Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 13, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SEVERN BANCORP INC | ' |
Entity Central Index Key | '0000868271 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 10,066,679 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $49,534 | $52,781 |
Interest bearing deposits in other banks | 41,315 | 40,611 |
Federal funds sold | 28,946 | 0 |
Cash and cash equivalents | 119,795 | 93,392 |
Investment securities held to maturity | 37,934 | 34,066 |
Loans held for sale | 5,661 | 11,116 |
Loans receivable, net of allowance for loan losses of $12,270 and $17,478, respectively | 596,499 | 651,709 |
Premises and equipment, net | 26,009 | 26,448 |
Foreclosed real estate | 13,877 | 11,441 |
Federal Home Loan Bank stock at cost | 6,190 | 6,520 |
Accrued interest receivable and other assets | 9,233 | 17,426 |
Total assets | 815,198 | 852,118 |
Liabilities | ' | ' |
Deposits | 580,915 | 599,394 |
Long-term borrowings | 115,000 | 115,000 |
Subordinated debentures | 24,119 | 24,119 |
Accrued interest payable and other liabilities | 6,668 | 4,609 |
Total Liabilities | 726,702 | 743,122 |
Stockholders' Equity | ' | ' |
Common stock, $0.01 par value, 20,000,000 shares authorized; 10,066,679 shares issued and outstanding | 101 | 101 |
Additional paid-in capital | 75,271 | 74,996 |
Retained earnings | 13,120 | 33,895 |
Total stockholders' equity | 88,496 | 108,996 |
Total liabilities and stockholders' equity | 815,198 | 852,118 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock | 4 | 4 |
Series B Preferred Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Loans receivable, allowance for loan losses | 12,270 | 17,478 |
Stockholders' Equity | ' | ' |
Preferred stock, par value (in dollars per share) | 0.01 | 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | 0.01 | 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 10,066,679 | 10,066,679 |
Common stock, shares outstanding (in shares) | 10,066,679 | 10,066,679 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock, shares issued (in shares) | 437,500 | 437,500 |
Preferred stock, shares outstanding (in shares) | 437,500 | 437,500 |
Series B Preferred Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock, shares issued (in shares) | 23,393 | 23,393 |
Preferred stock, shares outstanding (in shares) | 23,393 | 23,393 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income | ' | ' | ' | ' |
Loans, including fees | $8,069 | $8,878 | $25,110 | $28,957 |
Securities, taxable | 156 | 167 | 456 | 511 |
Other | 96 | 59 | 243 | 177 |
Total interest income | 8,321 | 9,104 | 25,809 | 29,645 |
Interest Expense | ' | ' | ' | ' |
Deposits | 1,170 | 1,779 | 3,634 | 6,068 |
Long-term borrowings and subordinated debentures | 1,131 | 1,248 | 3,346 | 3,847 |
Total interest expense | 2,301 | 3,027 | 6,980 | 9,915 |
Net interest income | 6,020 | 6,077 | 18,829 | 19,730 |
Provision for loan losses | 12,200 | 0 | 12,820 | 465 |
Net interest income after provision for loan losses | -6,180 | 6,077 | 6,009 | 19,265 |
Other Income | ' | ' | ' | ' |
Mortgage banking activities | 726 | 521 | 3,155 | 1,232 |
Real estate commissions | 150 | 128 | 358 | 488 |
Real estate management fees | 173 | 147 | 511 | 467 |
Other | 263 | 243 | 742 | 578 |
Total other income | 1,312 | 1,039 | 4,766 | 2,765 |
Non-Interest Expenses | ' | ' | ' | ' |
Compensation and related expenses | 3,536 | 2,863 | 10,676 | 8,853 |
Occupancy | 121 | 189 | 566 | 533 |
Foreclosed real estate expenses, net | 1,367 | 895 | 3,556 | 2,793 |
Legal | 212 | 161 | 634 | 511 |
FDIC assessments and regulatory expense | 366 | 355 | 1,051 | 1,089 |
Other | 1,902 | 1,498 | 5,277 | 4,053 |
Total non-interest expenses | 7,504 | 5,961 | 21,760 | 17,832 |
(Loss) income before income tax provision | -12,372 | 1,155 | -10,985 | 4,198 |
Income tax provision | 8,176 | 481 | 8,710 | 1,744 |
Net (loss) income | -20,548 | 674 | -19,695 | 2,454 |
Amortization of discount on preferred stock | -68 | -68 | -203 | -203 |
Dividends on preferred stock | -292 | -293 | -877 | -948 |
Net (loss) income available to common stockholders | ($20,908) | $313 | ($20,775) | $1,303 |
Basic (loss) earnings per share (in dollars per share) | ($2.08) | $0.03 | ($2.06) | $0.13 |
Diluted (loss) earnings per share (in dollars per share) | ($2.08) | $0.03 | ($2.06) | $0.13 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Total | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] |
In Thousands, unless otherwise specified | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | |||||||
Balance at Dec. 31, 2011 | $4 | $101 | $74,683 | $31,677 | $106,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 2,454 | 2,454 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 0 | 0 | 32 | 0 | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared on preferred stock | ' | ' | ' | ' | ' | 0 | 0 | 0 | -70 | -70 | 0 | 0 | 0 | -877 | -877 |
Amortization of discount on preferred stock | 0 | 0 | 203 | -203 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2012 | 4 | 101 | 74,918 | 32,981 | 108,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 4 | 101 | 74,996 | 33,895 | 108,996 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | -19,695 | -19,695 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 0 | 0 | 72 | 0 | 72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared on preferred stock | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -877 | -877 |
Amortization of discount on preferred stock | 0 | 0 | 203 | -203 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $4 | $101 | $75,271 | $13,120 | $88,496 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Dividend declared on Series A preferred stock (in dollars per share) | $0.16 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income (loss) | ($19,695) | $2,454 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of deferred loan fees | -703 | -783 |
Net amortization of premiums and discounts | 144 | 146 |
Provision for loan losses | 12,820 | 465 |
Provision for depreciation | 793 | 816 |
Provision for foreclosed real estate losses | 2,424 | 2,819 |
Gain on sale of loans | -3,155 | -1,232 |
Loss (gain) on sale of foreclosed real estate | 88 | -678 |
Loss on disposal of fixed assets | 134 | 0 |
Proceeds from loans sold to others | 105,680 | 15,360 |
Loans originated for sale | -97,070 | -16,794 |
Stock-based compensation expense | 72 | 32 |
Deferred income tax expense | 8,708 | 1,533 |
Decrease (increase) in accrued interest receivable and other assets | -515 | 1,234 |
Increase in accrued interest payable and other liabilities | 1,182 | 2,327 |
Net cash provided by operating activities | 10,907 | 7,699 |
Cash Flows from Investing Activities | ' | ' |
Purchase of investment securities held to maturity | -7,135 | -1,045 |
Proceeds from maturing investment securities held to maturity | 3,000 | 5,000 |
Principal collected on mortgage-backed securities held to maturity | 123 | 16 |
Proceeds from sale of loans | 23,260 | 0 |
Net decrease in loans | 10,134 | 17,458 |
Proceeds from sale of foreclosed real estate | 5,676 | 15,171 |
Investment in foreclosed real estate | -925 | -243 |
Investment in premises and equipment | -488 | -185 |
Redemption of Federal Home Loan Bank stock | 330 | 423 |
Net cash provided by investing activities | 33,975 | 36,595 |
Cash Flows from Financing Activities | ' | ' |
Net decrease in deposits | -18,479 | -42,985 |
