation 591 557 Unrealized losses on securities available for sale 3,935 2,789 Realized losses in other than temporary impairment charge - 65 Foreclosed real estate write-downs 2,351 1,468 Interest income on non-accrual loans 615 525 Net operating loss carryforward 3,541 5,549 Other 1,472 1,266 Total deferred tax assets 14,690 14,266 Deferred tax liabilities Deferred loan costs 1,103 998 Premises and equipment 634 211 Other 619 342 Total deferred tax liabilities 2,356 1,551 Net deferred tax asset $ 12,334 $ 12,715 The Company’s net deferred tax asset decreased to $12.3 December 31, 2018 $12.7 December 31, 2017. first 2018 fourth 2017. 2011 may not 2017. December 31, 2018 2017 15% 27%, The $12.3 December 31, 2018 $3.5 $8.8 $3.9 December 31, 2018. The Company evaluates the carrying amount of its deferred tax assets on a quarterly basis or more frequently, if necessary, in accordance with the guidance provided in ASC 740, not 50% not not not In conducting the deferred tax asset analysis, the Company believes it is important to consider the unique characteristics of an industry or business. In particular, characteristics such as business model, level of capital and reserves held by financial institutions and their ability to absorb potential losses are important distinctions to be considered for bank holding companies like the Company. In addition, it is also important to consider that NOLs for federal income tax purposes can generally be carried back two twenty January 1, 2018. $16.9 December 31, 2030 December 31, 2031 not In assessing the need for a valuation allowance, the Company carefully weighed both positive and negative evidence currently available. Judgment is required when considering the relative impact of such evidence. The weight given to the potential effect of positive and negative evidence must be commensurate with the extent to which it can be objectively verified. Positive evidence evaluated when considering the need for a valuation allowance included: ● the annual improvement in pre-tax earnings during the four December 31, 2018; ● strong growth in interest-earning assets is expected to continue and is supported by the capital raise completed during the fourth 2016; ● deposit growth in the stores opened since the inception of the “Power of Red is Back” growth and expansion strategy in 2014 ● loan growth during 2018 20%; ● the acquisition of a residential mortgage lending team (Oak Mortgage Company) completed in July 2016 ● the ratio of non-performing assets to total assets along with other credit quality metrics continue to improve; and ● a cumulative loss has not Negative evidence evaluated when considering the need for a valuation allowance included: ● profitability metrics including return on average assets and return on average equity remain below industry standards; ● the Bank’s net interest margin declined during 2018 ● past earnings have been heavily dependent upon the success of the SBA Lending Team which has recently experienced reduced loan volumes and the recently acquired Mortgage Division which can be significantly impacted by a changing interest rate environment and other various economic factors. The ongoing success of the Company’s growth and expansion strategy, along with the successful integration of the mortgage company and the limited exposure remaining with current asset quality issues put the Company in a position to rely on projections of future taxable income when evaluating the need for a valuation allowance against its deferred tax assets. Based on the guidance provided in FASB Accounting Standards Codification Topic 740 740 December 31, 2017 not not December 31, 2017 $10.6 fourth 2017 The net deferred tax asset balance was $12.3 December 31, 2018 $12.7 December 31, 2017. $12.2 December 31, 2016. The Company accounts for uncertain tax positions if it is more likely than not, not December 31, 2018. No December 31, 2018, 2017, 2016. December 31, 2014. not 2015 |
Note 11 - Financial Instruments
Note 11 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Financial Instruments With Off-balance Sheet Risk [Text Block] | 11. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Credit risk is defined as the possibility of sustaining a loss due to the failure of the other parties to a financial instrument to perform in accordance with the terms of the contract. The maximum exposure to credit loss under commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same underwriting standards and policies in making credit commitments as it does for on-balance-sheet instruments. Financial instruments whose contract amounts represent potential credit risk are commitments to extend credit of approximately $286.4 $264.3 $13.9 $12.6 December 31, 2018 2017, $286.4 December 31, 2018, Commitments to extend credit are agreements to lend to a customer as long as there is no not may Standby letters of credit are conditional commitments issued that guarantee the performance of a customer to a third may December 31, 2018 2017 not |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Lease Arrangements As of December 31, 2018, December 31, 2058. Year Ended Amount 2019 $ 4,124 2020 4,128 2021 2,879 2022 2,590 2023 1,916 Thereafter 36,036 Total $ 51,673 The Company incurred rent expense of $4.4 $4.0 $3.4 December 31, 2018, 2017, 2016, Other The Company and Republic are from time to time a party (plaintiff or defendant) to lawsuits that are in the normal course of business. While any litigation involves an element of uncertainty, management is of the opinion that the liability of the Company and Republic, if any, resulting from such actions will not |
Note 13 - Regulatory Capital
Note 13 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 13. Regulatory Capital Dividend payments by Republic to the Company are subject to the Pennsylvania Banking Code of 1965 no may may no $48.5 2019, State and Federal regulatory authorities have adopted standards for the maintenance of adequate levels of capital by Republic. Federal banking agencies impose four 1 1 The following table presents the Company’s and Republic’s capital regulatory ratios calculated based on Basel III guidelines at December 31, 2018 2017: (dollars in thousands) Actual Minimum Capital Adequacy Minimum Capital Adequacy with Capital Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio At December 31, 201 8 : Total risk based capital Republic $ 231,610 13.26 % $ 139,722 8.00 % $ 172,489 9.875 % $ 174,652 10.00 % Company 262,964 15.03 % 140,009 8.00 % 172,824 9.875 % - - % Tier one risk based capital Republic 222,995 12.77 % 104,791 6.00 % 137,539 7.875 % 139,722 8.00 % Company 254,349 14.53 % 105,007 6.00 % 137,821 7.875 % - - % CET 1 risk based capital Republic 222,995 12.77 % 78,594 4.50 % 111,341 6.375 % 113,524 6.50 % Company 243,349 13.90 % 78,755 4.50 % 111,570 6.375 % - - % Tier one leveraged capital Republic 222,995 8.21 % 108,685 4.00 % 108,685 4.00 % 135,857 5.00 % Company 254,349 9.35 % 108,800 4.00 % 108,800 4.00 % - - % At December 31, 201 7 : Total risk based capital Republic $ 187,732 12.57 % $ 119,446 8.00 % $ 138,109 9.25 % $ 149,307 10.00 % Company 249,510 16.70 % 119,521 8.00 % 138,197 9.25 % - - % Tier one risk based capital Republic 179,133 12.00 % 89,584 6.00 % 108,248 7.25 % 119,446 8.00 % Company 240,911 16.13 % 89,641 6.00 % 108,316 7.25 % - - % CET 1 risk based capital Republic 179,133 12.00 % 67,188 4.50 % 85,852 5.75 % 97,050 6.50 % Company 220,433 14.75 % 67,231 4.50 % 85,906 5.75 % - - % Tier one leveraged capital Republic 179,133 7.91 % 90,531 4.00 % 90,531 4.00 % 113,164 5.00 % Company 240,911 10.64 % 90,586 4.00 % 90,586 4.00 % - - % Management believes that Republic met, as of December 31, 2018, December 31, 2018 2017, no Under the capital rules, risk-based capital ratios are calculated by dividing common equity Tier 1, 1, one 1 4.5%, 1 6%, 8% 4%. 1 2.5% 1 January 1, 2016 0.625% three January 1, 2.5% January 1, 2019). 1 January 1, 2015 three 40% January 1, 2015 20% The following table shows the required capital ratios with the conversation buffer over the phase-in period. Basel III Community Banks Minimum Capital Ratio Requirements 2016 2017 2018 2019 Common equity tier 1 capital (CET1) 5.125 % 5.750 % 6.375 % 7.000 % Tier 1 capital (to risk weighted assets) 6.625 % 7.250 % 7.875 % 8.500 % Total capital (to risk-weighted assets) 8.625 % 9.250 % 9.875 % 10.500 % The Company believes that, as of December 31, 2018, |
Note 14 - Benefit Plans
Note 14 - Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14. Benefit Plans Defined Contribution Plan The Company has a defined contribution plan pursuant to the provision of 401 4% $1.1 2018, $927,000 2017, $627,000 2016. Directors’ and Officers’ Plans The Company has agreements that provide for an annuity payment upon the retirement or death of certain directors and officers, ranging from $15,000 $25,000 ten 2001, 65 $1.1 December 31, 2018 $1.2 December 31, 2017, December 31, 2018, 2017, 2016, $18,000, $24,000, $31,000, $2.5 December 31, 2018 $2.4 December 31, 2017 The Company maintains a deferred compensation plan for the benefit of certain officers and directors. The plan permits certain participants to make elective contributions to their accounts, subject to applicable provisions of the Internal Revenue Code. In addition, the Company may three December 31, 2018 2017, $1.2 $15,000 2018. 2017 2016 $28,000 $88,000, not No 2018, 2017, 2016. December 31, 2018, 25,437 |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 5 . Fair Value Measurements and Fair Values of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not not may The Company follows the guidance issued under ASC 820, Fair Value Measurement, ASC 820 1 3 three 820 Level 1 Level 2 not Level 3 no An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 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 December 3 1 , 201 8 Assets: Collateralized mortgage obligations $ 196,259 $ - $ 196,259 $ - Agency mortgage-backed securities 38,499 - 38,499 - Municipal securities 20,639 - 20,639 - Corporate bonds 59,274 - 56,205 3,069 Asset-backed securities 6,343 - 6,343 - Securities Available for Sale $ 321,014 $ - $ 317,945 $ 3,069 Mortgage Loans Held for Sale $ 20,887 $ - $ 20,887 $ - SBA Servicing Assets 4,785 - - 4,785 Interest Rate Lock Commitments 410 - 410 - Best Efforts Forward Loan Sales Commitments 5 - 5 - Mandatory Forward Loan Sales Commitments 10 - 10 - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 138 - 138 - Mandatory Forward Loan Sales Commitments 230 - 230 - 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 years ended December 31, 2018, 2017, 2016: (dollars in thousands) 201 8 201 7 201 6 Beginning balance, January 1 st $ 5,243 $ 5,352 4,886 Additions 1,000 1,078 1,541 Fair value adjustments (1,458 ) (1,187 ) (1,075 ) Ending balance, December 31 st $ 4,785 $ 5,243 5,352 Fair value adjustments are recorded as loan and servicing fees on the statement of income. Servicing fee income, not $2.0 $1.8 $1.8 December 31, 2018, 2017, 2016, $204.4 December 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 December 31, 2018, 2017, 2016: Year Ended December 31, 201 8 Year Ended December 31, 201 7 Year Ended December 31, 201 6 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1, $ 489 $ 3,086 $ 1,820 $ 2,971 $ 1,883 $ 2,834 Security transferred to Level 3 measurement - - - - - - Unrealized (losses) gains 237 (17 ) 1,006 115 (56 ) 137 Paydowns - - - - - Proceeds from sales (660 ) - (1,539 ) - - - Realized losses (66 ) - (798 ) - - - Impairment charges on Level 3 - - - - (7 ) - Balance, December 31, $ - $ 3,069 $ 489 $ 3,086 $ 1,820 $ 2,971 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2018 2017, (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significan t Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2018: Impaired loans $ 5,955 $ - $ - $ 5,955 Other real estate owned 1,114 - - 1,114 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) December 3 1 , 2018 Corporate bonds $ 3,069 Discounted Cash Flows Discount Rate (8.24%) SBA servicing assets $ 4,785 Discounted Cash Flows Conditional Prepayment Rate (10.31%) Discount Rate (11.50%) Impaired loans $ 5,955 Appraised Value of Collateral (1) Liquidation expenses (2) 11% - 24% (13%) (3) Other real estate owned $ 1,114 Appraised Value of Collateral (1) Liquidation expenses (2) (7%) (3) December 31, 201 7 Corporate bonds $ 3,086 Discounted Cash Flows Discount Rate (5.99%) Trust preferred securities $ 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 December 31, 2018 December 31, 2017: 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 held in the investment securities portfolio. Such instruments are generally classified within Level 2 820 10, not Level 3 not may 3 third one 3 The corporate bond included in Level 3 2 2010 not 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 $1.2 $976,000 twelve December 31, 2018 December 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 December 31, 2018 December 31, 2017 ( Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2018 $ 20,887 $ 20,071 $ 816 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 December 31, 2018 December 31, 2017. Interest Rate Lock Commitments (“IRLC”) The Company determines the value of IRLC’s by comparing the market price to the price locked in with the customer, adding fees or points to be collected at closing, subtracting commissions to be paid at closing, and subtracting estimated remaining loan origination costs to the bank based on the processing status of the loan, The Company also considers pull-through as it determines the fair value of IRLC’S Factors that affect pull-through rates include the origination channel, current mortgage interest rates in the market versus the interest rate incorporated in the IRLC, the purpose of the mortgage (purchase versus financing), the stage of completion of the underlying application and underwriting process, and the time remaining until the IRLC expires. 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. Fair value is determined through valuations periodically performed by third December 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 December 31, 2018 December 31, 2017, 10% 20% (dollars in thousands) December 3 1 , 2018 December 31, 2017 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,785 $ 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 (in years) 20.4 20.5 Prepayment Speed 10.31 % 7.85 % Effect on fair value of a 10% increase $ (170 ) $ (171 ) Effect on fair value of a 20% increase (330 ) (333 ) Weighted Average Discount Rate 11.50 % 10.50 % Effect on fair value of a 10% increase $ (186 ) $ (211 ) Effect on fair value of a 20% increase (359 ) (407 ) The sensitivity calculations above are hypothetical and should not may not one may 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 December 31, 2018 Fair Value Measurements at December 31, 201 8 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significan t Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 72,473 $ 72,473 $ 72,473 $ - $ - Investment securities available for sale 321,014 321,014 - 317,945 3,069 Investment securities held to maturity 761,563 747,323 - 747,323 - Restricted stock 5,754 5,754 - 5,754 - Loans held for sale 26,291 26,291 - 20,887 5,404 Loans receivable, net 1,427,983 1,410,945 - - 1,410,945 SBA servicing assets 4,785 4,785 - - 4,785 Accrued interest receivable 9,025 9,025 - 9,025 - Interest rate lock commitments 410 410 - 410 - Best efforts forward loan sales commitments 5 5 - 5 - Mandatory forward loan sales commitments 10 10 - 10 - Financial liabilities: Deposits Demand, savings and money market $ 2,238,610 $ 2,238,610 $ - $ 2,238,610 $ - Time 154,257 152,989 - 152,989 - Subordinated debt 11,259 8,279 - - 8,279 Accrued interest payable 558 558 - 558 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 138 138 - 138 - Mandatory forward loan sales commitments 230 230 - 230 - 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, 201 7 (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 16 - Stock Based Compensat
Note 16 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 6 . Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 1.5 2005 1.5 December 31, 2018, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 no 10% may December 31, 2018, 2014 6.3 twelve December 31, 2018, 1,106,800 2014 $3,030,999. 2018, one four ten The Company utilized the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for 2018, 2017, 2016 201 8 201 7 201 6 Dividend yield (1) 0.0% 0.0% 0.0% Expected volatility 28.22% (2) 44.00% to 50.09% (3) 46.38% to 52.54% (3) Risk-free interest rate (4 ) 2.35% to 2.96% 1.89% to 2.30% 1.23% to 1.82% Expected life (in years) (5 ) 6.25 5.5 to 7.0 5.5 to 7.0 Assumed forfeiture rate (6 ) 4.0% 6.0% 10.0% ( 1 0.0% ( 2 ( 3 five one seven ( 4 five seven ( 5 ) 1 4 ten ( 6 ) three During 2018, 753,864 529,624 2017 519,050 2016. December 31, 2018, 3,861,650 $4.3 1,899,487 $3.6 2018, 76,125 $235,000. Information regarding stock based compensation for the years ended December 31, 2018, 2017, 2016 201 8 201 7 201 6 Stock based compensation expense recognized $ 2,116,000 $ 1,842,000 $ 759,000 Number of unvested stock options 1,962,163 1,659,102 1,283,226 Fair value of unvested stock options $ 5,550,820 $ 4,587,565 $ 2,184,773 Amount remaining to be recognized as expense $ 3,406,394 $ 2,508,314 $ 1,104,424 The remaining amount of $3.4 December 2022. A summary of stock option activity under the Plan as of December 31, 2018, 2017, 2016 For the Years Ended December 31, 201 8 201 7 201 6 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 3,005,825 $ 4.98 2,332,900 $ 3.70 1,947,725 $ 3.56 Granted 1,106,800 8.34 916,000 8.03 661,750 4.06 Exercised (174,850 ) 3.83 (197,975 ) 3.26 (226,275 ) 3.21 Forfeited (76,125 ) 6.80 (45,100 ) 7.95 (50,300 ) 5.21 Outstanding, end of year 3,861,650 $ 5.96 3,005,825 $ 4.98 2,332,900 $ 3.70 Options exercisable at year-end 1,899,487 $ 4.53 1,346,723 $ 3.55 1,049,674 $ 3.70 Weighted average fair value of options granted during the year $ 2.85 $ 3.75 $ 1.80 A summary of stock option exercises and related proceeds during the years end December 31, 2018, 2017, 2016 For the Years Ended December 31, 201 8 201 7 201 6 Number of options exercised 174,850 197,975 226,275 Cash received $ 670,413 $ 646,263 $ 726,157 Intrinsic value $ 814,855 $ 991,957 $ 739,699 Tax benefit $ 12,288 $ 81,589 $ - The following table summarizes information about options outstanding at December 31, 2018: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $1.55 to $3.53 518,200 3.5 $ 2.52 508,200 $ 2.50 $3.55 to $3.95 663,050 5.5 3.62 526,312 3.64 $3.99 to $7.85 737,225 6.2 4.50 435,850 4.55 $8.00 to $9.50 1,943,175 8.5 8.23 429,125 8.00 3,861,650 $ 5.96 1,899,487 $ 4.53 A roll-forward of non-vested options during the year ended December 31, 2018 Number of Share s Weighted- Average Grant Date Fair Value Nonvested, beginning of year 1,659,102 $ 2.77 Granted 1,106,800 2.85 Vested (753,864 ) 2.92 Forfeited (49,875 ) 2.94 Nonvested, end of year 1,962,163 $ 2.83 |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 7 . Segment Reporting The Company has one second not |
Note 18 - Transactions With Aff
Note 18 - Transactions With Affiliates and Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 8 . Transactions with Affiliate s and Related Parties The Company made payments to related parties in the amount of $685,000, $653,000, $1.0 2018, 2017, 2016, 2018, 2017, 2016 $400,000, $361,000, $450,000, 8.1% $165,000, $172,000 $194,000 2018, 2017, 2016 December 2016, $250,000 The Company paid $120,000 2018, 2017 2016 |
Note 19 - Parent Company Financ