Net cash used in financing activities | -18,479 | -43,348 |
Increase in cash and cash equivalents | 26,403 | 946 |
Cash and cash equivalents at beginning of year | 93,392 | 87,390 |
Cash and cash equivalents at end of period | 119,795 | 88,336 |
Cash paid during period for: | ' | ' |
Interest | 6,594 | 9,907 |
Income taxes | 1,361 | 2 |
Transfer of loans to foreclosed real estate | 9,699 | 10,938 |
Series A Preferred Stock [Member] | ' | ' |
Cash Flows from Financing Activities | ' | ' |
Preferred stock dividend paid | 0 | -70 |
Series B Preferred Stock [Member] | ' | ' |
Cash Flows from Financing Activities | ' | ' |
Preferred stock dividend paid | $0 | ($293) |
Restated_Information
Restated Information | 9 Months Ended |
Sep. 30, 2013 | |
Restated Information [Abstract] | ' |
Restated Information | ' |
Note 1 – Restated Information | |
Certain amounts in the September 30, 2012 unaudited consolidated financial statements and notes to the unaudited consolidated financial statements have been restated to reflect the changes reported in Severn Bancorp, Inc.’s (“Bancorp”) Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2013. |
Principles_of_Consolidation
Principles of Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Principles of Consolidation [Abstract] | ' |
Principles of Consolidation | ' |
Note 2 - Principles of Consolidation | |
The unaudited consolidated financial statements include the accounts of Bancorp, and its wholly-owned subsidiaries, SBI Mortgage Company and SBI Mortgage Company’s subsidiary, Crownsville Development Corporation, and its subsidiary, Crownsville Holdings I, LLC, and Severn Savings Bank, FSB (the “Bank”), and the Bank’s subsidiaries, Louis Hyatt, Inc., Homeowners Title and Escrow Corporation, Severn Financial Services Corporation, SSB Realty Holdings, LLC, SSB Realty Holdings II, LLC, and HS West, LLC. All intercompany accounts and transactions have been eliminated in the accompanying consolidated financial statements. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 3 - Basis of Presentation | |
Bancorp follows accounting standards set by the Financial Accounting Standards Board, commonly referred to as the “FASB”. The FASB sets generally accepted accounting principles in the United States (“GAAP”) that Bancorp follows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification, sometimes referred to as the Codification or ASC. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all of the disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations for the interim periods presented have been made. Such adjustments were of a normal recurring nature. In addition, GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013 or any other interim period. The unaudited consolidated financial statements for the three and nine months ended September 30, 2013 should be read in conjunction with the audited consolidated financial statements and related notes, which were included in Bancorp’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. |
Cash_Flow_Presentation
Cash Flow Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Cash Flow Presentation | ' |
Cash Flow Presentation | ' |
Note 4 - Cash Flow Presentation | |
In the statements of cash flows, cash and cash equivalents include cash on hand, amounts due from banks, Federal Home Loan Bank of Atlanta (“FHLB Atlanta”) overnight deposits, and federal funds sold. Generally, federal funds are sold for one-day periods. |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 30, 2013 | |
Reclassifications [Abstract] | ' |
Reclassifications | ' |
Note 5 – Reclassifications | |
Amounts in the prior year’s consolidated financial statements have been reclassified whenever necessary to conform to the current year’s presentation. Except as referred to in Note 1, such reclassifications had no impact on net income. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 6 - Earnings Per Share | |||||||||||||||||
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for each period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued by Bancorp relate to outstanding stock options, warrants, and convertible preferred stock, and are determined using the treasury stock method. | |||||||||||||||||
Not included in the diluted earnings per share calculation for the three and nine month periods ended September 30, 2012, because they were anti-dilutive, were 100,000 shares of common stock issuable upon exercise of outstanding stock options, 556,976 shares of common stock issuable upon the exercise of a warrant and 437,500 shares of common stock issuable upon conversion of Bancorp’s Series A Preferred Stock. There is no dilution during the 2013 periods as dilution does not apply to loss periods. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Common shares – weighted average (basic) | 10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 | |||||||||||||
Common share equivalents – weighted average | - | - | - | - | |||||||||||||
Common shares – diluted | 10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2013 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
Note 7 - Guarantees | |
Bancorp does not issue any guarantees that would require liability recognition or disclosure, other than its standby letters of credit. See Note 11. |
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||
Regulatory Matters | ' | ||||||||||||
Note 8 - Regulatory Matters | |||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on Bancorp’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The following table presents the Bank’s capital position: | |||||||||||||
Actual | Actual | To Be Well Capitalized Under | |||||||||||
at September 30, 2013 | at December 31, 2012 | Prompt Corrective Provisions | |||||||||||
Tangible (1) | 13.3 | % | 14.6 | % | N/ | A | |||||||
Tier 1 Capital (2) | 18.8 | % | 19.6 | % | 6 | % | |||||||
Core (1) | 13.3 | % | 14.6 | % | 5 | % | |||||||
Total Capital (2) | 20 | % | 20.8 | % | 10 | % | |||||||
(1) To adjusted total assets. | |||||||||||||
(2) To risk-weighted assets. | |||||||||||||
On April 23, 2013, the Bank was notified by the Office of the Comptroller of the Currency (“OCC”) that the OCC established minimum capital ratios for the Bank requiring it to immediately maintain a Tier 1 Leverage Capital Ratio to Adjusted Total Assets of at least 10% and a Total Risk-Based Capital to Risk-Weighted Assets ratio of at least 15%. The Bank was in compliance with these requirements as of September 30, 2013. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
Note 9 - Stock-Based Compensation | |||||||||
Bancorp has a stock-based compensation plan for directors, officers, and other key employees of Bancorp. The aggregate number of shares of common stock that may be issued with respect to the awards granted under the plan is 500,000 plus any shares forfeited under Bancorp’s old stock-based compensation plan. Under the terms of the stock-based compensation plan, Bancorp has the ability to grant various stock compensation incentives, including stock options, stock appreciation rights, and restricted stock. The stock-based compensation is granted under terms and conditions determined by the Compensation Committee of the Board of Directors. Under the stock-based compensation plan, stock options generally have a maximum term of ten years, and are granted with an exercise price at least equal to the fair market value of the common stock on the date the options are granted. Generally, options granted to directors of Bancorp vest immediately, and options granted to officers and employees vest over a five-year period, although the Compensation Committee has the authority to provide for different vesting schedules. | |||||||||
Bancorp follows FASB ASC 718, “Compensation – Stock Compensation”, to account for stock-based compensation. FASB ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized as compensation expense in the statement of operations at fair value. FASB ASC 718 requires an entity to recognize the expense of employee services received in share-based payment transactions and measure the expense based on the grant date fair value of the award. The expense is recognized over the period during which an employee is required to provide service in exchange for the award. | |||||||||
On March 16, 2010, Bancorp granted 100,000 options to certain officers and employees to purchase shares of Bancorp’s stock at a price ranging from $4.13 to $4.54 per share. The options vest over a five year period from the date of grant. | |||||||||
On January 2, 2013, Bancorp granted 125,000 options to certain officers and employees to purchase shares of Bancorp’s stock at a price of $3.37 per share. The options vest over a five year period from the date of grant. | |||||||||
The stock-based compensation expense amounts were derived using the Black-Scholes option-pricing model. The following weighted average assumptions were used to value options granted in the current period presented: | |||||||||
Expected life of options (in years) | 5 | ||||||||
Risk-free interest rate | 1.48 | % | |||||||
Expected volatility | 70.02 | % | |||||||
Expected dividend yield | - | % | |||||||
The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because Bancorp’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. | |||||||||
There were 125,000 options granted and no options exercised during the nine months ended September 30, 2013 and no options granted or exercised during the nine months ended September 30, 2012. | |||||||||
Stock-based compensation expense for the three and nine months ended September 30, 2013 totaled $24,000 and $72,000, respectively. Stock-based compensation expense for the three and nine months ended September 30, 2012 totaled $11,000 and $32,000, respectively. | |||||||||
Information regarding Bancorp’s stock-based compensation plan as of and for the nine months ended September 30, 2013 is as follows: | |||||||||
2013 | |||||||||
Weighted Average | |||||||||
Shares | Price | ||||||||
Options outstanding, December 31, 2012 | 81,000 | $ | 4.23 | ||||||
Options granted | 125,000 | $ | 3.37 | ||||||
Options exercised | - | - | |||||||
Options forfeited | 22,000 | $ | 3.61 | ||||||
Options outstanding, September 30, 2013 | 184,000 | $ | 3.72 | ||||||
Options exercisable, September 30, 2013 | 68,917 | $ | 4.03 | ||||||
The aggregate intrinsic value of the options outstanding as of September 30, 2013 and December 31, 2012 was $279,640 and $0, respectively. The aggregate intrinsic value of the options exercisable as of September 30, 2013 and December 31, 2012 was $83,229 and $0, respectively. | |||||||||
The following table summarizes the nonvested options in Bancorp’s stock option plan as of September 30, 2013. | |||||||||
Weighted | |||||||||
Average | |||||||||
Grant Date | |||||||||
Shares | Exercise Price | ||||||||
Nonvested options outstanding, December 31, 2012 | 35,775 | $ | 4.23 | ||||||
Nonvested options granted | 125,000 | $ | 3.37 | ||||||
Nonvested options vested | (23,692 | ) | $ | 3.65 | |||||
Nonvested options forfeited | (22,000 | ) | $ | 3.61 | |||||
Nonvested options outstanding, September 30, 2013 | 115,083 | $ | 3.53 | ||||||
As of September 30, 2013, there was $287,000 of total unrecognized stock-based compensation expense related to nonvested stock options, which is expected to be recognized over a period of fifty-one months. |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Note 10 - Investment Securities | |||||||||||||||||||||||||
The amortized cost and fair value of investment securities held to maturity are as follows (dollars in thousands): | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized Losses | Fair | ||||||||||||||||||||||
Cost | Gains | Value | |||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
US Treasury securities | $ | 30,295 | $ | 811 | $ | 3 | $ | 31,103 | |||||||||||||||||
US Agency securities | 5,197 | 49 | 4 | 5,242 | |||||||||||||||||||||
US Government sponsored mortgage-backed securities | 2,442 | 29 | 6 | 2,465 | |||||||||||||||||||||
Total | $ | 37,934 | $ | 889 | $ | 13 | $ | 38,810 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
US Treasury securities | $ | 29,414 | $ | 1,278 | $ | - | $ | 30,692 | |||||||||||||||||
US Agency securities | 4,142 | 79 | - | 4,221 | |||||||||||||||||||||
US Government sponsored mortgage-backed securities | 510 | 40 | - | 550 | |||||||||||||||||||||
Total | $ | 34,066 | $ | 1,397 | $ | - | $ | 35,463 | |||||||||||||||||
As of September 30, 2013 and December 31, 2012, there were $5,267,000 and $7,288,000, respectively, of US Treasury securities or mortgage-backed securities pledged by Bancorp as collateral for borrowers’ letters of credit with Anne Arundel County. | |||||||||||||||||||||||||
The following table shows fair value and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position as of September 30, 2013. Included in the table are one US Treasury security, two Agency securities and one Mortgage-backed security in a gross unrealized loss position at September 30, 2013. No securities were in a gross unrealized loss position at December 31, 2012. Management believes that the unrealized losses in 2013 were the result of interest rate levels differing from those existing at the time of purchase of the securities and actual and estimated prepayment speeds. The Bank does not consider any of these securities to be other than temporarily impaired at September 30, 2013, because the unrealized losses were related primarily to changes in market interest rates and widening of sector spreads and were not necessarily related to the credit quality of the issuers of the securities. Bank did not consider any of their securities to be other than temporarily impaired at December 31, 2012, because none of these securities had unrealized losses. | |||||||||||||||||||||||||
In addition, the Bank does not intend to sell, nor does it believe it will be more likely than not that it will be required to sell, any impaired securities prior to a recovery of amortized cost. | |||||||||||||||||||||||||
The following tables show fair value and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position as of September 30, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
September 30, 2013: | (dollars in thousands) | ||||||||||||||||||||||||
US Treasury securities | $ | 1,030 | $ | (3 | ) | $ | - | $ | (- | ) | $ | 1,030 | $ | (3 | ) | ||||||||||
US Agency securities | 2,092 | (4 | ) | - | (- | ) | 2,092 | (4 | ) | ||||||||||||||||
US Mortgage-backed Securities | 1,013 | (6 | ) | - | (- | ) | 1,013 | (6 | ) | ||||||||||||||||
Total | $ | 4,135 | $ | (13 | ) | $ | - | $ | (- | ) | $ | 4,135 | $ | (13 | ) | ||||||||||
The amortized cost and estimated fair value of debt securities at September 30, 2013, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Due in one year or less | $ | 5,025 | $ | 5,063 | |||||||||||||||||||||