Note 19 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 1 9 . Parent Company Financial Information The following financial statements for Republic First Bancorp, Inc. (Parent Company) should be read in conjunction with the consolidated financial statements and the other notes related to the consolidated financial statements. Balance Sheet December 31, 201 8 and 201 7 (Dollars in thousands) December 31, 201 8 December 31, 201 7 ASSETS Cash $ 27,722 $ 60,309 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation 341 676 Investment in subsidiaries 220,864 181,256 Other assets 7,572 5,931 Total Assets $ 256,499 $ 248,172 LIABILITIES AND SHAREHOLDER S ’ EQUITY Liabilities Accrued expenses $ 51 $ 31 Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation 11,259 21,681 Total Liabilities 11,310 21,712 Shareholders’ Equity Total Shareholders’ Equity 245,189 226,460 Total Liabilities and Shareholders’ Equity $ 256,499 $ 248,172 Statements of Income, Comprehensive Income (Loss), and Changes in Shareholders’ Equity For the years ended December 31, 201 8 , 201 7 , and 201 6 (Dollars in thousands) 201 8 201 7 201 6 Interest income $ 13 $ 37 $ 35 Total income 13 37 35 Trust preferred interest expense 441 1,225 1,160 Other expenses 4,972 1,424 717 Total expenses 5,413 2,649 1,877 Net loss before taxes (5,400 ) (2,612 ) (1,842 ) Benefit for income taxes (1,640 ) (914 ) (645 ) Loss before undistributed income of subsidiaries (3,760 ) (1,698 ) (1,197 ) Equity in undistributed income of subsidiaries 12,387 10,603 6,142 Net income $ 8,627 $ 8,905 $ 4,945 Net income $ 8,627 $ 8,905 $ 4,945 Total other comprehensive loss (2,778 ) (215 ) (4,129 ) T otal comprehensive income (loss) $ 5,849 $ 8,690 $ 816 Shareholders’ equity, beginning of year $ 226,460 $ 215,053 $ 113,375 Shares issued under common stock offering - - 99,175 Stock based compensation 2,116 1,842 759 Stock options issued in acquisition - - 202 Exercise of stock options 670 646 726 Conversion of subordinated debt to common shares 10,094 229 - Net income 8,627 8,905 4,945 Total other comprehensive loss (2,778 ) (215 ) (4,129 ) Shareholders’ equity, end of year $ 245,189 $ 226,460 $ 215,053 Statements of Cash Flows For the years ended December 31, 201 8 , 201 7 , and 201 6 (Dollars in thousands) 201 8 201 7 201 6 Cash flows from operating activities: Net income $ 8,627 $ 8,905 $ 4,945 Adjustments to reconcile net income to net cash used in operating activities: Share based compensation 2,116 1,842 961 Amortization of debt issuance costs 6 29 24 Increase in other assets (1,639 ) (1,342 ) (716 ) Net increase (decrease) in other liabilities 20 (179 ) 190 Equity in undistributed income of subsidiaries (12,387 ) (10,603 ) (6,142 ) Net cash used in operating activities (3,257 ) (1,348 ) (738 ) Cash flows from investing activities: Investment in subsidiary (30,000 ) - (40,203 ) Net cash used in investing activities (30,000 ) - (40,203 ) Cash flows from financing activities: Net proceeds from stock offering - - 99,175 Exercise of stock options 670 646 726 Net cash provided by financing activities 670 646 99,901 Increase (decrease) in cash (32,587 ) (702 ) 58,960 Cash, beginning of period 60,309 61,011 2,051 Cash, end of period $ 27,722 $ 60,309 $ 61,011 |
Note 20 - Quarterly Financial D
Note 20 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 20 . Quarterly Financial Data (unaudited) The following represents summarized unaudited quarterly financial data of the Company for each of the quarters ended during 2018 2017. Summary of Selected Quarterly Consolidated Financial Data (dollars in thousands, except per share data) For the Quarter Ended December 31 st September 30 th June 30 th March 31 st 201 8 Interest income $ 25,293 $ 23,558 $ 22,324 $ 20,899 Interest expense 5,313 4,412 3,662 2,783 Net interest income 19,980 19,146 18,662 18,116 Provision for loan losses 600 500 800 400 Non-interest income 4,888 5,131 5,768 4,535 Non-interest expense 22,057 20,833 20,729 20,102 Provision for income taxes 54 622 530 372 Net income $ 2,157 $ 2,322 $ 2,371 $ 1,777 Net income per share: Basic $ 0.04 $ 0.04 $ 0.04 $ 0.03 Diluted $ 0.04 $ 0.04 $ 0.04 $ 0.03 201 7 Interest income $ 19,409 $ 17,922 $ 17,331 $ 16,187 Interest expense 2,542 2,210 2,064 1,968 Net interest income 16,867 15,712 15,267 14,219 Provision for loan losses 400 - 500 - Non-interest income 5,012 5,778 4,969 4,338 Non-interest expense 21,622 19,165 17,685 16,804 Provision (benefit) for income taxes (2,881 ) 4 (8 ) (34 ) Net income $ 2,738 $ 2,321 $ 2,059 $ 1,787 Net income per share (1) Basic $ 0.05 $ 0.04 $ 0.04 $ 0.03 Diluted $ 0.05 $ 0.04 $ 0.04 $ 0.03 ( 1 Quarterly net income per share does not |
Note 21 - Changes in Accumulate
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 2 1 . Changes in Accumulated Other Comprehensive Income (Loss) By Component ( 1 December 31, 2018, 2017, 2016. Unrealized Gains (Losses) on Available- For-Sale Securities Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity Total (dollars in thousands) Balance January 1, 2018 $ (7,150 ) $ (359 ) $ (7,509 ) Reclassification due to the adoption of ASU 2018-02 (1,562 ) (78 ) (1,640 ) Unrealized gain/(loss) on securities 3,927 - 3,927 Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity - (6,855 ) (6,855 ) Amounts reclassified from accumulated other comprehensive income to net income (2) 49 101 150 Net current-period other comprehensive income (loss) 3,976 (6,754 ) (2,778 ) Total change in accumulated other comprehensive income (loss) 2,414 (6,832 ) (4,418 ) Balance December 31, 2018 $ (4,736 ) $ (7,191 ) $ (11,927 ) 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 ) Balance January 1, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized loss on securities (3,853 ) - (3,853 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (416 ) 140 (276 ) Net current-period other comprehensive income (loss) (4,269 ) 140 (4,129 ) Balance December 31, 2016 $ (6,831 ) $ (463 ) $ (7,294 ) ( 1 All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. ( 2 Reclassification amounts are reported as gains/losses on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Income. |
Note 22 - Business Combination
Note 22 - Business Combination | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 22. Oak Mortgage Company, LLC On July 28, 2016, $7.1 $1.0 one third 2017. December 31, 2017. In connection with the Oak Mortgage acquisition, the following table details the consideration paid, the initial estimated fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, the subsequent adjustments to estimates, the final valuation of the fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, and the resulting goodwill recorded (in thousands): Consideration paid: Original Estimates Adjustments to Estimates Final Valuation Cash $ 7,136 $ - $ 7,136 Equity instruments 202 - 202 Deferred additional purchase price 500 - 500 Value of consideration $ 7,838 $ - $ 7,838 Assets acquired: Cash and cash equivalents $ 1,223 $ - $ 1,223 Loans held for sale 20,871 - 20,871 Loans receivable 1,132 - 1,132 Premises and equipment 103 - 103 Derivative assets 1,508 - 1,508 Intangible assets – non compete agreements 104 - 104 Other assets 125 - 125 Total assets 25,066 - 25,066 Liabilities assumed: Warehouse lines of credit 19,666 - 19,666 Derivative liabilities 412 - 412 Other liabilities 2,042 119 2,161 Total liabilities 22,120 119 22,239 Net assets acquired 2,946 (119 ) 2,827 Goodwill resulting from acquisition of Oak Mortgage $ 4,892 $ 119 $ 5,011 As of December 31, 2016, On an unaudited pro forma basis for the year ended December 31, 2016, $69.4 $6.1 not 2016. not |
Note 23 - Goodwill and Other In
Note 23 - Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 23 . Goodwill and Other Intangibles The Company completed an annual impairment test for goodwill as of July 31, 2018 2017. July 31 December 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 December 3 1, 2018 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite (dollars in thousands) Balance December 31, 201 6 Additions/ Adjustments Amortization Balance December 3 1 , 201 7 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite Non-compete agreements 61 - (61 ) - 1 Total $ 5,072 $ - $ (61 ) $ 5,011 |
Note 24 - Derivatives and Risk
Note 24 - Derivatives and Risk Management Activities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 24 . Derivatives and Risk Management Activities Republic did not twelve December 31, 2018 2017. not December 31, 2018 December 31, 2017 ( December 31, 201 8 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 410 $ 16,966 Best efforts forward loan sales commitments Other Assets 5 1,639 Mandatory forward loan sales commitments Other Assets 10 865 Liability derivatives: IRLC’s Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 138 15,327 Mandatory forward loan sales commitments Other Liabilities 230 18,980 December 31, 201 7 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s 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: IRLC’s 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 twelve December 31, 2018, 2017, 2016 Twelve Months Ended December 31, 201 8 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ 47 Best efforts forward loan sales commitments Mortgage banking income - Mandatory forward loan sales commitments Mortgage banking income (9 ) Liability derivatives: IRLC’s Mortgage banking income $ 1 Best efforts forward loan sales commitments Mortgage banking income (45 ) Mandatory forward loan sales commitments Mortgage banking income (35 ) Twelve Months Ended December 31, 201 7 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (76 ) Best efforts forward loan sales commitments Mortgage banking income (98 ) Mandatory forward loan sales commitments Mortgage banking income (210 ) Liability derivatives: IRLC’s Mortgage banking income $ 54 Best efforts forward loan sales commitments Mortgage banking income 32 Mandatory forward loan sales commitments Mortgage banking income (157 ) Twelve Months Ended December 31, 2016 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (1,042 ) Best efforts forward loan sales commitments Mortgage banking income 77 Mandatory forward loan sales commitments Mortgage banking income 229 Liability derivatives: IRLC’s Mortgage banking income $ (32 ) Best efforts forward loan sales commitments Mortgage banking income 264 Mandatory forward loan sales commitments Mortgage banking income (38 ) The fair value of Republic’s IRLCs, best efforts forward loan sales commitments, and mandatory forward loan sales commitments are based upon the estimated value of the underlying mortgage loan (determined consistent with “Loans Held for Sale”), adjusted for ( 1 2 |
Note 25 - Revenue Recognition
Note 25 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 25 . Revenue Recognition On January 1, 2018, 2014 09 Revenue from Contracts with Customers (Topic 606 606. 2 Summary of Significant Accounting Policies, not not January 1, 2018 606, not 605. Topic 606 not not 606 not 606. 606 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 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 606. The following tables present non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, twelve December 31, 2018, 2017, 2016. Twelve Months Ended December 31 , (dollars in thousands) 2018 2017 2016 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 5,476 $ 3,904 $ 2,658 Other non-interest income 174 177 335 Non-interest income (in-scope of Topic 606) 5,650 4,081 2,993 Non-interest income (out-of-scope of Topic 606) 14,672 16,016 12,319 Total non-interest income $ 20,322 $ 20,097 $ 15,312 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 not December 31, 2018, 2017, 2016, not Contract Acquisition Costs In connection with the adoption of Topic 606, not not one 606, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Republic. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material inter-company transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. |
Risks and Uncertainties and Certain Significant Estimates [Policy Text Block] | Risks and Uncertainties and Certain Significant Estimates The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are 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 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, and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Greater Philadelphia region. Note 3 4 not one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all cash and due from banks, interest-bearing deposits with an original maturity of ninety ninety |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash and Due from Banks Republic is required to maintain certain average reserve balances as established by the Federal Reserve Board. The amounts of those balances for the reserve computation periods that include December 31, 2018 2017 $51.4 $31.2 |
Investment, Policy [Policy Text Block] | Investment Securities Held to Maturity Available for Sale – may Investment securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not not not $7,000 December 31, 2016 December 31, 2018, no In December 2018, twenty-three two $230.1 $9.4 December 31, 2018, $9.8 eleven July 2014. |
Restricted Stock [Policy Text Block] | Restricted Stock Restricted stock, which represents a required investment in the capital stock of correspondent banks related to available credit facilities, was carried at cost as of December 31, 2018 2017. At December 31, 2018 December 31, 2017, $5.6 $1.8 December 31, 2018 December 31, 2018 December 31, 2017, $143,000. |
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. On July 28, 2016, 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. |
Derivatives, Policy [Policy Text Block] | Interest Rate Lock Commitments Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging 30 90 not not 24 |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Best Efforts Forward Loan Sale Commitments Best efforts forward loan sale commitments are commitments to sell individual mortgage loans at a fixed price to an investor at a future date. Best efforts forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of income. |
Mandatory Forward Loan Sales Commitments, Policy [Policy Text Block] | Mandatory Forward Loan Sales Commitments Mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Mandatory forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of income. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is recognized as an asset and is to be reviewed for impairment annually and between annual tests when events and circumstances indicate that impairment may The Company has one July 28, 2016 December 31, 2017 July 31, 2017 350 20 no On January 1, 2018, July 31, 2018 no two July 31, 2018, one no $5.0 December 31, 2018 2017, |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable The loans receivable portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, and residential mortgages. Consumer loans consist of home equity loans and other consumer loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower’s ability to repay their obligation as agreed. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. Accordingly, the repayment of a commercial and industrial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Commercial real estate and owner occupied real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. In addition, the underwriting considers the amount of the principal advanced relative to the property value. Commercial real estate and owner occupied real estate loans may third Construction and land development loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation amounts used are estimates and may Consumer and other loans consist of home equity loans and lines of credit and other loans to individuals originated through the Company’s retail network, which are typically secured by personal property or unsecured. Home equity loans and lines of credit often carry additional risk as a result of typically being in a second may may Residential mortgage loans are secured by one four first 80% Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated based upon the principal amounts outstanding. The Company defers and amortizes certain origination and commitment fees, and certain direct loan origination costs over the contractual life of the related loan. This results in an adjustment of the related loans yield. The Company accounts for amortization of premiums and accretion of discounts related to loans purchased based upon the effective interest method. If a loan prepays in full before the contractual maturity date, any unamortized premiums, discounts or fees are recognized immediately as an adjustment to interest income. Loans are generally classified as non-accrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 90 may may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments would represent management’s estimate of losses inherent in its unfunded loan commitments and would be recorded in other liabilities on the consolidated balance sheet, if necessary. The allowance for credit losses is established through a provision for loan losses charged to operations. Loans are charged against the allowance when management believes that the collectability of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The allowance for credit losses is an amount that represents management’s estimate of known and inherent losses related to the loan portfolio and unfunded loan commitments. Because the allowance for credit losses is dependent, to a great extent, on the general economy and other conditions that may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are categorized as impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for several qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All identified losses are immediately charged off and therefore no In estimating the allowance for credit losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. These qualitative risk factors include: 1 Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices. 2 National, regional and local economic and business conditions as well as the condition of various segments. 3 Nature and volume of the portfolio and terms of loans. 4 Experience, ability and depth of lending management and staff. 5 Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 6 Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 7 Existence and effect of any concentration of credit and changes in the level of such concentrations. 8 Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment, include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may not In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may may not |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets The Company accounts for the transfers and servicing financial assets in accordance with ASC 860 , Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities 860 , Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not A servicing asset related to SBA loans is initially recorded when these loans are sold and the servicing rights are retained. The servicing asset is recorded on the balance sheet and included in other assets. An updated fair value of the servicing asset is obtained from an independent third The Company uses various assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. For more information on the SBA servicing asset including the sensitivity of the current fair value of the SBA loan servicing rights to adverse changes in key assumptions, see Note 15 |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Other Loans Held for Sale Other loans held for sale consist of the guaranteed portion of SBA loans that the Company intends to sell after origination and are reflected at the lower of aggregate cost or fair value. When the sale of the loan occurs, the premium received is combined with the estimated present value of future cash flows on the related servicing asset and recorded as a Gain on the Sale of SBA loans which is categorized as non-interest income. Subsequent fees collected for servicing of the sold portion of a loan are combined with fair value adjustments to the SBA servicing asset and recorded as a net amount in Loan and Servicing Fees, which is also categorized as non-interest income. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Guarantees The Company accounts for guarantees in accordance with ASC 815 Guarantor’s Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others 815 December 31, 2018 $13.9 $12.5 2019 $1.4 2020. no December 31, 2018 December 31, 2017. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment (including land) are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and equipment is calculated over the estimated useful life of the asset using the straight-line method for financial reporting purposes, and accelerated methods for income tax purposes. The estimated useful lives are 40 3 13 1 30 |