Due from one year to five years | 27,448 | 28,031 | |||||||||||||||||||||||
Due from five years to ten years | 3,019 | 3,251 | |||||||||||||||||||||||
US Government sponsored mortgage-backed securities | 2,442 | 2,465 | |||||||||||||||||||||||
$ | 37,934 | $ | 38,810 |
Loans_Receivable
Loans Receivable | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Loans Receivable, [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||
Note 11 - Loans Receivable | |||||||||||||||||||||||||||||||||||||
Loans receivable consist of the following: | September 30, | December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Residential mortgage, total | $ | 256,423 | $ | 269,405 | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 47,497 | 46,218 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 208,926 | 223,187 | |||||||||||||||||||||||||||||||||||
Construction A&D, total | 72,627 | 71,523 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 4,098 | 11,003 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 68,529 | 60,520 | |||||||||||||||||||||||||||||||||||
Land, total | 34,421 | 50,900 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 1,159 | 8,953 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 33,262 | 41,947 | |||||||||||||||||||||||||||||||||||
Lines of credit, total | 21,968 | 31,428 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 234 | 2,107 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 21,734 | 29,321 | |||||||||||||||||||||||||||||||||||
Commercial real estate, total | 214,569 | 222,038 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 7,649 | 16,433 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 206,920 | 205,605 | |||||||||||||||||||||||||||||||||||
Commercial non-real estate, total | 9,208 | 6,120 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | - | 108 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 9,208 | 6,012 | |||||||||||||||||||||||||||||||||||
Home equity, total | 32,282 | 34,609 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 2,202 | 1,776 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 30,080 | 32,833 | |||||||||||||||||||||||||||||||||||
Consumer, total | 1,246 | 858 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | - | 24 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,246 | 834 | |||||||||||||||||||||||||||||||||||
Total Loans | 642,744 | 686,881 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 62,839 | 86,622 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 579,905 | 600,259 | |||||||||||||||||||||||||||||||||||
Less | |||||||||||||||||||||||||||||||||||||
Loans in process | (32,285 | ) | (15,647 | ) | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (12,270 | ) | (17,478 | ) | |||||||||||||||||||||||||||||||||
Deferred loan origination fees and costs, net | (1,690 | ) | (2,047 | ) | |||||||||||||||||||||||||||||||||
$ | 596,499 | $ | 651,709 | ||||||||||||||||||||||||||||||||||
The inherent credit risks within the portfolio vary depending upon the loan class as follows: | |||||||||||||||||||||||||||||||||||||
Residential mortgage loans are secured by one to four family dwelling units. The loans have limited risk as they are secured by first mortgages on the unit, which are generally the primary residence of the borrower, at a loan to value ratio of 80% or less. | |||||||||||||||||||||||||||||||||||||
Construction, land acquisition and 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 estimates may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project rather than the ability of the borrower or guarantor to repay principal and interest. If the Bank is forced to foreclose on a project prior to or at completion, due to a default, there can be no assurance that the Bank will be able to recover all of the unpaid balance of the loan as well as related foreclosure and holding costs. In addition, the Bank may be required to fund additional amounts to complete the project and may have to hold the property for an unspecified period of time. Sources of repayment of these loans typically are permanent financing expected to be obtained upon completion or sales of developed property. These loans are closely monitored by onsite inspections and are considered to be of a higher risk than other real estate loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term financing, interest rate sensitivity, and governmental regulation of real property. | |||||||||||||||||||||||||||||||||||||
Land loans are underwritten based upon the independent appraisal valuations as well as the estimated value associated with the land upon completion of development. These cost and valuation estimates may be inaccurate. These loans are considered to be of a higher risk than other real estate loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term financing, interest rate sensitivity, and governmental regulation of real property. | |||||||||||||||||||||||||||||||||||||
Line of credit loans are subject to the underwriting standards and processes similar to commercial non-real estate 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 and/or other assets. 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. Line of credit loans may be adversely affected by conditions in the real estate markets or the economy in general. Management monitors and evaluates line of credit loans based on collateral and risk-rating criteria. | |||||||||||||||||||||||||||||||||||||
Commercial 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. Commercial real estate loans may be adversely affected by conditions in the real estate markets or the economy in general. Management monitors and evaluates commercial real estate loans based on collateral and risk-rating criteria. The Bank also utilizes third-party experts to provide environmental and market valuations. The nature of commercial real estate loans makes them more difficult to monitor and evaluate. | |||||||||||||||||||||||||||||||||||||
Commercial non-real estate 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. | |||||||||||||||||||||||||||||||||||||
Home equity loans are subject to the underwriting standards and processes similar to residential mortgages and are secured by one to four family dwelling units. Home equity loans have greater risk than residential mortgages as a result of the Bank being in a second lien position in the event collateral is liquidated. | |||||||||||||||||||||||||||||||||||||
Consumer loans consist of loans to individuals through the Bank's retail network and are typically unsecured or secured by personal property. Consumer loans have a greater credit risk than residential loans because of the difference in the underlying collateral, if any. The application of various federal and state bankruptcy and insolvency laws may limit the amount that can be recovered on such loans. | |||||||||||||||||||||||||||||||||||||
The loan portfolio segments and loan classes disclosed above are the same because this is the level of detail management uses when the original loan is recorded and is the level of detail used by management to assess and monitor the risk and performance of the portfolio. Management has determined that this level of detail is adequate to understand and manage the inherent risks within each portfolio segment and loan class. | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses - An allowance for loan losses is provided through charges to income in an amount that management believes will be adequate to absorb losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans and prior loan loss experience. The evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may affect the borrowers' ability to pay. Determining the amount of the allowance for loan losses requires the use of estimates and assumptions, which is permitted under GAAP. Actual results could differ significantly from those estimates. Management believes the allowance for losses on loans is adequate. While management uses available information to estimate losses on loans, future additions to the allowances may be necessary based on changes in economic conditions, particularly in the state of Maryland. In addition, various regulatory agencies, periodically review the Bank's allowance for losses on loans as an integral part of their examination process. Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. | |||||||||||||||||||||||||||||||||||||
The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. When a real estate secured loan becomes impaired, a decision is made as to whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | |||||||||||||||||||||||||||||||||||||
For 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 aging 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. | |||||||||||||||||||||||||||||||||||||
For such loans that are classified as impaired, an allowance is established when the current market value of the underlying collateral less its estimated disposal costs is lower than the carrying value of that loan. For loans that are not solely collateral dependent, an allowance is established when the present value of the expected future cash flows of the impaired loan is lower than the carrying value of that loan. The general component relates to loans that are classified as doubtful, substandard or special mention that are not considered impaired, as well as non-classified loans. The general reserve is based on historical loss experience adjusted for qualitative factors. These qualitative factors include: | |||||||||||||||||||||||||||||||||||||
· | Levels and trends in delinquencies and nonaccruals; | ||||||||||||||||||||||||||||||||||||
· | Inherent risk in the loan portfolio; | ||||||||||||||||||||||||||||||||||||
· | Trends in volume and terms of the loan; | ||||||||||||||||||||||||||||||||||||
· | Effects of any change in lending policies and procedures; | ||||||||||||||||||||||||||||||||||||
· | Experience, ability and depth of management; | ||||||||||||||||||||||||||||||||||||
· | National and local economic trends and conditions; and | ||||||||||||||||||||||||||||||||||||
· | Effect of any changes in concentration of credit. | ||||||||||||||||||||||||||||||||||||
· | Industry conditions | ||||||||||||||||||||||||||||||||||||
A loan is considered impaired if it meets either of the following two criteria: | |||||||||||||||||||||||||||||||||||||
· | Loans that are 90 days or more in arrears (nonaccrual loans); or | ||||||||||||||||||||||||||||||||||||
· | Loans where, based on current information and events, it is probable that a borrower will be unable to pay all amounts due according to the contractual terms of the loan agreement. | ||||||||||||||||||||||||||||||||||||
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 result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. | |||||||||||||||||||||||||||||||||||||
A loan is considered a troubled debt restructuring when for economic or legal reasons relating to the borrowers financial difficulties Bancorp grants a concession to the borrower that it would not otherwise consider. Loan modifications made with terms consistent with current market conditions that the borrower could obtain in the open market are not considered troubled debt restructurings. | |||||||||||||||||||||||||||||||||||||
Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||||||||||||||||||||||||||||
With respect to all loan segments, management does not charge off a loan, or a portion of a loan, until one of the following conditions have been met: | |||||||||||||||||||||||||||||||||||||
· | The loan has been foreclosed on. Once the loan has been transferred from the Loans Receivable to Foreclosed Real Estate, a charge off is recorded for the difference between the recorded amount of the loan and the net value of the underlying collateral. | ||||||||||||||||||||||||||||||||||||
· | An agreement to accept less than the recorded balance of the loan has been made with the borrower. Once an agreement has been finalized, and any proceeds from the borrower are received, a charge off is recorded for the difference between the recorded amount of the loan and the net value of the underlying collateral. | ||||||||||||||||||||||||||||||||||||
· | The loan is considered to be impaired collateral dependent and its collateral valuation is less than the recorded balance. The loan is written down for accounting purposes by the amount of the difference between the recorded balance and collateral value. | ||||||||||||||||||||||||||||||||||||
Prior to the above conditions, a loan is assessed for impairment when: (i) a loan becomes 90 days or more in arrears or (ii) based on current information and events, it is probable that the borrower will be unable to pay all amounts due according to the contractual terms of the loan agreement. If a loan is considered to be impaired, it is then determined to be either cash flow or collateral dependent. For a cash flow dependent loan, if based on management’s calculation of discounted cash flows, a reserve is needed, a specific reserve is recorded. That reserve is included in the Allowance for Loan Losses in the Consolidated Statement of Financial Condition. | |||||||||||||||||||||||||||||||||||||
Bancorp has experienced an increase in the number of extension requests for commercial real estate and construction loans, some of which have related repayment guarantees. An extension may be granted to allow for the completion of the project, marketing or sales of completed units, or to provide for permanent financing, and is based on a re-underwriting of the loan and management's assessment of the borrower's ability to perform according to the agreed-upon terms. Typically, at the time of an extension, borrowers are performing in accordance with contractual loan terms. Extension terms generally do not exceed 12 to 18 months and typically require that the borrower provide additional economic support in the form of partial repayment, additional collateral or guarantees. In cases where the fair value of the collateral or the financial resources of the borrower are deemed insufficient to repay the loan, reliance may be placed on the support of a guarantee, if applicable. However, such guarantees are not relied on when evaluating a loan for impairment and never considered the sole source of repayment. | |||||||||||||||||||||||||||||||||||||
Bancorp evaluates the financial condition of guarantors based on the most current financial information available. Most often, such information takes the form of (i) personal financial statements of net worth, cash flow statements and tax returns (for individual guarantors) and (ii) financial and operating statements, tax returns and financial projections (for legal entity guarantors). Bancorp’s evaluation is primarily focused on various key financial metrics, including net worth, leverage ratios, and liquidity. It is Bancorp's policy to update such information annually, or more frequently as warranted, over the life of the loan. | |||||||||||||||||||||||||||||||||||||