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned Other real estate owned consists of assets acquired through, or in lieu of, loan foreclosure. They are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from other real estate owned. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax accounting guidance results in two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not not The Company accounts for uncertain tax positions if it is more likely than not, not 50 not 50 not not The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 1.5 2005 1.5 December 31, 2018, 2005 2005 2005 one four 10 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 2.6 no 10% may December 31, 2018, 2014 6.3 not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Earnings per share (“EPS”) consists of two twelve December 31, 2018. 2008 twelve December 31, 2017. 2008 2018. no 2018 twelve December 31, 2017 2016. not The calculation of EPS for the years ended December 31, 2018, 2017, 2016 (dollars in thousands, except per share amounts) 2018 2017 2016 Net income - basic and diluted $ 8,627 $ 8,905 $ 4,945 Weighted average shares outstanding 58,358 56,933 39,281 Net income per share – basic $ 0.15 $ 0.16 $ 0.13 Weighted average shares outstanding (including dilutive CSEs) 59,407 58,250 39,865 Net income per share – diluted $ 0.15 $ 0.15 $ 0.12 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not (in thousands) 2018 2017 2016 Anti-dilutive securities Share based compensation awards 2,813 1,689 1,747 Convertible securities - 1,625 1,662 Total anti-dilutive securities 2,813 3,314 3,409 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company presents as a component of comprehensive income the amounts from transactions and other events, which currently are excluded from the consolidated statements of income and are recorded directly to shareholders’ equity. These amounts consist of unrealized holding gains (losses) on available for sale securities and amortization of unrealized holding losses on available-for-sale securities transferred to held-to-maturity. |
Trust Preferred Securities [Policy Text Block] | Trust Preferred Securities The Company has sponsored two not 1 25% 1 7 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation 810 not 810 not not 810 The Company does not 810 $341,000. |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock Common stock purchased for treasury is recorded at cost. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements ASU 2014 09 In May 2014, 2014 09, “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 25: 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 December 31, 2018 7 Fair Value of Financial Instruments). ASU 2016 02 In February 2016, No. 2016 02, Leases. 12 December 15, 2018, In July 2018, 2018 11 842 In December 2018, 2018 20 842 not third The Company adopted this ASU on January 1, 2019. $48.9 January 1, 2019. 39 not not 1 2 3 4 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 may December 15, 2019. not 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. July 1, 2018 2017 04 not ASU 2017 08 In March 2017, 2017 08, Premium Amortization on Purchased Callable Debt Securities, December 15, 2018. December 15, 2019, December 15, 2020. 2017 08 not ASU 2017 09 In May 2017, 2017 09, Compensation – Stock Compensation: Scope of Modification Accounting, 718. December 15, 2017. 1 not 2 not January 1, 2018 2017 09 not 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 ASU 2018 07 In June 2018, 2018 07, Compensation – Stock Compensation (Topic 718 2018 07, December 15, 2018, January 1, 2019. not |
Reclassification, Policy [Policy Text Block] | Reclassifications A reclassification has been made to 2017 2016 2018 no $1.3 $814,000 December 31, 2017 2016, |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (dollars in thousands, except per share amounts) 2018 2017 2016 Net income - basic and diluted $ 8,627 $ 8,905 $ 4,945 Weighted average shares outstanding 58,358 56,933 39,281 Net income per share – basic $ 0.15 $ 0.16 $ 0.13 Weighted average shares outstanding (including dilutive CSEs) 59,407 58,250 39,865 Net income per share – diluted $ 0.15 $ 0.15 $ 0.12 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | (in thousands) 2018 2017 2016 Anti-dilutive securities Share based compensation awards 2,813 1,689 1,747 Convertible securities - 1,625 1,662 Total anti-dilutive securities 2,813 3,314 3,409 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At December 3 1 , 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized mortgage obligations $ 197,812 $ 567 $ (2,120 ) $ 196,259 Agency mortgage-backed securities 39,105 5 (611 ) 38,499 Municipal securities 20,807 64 (232 ) 20,639 Corporate bonds 62,583 87 (3,396 ) 59,274 Asset-backed securities 6,433 - (90 ) 6,343 Total securities available for sale $ 326,740 $ 723 $ (6,449 ) $ 321,014 U.S. Government agencies $ 107,390 $ - $ (3,772 ) $ 103,618 Collateralized mortgage obligations 500,690 570 (5,793 ) 495,467 Agency mortgage-backed securities 153,483 - (5,245 ) 148,238 Total securities held to maturity $ 761,563 $ 570 $ (14,810 ) $ 747,323 At December 31, 2017 (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 $ 2,375 $ 2,375 $ - $ - After 1 year to 5 years 6,894 6,908 14,116 13,937 After 5 years to 10 years 75,320 71,734 93,274 89,681 After 10 years 5,234 5,239 - - Collateralized mortgage obligations 197,812 196,259 500,690 495,467 Agency mortgage-backed securities 39,105 38,499 153,483 148,238 Total $ 326,740 $ 321,014 $ 761,563 $ 747,323 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | (dollars in thousands) 201 8 201 7 201 6 Beginning Balance, January 1 st $ 274 $ 937 $ 930 Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized - - 7 Reductions for securities sold during the period (274 ) (663 ) - Ending Balance, December 31 st $ - $ 274 $ 937 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At December 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 $ 58,883 $ 270 $ 83,377 $ 1,850 $ 142,260 $ 2,120 Agency mortgage-backed securities 1,134 10 16,768 601 17,902 611 Municipal securities 1,549 7 12,154 225 13,703 232 Corporate bonds - - 53,189 3,396 53,189 3,396 Asset backed securities 6,343 90 - - 6,343 90 Total Available for Sale $ 67,909 $ 377 $ 165,488 $ 6,072 $ 233,397 $ 6,449 At December 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 $ 5,351 $ 26 $ 98,267 $ 3,746 $ 103,618 $ 3,772 Collateralized mortgage obligations 44,574 475 173,467 5,318 218,041 5,793 Agency mortgage-backed securities - - 119,243 5,245 119,243 5,245 Total Held to Maturity $ 49,925 $ 501 $ 390,977 $ 14,309 $ 440,902 $ 14,810 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, 2017 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 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 |
Note 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) December 31, 2018 December 31, 2017 Commercial real estate $ 515,738 $ 433,304 Construction and land development 121,042 104,617 Commercial and industrial 200,423 173,343 Owner occupied real estate 367,895 309,838 Consumer and other 91,152 76,183 Residential mortgage 140,364 64,764 Total loans receivable 1,436,614 1,162,049 Deferred costs (fees) (16 ) 229 Allowance for loan losses (8,615 ) (8,599 ) Net loans receivable $ 1,427,983 $ 1,153,679 |
Schedule of Related Party Transactions [Table Text Block] | (dollars in thousands) December 31, 201 8 December 31, 201 7 December 31, 201 6 Balance at beginning of year $ 8,920 $ 7,862 $ 8,521 Additions 4,812 1,896 - Repayments (703 ) (838 ) (659 ) Balance at end of year $ 13,029 $ 8,920 $ 7,862 |
Note 5 - Allowances for Loan _2
Note 5 - Allowances for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Unallocated Total Year ended December, 201 8 Allowance for loan losses: Beginning balance: $ 3,774 $ 725 $ 1,317 $ 1,737 $ 573 $ 392 $ 81 $ 8,599 Charge-offs (1,603 ) - (151 ) (465 ) (219 ) - - (2,438 ) Recoveries 50 - 81 20 3 - - 154 Provisions 241 52 507 741 220 502 37 2,300 Ending balance $ 2,462 $ 777 $ 1,754 $ 2,033 $ 577 $ 894 $ 118 $ 8,615 Year ended December, 201 7 Allowance for loan losses: Beginning Balance: $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 Charge-offs - - (1,366 ) (157 ) (53 ) - - (1,576 ) Recoveries 54 - 64 - 2 - - 120 Provisions (credits) 466 168 (265 ) 512 36 334 (351 ) 900 Ending balance $ 3,774 $ 725 $ 1,317 $ 1,737 $ 573 $ 392 $ 81 $ 8,599 Year ended December, 201 6 Allowance for loan losses: Beginning Balance: $ 2,393 $ 338 $ 2,932 $ 2,030 $ 295 $ 14 $ 701 $ 8,703 Charge-offs - (60 ) (143 ) (1,052 ) (11 ) (10 ) - (1,276 ) Recoveries 6 - 163 - 2 - - 171 Provisions (credits) 855 279 (68 ) 404 302 54 (269 ) 1,557 Ending balance $ 3,254 $ 557 $ 2,884 $ 1,382 $ 588 $ 58 $ 432 $ 9,155 (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 8 Allowance for loan losses: Individually evaluated for impairment $ 295 $ - $ 867 $ 217 $ 94 $ - $ - $ 1,473 Collectively evaluated for impairment 2,167 777 887 1,816 483 894 118 7,142 Total allowance for loan losses $ 2,462 $ 777 $ 1,754 $ 2,033 $ 577 $ 894 $ 118 $ 8,615 Loans receivable: Loans evaluated individually $ 10,947 $ - $ 3,662 $ 2,560 $ 861 $ - $ - $ 18,030 Loans evaluated collectively 504,791 121,042 196,761 365,335 90,291 140,364 - 1,418,584 Total loans receivable $ 515,738 $ 121,042 $ 200,423 $ 367,895 $ 91,152 $ 140,364 $ - $ 1,436,614 (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] | December 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 $ 6,332 $ 6,337 $ - $ 9,264 $ 9,268 $ - Construction and land development - - - - - - Commercial and industrial 1,655 5,418 - 2,756 6,674 - Owner occupied real estate 1,905 2,013 - 2,595 2,743 - Consumer and other 710 1,082 - 655 981 - Residential mortgage - - - - - - Total $ 10,602 $ 14,850 $ - $ 15,270 $ 19,666 $ - With an allowance recorded: Commercial real estate $ 4,615 $ 5,498 $ 295 $ 6,151 $ 6,165 $ 1,964 Construction and land development - - - - - - Commercial and industrial 2,007 2,195 867 1,745 1,752 374 Owner occupied real estate 655 704 217 1,203 1,206 235 Consumer and other 151 158 94 347 379 217 Residential mortgage - - - - - - Total $ 7,428 $ 8,555 $ 1,473 $ 9,446 $ 9,502 $ 2,790 Total: Commercial real estate $ 10,947 $ 11,835 $ 295 $ 15,415 $ 15,433 $ 1,964 Construction and land development - - - - - - Commercial and industrial 3,662 7,613 867 4,501 8,426 374 Owner occupied real estate 2,560 2,717 217 3,798 3,949 235 Consumer and other 861 1,240 94 1,002 1,360 217 Residential mortgage - - - - - - Total $ 18,030 $ 23,405 $ 1,473 $ 24,716 $ 29,168 $ 2,790 Years Ended December 31, 201 8 201 7 201 6 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 10,429 $ 288 $ 9,579 $ 366 $ 12,033 $ 264 Construction and land development - - - - 58 - Commercial and industrial 3,341 52 2,270 37 1,828 42 Owner occupied real estate 2,275 58 1,894 58 642 10 Consumer and other 658 21 801 21 858 16 Residential mortgage - - 26 1 26 1 Total $ 16,703 $ 419 $ 14,570 $ 483 $ 15,445 $ 333 With an allowance recorded: Commercial real estate $ 3,076 $ - $ 6,490 $ 14 $ 4,455 $ 52 Construction and land development - - - - 12 - Commercial and industrial 1,862 6 2,517 68 3,357 74 Owner occupied real estate 969 25 1,390 32 2,104 31 Consumer and other 191 1 420 10 322 12 Residential mortgage - - - - - - Total $ 6,098 $ 32 $ 10,817 $ 124 $ 10,250 $ 169 Total: Commercial real estate $ 13,505 $ 288 $ 16,069 $ 380 $ 16,488 $ 316 Construction and land development - - - - 70 - Commercial and industrial 5,203 58 4,787 105 5,185 116 Owner occupied real estate 3,244 83 3,284 90 2,746 41 Consumer and other 849 22 1,221 31 1,180 28 Residential mortgage - - 26 1 26 1 Total $ 22,801 $ 451 $ 25,387 $ 607 $ 25,695 $ 502 |
Past Due Financing Receivables [Table Text Block] | (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31, 201 8 Commercial real estate $ 339 $ 921 $ 4,631 $ 5,891 $ 509,847 $ 515,738 $ - Construction and land development - - - - 121,042 121,042 - Commercial and industrial 280 - 3,661 3,941 196,482 200,423 - Owner occupied real estate - 653 1,188 1,841 366,054 367,895 - Consumer and other 214 - 861 1,075 90,077 91,152 - Residential mortgage 302 - - 302 140,062 140,364 - Total $ 1,135 $ 1,574 $ 10,341 $ 13,050 $ 1,423,564 $ 1,436,614 $ - (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 December 31, 201 8 : Commercial real estate $ 510,186 $ 921 $ 4,631 $ - $ 515,738 Construction and land development 121,042 - - - 121,042 Commercial and industrial 196,751 10 3,382 280 200,423 Owner occupied real estate 364,032 1,303 2,560 - 367,895 Consumer and other 90,291 - 861 - 91,152 Residential mortgage 140,240 124 - - 140,364 Total $ 1,422,542 $ 2,358 $ 11,434 $ 280 $ 1,436,614 (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) December 31, 201 8 December 31, 201 7 Commercial real estate $ 4,631 $ 8,963 Construction and land development - - Commercial and industrial 3,661 2,895 Owner occupied real estate 1,188 2,136 Consumer and other 861 851 Residential mortgage - - Total $ 10,341 $ 14,845 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs December 31, 201 8 Commercial real estate 1 $ 6,316 $ - $ 6,316 Construction and land development - - - - Commercial and industrial 3 - 1,224 1,224 Owner occupied real estate 1 - 242 242 Consumer and other - - - - Residential mortgage - - - - Total 5 $ 6,316 $ 1,466 $ 7,782 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 6 - Other Real Estate Ow_2
Note 6 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | (dollars in thousands) December 31 , 201 8 December 31, 201 7 December 31, 201 6 Beginning Balance, January 1 st $ 6,966 $ 10,174 11,313 Additions 315 291 616 Valuation adjustments (563 ) (3,000 ) (355 ) Dispositions (495 ) (499 ) (1,400 ) Ending Balance $ 6,223 $ 6,966 10,174 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) December 31, 201 8 December 31, 201 7 Land $ 15,957 $ 12,711 Buildings 49,204 40,519 Leasehold improvements 20,396 20,477 Furniture, fixtures and equipment 21,430 18,521 Construction in progress 8,041 4,961 115,028 97,189 Less accumulated depreciation (27,367 ) (22,242 ) Net premises and equipment $ 87,661 $ 74,947 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Scheduled Maturities of Time Deposits [Table Text Block] | (dollars in thousands) 201 9 20 20 20 2 1 20 2 2 20 2 3 Thereafter Total Certificates of Deposit $ 94,022 $ 57,138 $ 1,135 $ 958 $ 1,004 $ - $ 154,257 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 201 8 20 1 7 20 1 6 Current Federal $ - $ 2,137 $ 261 State 51 - - Deferred Federal 2,006 (5,056 ) (380 ) State (479 ) - - Total provision (benefit) for income taxes $ 1,578 $ (2,919 ) $ (119 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (dollars in thousands) 201 8 20 1 7 20 1 6 Tax provision computed at federal statutory rate $ 2,143 $ 2,095 $ 1,689 State income tax, net of federal benefit (340 ) - - Tax exempt interest (430 ) (573 ) (582 ) Deferred tax only items 199 - - Effect of change in tax rate - 7,661 - Deferred tax asset valuation allowance adjustment - (12,214 ) (1,508 ) Other 6 112 282 Total provision (benefit) for income taxes $ 1,578 $ (2,919 ) $ (119 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 201 8 201 7 Deferred tax assets Allowance for loan losses $ 2,185 $ 2,047 Deferred compensation 591 557 Unrealized losses on securities available for sale 3,935 2,789 Realized losses in other than temporary impairment charge - 65 Foreclosed real estate write-downs 2,351 1,468 Interest income on non-accrual loans 615 525 Net operating loss carryforward 3,541 5,549 Other 1,472 1,266 Total deferred tax assets 14,690 14,266 Deferred tax liabilities Deferred loan costs 1,103 998 Premises and equipment 634 211 Other 619 342 Total deferred tax liabilities 2,356 1,551 Net deferred tax asset $ 12,334 $ 12,715 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended Amount 2019 $ 4,124 2020 4,128 2021 2,879 2022 2,590 2023 1,916 Thereafter 36,036 Total $ 51,673 |
Note 13 - Regulatory Capital (T
Note 13 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (dollars in thousands) Actual Minimum Capital Adequacy Minimum Capital Adequacy with Capital Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio At December 31, 201 8 : Total risk based capital Republic $ 231,610 13.26 % $ 139,722 8.00 % $ 172,489 9.875 % $ 174,652 10.00 % Company 262,964 15.03 % 140,009 8.00 % 172,824 9.875 % - - % Tier one risk based capital Republic 222,995 12.77 % 104,791 6.00 % 137,539 7.875 % 139,722 8.00 % Company 254,349 14.53 % 105,007 6.00 % 137,821 7.875 % - - % CET 1 risk based capital Republic 222,995 12.77 % 78,594 4.50 % 111,341 6.375 % 113,524 6.50 % Company 243,349 13.90 % 78,755 4.50 % 111,570 6.375 % - - % Tier one leveraged capital Republic 222,995 8.21 % 108,685 4.00 % 108,685 4.00 % 135,857 5.00 % Company 254,349 9.35 % 108,800 4.00 % 108,800 4.00 % - - % At December 31, 201 7 : Total risk based capital Republic $ 187,732 12.57 % $ 119,446 8.00 % $ 138,109 9.25 % $ 149,307 10.00 % Company 249,510 16.70 % 119,521 8.00 % 138,197 9.25 % - - % Tier one risk based capital Republic 179,133 12.00 % 89,584 6.00 % 108,248 7.25 % 119,446 8.00 % Company 240,911 16.13 % 89,641 6.00 % 108,316 7.25 % - - % CET 1 risk based capital Republic 179,133 12.00 % 67,188 4.50 % 85,852 5.75 % 97,050 6.50 % Company 220,433 14.75 % 67,231 4.50 % 85,906 5.75 % - - % Tier one leveraged capital Republic 179,133 7.91 % 90,531 4.00 % 90,531 4.00 % 113,164 5.00 % Company 240,911 10.64 % 90,586 4.00 % 90,586 4.00 % - - % |
Schedule of Compliance with Regulatory Capital Requirements with Conversion Buffers [Table Text Block] | Basel III Community Banks Minimum Capital Ratio Requirements 2016 2017 2018 2019 Common equity tier 1 capital (CET1) 5.125 % 5.750 % 6.375 % 7.000 % Tier 1 capital (to risk weighted assets) 6.625 % 7.250 % 7.875 % 8.500 % Total capital (to risk-weighted assets) 8.625 % 9.250 % 9.875 % 10.500 % |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 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 December 3 1 , 201 8 Assets: Collateralized mortgage obligations $ 196,259 $ - $ 196,259 $ - Agency mortgage-backed securities 38,499 - 38,499 - Municipal securities 20,639 - 20,639 - Corporate bonds 59,274 - 56,205 3,069 Asset-backed securities 6,343 - 6,343 - Securities Available for Sale $ 321,014 $ - $ 317,945 $ 3,069 Mortgage Loans Held for Sale $ 20,887 $ - $ 20,887 $ - SBA Servicing Assets 4,785 - - 4,785 Interest Rate Lock Commitments 410 - 410 - Best Efforts Forward Loan Sales Commitments 5 - 5 - Mandatory Forward Loan Sales Commitments 10 - 10 - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 138 - 138 - Mandatory Forward Loan Sales Commitments 230 - 230 - 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] | (dollars in thousands) 201 8 201 7 201 6 Beginning balance, January 1 st $ 5,243 $ 5,352 4,886 Additions 1,000 1,078 1,541 Fair value adjustments (1,458 ) (1,187 ) (1,075 ) Ending balance, December 31 st $ 4,785 $ 5,243 5,352 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended December 31, 201 8 Year Ended December 31, 201 7 Year Ended December 31, 201 6 Level 3 Investments Only (dollars in thousands) Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Trust Preferred Securities Corporate Bonds Balance, January 1, $ 489 $ 3,086 $ 1,820 $ 2,971 $ 1,883 $ 2,834 Security transferred to Level 3 measurement - - - - - - Unrealized (losses) gains 237 (17 ) 1,006 115 (56 ) 137 Paydowns - - - - - Proceeds from sales (660 ) - (1,539 ) - - - Realized losses (66 ) - (798 ) - - - Impairment charges on Level 3 - - - - (7 ) - Balance, December 31, $ - $ 3,069 $ 489 $ 3,086 $ 1,820 $ 2,971 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significan t Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2018: Impaired loans $ 5,955 $ - $ - $ 5,955 Other real estate owned 1,114 - - 1,114 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) December 3 1 , 2018 Corporate bonds $ 3,069 Discounted Cash Flows Discount Rate (8.24%) SBA servicing assets $ 4,785 Discounted Cash Flows Conditional Prepayment Rate (10.31%) Discount Rate (11.50%) Impaired loans $ 5,955 Appraised Value of Collateral (1) Liquidation expenses (2) 11% - 24% (13%) (3) Other real estate owned $ 1,114 Appraised Value of Collateral (1) Liquidation expenses (2) (7%) (3) December 31, 201 7 Corporate bonds $ 3,086 Discounted Cash Flows Discount Rate (5.99%) Trust preferred securities $ 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 December 31, 2018 $ 20,887 $ 20,071 $ 816 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) December 3 1 , 2018 December 31, 2017 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,785 $ 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 (in years) 20.4 20.5 Prepayment Speed 10.31 % 7.85 % Effect on fair value of a 10% increase $ (170 ) $ (171 ) Effect on fair value of a 20% increase (330 ) (333 ) Weighted Average Discount Rate 11.50 % 10.50 % Effect on fair value of a 10% increase $ (186 ) $ (211 ) Effect on fair value of a 20% increase (359 ) (407 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 201 8 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significan t Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 72,473 $ 72,473 $ 72,473 $ - $ - Investment securities available for sale 321,014 321,014 - 317,945 3,069 Investment securities held to maturity 761,563 747,323 - 747,323 - Restricted stock 5,754 5,754 - 5,754 - Loans held for sale 26,291 26,291 - 20,887 5,404 Loans receivable, net 1,427,983 1,410,945 - - 1,410,945 SBA servicing assets 4,785 4,785 - - 4,785 Accrued interest receivable 9,025 9,025 - 9,025 - Interest rate lock commitments 410 410 - 410 - Best efforts forward loan sales commitments 5 5 - 5 - Mandatory forward loan sales commitments 10 10 - 10 - Financial liabilities: Deposits Demand, savings and money market $ 2,238,610 $ 2,238,610 $ - $ 2,238,610 $ - Time 154,257 152,989 - 152,989 - Subordinated debt 11,259 8,279 - - 8,279 Accrued interest payable 558 558 - 558 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 138 138 - 138 - Mandatory forward loan sales commitments 230 230 - 230 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - Fair Value Measurements at December 31, 201 7 (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 16 - Stock Based Compens_2