While Bancorp does not specifically track the frequency with which it has pursued guarantor performance under a guarantee, its underwriting process, both at origination and upon extension, as applicable, includes an assessment of the guarantor's reputation, creditworthiness and willingness to perform. Historically, when Bancorp has found it necessary to seek performance under a guarantee, it has been able to effectively mitigate its losses. As stated above, Bancorp’s ability to seek performance under a guarantee is directly related to the guarantor's reputation, creditworthiness and willingness to perform. When a loan becomes impaired, repayment is sought from both the underlying collateral and the guarantor (as applicable). In the event that the guarantor is unwilling or unable to perform, a legal remedy is pursued. | |||||||||||||||||||||||||||||||||||||
Construction loans are funded, at the request of the borrower, typically not more than once per month, based on the extent of work completed, and are monitored, throughout the life of the project, by independent professional construction inspectors and Bancorp's commercial real estate lending department. Interest is advanced to the borrower, upon request, based upon the progress of the project toward completion. The amount of interest advanced is added to the total outstanding principal under the loan commitment. Should the project not progress as scheduled, the adequacy of the interest reserve necessary to carry the project through to completion is subject to close monitoring by management. Should the interest reserve be deemed to be inadequate, the borrower is required to fund the deficiency. Similarly, once a loan is fully funded, the borrower is required to fund all interest payments. | |||||||||||||||||||||||||||||||||||||
Construction loans are reviewed for extensions upon expiration of the loan term. Provided the loan is performing in accordance with contractual terms, extensions may be granted to allow for the completion of the project, marketing or sales of completed units, or to provide for permanent financing. Extension terms generally do not exceed 12 to 18 months. | |||||||||||||||||||||||||||||||||||||
In general, Bancorp's construction loans are used to finance improvements to commercial, industrial or residential property. Repayment is typically derived from the sale of the property as a whole, the sale of smaller individual units, or by a take-out from a permanent mortgage. The term of the construction period generally does not exceed two years. Loan commitments are based on established construction budgets which represent an estimate of total costs to complete the proposed project including both hard (direct) costs (building materials, labor, etc.) and soft (indirect) costs (legal and architectural fees, etc.). In addition, project costs may include an appropriate level of interest reserve to carry the project through to completion. If established, such interest reserves are determined based on (i) a percentage of the committed loan amount, (ii) the loan term, and (iii) the applicable interest rate. Regardless of whether a loan contains an interest reserve, the total project cost statement serves as the basis for underwriting and determining which items will be funded by the loan and which items will be funded through borrower equity. Bancorp has not advanced additional interest reserves to keep a loan from becoming nonperforming. | |||||||||||||||||||||||||||||||||||||
Bancorp recognized $8,000 and $26,000 of interest income and capitalized interest in its loan portfolio from interest reserves during the nine months ended September 30, 2013 and 2012, respectively. None of the loans where interest reserves were recorded as capitalized interest were non-performing. | |||||||||||||||||||||||||||||||||||||
The following is a summary of the allowance for loan losses for the nine and three month periods ended September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Residential | Construction | Lines of | Commercial | Non-Real | Home | ||||||||||||||||||||||||||||||||
Total | Mortgage | A&D | Land | Credit | Real Estate | Estate | Equity | Consumer | |||||||||||||||||||||||||||||
Nine months ended September 2013 | |||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 17,478 | $ | 8,418 | $ | 2,120 | $ | 2,245 | $ | 87 | $ | 3,295 | $ | 46 | $ | 1,254 | $ | 13 | |||||||||||||||||||
Provision | 12,820 | 243 | 687 | 3,045 | 387 | 8,254 | 186 | (16 | ) | 34 | |||||||||||||||||||||||||||
Charge-offs | (19,115 | ) | (2,821 | ) | (2,338 | ) | (4,506 | ) | (485 | ) | (8,246 | ) | (109 | ) | (564 | ) | (46 | ) | |||||||||||||||||||
Recoveries | 1,087 | 51 | 10 | 947 | 20 | 54 | 5 | - | - | ||||||||||||||||||||||||||||
Ending Balance | $ | 12,270 | $ | 5,891 | $ | 479 | $ | 1,731 | $ | 9 | $ | 3,357 | $ | 128 | $ | 674 | $ | 1 | |||||||||||||||||||
Ending balance related to: | |||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,767 | $ | 2,450 | $ | - | $ | 71 | $ | - | $ | 246 | $ | - | $ | - | $ | - | |||||||||||||||||||
Loans collectively evaluated for impairment | $ | 9,503 | $ | 3,441 | $ | 479 | $ | 1,660 | $ | 9 | $ | 3,111 | $ | 128 | $ | 674 | $ | 1 | |||||||||||||||||||
Three months ended September 2013 | |||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 12,765 | $ | 6,032 | $ | 1,203 | $ | 1,582 | $ | 51 | $ | 2,970 | $ | 117 | $ | 810 | $ | - | |||||||||||||||||||
Provision | 12,200 | 884 | 450 | 2,104 | 436 | 8,130 | 8 | 187 | 1 | ||||||||||||||||||||||||||||
Charge-offs | (13,680 | ) | (1,034 | ) | (1,174 | ) | (2,902 | ) | (485 | ) | (7,762 | ) | - | (323 | ) | - | |||||||||||||||||||||
Recoveries | 985 | 9 | - | 947 | 7 | 19 | 3 | - | - | ||||||||||||||||||||||||||||
Ending Balance | $ | 12,270 | $ | 5,891 | $ | 479 | $ | 1,731 | $ | 9 | $ | 3,357 | $ | 128 | $ | 674 | $ | 1 | |||||||||||||||||||
The following is a summary of the allowance for loan losses for the nine and three month periods ended September 30, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Residential | Construction | Lines of | Commercial | Non-Real | Home | ||||||||||||||||||||||||||||||||
Total | Mortgage | A&D | Land | Credit | Real Estate | Estate | Equity | Consumer | |||||||||||||||||||||||||||||
Nine months ended September 2012 | |||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 25,938 | $ | 12,303 | $ | 3,916 | $ | 2,405 | $ | 725 | $ | 4,157 | $ | 169 | $ | 2,257 | $ | 6 | |||||||||||||||||||
Provision | 465 | 544 | (1,656 | ) | 1,724 | (503 | ) | (465 | ) | 894 | (88 | ) | 15 | ||||||||||||||||||||||||
Charge-offs | (3,333 | ) | (1,646 | ) | (784 | ) | (709 | ) | - | (194 | ) | - | - | - | |||||||||||||||||||||||
Recoveries | 110 | - | - | - | - | - | 110 | - | - | ||||||||||||||||||||||||||||
Ending Balance | $ | 23,180 | $ | 11,201 | $ | 1,476 | $ | 3,420 | $ | 222 | $ | 3,498 | $ | 1,173 | $ | 2,169 | $ | 21 | |||||||||||||||||||
Ending balance related to: | |||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 11,730 | $ | 5,261 | $ | 1,020 | $ | 1,487 | $ | 177 | $ | 548 | $ | 1,103 | $ | 2,114 | $ | 20 | |||||||||||||||||||
Loans collectively evaluated for impairment | $ | 11,450 | $ | 5,940 | $ | 456 | $ | 1,933 | $ | 45 | $ | 2,950 | $ | 70 | $ | 55 | $ | 1 | |||||||||||||||||||