Note 16 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 8 201 7 201 6 Dividend yield (1) 0.0% 0.0% 0.0% Expected volatility 28.22% (2) 44.00% to 50.09% (3) 46.38% to 52.54% (3) Risk-free interest rate (4 ) 2.35% to 2.96% 1.89% to 2.30% 1.23% to 1.82% Expected life (in years) (5 ) 6.25 5.5 to 7.0 5.5 to 7.0 Assumed forfeiture rate (6 ) 4.0% 6.0% 10.0% |
Share-based Compensation, Activity [Table Text Block] | 201 8 201 7 201 6 Stock based compensation expense recognized $ 2,116,000 $ 1,842,000 $ 759,000 Number of unvested stock options 1,962,163 1,659,102 1,283,226 Fair value of unvested stock options $ 5,550,820 $ 4,587,565 $ 2,184,773 Amount remaining to be recognized as expense $ 3,406,394 $ 2,508,314 $ 1,104,424 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | For the Years Ended December 31, 201 8 201 7 201 6 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 3,005,825 $ 4.98 2,332,900 $ 3.70 1,947,725 $ 3.56 Granted 1,106,800 8.34 916,000 8.03 661,750 4.06 Exercised (174,850 ) 3.83 (197,975 ) 3.26 (226,275 ) 3.21 Forfeited (76,125 ) 6.80 (45,100 ) 7.95 (50,300 ) 5.21 Outstanding, end of year 3,861,650 $ 5.96 3,005,825 $ 4.98 2,332,900 $ 3.70 Options exercisable at year-end 1,899,487 $ 4.53 1,346,723 $ 3.55 1,049,674 $ 3.70 Weighted average fair value of options granted during the year $ 2.85 $ 3.75 $ 1.80 |
Schedule of Share-based Compensation, Options, Exercises [Table Text Block] | For the Years Ended December 31, 201 8 201 7 201 6 Number of options exercised 174,850 197,975 226,275 Cash received $ 670,413 $ 646,263 $ 726,157 Intrinsic value $ 814,855 $ 991,957 $ 739,699 Tax benefit $ 12,288 $ 81,589 $ - |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $1.55 to $3.53 518,200 3.5 $ 2.52 508,200 $ 2.50 $3.55 to $3.95 663,050 5.5 3.62 526,312 3.64 $3.99 to $7.85 737,225 6.2 4.50 435,850 4.55 $8.00 to $9.50 1,943,175 8.5 8.23 429,125 8.00 3,861,650 $ 5.96 1,899,487 $ 4.53 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Share s Weighted- Average Grant Date Fair Value Nonvested, beginning of year 1,659,102 $ 2.77 Granted 1,106,800 2.85 Vested (753,864 ) 2.92 Forfeited (49,875 ) 2.94 Nonvested, end of year 1,962,163 $ 2.83 |
Note 19 - Parent Company Fina_2
Note 19 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 201 8 December 31, 201 7 ASSETS Cash $ 27,722 $ 60,309 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation 341 676 Investment in subsidiaries 220,864 181,256 Other assets 7,572 5,931 Total Assets $ 256,499 $ 248,172 LIABILITIES AND SHAREHOLDER S ’ EQUITY Liabilities Accrued expenses $ 51 $ 31 Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation 11,259 21,681 Total Liabilities 11,310 21,712 Shareholders’ Equity Total Shareholders’ Equity 245,189 226,460 Total Liabilities and Shareholders’ Equity $ 256,499 $ 248,172 |
Statements of Operations Comprehensive Income (Loss) and Changes in Shareholders Equity [Table Text Block] | 201 8 201 7 201 6 Interest income $ 13 $ 37 $ 35 Total income 13 37 35 Trust preferred interest expense 441 1,225 1,160 Other expenses 4,972 1,424 717 Total expenses 5,413 2,649 1,877 Net loss before taxes (5,400 ) (2,612 ) (1,842 ) Benefit for income taxes (1,640 ) (914 ) (645 ) Loss before undistributed income of subsidiaries (3,760 ) (1,698 ) (1,197 ) Equity in undistributed income of subsidiaries 12,387 10,603 6,142 Net income $ 8,627 $ 8,905 $ 4,945 Net income $ 8,627 $ 8,905 $ 4,945 Total other comprehensive loss (2,778 ) (215 ) (4,129 ) T otal comprehensive income (loss) $ 5,849 $ 8,690 $ 816 Shareholders’ equity, beginning of year $ 226,460 $ 215,053 $ 113,375 Shares issued under common stock offering - - 99,175 Stock based compensation 2,116 1,842 759 Stock options issued in acquisition - - 202 Exercise of stock options 670 646 726 Conversion of subordinated debt to common shares 10,094 229 - Net income 8,627 8,905 4,945 Total other comprehensive loss (2,778 ) (215 ) (4,129 ) Shareholders’ equity, end of year $ 245,189 $ 226,460 $ 215,053 |
Condensed Cash Flow Statement [Table Text Block] | 201 8 201 7 201 6 Cash flows from operating activities: Net income $ 8,627 $ 8,905 $ 4,945 Adjustments to reconcile net income to net cash used in operating activities: Share based compensation 2,116 1,842 961 Amortization of debt issuance costs 6 29 24 Increase in other assets (1,639 ) (1,342 ) (716 ) Net increase (decrease) in other liabilities 20 (179 ) 190 Equity in undistributed income of subsidiaries (12,387 ) (10,603 ) (6,142 ) Net cash used in operating activities (3,257 ) (1,348 ) (738 ) Cash flows from investing activities: Investment in subsidiary (30,000 ) - (40,203 ) Net cash used in investing activities (30,000 ) - (40,203 ) Cash flows from financing activities: Net proceeds from stock offering - - 99,175 Exercise of stock options 670 646 726 Net cash provided by financing activities 670 646 99,901 Increase (decrease) in cash (32,587 ) (702 ) 58,960 Cash, beginning of period 60,309 61,011 2,051 Cash, end of period $ 27,722 $ 60,309 $ 61,011 |
Note 20 - Quarterly Financial_2
Note 20 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | For the Quarter Ended December 31 st September 30 th June 30 th March 31 st 201 8 Interest income $ 25,293 $ 23,558 $ 22,324 $ 20,899 Interest expense 5,313 4,412 3,662 2,783 Net interest income 19,980 19,146 18,662 18,116 Provision for loan losses 600 500 800 400 Non-interest income 4,888 5,131 5,768 4,535 Non-interest expense 22,057 20,833 20,729 20,102 Provision for income taxes 54 622 530 372 Net income $ 2,157 $ 2,322 $ 2,371 $ 1,777 Net income per share: Basic $ 0.04 $ 0.04 $ 0.04 $ 0.03 Diluted $ 0.04 $ 0.04 $ 0.04 $ 0.03 201 7 Interest income $ 19,409 $ 17,922 $ 17,331 $ 16,187 Interest expense 2,542 2,210 2,064 1,968 Net interest income 16,867 15,712 15,267 14,219 Provision for loan losses 400 - 500 - Non-interest income 5,012 5,778 4,969 4,338 Non-interest expense 21,622 19,165 17,685 16,804 Provision (benefit) for income taxes (2,881 ) 4 (8 ) (34 ) Net income $ 2,738 $ 2,321 $ 2,059 $ 1,787 Net income per share (1) Basic $ 0.05 $ 0.04 $ 0.04 $ 0.03 Diluted $ 0.05 $ 0.04 $ 0.04 $ 0.03 |
Note 21 - Changes in Accumula_2
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) (Tables) | 12 Months Ended |
Dec. 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 gain/(loss) on securities 3,927 - 3,927 Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity - (6,855 ) (6,855 ) Amounts reclassified from accumulated other comprehensive income to net income (2) 49 101 150 Net current-period other comprehensive income (loss) 3,976 (6,754 ) (2,778 ) Total change in accumulated other comprehensive income (loss) 2,414 (6,832 ) (4,418 ) Balance December 31, 2018 $ (4,736 ) $ (7,191 ) $ (11,927 ) 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 ) Balance January 1, 2016 $ (2,562 ) $ (603 ) $ (3,165 ) Unrealized loss on securities (3,853 ) - (3,853 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (416 ) 140 (276 ) Net current-period other comprehensive income (loss) (4,269 ) 140 (4,129 ) Balance December 31, 2016 $ (6,831 ) $ (463 ) $ (7,294 ) |
Note 22 - Business Combination
Note 22 - Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Consideration paid: Original Estimates Adjustments to Estimates Final Valuation Cash $ 7,136 $ - $ 7,136 Equity instruments 202 - 202 Deferred additional purchase price 500 - 500 Value of consideration $ 7,838 $ - $ 7,838 Assets acquired: Cash and cash equivalents $ 1,223 $ - $ 1,223 Loans held for sale 20,871 - 20,871 Loans receivable 1,132 - 1,132 Premises and equipment 103 - 103 Derivative assets 1,508 - 1,508 Intangible assets – non compete agreements 104 - 104 Other assets 125 - 125 Total assets 25,066 - 25,066 Liabilities assumed: Warehouse lines of credit 19,666 - 19,666 Derivative liabilities 412 - 412 Other liabilities 2,042 119 2,161 Total liabilities 22,120 119 22,239 Net assets acquired 2,946 (119 ) 2,827 Goodwill resulting from acquisition of Oak Mortgage $ 4,892 $ 119 $ 5,011 |
Note 23 - Goodwill and Other _2
Note 23 - Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 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 December 3 1, 2018 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite (dollars in thousands) Balance December 31, 201 6 Additions/ Adjustments Amortization Balance December 3 1 , 201 7 Amortization Period (in years) Goodwill $ 5,011 $ - $ - $ 5,011 Indefinite Non-compete agreements 61 - (61 ) - 1 Total $ 5,072 $ - $ (61 ) $ 5,011 |
Note 24 - Derivatives and Ris_2
Note 24 - Derivatives and Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] | December 31, 201 8 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 410 $ 16,966 Best efforts forward loan sales commitments Other Assets 5 1,639 Mandatory forward loan sales commitments Other Assets 10 865 Liability derivatives: IRLC’s Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 138 15,327 Mandatory forward loan sales commitments Other Liabilities 230 18,980 December 31, 201 7 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s 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: IRLC’s 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] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Liability derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(35</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 201</div><div style="display: inline; font-weight: bold;">7</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(76</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(98</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(210</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Liability derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 2016</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,042</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman&quo" id="sjs-B5"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Liability derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(35</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 201</div><div style="display: inline; font-weight: bold;">7</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(76</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(98</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(210</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Liability derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 2016</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,042</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman&quo |
Note 25 - Revenue Recognition (
Note 25 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended December 31 , (dollars in thousands) 2018 2017 2016 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 5,476 $ 3,904 $ 2,658 Other non-interest income 174 177 335 Non-interest income (in-scope of Topic 606) 5,650 4,081 2,993 Non-interest income (out-of-scope of Topic 606) 14,672 16,016 12,319 Total non-interest income $ 20,322 $ 20,097 $ 15,312 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) shares in Millions | Apr. 29, 2014shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | |
Restricted Cash and Cash Equivalents, Total | $ 51,400,000 | $ 51,400,000 | $ 31,200,000 | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | $ 7,000 | ||||||
Available-For-Sale Securities Transferred to Held-To-Maturity, Value | 230,100,000 | ||||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 3,927,000 | (413,000) | (3,853,000) | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6,449,000 | 6,449,000 | 11,320,000 | ||||
Federal Home Loan Bank Stock | 5,600,000 | $ 5,600,000 | 1,800,000 | ||||
Number of Reporting Units | 1 | ||||||
Goodwill, Ending Balance | $ 5,011,000 | $ 5,011,000 | 5,011,000 | 5,011,000 | |||
Loan to Value Ratio | 80.00% | 80.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Maximum Percentage of Capital Permitted to Invest in Trust Preferred Securities | 25.00% | 25.00% | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | $ 341,000 | $ 341,000 | |||||
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | |||||||
ATM Expenses | 1,868,000 | 1,264,000 | $ 814,000 | ||||
Retained Earnings [Member] | |||||||
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | 1,640,000 | ||||||
AOCI Attributable to Parent [Member] | |||||||
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | [1] | $ (1,640,000) | |||||
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | |||||||
Operating Lease, Right-of-Use Asset | $ 48,900,000 | ||||||
The 2005 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 1.5 | 1.5 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 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 | shares | 6.3 | 6.3 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 2.6 | ||||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | ||||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Minimum [Member] | The 2005 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Maximum [Member] | The 2005 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Building [Member] | |||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 13 years | ||||||
Leasehold Improvements [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 1 year | ||||||
Leasehold Improvements [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||
Financial Standby Letter of Credit [Member] | |||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 13,900,000 | $ 13,900,000 | |||||
Guarantor Obligations, Current Carrying Value | 0 | 0 | 0 | ||||
Performance Guarantee Expiring in 2019 [Member] | |||||||
Guarantor Obligations, Current Carrying Value | 12,500,000 | 12,500,000 | |||||
Performance Guarantee Expiring in 2020 [Member] | |||||||
Guarantor Obligations, Current Carrying Value | 1,400,000 | 1,400,000 | |||||
Atlantic Community Bankers Bank (ACBB) [Member] | |||||||
Federal Home Loan Bank Stock | $ 143,000 | 143,000 | 143,000 | ||||
Collateralized Mortgage Obligations [Member] | |||||||
Available-For-Sale Securities Transferred to Held-To-Maturity, Number | 23 | ||||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 2,120,000 | 2,120,000 | $ 7,731,000 | ||||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||||||
Available-For-Sale Securities Transferred to Held-To-Maturity, Number | 2 | ||||||
Available-For-Sale Securities Transferred to Held-To-Maturity [Member] | |||||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | $ (9,400,000) | ||||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 9,800,000 | $ 9,800,000 | |||||
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Net income - basic and diluted | $ 2,157 | $ 2,322 | $ 2,371 | $ 1,777 | $ 2,738 | $ 2,321 | $ 2,059 | $ 1,787 | $ 8,627 | $ 8,905 | $ 4,945 | ||||||||
Weighted average shares outstanding (in shares) | 58,358 | 56,933 | 39,281 | ||||||||||||||||
Net income per share – basic (in dollars per share) | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.15 | $ 0.16 | $ 0.13 |
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 59,407 | 58,250 | 39,865 | ||||||||||||||||
Net income per share – diluted (in dollars per share) | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.15 | $ 0.15 | $ 0.12 |
[1] | Quarterly net income per share does not add to full year net income per share due to rounding. |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Anti-dilutive securities (in shares) | 2,813 | 3,314 | 3,409 |
Employee Stock Option [Member] | |||
Anti-dilutive securities (in shares) | 2,813 | 1,689 | 1,747 |
Convertible Debt Securities [Member] | |||
Anti-dilutive securities (in shares) | 1,625 | 1,662 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | $ 0 | $ 7,000 | |
Debt Securities, Available-for-sale, Restricted | $ 710,700,000 | 710,700,000 | 555,200,000 | |
Securities, Continuous Loss Position, Accumulated Loss | 21,300,000 | 21,300,000 | 20,100,000 | |
Securities, Continuous Unrealized Loss Position, Fair Value | 674,300,000 | 674,300,000 | 836,900,000 | |
Proceeds from Sale of Available-for-sale Securities, Total | 6,439,000 | 31,197,000 | 78,585,000 | |
Available-for-sale Securities, Gross Realized Losses | 67,000 | 798,000 | 24,000 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | (18,000) | (52,000) | 236,000 | |
Available-for-sale Securities, Gross Realized Gains | 652,000 | 680,000 | ||
Debt Securities, Available-for-sale, Transfer, Amount | 230,100,000 | 230,100,000 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, Transferred to Held-to-maturity, before Tax | 9,400,000 | (9,362,000) | $ 0 | $ 0 |
Unrealized Loss Associated with Transferred Securities | $ 9,800,000 | $ 9,800,000 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Subprime [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | AltA [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 14 | 14 | ||
Collateralized Mortgage Obligations [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 64 | 64 | ||
Proceeds from Sale of Available-for-sale Securities, Total | $ 660,000 | $ 1,500,000 | ||
Available-for-sale Securities, Gross Realized Losses | 66,000 | 798,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | $ (17,000) | $ (287,000) | ||
Collateralized Mortgage Obligations [Member] | Subprime [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | AltA [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Collateralized Mortgage Backed Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 26 | 26 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 19 | 19 | ||
Asset-backed Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | 1 | ||
Corporate Debt Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 7 | 7 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment securities available for sale, at amortized cost | $ 326,740 | $ 475,587 |
Investment securities available for sale, gross unrealized gains | 723 | 163 |
Investment securities available for sale, gross unrealized losses | (6,449) | (11,320) |
Investment securities available for sale, at fair value | 321,014 | 464,430 |
Investment securities held to maturity, at amortized cost | 761,563 | 472,213 |
Investment securities held to maturity, gross unrealized gains | 570 | 411 |
Investment securities held to maturity, gross unrealized losses | (14,810) | (8,825) |
Investment securities held to maturity, at fair value | 747,323 | 463,799 |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, at amortized cost | 197,812 | 327,972 |
Investment securities available for sale, gross unrealized gains | 567 | |
Investment securities available for sale, gross unrealized losses | (2,120) | (7,731) |
Investment securities available for sale, at fair value | 196,259 | 320,241 |
Investment securities held to maturity, at amortized cost | 500,690 | 215,567 |
Investment securities held to maturity, gross unrealized gains | 570 | 314 |
Investment securities held to maturity, gross unrealized losses | (5,793) | (3,970) |
Investment securities held to maturity, at fair value | 495,467 | 211,911 |
Agency Mortgage-backed Securities [Member] | ||
Investment securities available for sale, at amortized cost | 39,105 | 55,664 |
Investment securities available for sale, gross unrealized gains | 5 | 2 |
Investment securities available for sale, gross unrealized losses | (611) | (800) |
Investment securities available for sale, at fair value | 38,499 | 54,866 |
Investment securities held to maturity, at amortized cost | 153,483 | 143,041 |
Investment securities held to maturity, gross unrealized gains | 47 | |
Investment securities held to maturity, gross unrealized losses | (5,245) | (2,620) |
Investment securities held to maturity, at fair value | 148,238 | 140,468 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 20,807 | 15,142 |
Investment securities available for sale, gross unrealized gains | 64 | 20 |
Investment securities available for sale, gross unrealized losses | (232) | (62) |
Investment securities available for sale, at fair value | 20,639 | 15,100 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 62,583 | 62,670 |
Investment securities available for sale, gross unrealized gains | 87 | 103 |
Investment securities available for sale, gross unrealized losses | (3,396) | (2,491) |
Investment securities available for sale, at fair value | 59,274 | 60,282 |
Asset-backed Securities [Member] | ||
Investment securities available for sale, at amortized cost | 6,433 | 13,414 |
Investment securities available for sale, gross unrealized gains | 38 | |
Investment securities available for sale, gross unrealized losses | (90) | |
Investment securities available for sale, at fair value | 6,343 | 13,452 |
Collateralized Debt Obligations [Member] | ||
Investment securities available for sale, at amortized cost | 725 | |
Investment securities available for sale, gross unrealized gains | ||
Investment securities available for sale, gross unrealized losses | (236) | |
Investment securities available for sale, at fair value | 489 | |
US Government Agencies Debt Securities [Member] | ||
Investment securities held to maturity, at amortized cost | 107,390 | 112,605 |
Investment securities held to maturity, gross unrealized gains | 50 | |
Investment securities held to maturity, gross unrealized losses | (3,772) | (2,235) |
Investment securities held to maturity, at fair value | $ 103,618 | 110,420 |
Other Debt Obligations [Member] | ||
Investment securities held to maturity, at amortized cost | 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 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Due in 1 year or less, available for sale, amortized cost | $ 2,375 | |
Due in 1 year or less, available for sale, fair value | 2,375 | |
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 | 6,894 | |
After 1 year to 5 years, available for sale, fair value | 6,908 | |
After 1 year to 5 years, held to maturity, amortized cost | 14,116 | |
After 1 year to 5 years, held to maturity, fair value | 13,937 | |
After 5 years to 10 years, available for sale, amortized cost | 75,320 | |
After 5 years to 10 years, available for sale, fair value | 71,734 | |
After 5 years to 10 years, held to maturity, amortized cost | 93,274 | |
After 5 years to 10 years, held to maturity, fair value | 89,681 | |
After 10 years, available for sale, amortized cost | 5,234 | |
After 10 years, available for sale, fair value | 5,239 | |
After 10 years, held to maturity, amortized cost | ||
After 10 years, held to maturity, fair value | ||
Total, available for sale, amortized cost | 326,740 | $ 475,587 |
Total, available for sale, fair value | 321,014 | 464,430 |
Total, held to maturity, amortized cost | 761,563 | 472,213 |
Total, held to maturity, fair value | 747,323 | 463,799 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 197,812 | |
No specific maturity date, available for sale, fair value | 196,259 | |
No specific maturity date, held to maturity, amortized cost | 500,690 | |
No specific maturity date, held to maturity, fair value | 495,467 | |
Total, available for sale, amortized cost | 197,812 | 327,972 |
Total, available for sale, fair value | 196,259 | 320,241 |
Total, held to maturity, amortized cost | 500,690 | 215,567 |
Total, held to maturity, fair value | 495,467 | $ 211,911 |
Collateralized Mortgage Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 39,105 | |
No specific maturity date, available for sale, fair value | 38,499 | |
No specific maturity date, held to maturity, amortized cost | 153,483 | |
No specific maturity date, held to maturity, fair value | $ 148,238 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Credit-related Impairment Losses on Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 274,000 | $ 937,000 | $ 930,000 |
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 0 | 0 | 7,000 |
Reductions for securities sold during the period | (274,000) | (663,000) | |
Balance | $ 274,000 | $ 937,000 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 67,909 | $ 185,784 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 377 | 1,818 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 165,488 | 246,865 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 6,072 | 9,502 |
Available for sale securities in a continuous unrealized loss position, fair value | 233,397 | 432,649 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 6,449 | 11,320 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 49,925 | 154,170 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 501 | 1,201 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 390,977 | 250,059 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 14,309 | 7,624 |
Held to maturity securities in a continuous unrealized loss position, fair value | 440,902 | |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 14,810 | |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 58,883 | 150,075 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 270 | 1,565 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 83,377 | 170,166 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,850 | 6,166 |
Available for sale securities in a continuous unrealized loss position, fair value | 142,260 | 320,241 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 2,120 | 7,731 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 44,574 | 56,955 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 475 | 767 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 173,467 | 107,986 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 5,318 | 3,203 |
Held to maturity securities in a continuous unrealized loss position, fair value | 218,041 | 164,941 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 5,793 | 55,170 |
US Government Agencies Debt Securities [Member] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 5,351 | 42,045 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 26 | 213 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 98,267 | 59,594 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,746 | |
Held to maturity securities in a continuous unrealized loss position, fair value | 103,618 | |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 3,772 | |
Agency Mortgage-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 1,134 | 29,967 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 10 | 226 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 16,768 | 21,045 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 601 | 574 |
Available for sale securities in a continuous unrealized loss position, fair value | 17,902 | 51,012 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 611 | 800 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 119,243 | |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 5,245 | |
Held to maturity securities in a continuous unrealized loss position, fair value | 119,243 | |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 5,245 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 1,549 | 5,742 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 7 | 27 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 12,154 | 2,656 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 225 | 35 |
Available for sale securities in a continuous unrealized loss position, fair value | 13,703 | 8,398 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 232 | 62 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 53,189 | 52,509 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,396 | 2,491 |
Available for sale securities in a continuous unrealized loss position, fair value | 53,189 | 52,509 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 3,396 | 2,491 |
Asset-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 6,343 | |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 90 | |
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 | 6,343 | |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 90 | |
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 | 489 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 236 | |
Available for sale securities in a continuous unrealized loss position, fair value | 489 | |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 236 |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 13,029 | $ 8,920 | $ 7,862 | $ 8,521 |
Note 4 - Loans Receivable - Gro
Note 4 - Loans Receivable - Gross Loans by Major Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans receivable | $ 1,436,614 | $ 1,162,049 |
Deferred costs (fees) | (16) | 229 |
Allowance for loan losses | (8,615) | (8,599) |
Net loans receivable | 1,427,983 | 1,153,679 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 515,738 | 433,304 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 121,042 | 104,617 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 200,423 | 173,343 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 367,895 | 309,838 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 91,152 | 76,183 |
Residential Portfolio Segment [Member] | ||
Loans receivable | $ 140,364 | $ 64,764 |
Note 4 - Loans Receivable - Rel
Note 4 - Loans Receivable - Related Party Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of year | $ 8,920 | $ 7,862 | $ 8,521 |
Additions | 4,812 | 1,896 | |
Repayments | (703) | (838) | (659) |
Balance at end of year | $ 13,029 | $ 8,920 | $ 7,862 |
Note 5 - Allowances for Loan _3
Note 5 - Allowances for Loan Losses (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Impaired Financing Receivable, Average Recorded Investment, Total | $ 22,801,000 | $ 25,387,000 | $ 25,695,000 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 451,000 | 607,000 | 502,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 498,000 | 590,000 | $ 1,000,000 |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 7,782,000 | 8,218,000 | |
Financing Receivable, Modifications, Increase in Principal Balance | $ 421,000 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 3 | 0 | 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 0 | |
Real Estate Acquired Through Foreclosure | 6,223,000 | 6,966,000 | |
Commercial Portfolio Segment [Member] | |||
Impaired Financing Receivable, Average Recorded Investment, Total | 5,203,000 | 4,787,000 | $ 5,185,000 |
Financing Receivable, Modifications, Recorded Investment | 1,224,000 | $ 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] | |||
Impaired Financing Receivable, Average Recorded Investment, Total | 3,244,000 | 3,284,000 | 2,746,000 |
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] | |||
Impaired Financing Receivable, Average Recorded Investment, Total | 13,505,000 | 16,069,000 | 16,488,000 |
Financing Receivable, Modifications, Recorded Investment | 6,316,000 | $ 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] | |||
Impaired Financing Receivable, Average Recorded Investment, Total | 26,000 | $ 26,000 | |
Financing Receivable, Modifications, Recorded Investment | |||
Real Estate Acquired Through Foreclosure | $ 0 | $ 42,000 |
Note 5 - Allowances for Loan _4
Note 5 - Allowances for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Beginning balance | $ 8,599 | $ 9,155 | $ 8,599 | $ 9,155 | $ 8,703 | ||||||||
Charge-offs | (2,438) | (1,576) | (1,276) | ||||||||||
Recoveries | 154 | 120 | 171 | ||||||||||
Provision for loan losses | $ 600 | $ 500 | $ 800 | 400 | $ 400 | $ 500 | 2,300 | 900 | 1,557 | ||||
Ending balance | 8,615 | 8,599 | 8,615 | 8,599 | 9,155 | ||||||||
Allowance for loan losses, individually evaluated for impairment | $ 1,473 | $ 2,790 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 7,142 | 5,809 | |||||||||||
Total allowance for loan losses | 8,615 | 8,599 | 8,599 | 9,155 | 8,599 | 8,599 | 9,155 | 8,615 | 8,599 | ||||
Loans evaluated individually | 18,030 | 24,716 | |||||||||||
Loans evaluated collectively | 1,418,584 | 1,137,333 | |||||||||||
Total loans receivable | 1,436,614 | 1,162,049 | |||||||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||||
Beginning balance | 3,774 | 3,254 | 3,774 | 3,254 | 2,393 | ||||||||
Charge-offs | (1,603) | ||||||||||||
Recoveries | 50 | 54 | 6 | ||||||||||
Provision for loan losses | 241 | 466 | 855 | ||||||||||
Ending balance | 2,462 | 3,774 | 2,462 | 3,774 | 3,254 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 295 | 1,964 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 2,167 | 1,810 | |||||||||||
Total allowance for loan losses | 2,462 | 3,774 | 3,774 | 3,254 | 3,774 | 3,774 | 3,254 | 2,462 | 3,774 | ||||
Loans evaluated individually | 10,947 | 15,415 | |||||||||||
Loans evaluated collectively | 504,791 | 417,889 | |||||||||||
Total loans receivable | 515,738 | 433,304 | |||||||||||
Construction and Land Development Portfolio Segment [Member] | |||||||||||||
Beginning balance | 725 | 557 | 725 | 557 | 338 | ||||||||
Charge-offs | (60) | ||||||||||||
Recoveries | |||||||||||||
Provision for loan losses | 52 | 168 | 279 | ||||||||||
Ending balance | 777 | 725 | 777 | 725 | 557 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 777 | 725 | |||||||||||
Total allowance for loan losses | 777 | 725 | 725 | 557 | 725 | 725 | 557 | 777 | 725 | ||||
Loans evaluated individually | |||||||||||||
Loans evaluated collectively | 121,042 | 104,617 | |||||||||||
Total loans receivable | 121,042 | 104,617 | |||||||||||
Commercial Portfolio Segment [Member] | |||||||||||||
Beginning balance | 1,317 | 2,884 | 1,317 | 2,884 | 2,932 | ||||||||
Charge-offs | (151) | (1,366) | (143) | ||||||||||
Recoveries | 81 | 64 | 163 | ||||||||||
Provision for loan losses | 507 | (265) | (68) | ||||||||||
Ending balance | 1,754 | 1,317 | 1,754 | 1,317 | 2,884 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 867 | 374 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 887 | 943 | |||||||||||
Total allowance for loan losses | 1,754 | 1,317 | 1,317 | 2,884 | 1,317 | 1,317 | 2,884 | 1,754 | 1,317 | ||||
Loans evaluated individually | 3,662 | 4,501 | |||||||||||
Loans evaluated collectively | 196,761 | 168,842 | |||||||||||
Total loans receivable | 200,423 | 173,343 | |||||||||||
Owner Occupied Real Estate [Member] | |||||||||||||
Beginning balance | 1,737 | 1,382 | 1,737 | 1,382 | 2,030 | ||||||||
Charge-offs | (465) | (157) | (1,052) | ||||||||||
Recoveries | 20 | ||||||||||||
Provision for loan losses | 741 | 512 | 404 | ||||||||||
Ending balance | 2,033 | 1,737 | 2,033 | 1,737 | 1,382 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 217 | 235 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 1,816 | 1,502 | |||||||||||
Total allowance for loan losses | 2,033 | 1,737 | 1,737 | 1,382 | 1,737 | 1,737 | 1,382 | 2,033 | 1,737 | ||||
Loans evaluated individually | 2,560 | 3,798 | |||||||||||
Loans evaluated collectively | 365,335 | 306,040 | |||||||||||
Total loans receivable | 367,895 | 309,838 | |||||||||||
Consumer Portfolio Segment [Member] | |||||||||||||
Beginning balance | 573 | 588 | 573 | 588 | 295 | ||||||||
Charge-offs | (219) | (53) | (11) | ||||||||||
Recoveries | 3 | 2 | 2 | ||||||||||
Provision for loan losses | 220 | 36 | 302 | ||||||||||
Ending balance | 577 | 573 | 577 | 573 | 588 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 94 | 217 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 483 | 356 | |||||||||||
Total allowance for loan losses | 577 | 573 | 573 | 588 | 573 | 573 | 588 | 577 | 573 | ||||
Loans evaluated individually | 861 | 1,002 | |||||||||||
Loans evaluated collectively | 90,291 | 75,181 | |||||||||||
Total loans receivable | 91,152 | 76,183 | |||||||||||
Residential Portfolio Segment [Member] | |||||||||||||
Beginning balance | 392 | 58 | 392 | 58 | 14 | ||||||||
Charge-offs | (10) | ||||||||||||
Recoveries | |||||||||||||
Provision for loan losses | 502 | 334 | 54 | ||||||||||
Ending balance | 894 | 392 | 894 | 392 | 58 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 894 | 392 | |||||||||||
Total allowance for loan losses | 894 | 392 | 392 | 58 | 392 | 392 | 58 | 894 | 392 | ||||
Loans evaluated individually | |||||||||||||
Loans evaluated collectively | 140,364 | 64,764 | |||||||||||
Total loans receivable | 140,364 | 64,764 | |||||||||||
Unallocated Financing Receivables [Member] | |||||||||||||
Beginning balance | 81 | 432 | 81 | 432 | 701 | ||||||||
Charge-offs | |||||||||||||
Recoveries | |||||||||||||
Provision for loan losses | 37 | (351) | (269) | ||||||||||
Ending balance | 118 | 81 | 118 | 81 | 432 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 118 | 81 | |||||||||||
Total allowance for loan losses | $ 118 | $ 81 | $ 81 | $ 432 | $ 81 | $ 81 | $ 432 | 118 | 81 | ||||
Loans evaluated individually | |||||||||||||
Loans evaluated collectively | |||||||||||||
Total loans receivable |
Note 5 - Allowances for Loan _5
Note 5 - Allowances for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
With no related allowance - Recorded investment | $ 10,602 | $ 15,270 | |
With no related allowance - Unpaid principal balance | 14,850 | 19,666 | |
With related allowance - Recroded investment | 7,428 | 9,446 | |
With related allowance - Unpaid principal balance | 8,555 | 9,502 | |
Related allowance | 1,473 | 2,790 | |
Recorded investment | 18,030 | 24,716 | |
Unpaid principal balance | 23,405 | 29,168 | |
With no related allowance recorded - Average recorded investment | 16,703 | 14,570 | $ 15,445 |
With no related allowance recorded - Interest income recognized | 419 | 483 | 333 |
With related allowance - Average recorded investment | 6,098 | 10,817 | 10,250 |
With related allowance - Interest income recognized | 32 | 124 | 169 |
Average recorded investment | 22,801 | 25,387 | 25,695 |
Interest income recognized | 451 | 607 | 502 |
Commercial Real Estate Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | 6,332 | 9,264 | |
With no related allowance - Unpaid principal balance | 6,337 | 9,268 | |
With related allowance - Recroded investment | 4,615 | 6,151 | |
With related allowance - Unpaid principal balance | 5,498 | 6,165 | |
Related allowance | 295 | 1,964 | |
Recorded investment | 10,947 | 15,415 | |
Unpaid principal balance | 11,835 | 15,433 | |
With no related allowance recorded - Average recorded investment | 10,429 | 9,579 | 12,033 |
With no related allowance recorded - Interest income recognized | 288 | 366 | 264 |
With related allowance - Average recorded investment | 3,076 | 6,490 | 4,455 |
With related allowance - Interest income recognized | 14 | 52 | |
Average recorded investment | 13,505 | 16,069 | 16,488 |
Interest income recognized | 288 | 380 | 316 |
Construction and Land Development Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | |||
With no related allowance - Unpaid principal balance | |||
With related allowance - Recroded investment | |||
With related allowance - Unpaid principal balance | |||
Related allowance | |||
Recorded investment | |||
Unpaid principal balance | |||