Three months ended September 2012 | |||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 24,097 | $ | 11,662 | $ | 1,962 | $ | 4,536 | $ | 239 | $ | 3,344 | $ | 198 | $ | 2,134 | $ | 22 | |||||||||||||||||||
Provision | - | (259 | ) | (164 | ) | (723 | ) | (17 | ) | 154 | 975 | 35 | (1 | ) | |||||||||||||||||||||||
Charge-offs | (917 | ) | (202 | ) | (322 | ) | (393 | ) | - | - | - | - | - | ||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Ending Balance | $ | 23,180 | $ | 11,201 | $ | 1,476 | $ | 3,420 | $ | 222 | $ | 3,498 | $ | 1,173 | $ | 2,169 | $ | 21 | |||||||||||||||||||
The accrual of interest on loans is discontinued at the time the loan is 90 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. | |||||||||||||||||||||||||||||||||||||
All interest accrued but not collected for loans that are placed on non-accrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Bancorp’s policy for recording payments received on non-accrual financing receivables is to record the payment towards principal and interest on a cash basis until such time as the loan is returned to accrual status. | |||||||||||||||||||||||||||||||||||||
The following table presents Bancorp’s non-performing assets as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
September 30, | Number | December 31, | Number | ||||||||||||||||||||||||||||||||||
2013 | of loans | 2012 | of loans | ||||||||||||||||||||||||||||||||||
Loans accounted for on a non-accrual basis: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 14,556 | 58 | $ | 14,436 | 46 | |||||||||||||||||||||||||||||||
Construction A&D | 831 | 2 | 8,564 | 17 | |||||||||||||||||||||||||||||||||
Land | 64 | 4 | 4,688 | 13 | |||||||||||||||||||||||||||||||||
Lines of credit | 234 | 3 | 1,877 | 4 | |||||||||||||||||||||||||||||||||
Commercial real estate | 4,884 | 9 | 5,793 | 10 | |||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | 111 | 3 | |||||||||||||||||||||||||||||||||
Home equity | 2,202 | 12 | 2,000 | 9 | |||||||||||||||||||||||||||||||||
Consumer | - | - | 26 | 2 | |||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 22,771 | 88 | $ | 37,495 | 104 | |||||||||||||||||||||||||||||||
Accruing loans greater than 90 days past due | $ | - | $ | - | |||||||||||||||||||||||||||||||||
Foreclosed real-estate | $ | 13,877 | $ | 11,441 | |||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 36,648 | $ | 48,936 | |||||||||||||||||||||||||||||||||
Nonaccrual troubled debt restructures (included above) | $ | 4,750 | 24 | $ | 5,635 | 28 | |||||||||||||||||||||||||||||||
Accruing troubled debt restructures | $ | 39,548 | 96 | $ | 56,448 | 119 | |||||||||||||||||||||||||||||||
Total non-accrual loans to net loans | 3.8 | % | 5.8 | % | |||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 12,270 | $ | 17,478 | |||||||||||||||||||||||||||||||||
Allowance to total gross loans receivable | 2 | % | 2.6 | % | |||||||||||||||||||||||||||||||||
Allowance for loan losses to total non-performing loans, including loans contractually past due 90 days or more | 53.9 | % | 46.6 | % | |||||||||||||||||||||||||||||||||
Total non-accrual and accruing loans greater than 90 days past due to total assets | 2.8 | % | 4.4 | % | |||||||||||||||||||||||||||||||||
Total non-performing assets to total assets | 4.5 | % | 5.7 | % | |||||||||||||||||||||||||||||||||
The following tables summarize impaired loans at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||||||||||
Loans with | |||||||||||||||||||||||||||||||||||||
Impaired Loans with | No Specific | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Principal | |||||||||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Balance | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 16,586 | $ | 2,450 | $ | 30,911 | $ | 47,497 | $ | 53,311 | |||||||||||||||||||||||||||
Construction A&D | - | - | 4,098 | 4,098 | 4,765 | ||||||||||||||||||||||||||||||||
Land | 365 | 71 | 794 | 1,159 | 1,276 | ||||||||||||||||||||||||||||||||
Lines of credit | - | - | 234 | 234 | 426 | ||||||||||||||||||||||||||||||||
Commercial real estate | 2,105 | 246 | 5,544 | 7,649 | 7,777 | ||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity | - | - | 2,202 | 2,202 | 3,889 | ||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | 2,030 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 19,056 | $ | 2,767 | $ | 43,783 | $ | 62,839 | $ | 73,474 | |||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||||||||||
Loans with | |||||||||||||||||||||||||||||||||||||
Impaired Loans with | No Specific | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Principal | |||||||||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Balance | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 33,300 | $ | 4,196 | $ | 12,918 | $ | 46,218 | $ | 48,239 | |||||||||||||||||||||||||||
Construction A&D | 5,204 | 1,663 | 5,799 | 11,003 | 11,614 | ||||||||||||||||||||||||||||||||
Land | 2,583 | 551 | 6,370 | 8,953 | 9,373 | ||||||||||||||||||||||||||||||||
Lines of credit | 149 | 32 | 1,958 | 2,107 | 2,119 | ||||||||||||||||||||||||||||||||
Commercial real estate | 10,304 | 975 | 6,129 | 16,433 | 16,504 | ||||||||||||||||||||||||||||||||
Commercial non-real estate | 5 | 5 | 103 | 108 | 138 | ||||||||||||||||||||||||||||||||
Home equity | 259 | 160 | 1,517 | 1,776 | 3,100 | ||||||||||||||||||||||||||||||||
Consumer | 24 | 12 | - | 24 | 23 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 51,828 | $ | 7,594 | $ | 34,794 | $ | 86,622 | $ | 91,110 | |||||||||||||||||||||||||||
The following tables summarize average impaired loans for the nine and three month periods ended September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Impaired Loans with | Impaired Loans with No | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Specific Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 16,681 | $ | 551 | $ | 31,600 | $ | 884 | $ | 48,281 | $ | 1,435 | |||||||||||||||||||||||||
Construction A&D | 1,267 | 44 | 5,649 | 137 | 6,916 | 181 | |||||||||||||||||||||||||||||||
Land | 2,462 | 55 | 1,645 | 94 | 4,107 | 149 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | 431 | 22 | 431 | 22 | |||||||||||||||||||||||||||||||
Commercial real estate | 6,898 | 245 | 11,145 | 261 | 18,043 | 506 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | 2,504 | 42 | 2,504 | 42 | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 27,308 | $ | 895 | $ | 52,974 | $ | 1,440 | $ | 80,282 | $ | 2,335 | |||||||||||||||||||||||||
Impaired Loans with | Impaired Loans with No | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Specific Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 16,608 | $ | 168 | $ | 30,968 | $ | 571 | $ | 47,576 | $ | 739 | |||||||||||||||||||||||||
Construction A&D | 816 | 11 | 4,610 | 32 | 5,426 | 43 | |||||||||||||||||||||||||||||||
Land | 1,763 | 16 | 1,415 | 22 | 3,178 | 38 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | 381 | 7 | 381 | 7 | |||||||||||||||||||||||||||||||
Commercial real estate | 5,517 | 81 | 9,720 | 100 | 15,237 | 181 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | 2,406 | 8 | 2,406 | 8 | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 24704 | $ | 276 | $ | 49,500 | $ | 740 | $ | 74,204 | $ | 1,016 | |||||||||||||||||||||||||