With no related allowance recorded - Average recorded investment | 58 | ||
With no related allowance recorded - Interest income recognized | |||
With related allowance - Average recorded investment | 12 | ||
With related allowance - Interest income recognized | |||
Average recorded investment | 70 | ||
Interest income recognized | |||
Commercial Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | 1,655 | 2,756 | |
With no related allowance - Unpaid principal balance | 5,418 | 6,674 | |
With related allowance - Recroded investment | 2,007 | 1,745 | |
With related allowance - Unpaid principal balance | 2,195 | 1,752 | |
Related allowance | 867 | 374 | |
Recorded investment | 3,662 | 4,501 | |
Unpaid principal balance | 7,613 | 8,426 | |
With no related allowance recorded - Average recorded investment | 3,341 | 2,270 | 1,828 |
With no related allowance recorded - Interest income recognized | 52 | 37 | 42 |
With related allowance - Average recorded investment | 1,862 | 2,517 | 3,357 |
With related allowance - Interest income recognized | 6 | 68 | 74 |
Average recorded investment | 5,203 | 4,787 | 5,185 |
Interest income recognized | 58 | 105 | 116 |
Owner Occupied Real Estate [Member] | |||
With no related allowance - Recorded investment | 1,905 | 2,595 | |
With no related allowance - Unpaid principal balance | 2,013 | 2,743 | |
With related allowance - Recroded investment | 655 | 1,203 | |
With related allowance - Unpaid principal balance | 704 | 1,206 | |
Related allowance | 217 | 235 | |
Recorded investment | 2,560 | 3,798 | |
Unpaid principal balance | 2,717 | 3,949 | |
With no related allowance recorded - Average recorded investment | 2,275 | 1,894 | 642 |
With no related allowance recorded - Interest income recognized | 58 | 58 | 10 |
With related allowance - Average recorded investment | 969 | 1,390 | 2,104 |
With related allowance - Interest income recognized | 25 | 32 | 31 |
Average recorded investment | 3,244 | 3,284 | 2,746 |
Interest income recognized | 83 | 90 | 41 |
Consumer Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | 710 | 655 | |
With no related allowance - Unpaid principal balance | 1,082 | 981 | |
With related allowance - Recroded investment | 151 | 347 | |
With related allowance - Unpaid principal balance | 158 | 379 | |
Related allowance | 94 | 217 | |
Recorded investment | 861 | 1,002 | |
Unpaid principal balance | 1,240 | 1,360 | |
With no related allowance recorded - Average recorded investment | 658 | 801 | 858 |
With no related allowance recorded - Interest income recognized | 21 | 21 | 16 |
With related allowance - Average recorded investment | 191 | 420 | 322 |
With related allowance - Interest income recognized | 1 | 10 | 12 |
Average recorded investment | 849 | 1,221 | 1,180 |
Interest income recognized | 22 | 31 | 28 |
Residential Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | |||
With no related allowance - Unpaid principal balance | |||
With related allowance - Recroded investment | |||
With related allowance - Unpaid principal balance | |||
Related allowance | |||
Recorded investment | |||
Unpaid principal balance | |||
With no related allowance recorded - Average recorded investment | 26 | 26 | |
With no related allowance recorded - Interest income recognized | 1 | 1 | |
With related allowance - Average recorded investment | |||
With related allowance - Interest income recognized | |||
Average recorded investment | 26 | 26 | |
Interest income recognized | $ 1 | $ 1 |
Note 5 - Allowances for Loan _6
Note 5 - Allowances for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans receivable, total past due | $ 13,050 | $ 15,958 |
Loans receivable, current | 1,423,564 | 1,146,091 |
Loans receivable | 1,436,614 | 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 | 1,135 | 1,113 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 1,574 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 10,341 | 14,845 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, total past due | 5,891 | 8,963 |
Loans receivable, current | 509,847 | 424,341 |
Loans receivable | 515,738 | 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 | 339 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 921 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 4,631 | 8,963 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable, total past due | ||
Loans receivable, current | 121,042 | 104,617 |
Loans receivable | 121,042 | 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 | 3,941 | 3,864 |
Loans receivable, current | 196,482 | 169,479 |
Loans receivable | 200,423 | 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 | 280 | 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 | 3,661 | 2,895 |
Owner Occupied Real Estate [Member] | ||
Loans receivable, total past due | 1,841 | 2,136 |
Loans receivable, current | 366,054 | 307,702 |
Loans receivable | 367,895 | 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 | 653 | |
Owner Occupied Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 1,188 | 2,136 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, total past due | 1,075 | 995 |
Loans receivable, current | 90,077 | 75,188 |
Loans receivable | 91,152 | 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 | 214 | 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 | 861 | 851 |
Residential Portfolio Segment [Member] | ||
Loans receivable, total past due | 302 | |
Loans receivable, current | 140,062 | 64,764 |
Loans receivable | 140,364 | 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 | 302 | |
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 5 - Allowances for Loan _7
Note 5 - Allowances for Loan Losses - Loans by Internal Risk Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans receivable | $ 1,436,614 | $ 1,162,049 |
Pass [Member] | ||
Loans receivable | 1,422,542 | 1,142,559 |
Special Mention [Member] | ||
Loans receivable | 2,358 | 1,226 |
Substandard [Member] | ||
Loans receivable | 11,434 | 17,984 |
Doubtful [Member] | ||
Loans receivable | 280 | 280 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 515,738 | 433,304 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 510,186 | 423,382 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 921 | 959 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 4,631 | 8,963 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 121,042 | 104,617 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 121,042 | 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 | 200,423 | 173,343 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 196,751 | 168,702 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 10 | 140 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 3,382 | 4,221 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 280 | 280 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 367,895 | 309,838 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Loans receivable | 364,032 | 306,040 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Loans receivable | 1,303 | |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Loans receivable | 2,560 | 3,798 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | ||
Loans receivable | 91,152 | 76,183 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 90,291 | 75,181 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 861 | 1,002 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | ||
Loans receivable | 140,364 | 64,764 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 140,240 | 64,637 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 124 | 127 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable |
Note 5 - Allowances for Loan _8
Note 5 - Allowances for Loan Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Non-accrual loans | $ 10,341 | $ 14,845 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 4,631 | 8,963 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | ||
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 3,661 | 2,895 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 1,188 | 2,136 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 861 | 851 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans |
Note 5 - Allowances for Loan _9
Note 5 - Allowances for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Number of Loans | 5 | 5 |
Troubled debt restructurings, accrual status | $ 6,316 | $ 7,869 |
Troubled debt restructurings, non-accrual status | 1,466 | 349 |
Troubled debt restructurings | $ 7,782 | $ 8,218 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 6,316 | $ 6,452 |
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | $ 6,316 | $ 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 | 1,224 | 349 |
Troubled debt restructurings | $ 1,224 | $ 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 6 - Other Real Estate Ow_3
Note 6 - Other Real Estate Owned - Reconciliation of Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning Balance | $ 6,966 | $ 10,174 | $ 11,313 |
Additions | 315 | 291 | 616 |
Valuation adjustments | (563) | (3,000) | (355) |
Dispositions | (495) | (499) | (1,400) |
Ending Balance | $ 6,223 | $ 6,966 | $ 10,174 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Depreciation, Total | $ 5,400 | $ 4,600 | $ 3,500 |
Property, Plant and Equipment, Gross, Ending Balance | 115,028 | 97,189 | |
Construction in Progress Land Purchased | $ 2,700 | ||
Number of Specific Store Locations | 7 | ||
Cost of Completion | $ 8,000 | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment, Gross, Ending Balance | $ 8,041 | $ 4,961 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Premises and equipment | $ 115,028 | $ 97,189 |
Less accumulated depreciation | (27,367) | (22,242) |
Net premises and equipment | 87,661 | 74,947 |
Land [Member] | ||
Premises and equipment | 15,957 | 12,711 |
Building [Member] | ||
Premises and equipment | 49,204 | 40,519 |
Leasehold Improvements [Member] | ||
Premises and equipment | 20,396 | 20,477 |
Furniture and Fixtures [Member] | ||
Premises and equipment | 21,430 | 18,521 |
Construction in Progress [Member] | ||
Premises and equipment | $ 8,041 | $ 4,961 |
Note 8 - Borrowings (Details Te
Note 8 - Borrowings (Details Textual) - USD ($) | Jun. 10, 2008 | Jun. 28, 2007 | Dec. 31, 2006 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt, Total | $ 91,422,000 | ||||||
Maximum Percentage of Capital Permitted to Invest in Trust Preferred Securities | 25.00% | ||||||
Proceeds from Issuance of Common Stock | $ 300,000 | $ 99,175,000 | |||||
Amortization of Debt Issuance Costs | 6,000 | 29,000 | $ 24,000 | ||||
Adjustments to Additional Paid in Capital, Conversion of Debt Securities, Deferred Issuance Costs | $ 467,000 | ||||||
Subordinated Debt [Member] | |||||||
Debt Issuance Costs, Net, Total | 82,000 | $ 555,000 | |||||
Trust Preferred Securities [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,600,000 | ||||||
Debt Conversion, Original Debt, Amount | $ 10,100,000 | ||||||
Director [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 37,000 | ||||||
Debt Conversion, Original Debt, Amount | $ 240,000 | ||||||
Republic Capital Trust II [Member] | |||||||
Proceeds from (Repurchase of) Trust Preferred Securities, Total | $ 6,000,000 | ||||||
Proceeds from Issuance of Common Stock | 200,000 | ||||||
Republic Capital Trust II [Member] | Junior Subordinated Debt [Member] | |||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 6,200,000 | ||||||
Republic Capital Trust II [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.73% | ||||||
Republic Capital Trust III [Member] | |||||||
Proceeds from (Repurchase of) Trust Preferred Securities, Total | $ 5,000,000 | ||||||
Proceeds from Issuance of Common Stock | 200,000 | ||||||
Republic Capital Trust III [Member] | Junior Subordinated Debt [Member] | |||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 5,200,000 | ||||||
Republic Capital Trust III [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ||||||
Republic Capital Trust IV [Member] | |||||||
Proceeds from (Repurchase of) Trust Preferred Securities, Total | 10,800,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,700,000 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 6.50 | ||||||
Republic Capital Trust IV [Member] | Junior Subordinated Debt [Member] | |||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 11,100,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Correspondent Bank [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | ||||||
Long-term Line of Credit, Total | 0 | 0 | |||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | 0 | |||||
Zions Bank [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ||||||
Long-term Line of Credit, Total | 0 | ||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | ||||||
Overnight Advances [Member] | |||||||
Collateralized Financings, Total | 1,000,000,000 | ||||||
Federal Home Loan Bank of Pittsburgh [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 717,100,000 | ||||||
Long-term Line of Credit, Total | 0 | 0 | |||||
Short-term Debt, Total | $ 91,400,000 | 0 | |||||
Line of Credit Facility, Interest Rate at Period End | 2.65% | ||||||
Letters of Credit Outstanding, Amount | $ 100,000,000 | 75,000,000 | |||||
Federal Home Loan Bank of Pittsburgh [Member] | Overnight Advances [Member] | |||||||
Long-term Line of Credit, Total | 0 | 0 | |||||
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 206,900,000 | $ 82,900,000 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Time Deposits, at or Above FDIC Insurance Limit | $ 104,600,000 | $ 57,500,000 |
Related Party Deposit Liabilities | 102,700,000 | 107,100,000 |
Brokered Deposits | 18,600,000 | 18,400,000 |
Bank Overdrafts | $ 277,000 | $ 132,000 |
Note 9 - Deposits - Contractual
Note 9 - Deposits - Contractual Maturities of the Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Certificates of Deposit, 2019 | $ 94,022 | |
Certificates of Deposit, 2020 | 57,138 | |
Certificates of Deposit, 2021 | 1,135 | |
Certificates of Deposit, 2022 | 958 | |
Certificates of Deposit, 2023 | 1,004 | |
Certificates of Deposit, thereafter | ||
Certificates of Deposit | $ 154,257 | $ 116,737 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | ||
Net Deferred Tax Asset Before Valuation Allowance | $ 12,715 | $ 12,715 | $ 12,334 | $ 12,715 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 15.00% | 27.00% | |||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 5,549 | 5,549 | $ 3,541 | $ 5,549 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 8,800 | ||||
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 2,789 | 2,789 | 3,935 | 2,789 | |
Deferred Tax Assets, Valuation Allowance, Total | 0 | $ 0 | 0 | $ 12,200 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax Asset Valuation Allowance | $ 10,600 | ||||
Liability for Uncertainty in Income Taxes, Current | 0 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | $ 0 | $ 0 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal | $ 2,137 | $ 261 | |
State | 51 | ||
Federal | 2,006 | (5,056) | (380) |
State | (479) | ||
Total provision (benefit) for income taxes | $ 1,578 | $ (2,919) | $ (119) |
Note 10 - Income Taxes - Inco_2
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax provision computed at federal statutory rate | $ 2,143 | $ 2,095 | $ 1,689 | ||||||||
State income tax, net of federal benefit | (340) | ||||||||||
Tax exempt interest | (430) | (573) | (582) | ||||||||
Deferred tax only items | 199 | ||||||||||
Effect of change in tax rate | 7,661 | ||||||||||
Deferred tax asset valuation allowance adjustment | (12,214) | (1,508) | |||||||||
Other | 6 | 112 | 282 | ||||||||
Total provision (benefit) for income taxes | $ 54 | $ 622 | $ 530 | $ 372 | $ (2,881) | $ 4 | $ (8) | $ (34) | $ 1,578 | $ (2,919) | $ (119) |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses | $ 2,185 | $ 2,047 |
Deferred compensation | 591 | 557 |
Unrealized losses on securities available for sale | 3,935 | 2,789 |
Realized losses in other than temporary impairment charge | 65 | |
Foreclosed real estate write-downs | 2,351 | 1,468 |
Interest income on non-accrual loans | 615 | 525 |
Net operating loss carryforward | 3,541 | 5,549 |
Other | 1,472 | 1,266 |
Total deferred tax assets | 14,690 | 14,266 |
Deferred loan costs | 1,103 | 998 |
Premises and equipment | 634 | 211 |
Other | 619 | 342 |
Total deferred tax liabilities | 2,356 | 1,551 |
Net deferred tax asset | $ 12,334 | $ 12,715 |
Note 11 - Financial Instrumen_2
Note 11 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Standby Letters of Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 13.9 | $ 12.6 |
Commitments to Extend Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 286.4 | $ 264.3 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense, Net, Total | $ 4.4 | $ 4 | $ 3.4 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Minimum Annual Rental Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 4,124 |
2020 | 4,128 |
2021 | 2,879 |
2022 | 2,590 |
2023 | 1,916 |
Thereafter | 36,036 |
Total | $ 51,673 |
Note 13 - Regulatory Capital (D
Note 13 - Regulatory Capital (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2016 | Jan. 01, 2015 |
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 48.5 | |||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | ||
Capital Conservation Buffer | 2.50% | 0.625% | ||
Common Equity Tier 1, Deductions and Other Adjustments, Initial | 40.00% | |||
Common Equity Tier 1, Deductions and Other Adjustments, Phase 2 | 80.00% | |||
Subsidiaries [Member] | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Note 13 - Regulatory Capital -
Note 13 - Regulatory Capital - Capital Regulatory Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Capital | $ 262,964 | $ 249,510 | |
Capital to risk-weighted assets | 15.03% | 16.70% | |
Capital required for capital adequacy | $ 140,009 | $ 119,521 | |
Capital required for capital adequacy to risk-weighted assets | 8.00% | 8.00% | |
Capital required for capital adequacy, with capital buffer | $ 172,824 | $ 138,197 | |
Total capital (to risk-weighted assets) | 9.875% | 9.25% | 8.625% |
Capital required to be well capitalized | |||
Capital required to be well capitalized to risk-weighted assets | |||
Tier one risk-based capital | $ 254,349 | $ 240,911 | |
Tier one risk-based capital to risk-weighted assets | 14.53% | 16.13% | |
Tier one risk-based capital required for capital adequacy | $ 105,007 | $ 89,641 | |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 6.00% | 6.00% | |
Tier one risk-based capital required for capital adequacy, with capital buffer | $ 137,821 | $ 108,316 | |
Tier 1 capital (to risk weighted assets) | 7.875% | 7.25% | 6.625% |
Tier one risk-based capital required to be well capitalized | |||
Tier one risk-based capital required to be well capitalized to risk-weighted assets | |||
Common equity tier one risk-based capital | $ 243,349 | $ 220,433 | |
Common equity tier one risk-based capital to risk-weighted assets | 13.90% | 14.75% | |
Common equity tier one risk-based capital required for capital adequacy | $ 78,755 | $ 67,231 | |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% | |
Common equity tier one risk-based capital required for capital adequacy, with capital buffer | $ 111,570 | $ 85,906 | |
Common equity tier 1 capital (CET1) | 6.375% | 5.75% | 5.125% |
Common equity tier one risk-based capital required to be well capitalized | |||
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | |||
Tier one leverage capital | $ 254,349 | $ 240,911 | |
Tier one leverage capital to average assets | 9.35% | 10.64% | |
Tier one leverage capital required for capital adequacy | $ 108,800 | $ 90,586 | |
Tier one leverage capital required for capital adequacy to risk average assets | 4.00% | 4.00% | |
Tier one leverage capital required for capital adequacy, with capital buffer | $ 108,800 | $ 90,586 | |
Tier one leverage capitalrequired for capital adequacy to average assets, with capital buffer | 4.00% | 4.00% | |
Tier one leverage capitalrequired to be well capitalized | |||
Tier one leverage capitalrequired to be well capitalized to average assets | |||
Subsidiaries [Member] | |||
Capital | $ 231,610 | $ 187,732 | |
Capital to risk-weighted assets | 13.26% | 12.57% | |
Capital required for capital adequacy | $ 139,722 | $ 119,446 | |
Capital required for capital adequacy to risk-weighted assets | 8.00% | 8.00% | |
Capital required for capital adequacy, with capital buffer | $ 172,489 | $ 138,109 | |
Total capital (to risk-weighted assets) | 9.875% | 9.25% | |
Capital required to be well capitalized | $ 174,652 | $ 149,307 | |
Capital required to be well capitalized to risk-weighted assets | 10.00% | 10.00% | |
Tier one risk-based capital | $ 222,995 | $ 179,133 | |
Tier one risk-based capital to risk-weighted assets | 12.77% | 12.00% | |
Tier one risk-based capital required for capital adequacy | $ 104,791 | $ 89,584 | |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 6.00% | 6.00% | |
Tier one risk-based capital required for capital adequacy, with capital buffer | $ 137,539 | $ 108,248 | |
Tier 1 capital (to risk weighted assets) | 7.875% | 7.25% | |
Tier one risk-based capital required to be well capitalized | $ 139,722 | $ 119,446 | |
Tier one risk-based capital required to be well capitalized to risk-weighted assets | 8.00% | 8.00% | |
Common equity tier one risk-based capital | $ 222,995 | $ 179,133 | |
Common equity tier one risk-based capital to risk-weighted assets | 12.77% | 12.00% | |
Common equity tier one risk-based capital required for capital adequacy | $ 78,594 | $ 67,188 | |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% | |
Common equity tier one risk-based capital required for capital adequacy, with capital buffer | $ 111,341 | $ 85,852 | |
Common equity tier 1 capital (CET1) | 6.375% | 5.75% | |
Common equity tier one risk-based capital required to be well capitalized | $ 113,524 | $ 97,050 | |
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | 6.50% | 6.50% | |
Tier one leverage capital | $ 222,995 | $ 179,133 | |
Tier one leverage capital to average assets | 8.21% | 7.91% | |
Tier one leverage capital required for capital adequacy | $ 108,685 | $ 90,531 | |
Tier one leverage capital required for capital adequacy to risk average assets | 4.00% | 4.00% | |
Tier one leverage capital required for capital adequacy, with capital buffer | $ 108,685 | $ 90,531 | |
Tier one leverage capitalrequired for capital adequacy to average assets, with capital buffer | 4.00% | 4.00% | |
Tier one leverage capitalrequired to be well capitalized | $ 135,857 | $ 113,164 | |
Tier one leverage capitalrequired to be well capitalized to average assets | 5.00% | 5.00% |
Note 13 - Regulatory Capital _2
Note 13 - Regulatory Capital - Required Capital Ratios with Conversion Buffers (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Common equity tier 1 capital (CET1) | 6.375% | 5.75% | 5.125% | |
Tier 1 capital (to risk weighted assets) | 7.875% | 7.25% | 6.625% | |
Total capital (to risk-weighted assets) | 9.875% | 9.25% | 8.625% | |
Scenario, Forecast [Member] | ||||
Common equity tier 1 capital (CET1) | 7.00% | |||
Tier 1 capital (to risk weighted assets) | 8.50% | |||
Total capital (to risk-weighted assets) | 10.50% |
Note 14 - Benefit Plans (Detail
Note 14 - Benefit Plans (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Defined Contribution Plan, Cost | $ 1,100,000 | $ 927,000 | $ 627,000 |
Annuity Payment, Maximum Contractual Term | 10 years | ||
Retirement Age to Be Attained to Receive Postretirement Benefits | 65 | ||
Liability, Defined Benefit Pension Plan | $ 1,100,000 | 1,200,000 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | $ 18,000 | 24,000 | 31,000 |
Deferred Compensation Plan, Benefits, Number of Years to Vest | 3 years | ||
Deferred Compensation Plan, Amount Vested | $ 1,200,000 | 1,200,000 | |
Deferred Compensation Arrangement With Individual, Expense Reduction | $ 15,000 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 28,000 | $ 88,000 | |
Deferred Compensation Plan, Shares Acquired | shares | 0 | 0 | 0 |
Deferred Compensation Plan, Shares Held | shares | 25,437 | 25,437 | |
Other Assets [Member] | |||
Cash Surrender Value of Life Insurance | $ 2,500,000 | $ 2,400,000 | |
Minimum [Member] | |||
Annual Annuity Payments | 15,000 | ||
Maximum [Member] | |||
Annual Annuity Payments | $ 25,000 |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 5,650,000 | $ 4,081,000 | $ 2,993,000 |
Servicing Asset, Total | $ 204,400,000 | $ 204,900,000 | |
SBA Servicing Assets [Member] | |||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Key Assumptions, Percent | 10.00% | 10.00% | |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Key Assumptions | 20.00% | 20.00% | |
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 | 1,200,000 | 976,000 | |
Shareholder Service [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,000,000 | $ 1,800,000 | $ 1,800,000 |
Note 15 - Fair Value Measurem_4
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets Measured at on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Total, available for sale, fair value | $ 321,014 | $ 464,430 | |||
SBA Servicing Assets | 4,785 | 5,243 | $ 5,352 | $ 4,886 | |
Collateralized Mortgage Obligations [Member] | |||||
Total, available for sale, fair value | 196,259 | 320,241 | |||
Agency Mortgage-backed Securities [Member] | |||||
Total, available for sale, fair value | 38,499 | 54,866 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Total, available for sale, fair value | 20,639 | 15,100 | |||
Corporate Debt Securities [Member] | |||||
Total, available for sale, fair value | 59,274 | 60,282 | |||
Asset-backed Securities [Member] | |||||
Total, available for sale, fair value | 6,343 | 13,452 | |||
Collateralized Debt Obligations [Member] | |||||
Total, available for sale, fair value | 489 | ||||
Fair Value, Measurements, Recurring [Member] | |||||
Total, available for sale, fair value | 321,014 | 464,430 | |||
Mortgages Held-for-sale, Fair Value Disclosure | 20,887 | 43,375 | |||
SBA Servicing Assets | 4,785 | 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 | 317,945 | 460,855 | |||
Mortgages Held-for-sale, Fair Value Disclosure | 20,887 | 43,375 | |||
SBA Servicing Assets | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | 3,069 | 3,575 | |||
Mortgages Held-for-sale, Fair Value Disclosure | |||||
SBA Servicing Assets | 4,785 | 5,243 | |||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||||
Total, available for sale, fair value | 196,259 | 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 | 196,259 | 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 | 38,499 | 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 | 38,499 | 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 | 20,639 | 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 | 20,639 | 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 | 59,274 | 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 | 56,205 | 57,196 | |||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | 3,069 | 3,086 | |||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | |||||
Total, available for sale, fair value | 6,343 | 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 | 6,343 | 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] | Interest Rate Lock Commitments [Member] | |||||
Derivative Asset | 410 | 363 | |||
Derivative Liability | 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 | 410 | 363 | |||
Derivative Liability | 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 | 138 | 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 | 138 | 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 | 10 | 19 | |||
Derivative Liability | 230 | 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 | 10 | 19 | |||
Derivative Liability | 230 | 195 | |||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Asset | |||||
Derivative Liability | |||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | |||||
Total, available for sale, fair value | $ 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 | $ 489 |
Note 15 - Fair Value Measurem_5
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - SBA Servicing Assets Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 5,243 | $ 5,352 | $ 4,886 |
Additions | 1,000 | 1,078 | 1,541 |
Fair value adjustments | (1,458) | (1,187) | (1,075) |
Balance | $ 4,785 | $ 5,243 | $ 5,352 |
Note 15 - Fair Value Measurem_6
Note 15 - Fair Value Measurements and 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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Collateralized Debt Obligations [Member] | |||
Balance | $ 489 | $ 1,820 | $ 1,883 |
Security transferred to Level 3 measurement | |||
Unrealized (losses) gains | 237 | 1,006 | (56) |
Paydowns | |||
Proceeds from sales | (660) | (1,539) | |
Realized losses | (66) | (798) | |
Impairment charges on Level 3 | (7) | ||
Balance | 489 | 1,820 | |
Corporate Debt Securities [Member] | |||
Balance | 3,086 | 2,971 | 2,834 |
Security transferred to Level 3 measurement | |||
Unrealized (losses) gains | (17) | 115 | 137 |
Paydowns | |||
Proceeds from sales | |||
Realized losses | |||
Impairment charges on Level 3 | |||
Balance | $ 3,069 | $ 3,086 | $ 2,971 |
Note 15 - Fair Value Measurem_7
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Impaired loans | $ 5,955 | $ 7,322 |
Other real estate owned | 1,114 | 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 | 5,955 | 7,322 |
Other real estate owned | $ 1,114 | $ 5,727 |
Note 15 - Fair Value Measurem_8
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information about Level 3 Assets (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | |||
Fair Value | $ 3,069 | $ 3,086 | |
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | Measurement Input, Discount Rate [Member] | |||
Securities, unobservable input | (0.0824) | (0.0599) | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | |||
Fair Value | $ 4,785 | $ 5,243 | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Discount Rate [Member] | |||
SBA servicing assets, unobservable input | (0.115) | (0.105) | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Prepayment Rate [Member] | |||
SBA servicing assets, unobservable input | (0.1031) | (0.0785) | |
Valuation Technique, Discounted Cash Flow [Member] | Collateralized Debt Obligations [Member] | |||
Fair Value | $ 489 | ||
Valuation Technique, Discounted Cash Flow [Member] | Collateralized Debt Obligations [Member] | Measurement Input, Discount Rate [Member] | |||
Securities, unobservable input | (0.0833) | ||
Valuation, Market Approach [Member] | Impaired Loans [Member] | |||
Fair Value | [1] | $ 5,955 | $ 7,322 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||
Impaired loans, unobservable input | [2],[3] | 0.11 | 0.1 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||
Impaired loans, unobservable input | [2],[3] | 0.24 | 0.21 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Impaired loans, unobservable input | [3] | (0.13) | (0.14) |
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | |||
Fair Value | [1] | $ 1,114 | |
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||
Other real estate owned, unobservable input | [2],[3] | 0.04 | |
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||
Other real estate owned, unobservable input | [2],[3] | (0.07) | 0.07 |
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Other real estate owned, unobservable input | [2],[3] | (0.07) | |
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | |||
Fair Value | $ 5,727 | ||
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | |||
Other real estate owned, unobservable input | [2],[3] | (0.22) | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | ||
[3] | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. |
Note 15 - Fair Value Measurem_9
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Aggregate Unpaid Principal Balance | $ 20,071 | $ 42,046 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | 816 | 1,329 |
Reported Value Measurement [Member] | ||
Carrying Amount | $ 20,887 | $ 43,375 |
Note 15 - Fair Value Measure_10
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value of SBA Servicing Asset | $ 4,785 | $ 5,243 | $ 5,352 | $ 4,886 |
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||
Weighted Average Remaining Term (in years) (Year) | 20 years 146 days | 20 years 182 days | ||
Prepayment Speed | 10.31% | 7.85% | ||
Effect on fair value of a 10% increase | $ (170) | $ (171) | ||
Effect on fair value of a 20% increase | $ (330) | $ (333) | ||
Weighted Average Discount Rate | 11.50% | 10.50% | ||
Effect on fair value of a 10% increase | $ (186) | $ (211) | ||
Effect on fair value of a 20% increase | $ (359) | $ (407) | ||
Fixed Rate SBA Loans [Member] | ||||
Composition of SBA loans serviced for others | 2.00% | 2.00% | ||
Adjustable Rate SBA Loans [Member] | ||||
Composition of SBA loans serviced for others | 98.00% | 98.00% |
Note 15 - Fair Value Measure_11
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale, at fair value | $ 321,014 | $ 464,430 | ||
Investment securities held to maturity, at fair value | 747,323 | 463,799 | ||
Fair Value of SBA Servicing Asset | 4,785 | 5,243 | $ 5,352 | $ 4,886 |
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 72,473 | 61,942 | ||
Investment securities available for sale, at fair value | 321,014 | 464,430 | ||
Investment securities held to maturity, at fair value | 761,563 | 472,213 | ||
Restricted stock | 5,754 | 1,918 | ||
Loans held for sale | 26,291 | 45,700 | ||
Loans receivable, net | 1,427,983 | 1,153,679 | ||
Fair Value of SBA Servicing Asset | 4,785 | 5,243 | ||
Accrued interest receivable | 9,025 | 7,009 | ||
Demand, savings and money market | 2,238,610 | 1,946,558 | ||
Time | 154,257 | 116,737 | ||
Subordinated debt | 11,259 | 21,681 | ||
Accrued interest payable | 558 | 293 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 410 | 363 | ||
Derivative liability | 1 | |||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 5 | ||
Derivative liability | 138 | 93 | ||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 10 | 19 | ||
Derivative liability | 230 | 195 | ||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 72,473 | 61,942 | ||
Investment securities available for sale, at fair value | 321,014 | 464,430 | ||
Investment securities held to maturity, at fair value | 747,323 | 463,799 | ||
Restricted stock | 5,754 | 1,918 | ||
Loans held for sale | 26,291 | 45,714 | ||
Loans receivable, net | 1,410,945 | 1,120,305 | ||
Fair Value of SBA Servicing Asset | 4,785 | 5,243 | ||
Accrued interest receivable | 9,025 | 7,009 | ||
Demand, savings and money market | 2,238,610 | 1,946,558 | ||
Time | 152,989 | 115,673 | ||
Subordinated debt | 8,279 | 18,458 | ||
Accrued interest payable | 558 | 293 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 410 | 363 | ||
Derivative liability | 1 | |||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 5 | ||
Derivative liability | 138 | 93 | ||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 10 | 19 | ||
Derivative liability | 230 | 195 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 72,473 | 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 | ||||
Demand, savings and money market | ||||
Time | ||||
Subordinated debt | ||||
Accrued interest payable | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | 317,945 | 460,855 | ||
Investment securities held to maturity, at fair value | 747,323 | 463,799 | ||
Restricted stock | 5,754 | 1,918 | ||
Loans held for sale | 20,887 | 43,375 | ||
Loans receivable, net | ||||
Fair Value of SBA Servicing Asset | ||||
Accrued interest receivable | 9,025 | 7,009 | ||
Demand, savings and money market | 2,238,610 | 1,946,558 | ||
Time | 152,989 | 115,673 | ||
Subordinated debt | ||||
Accrued interest payable | 558 | 293 | ||
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] | ||||
Derivative asset | 410 | 363 | ||
Derivative liability | 1 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 5 | ||
Derivative liability | 138 | 93 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 10 | 19 | ||
Derivative liability | 230 | 195 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | 3,069 | 3,575 | ||
Investment securities held to maturity, at fair value | ||||
Restricted stock | ||||
Loans held for sale | 5,404 | 2,339 | ||
Loans receivable, net | 1,410,945 | 1,120,305 | ||
Fair Value of SBA Servicing Asset | 4,785 | 5,243 | ||
Accrued interest receivable | ||||
Demand, savings and money market | ||||
Time | ||||
Subordinated debt | 8,279 | 18,458 | ||
Accrued interest payable | ||||
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] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability |
Note 16 - Stock Based Compens_3
Note 16 - Stock Based Compensation (Details Textual) - USD ($) | Apr. 29, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,106,800 | 916,000 | 661,750 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Aggregate | $ 3,030,999 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 753,864 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 3,861,650 | 3,005,825 | 2,332,900 | 1,947,725 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,899,487 | 1,346,723 | 1,049,674 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 76,125 | 45,100 | 50,300 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,406,394 | $ 2,508,314 | $ 1,104,424 | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
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 | 6,300,000 | ||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 753,864 | 529,624 | 519,050 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 3,861,650 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4,300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,899,487 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 3,600,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 76,125 | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value Amount | $ 235,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,400,000 | ||||
Employee Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Fair Value Assumptions, Expected Volatility Rate, Term Calculation | 5 years 182 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Term Calculation | 5 years | ||||
Employee Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Fair Value Assumptions, Expected Volatility Rate, Term Calculation | 7 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Term Calculation | 7 years | ||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Employee Stock Option [Member] | The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,600,000 | 6,300,000 | |||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,106,800 |
Note 16 - Stock Based Compens_4
Note 16 - Stock Based Compensation - Valuation Assumptions (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Dividend yield | 0.00% | 0.00% | 0.00% | |
Expected volatility | [1],[2] | 28.22% | ||
Expected life (Year) | [3] | 6 years 91 days | ||
Assumed forfeiture rate | [4] | 4.00% | 6.00% | 10.00% |
Minimum [Member] | ||||
Expected volatility | [1],[2] | 44.00% | 46.38% | |
Risk-free interest rate | [5] | 2.35% | 1.89% | 1.23% |
Expected life (Year) | [3] | 5 years 182 days | 5 years 182 days | |
Maximum [Member] | ||||
Expected volatility | [1],[2] | 50.093% | 52.543% | |
Risk-free interest rate | [5] | 2.96% | 2.30% | 1.82% |
Expected life (Year) | [3] | 7 years | 7 years | |
[1] | Expected volatility is based on Bloomberg's five and one-half to seven year volatility calculation for "FRBK" stock. | |||
[2] | The expected volatility was based on the historical volatility of the Company&#8217;s common stock price as adjusted for certain historical periods of extraordinary volatility in order to estimate expected volatility. | |||
[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] | The risk-free interest rate is based on the five to seven year Treasury bond. |
Note 16 - Stock Based Compens_5
Note 16 - Stock Based Compensation - Stock-based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock based compensation expense recognized | $ 2,116,000 | $ 1,842,000 | $ 759,000 |
Number of unvested stock options (in shares) | 1,962,163 | 1,659,102 | 1,283,226 |
Fair value of unvested stock options | $ 5,550,820 | $ 4,587,565 | $ 2,184,773 |
Amount remaining to be recognized as expense | $ 3,406,394 | $ 2,508,314 | $ 1,104,424 |
Note 16 - Stock Based Compens_6
Note 16 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding, beginning of year, shares (in shares) | 3,005,825 | 2,332,900 | 1,947,725 |
Outstanding, beginning of year, weighted average exercise price (in dollars per share) | $ 4.98 | $ 3.70 | $ 3.56 |
Granted, number of shares (in shares) | 1,106,800 | 916,000 | 661,750 |
Granted, weighted average exercise price (in dollars per share) | $ 8.34 | $ 8.03 | $ 4.06 |
Exercised, shares (in shares) | (174,850) | (197,975) | (226,275) |
Exercise, weighted average exercise price (in dollars per share) | $ 3.83 | $ 3.26 | $ 3.21 |
Forfeited, shares (in shares) | (76,125) | (45,100) | (50,300) |
Forfeited, weighted average exercise price (in dollars per share) | $ 6.80 | $ 7.95 | $ 5.21 |
Outstanding, end of year, shares (in shares) | 3,861,650 | 3,005,825 | 2,332,900 |
Outstanding, end of year, weighted average exercise price (in dollars per share) | $ 5.96 | $ 4.98 | $ 3.70 |
Options exercisable at year-end, shares (in shares) | 1,899,487 | 1,346,723 | 1,049,674 |
Options exercisable at year-end, weighted average exercise price (in dollars per share) | $ 4.53 | $ 3.55 | $ 3.70 |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.85 | $ 3.75 | $ 1.80 |
Note 16 - Stock Based Compens_7
Note 16 - Stock Based Compensation - Stock Option Exercises (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options exercised (in shares) | 174,850 | 197,975 | 226,275 |
Net proceeds from exercise of stock options | $ 670,413 | $ 646,263 | $ 726,157 |
Intrinsic value | 814,855 | 991,957 | 739,699 |
Tax benefit | $ 12,288 | $ 81,589 |
Note 16 - Stock Based Compens_8
Note 16 - Stock Based Compensation - Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Options outstanding (in shares) | shares | 3,861,650 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 5.96 |
Options exercisable (in shares) | shares | 1,899,487 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.53 |
Range 1 [Member] | |
Lower range limit (in dollars per share) | 1.55 |
Upper range limit (in dollars per share) | $ 3.53 |
Options outstanding (in shares) | shares | 518,200 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 182 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 2.52 |
Options exercisable (in shares) | shares | 508,200 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 2.50 |
Range 2 [Member] | |
Lower range limit (in dollars per share) | 3.55 |
Upper range limit (in dollars per share) | $ 3.95 |
Options outstanding (in shares) | shares | 663,050 |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 182 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 3.62 |
Options exercisable (in shares) | shares | 526,312 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 3.64 |
Range 3 [Member] | |
Lower range limit (in dollars per share) | 3.99 |
Upper range limit (in dollars per share) | $ 7.85 |
Options outstanding (in shares) | shares | 737,225 |
Options outstanding, weighted-average remaining contractual life (Year) | 6 years 73 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 4.50 |
Options exercisable (in shares) | shares | 435,850 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.55 |
Range 4 [Member] | |
Lower range limit (in dollars per share) | 8 |
Upper range limit (in dollars per share) | $ 9.50 |
Options outstanding (in shares) | shares | 1,943,175 |
Options outstanding, weighted-average remaining contractual life (Year) | 8 years 182 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 8.23 |
Options exercisable (in shares) | shares | 429,125 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 8 |
Note 16 - Stock Based Compens_9
Note 16 - Stock Based Compensation - Roll-forward of Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Nonvested, beginning year, number of shares (in shares) | 1,659,102 | 1,283,226 | |
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.77 | ||
Granted, number of shares (in shares) | 1,106,800 | 916,000 | 661,750 |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.85 | $ 3.75 | $ 1.80 |
Vested, number of shares (in shares) | (753,864) | ||
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.92 | ||
Forfeited, number of shares (in shares) | (49,875) | ||
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.94 | ||
Nonvested, end of year, number of shares (in shares) | 1,962,163 | 1,659,102 | 1,283,226 |
Nonvested, end of year, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.83 | $ 2.77 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Number of Reportable Segments | 1 |
Note 18 - Transactions With A_2
Note 18 - Transactions With Affiliates and Related Parties (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction, Amounts of Transaction | $ 685,000 | $ 653,000 | $ 1,000,000 |
Glassboro Properties, LLC. [Member] | |||
Related Party Transaction, Amounts of Transaction | 165,000 | 172,000 | 194,000 |
Purchase of Marketing and Graphic Design Services [Member] | InterArch [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 400,000 | 361,000 | 450,000 |
Vernon W Hill [Member] | |||
Major Shareholder Ownership Percentage | 8.10% | ||
Consulting Arrangement [Member] | Vernon W Hill [Member] | |||
Related Party Transaction, Amounts of Transaction | 250,000 | ||
Public Relations Services [Member] | Brian Communications [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 120,000 | $ 120,000 | $ 120,000 |
Note 19 - Parent Company Fina_3
Note 19 - Parent Company Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Other assets | $ 30,299 | $ 28,532 | ||
Total Assets | 2,753,297 | 2,322,347 | ||
Total Liabilities | 2,508,108 | 2,095,887 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 245,189 | 226,460 | $ 215,053 | $ 113,375 |
Total Liabilities and Shareholders’ Equity | 2,753,297 | 2,322,347 | ||
Parent Company [Member] | ||||
Cash | 27,722 | 60,309 | ||
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation | 341 | 676 | ||
Investment in subsidiaries | 220,864 | 181,256 | ||
Other assets | 7,572 | 5,931 | ||
Total Assets | 256,499 | 248,172 | ||
Accrued expenses | 51 | 31 | ||
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation | 11,259 | 21,681 | ||
Total Liabilities | 11,310 | 21,712 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 245,189 | 226,460 | $ 215,053 | $ 113,375 |
Total Liabilities and Shareholders’ Equity | $ 256,499 | $ 248,172 |
Note 19 - Parent Company Fina_4
Note 19 - Parent Company Financial Information - Statements of Income, Comprehensive Income (Loss), and Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income | $ 19,980 | $ 19,146 | $ 18,662 | $ 18,116 | $ 16,867 | $ 15,712 | $ 15,267 | $ 14,219 | $ 75,904 | $ 62,065 | $ 47,364 |
Net loss before taxes | 10,205 | 5,986 | 4,826 | ||||||||
Provision (benefit) for income taxes | 54 | 622 | 530 | 372 | (2,881) | 4 | (8) | (34) | 1,578 | (2,919) | (119) |
Net income | 2,157 | $ 2,322 | $ 2,371 | 1,777 | 2,738 | $ 2,321 | $ 2,059 | 1,787 | 8,627 | 8,905 | 4,945 |
Other comprehensive income/loss, net of tax | (2,778) | (215) | (4,129) | ||||||||
Total comprehensive income (loss) | 5,849 | 8,690 | 816 | ||||||||
Balance | 226,460 | 215,053 | 226,460 | 215,053 | 113,375 | ||||||
Proceeds from shares issued under common stock offering (18,691,589 shares) net of offering costs of $825 | 99,175 | ||||||||||
Stock based compensation | 2,116 | 1,842 | 759 | ||||||||
Stock options issued in acquisition | 202 | ||||||||||
Options exercised | 670 | 646 | 726 | ||||||||
Conversion of subordinated debt to common shares | 10,094 | 229 | |||||||||
Balance | 245,189 | 226,460 | 245,189 | 226,460 | 215,053 | ||||||
Parent Company [Member] | |||||||||||
Interest income | 13 | 37 | 35 | ||||||||
Total income | 13 | 37 | 35 | ||||||||
Trust preferred interest expense | 441 | 1,225 | 1,160 | ||||||||
Other expenses | 4,972 | 1,424 | 717 | ||||||||
Total expenses | 5,413 | 2,649 | 1,877 | ||||||||
Net loss before taxes | (5,400) | (2,612) | (1,842) | ||||||||
Provision (benefit) for income taxes | (1,640) | (914) | (645) | ||||||||
Loss before undistributed income of subsidiaries | (3,760) | (1,698) | (1,197) | ||||||||
Equity in undistributed income of subsidiaries | 12,387 | 10,603 | 6,142 | ||||||||
Net income | 8,627 | 8,905 | 4,945 | ||||||||
Other comprehensive income/loss, net of tax | (2,778) | (215) | (4,129) | ||||||||
Total comprehensive income (loss) | 5,849 | 8,690 | 816 | ||||||||
Balance | $ 226,460 | $ 215,053 | 226,460 | 215,053 | 113,375 | ||||||
Proceeds from shares issued under common stock offering (18,691,589 shares) net of offering costs of $825 | 99,175 | ||||||||||
Stock based compensation | 2,116 | 1,842 | 759 | ||||||||
Stock options issued in acquisition | 202 | ||||||||||
Options exercised | 670 | 646 | 726 | ||||||||
Conversion of subordinated debt to common shares | 10,094 | 229 | |||||||||
Balance | $ 245,189 | $ 226,460 | $ 245,189 | $ 226,460 | $ 215,053 |
Note 19 - Parent Company Fina_5
Note 19 - Parent Company Financial Information - Statements of Cash Flows (Details) - USD ($) | Jun. 10, 2008 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Net income | $ 2,157,000 | $ 2,322,000 | $ 2,371,000 | $ 1,777,000 | $ 2,738,000 | $ 2,321,000 | $ 2,059,000 | $ 1,787,000 | $ 8,627,000 | $ 8,905,000 | $ 4,945,000 | |
Share based compensation | 2,116,000 | 1,842,000 | 759,000 | |||||||||
Amortization of debt issuance costs | 6,000 | 29,000 | 24,000 | |||||||||
Net cash used in operating activities | 39,630,000 | (984,000) | 5,289,000 | |||||||||
Net cash used in investing activities | (450,763,000) | (357,899,000) | (459,481,000) | |||||||||
Net proceeds from stock offering | $ 300,000 | 99,175,000 | ||||||||||
Net proceeds from exercise of stock options | 670,413 | 646,263 | 726,157 | |||||||||
Net cash provided by financing activities | 421,664,000 | 386,271,000 | 461,607,000 | |||||||||
Increase (decrease) in cash | 10,531,000 | 27,388,000 | 7,415,000 | |||||||||
Cash and cash equivalents, beginning of year | 61,942,000 | 34,554,000 | 61,942,000 | 34,554,000 | 27,139,000 | |||||||
Cash and cash equivalents, end of year | 72,473,000 | 61,942,000 | 72,473,000 | 61,942,000 | 34,554,000 | |||||||
Parent Company [Member] | ||||||||||||
Net income | 8,627,000 | 8,905,000 | 4,945,000 | |||||||||
Share based compensation | 2,116,000 | 1,842,000 | 961,000 | |||||||||
Amortization of debt issuance costs | 6,000 | 29,000 | 24,000 | |||||||||
Increase in other assets | (1,639,000) | (1,342,000) | (716,000) | |||||||||
Net increase (decrease) in other liabilities | 20,000 | (179,000) | 190,000 | |||||||||
Equity in undistributed income of subsidiaries | (12,387,000) | (10,603,000) | (6,142,000) | |||||||||
Net cash used in operating activities | (3,257,000) | (1,348,000) | (738,000) | |||||||||
Investment in subsidiary | (30,000,000) | (40,203,000) | ||||||||||
Net cash used in investing activities | (30,000,000) | (40,203,000) | ||||||||||
Net proceeds from stock offering | 99,175,000 | |||||||||||
Net proceeds from exercise of stock options | 670,000 | 646,000 | 726,000 | |||||||||
Net cash provided by financing activities | 670,000 | 646,000 | 99,901,000 | |||||||||
Increase (decrease) in cash | (32,587,000) | (702,000) | 58,960,000 | |||||||||
Cash and cash equivalents, beginning of year | $ 60,309,000 | $ 61,011,000 | 60,309,000 | 61,011,000 | 2,051,000 | |||||||
Cash and cash equivalents, end of year | $ 27,722,000 | $ 60,309,000 | $ 27,722,000 | $ 60,309,000 | $ 61,011,000 |
Note 20 - Quarterly Financial_3
Note 20 - Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Interest income | $ 25,293 | $ 23,558 | $ 22,324 | $ 20,899 | $ 19,409 | $ 17,922 | $ 17,331 | $ 16,187 | $ 92,074 | $ 70,849 | $ 54,227 | ||||||||
Interest expense | 5,313 | 4,412 | 3,662 | 2,783 | 2,542 | 2,210 | 2,064 | 1,968 | 16,170 | 8,784 | 6,863 | ||||||||
Interest income | 19,980 | 19,146 | 18,662 | 18,116 | 16,867 | 15,712 | 15,267 | 14,219 | 75,904 | 62,065 | 47,364 | ||||||||
Provision for loan losses | 600 | 500 | 800 | 400 | 400 | 500 | 2,300 | 900 | 1,557 | ||||||||||
Total non-interest income | 4,888 | 5,131 | 5,768 | 4,535 | 5,012 | 5,778 | 4,969 | 4,338 | 20,322 | 20,097 | 15,312 | ||||||||
Non-interest expense | 22,057 | 20,833 | 20,729 | 20,102 | 21,622 | 19,165 | 17,685 | 16,804 | 83,721 | 75,276 | 56,293 | ||||||||
Provision (benefit) for income taxes | 54 | 622 | 530 | 372 | (2,881) | 4 | (8) | (34) | 1,578 | (2,919) | (119) | ||||||||
Net income | $ 2,157 | $ 2,322 | $ 2,371 | $ 1,777 | $ 2,738 | $ 2,321 | $ 2,059 | $ 1,787 | $ 8,627 | $ 8,905 | $ 4,945 | ||||||||
Basic (in dollars per share) | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.15 | $ 0.16 | $ 0.13 |
Diluted (in dollars per share) | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.15 | $ 0.15 | $ 0.12 |
[1] | Quarterly net income per share does not add to full year net income per share due to rounding. |
Note 21 - Changes in Accumula_3
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Balance | $ 226,460 | $ 215,053 | $ 113,375 | |||
Reclassification due to the adoption of ASU 2018-02 | ||||||
Unrealized gain (loss) on securities | 3,976 | (319) | (4,269) | |||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (6,855) | |||||
Net current-period other comprehensive income (loss) | (2,778) | (215) | (4,129) | |||
Balance | 245,189 | 226,460 | 215,053 | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Balance | [1] | (7,150) | (6,831) | (2,562) | ||
Reclassification due to the adoption of ASU 2018-02 | [1] | (1,562) | ||||
Unrealized gain (loss) on securities | 3,927 | [1] | (413) | [1] | (3,853) | |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | ||||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 49 | 94 | (416) | ||
Net current-period other comprehensive income (loss) | [1] | 3,976 | (319) | (4,269) | ||
Total change in accumulated other comprehensive income (loss) | [1] | 2,414 | ||||
Balance | [1] | (4,736) | (7,150) | (6,831) | ||
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||||||
Balance | [1] | (359) | (463) | (603) | ||
Reclassification due to the adoption of ASU 2018-02 | [1] | (78) | ||||
Unrealized gain (loss) on securities | [1] | [1] | ||||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (6,855) | |||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 101 | 104 | 140 | ||
Net current-period other comprehensive income (loss) | [1] | (6,754) | 104 | 140 | ||
Total change in accumulated other comprehensive income (loss) | [1] | (6,832) | ||||
Balance | [1] | (7,191) | (359) | (463) | ||
AOCI Attributable to Parent [Member] | ||||||
Balance | [1] | (7,509) | (7,294) | (3,165) | ||
Reclassification due to the adoption of ASU 2018-02 | [1] | (1,640) | ||||
Unrealized gain (loss) on securities | 3,927 | [1] | (413) | [1] | (3,853) | |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (6,855) | |||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 150 | 198 | (276) | ||
Net current-period other comprehensive income (loss) | [1] | (2,778) | (215) | (4,129) | ||
Total change in accumulated other comprehensive income (loss) | [1] | (4,418) | ||||
Balance | [1] | $ (11,927) | $ (7,509) | $ (7,294) | ||
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. | |||||
[2] | Reclassification amounts are reported as gains/losses on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Income. |
Note 22 - Business Combinatio_2
Note 22 - Business Combination (Details Textual) - Oak Mortgage [Member] - USD ($) $ in Thousands | Jul. 28, 2016 | Dec. 31, 2016 | Dec. 31, 2016 |
Payments to Acquire Businesses, Gross | $ 7,136 | $ 7,136 | |
Escrow Deposit | $ 1,000 | ||
Period Before Escrow Disbursement | 1 year | ||
Business Acquisition, Pro Forma Revenue | $ 69,400 | ||
Business Acquisition, Pro Forma Net Income (Loss) | $ 6,100 |
Note 22 - Business Combinatio_3
Note 22 - Business Combination - Consideration Paid and Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 28, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill | $ 5,011 | $ 5,011 | $ 5,011 | |
Oak Mortgage [Member] | ||||
Cash | $ 7,136 | 7,136 | ||
Equity instruments | 202 | 202 | ||
Deferred additional purchase price | 500 | 500 | ||
Value of consideration | 7,838 | 7,838 | ||
Cash and cash equivalents | 1,223 | 1,223 | ||
Loans held for sale | 20,871 | 20,871 | ||
Loans receivable | 1,132 | 1,132 | ||
Premises and equipment | 103 | 103 | ||
Derivative assets | 1,508 | 1,508 | ||
Intangible assets – non compete agreements | 104 | 104 | ||
Other assets | 125 | 125 | ||
Total assets | 25,066 | 25,066 | ||
Warehouse lines of credit | 19,666 | 19,666 | ||
Derivative liabilities | 412 | 412 | ||
Other liabilities | 2,042 | 2,161 | ||
Other liabilities, adjustments | 119 | |||
Total liabilities | 22,120 | 22,239 | ||
Total liabilities, adjustments | 119 | |||
Net assets acquired | 2,946 | 2,827 | ||
Net assets acquired, adjustments | (119) | |||
Goodwill | $ 4,892 | 5,011 | ||
Goodwill resulting from acquisition of Oak Mortgage, adjustments | $ 119 |
Note 23 - Goodwill and Other _3
Note 23 - Goodwill and Other Intangibles - Summary of Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill | $ 5,011 | $ 5,011 | |
Goodwill, additions/adjustments | 0 | 0 | |
Goodwill | 5,011 | 5,011 | $ 5,011 |
Non-compete agreements | 61 | ||
Non-compete agreements, additions/adjustments | 0 | ||
Amortization | (61) | (43) | |
Non-compete agreements | 61 | ||
Non-compete agreements, amortization period (Year) | 1 year | ||
Total | $ 5,011 | $ 5,072 | |
Additions/adjustments | 0 | ||
Total | $ 5,011 | $ 5,072 |
Note 24 - Derivatives and Ris_3
Note 24 - Derivatives and Risk Management Activities (Details Textual) xbrli-pure in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | 0 |
Note 24 - Derivatives and Ris_4
Note 24 - Derivatives and Risk Management Activities - Amounts Recorded in Statement of Financial Condition (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Asset, Fair Value | $ 5 | $ 5 |
Derivative Asset, Notional Amount | 1,639 | 1,807 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Asset, Fair Value | 10 | 19 |
Derivative Asset, Notional Amount | 865 | 4,566 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Asset, Fair Value | 410 | 363 |
Derivative Asset, Notional Amount | 16,966 | 16,366 |
Derivative Liability, Fair Value | 1 | |
Derivative Liability, Notional Amount | 424 | |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Liability, Fair Value | 138 | 93 |
Derivative Liability, Notional Amount | 15,327 | 14,983 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Liability, Fair Value | 230 | 195 |
Derivative Liability, Notional Amount | 18,980 | $ 36,223 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Liability, Fair Value | ||
Derivative Liability, Notional Amount |
Note 24 - Derivatives and Ris_5
Note 24 - Derivatives and Risk Management Activities - Derivative Instrument Gain (Loss) Recorded in Statement of Income (Details) - Mortgage Banking Income [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Best Efforts Forward Loan sales Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | $ (45) | $ 32 | $ 264 |
Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | (35) | (157) | (38) |
Interest Rate Lock Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | 1 | 54 | (32) |
Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | |||
Derivative Gain (Loss), Net | (98) | 77 | |
Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | |||
Derivative Gain (Loss), Net | (9) | (210) | 229 |
Asset Derivatives [Member] | Interest Rate Lock Commitments [Member] | |||
Derivative Gain (Loss), Net | $ 47 | $ (76) | $ (1,042) |
Note 25 - Revenue Recognition_2
Note 25 - Revenue Recognition (Details Textual) $ in Thousands | Dec. 31, 2018USD ($) |
Contract Acquisition Costs [Member] | |
Capitalized Contract Cost, Net, Total | $ 0 |
Note 25 - Revenue Recognition -
Note 25 - Revenue Recognition - Non-interest Income Segregated by Revenue Streams (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-interest income | $ 5,650 | $ 4,081 | $ 2,993 | ||||||||
Non-interest income (out-of-scope of Topic 606) | 14,672 | 16,016 | 12,319 | ||||||||
Total non-interest income | $ 4,888 | $ 5,131 | $ 5,768 | $ 4,535 | $ 5,012 | $ 5,778 | $ 4,969 | $ 4,338 | 20,322 | 20,097 | 15,312 |
Deposit Account [Member] | |||||||||||
Non-interest income | 5,476 | 3,904 | 2,658 | ||||||||
Other Non-interest Income From Customers [Member] | |||||||||||
Non-interest income | $ 174 | $ 177 | $ 335 |