The following tables summarize average impaired loans for the nine and three month periods ended September 30, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Impaired Loans with | Impaired Loans with No | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Specific Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 23,294 | $ | 638 | $ | 28,355 | $ | 810 | $ | 51,649 | $ | 1,448 | |||||||||||||||||||||||||
Construction A&D | 4,309 | 72 | 12,310 | 441 | 16,619 | 513 | |||||||||||||||||||||||||||||||
Land | 3,043 | 100 | 6,659 | 121 | 9,702 | 221 | |||||||||||||||||||||||||||||||
Lines of credit | 441 | 6 | 2,951 | 48 | 3,392 | 54 | |||||||||||||||||||||||||||||||
Commercial real estate | 3,653 | 120 | 9,654 | 333 | 13,307 | 453 | |||||||||||||||||||||||||||||||
Commercial non-real estate | 1,870 | 67 | - | - | 1,870 | 67 | |||||||||||||||||||||||||||||||
Home equity | 2,666 | 55 | 850 | 13 | 3,516 | 68 | |||||||||||||||||||||||||||||||
Consumer | 20 | - | 36 | - | 56 | - | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 39,296 | $ | 1,058 | $ | 60,815 | $ | 1,766 | $ | 100,111 | $ | 2,824 | |||||||||||||||||||||||||
Impaired Loans with | Impaired Loans with No | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Specific Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 23,233 | $ | 170 | $ | 28,270 | $ | 243 | $ | 51,503 | $ | 413 | |||||||||||||||||||||||||
Construction A&D | 4,191 | 20 | 11,690 | 143 | 15,881 | 163 | |||||||||||||||||||||||||||||||
Land | 3,033 | 28 | 6,716 | 33 | 9,749 | 61 | |||||||||||||||||||||||||||||||
Lines of credit | 445 | 1 | 2,951 | 12 | 3,396 | 13 | |||||||||||||||||||||||||||||||
Commercial real estate | 3,641 | 32 | 9,607 | 119 | 13,248 | 151 | |||||||||||||||||||||||||||||||
Commercial non-real estate | 1,869 | 23 | - | - | 1,869 | 23 | |||||||||||||||||||||||||||||||
Home equity | 2,666 | 21 | 850 | 2 | 3,516 | 23 | |||||||||||||||||||||||||||||||
Consumer | 20 | - | 36 | - | 56 | - | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 39,098 | $ | 295 | $ | 60,120 | $ | 552 | $ | 99,218 | $ | 847 | |||||||||||||||||||||||||
Changes in impaired loans during the three and nine months ended September 30, 2013 were as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
For the three | For the nine | ||||||||||||||||||||||||||||||||||||
months ended | months ended | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||||||||||||||||||
Impaired loans at beginning of period | $ | 82,443 | $ | 86,622 | |||||||||||||||||||||||||||||||||
Added to impaired loans | 7,190 | 22,175 | |||||||||||||||||||||||||||||||||||
Gross loans transferred to foreclosed real estate | (4,699 | ) | (9,871 | ) | |||||||||||||||||||||||||||||||||
Paid off and/or sold prior to foreclosure | (22,095 | ) | (36,087 | ) | |||||||||||||||||||||||||||||||||
Impaired loans at end of period | $ | 62,839 | $ | 62,839 | |||||||||||||||||||||||||||||||||
Bancorp recognized $911,000 and $1,941,000 of interest income on impaired loans using a cash-basis method of accounting for the three and nine months ended September 30, 2013. Bancorp did not record any interest income attributable to the change in present value attributable to the passage of time. Bancorp evaluates its impaired loans and assesses them based on either discounted cash flows or if it deems its loans to be collateral based, assesses impairment based on the net value of the underlying collateral. | |||||||||||||||||||||||||||||||||||||
Included in the above impaired loans amount at September 30, 2013 was $40,068,000 of loans that are not in non-accrual status. In addition, there was a total of $47,497,000 of residential real estate loans included in impaired loans at September 30, 2013, of which $40,345,000 were to consumers and $7,152,000 to builders. The collateral supporting impaired collateral dependent loans is individually reviewed by management to determine its estimated fair market value, less estimated disposal cost and a charge off is taken, if necessary, for the difference between the carrying amount of any loan and the estimated fair value of the collateral less estimated disposal cost. | |||||||||||||||||||||||||||||||||||||
During September, 2013, management elected to sell approximately $33,231,000 of loans in a bulk sale to one buyer. The loans sold included approximately $11,709,000 of non-accruing loans, $6,572,000 of performing troubled debt restructurings (“TDR’s”), and $14,951,000 of classified and other loans. | |||||||||||||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 226,130 | $ | 5,271 | $ | 25,022 | $ | - | $ | 256,423 | |||||||||||||||||||||||||||
Construction A&D | 62,814 | 3,550 | 6,263 | - | 72,627 | ||||||||||||||||||||||||||||||||
Land | 28,625 | 5,612 | 184 | - | 34,421 | ||||||||||||||||||||||||||||||||
Lines of credit | 19,303 | 852 | 1,813 | - | 21,968 | ||||||||||||||||||||||||||||||||
Commercial real estate | 198,172 | 8,544 | 7,853 | - | 214,569 | ||||||||||||||||||||||||||||||||
Commercial non-real estate | 7,561 | - | 1,647 | - | 9,208 | ||||||||||||||||||||||||||||||||
Home equity | 29,355 | 115 | 2,812 | - | 32,282 | ||||||||||||||||||||||||||||||||
Consumer | 1,246 | - | - | - | 1,246 | ||||||||||||||||||||||||||||||||
Total loans | $ | 573,206 | $ | 23,944 | $ | 45,594 | $ | - | $ | 642,744 | |||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 228,200 | $ | 15,338 | $ | 25,818 | $ | 49 | $ | 269,405 | |||||||||||||||||||||||||||
Construction A&D | 41,165 | 7,750 | 22,598 | 10 | 71,523 | ||||||||||||||||||||||||||||||||
Land | 29,830 | 13,317 | 7,753 | - | 50,900 | ||||||||||||||||||||||||||||||||
Lines of credit | 24,059 | 2,270 | 5,099 | - | 31,428 | ||||||||||||||||||||||||||||||||
Commercial real estate | 197,752 | 10,399 | 13,887 | - | 222,038 | ||||||||||||||||||||||||||||||||
Commercial non-real estate | 5,990 | - | 22 | 108 | 6,120 | ||||||||||||||||||||||||||||||||
Home equity | 32,163 | 496 | 1,950 | - | 34,609 | ||||||||||||||||||||||||||||||||
Consumer | 835 | - | - | 23 | 858 | ||||||||||||||||||||||||||||||||
Total loans | $ | 559,994 | $ | 49,570 | $ | 77,127 | $ | 190 | $ | 686,881 | |||||||||||||||||||||||||||
Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio 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 aging categories of performing loans and nonaccrual loans as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | ||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Total | Non- | Total | |||||||||||||||||||||||||||||||||
Current | Due | Due | Past Due | Accrual | Loans | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 233,141 | $ | 6,515 | $ | 2,211 | $ | 8,726 | $ | 14,556 | $ | 256,423 | |||||||||||||||||||||||||
Construction A&D | 71,796 | - | - | - | 831 | 72,627 | |||||||||||||||||||||||||||||||
Land | 34,183 | 174 | - | 174 | 64 | 34,421 | |||||||||||||||||||||||||||||||
Lines of credit | 21,609 | 125 | - | 125 | 234 | 21,968 | |||||||||||||||||||||||||||||||
Commercial real estate | 209,562 | 123 | - | 123 | 4,884 | 214,569 | |||||||||||||||||||||||||||||||
Commercial non-real estate | 9,208 | - | - | - | - | 9,208 | |||||||||||||||||||||||||||||||
Home equity | 29,610 | 398 | 72 | 470 | 2,202 | 32,282 | |||||||||||||||||||||||||||||||
Consumer | 1,246 | - | - | - | - | 1,246 | |||||||||||||||||||||||||||||||
Total loans | $ | 610,355 | $ | 7,335 | $ | 2,283 | $ | 9,618 | $ | 22,771 | $ | 642,744 | |||||||||||||||||||||||||
30-59 | 60-89 | ||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Total | Non- | Total | |||||||||||||||||||||||||||||||||
Current | Due | Due | Past Due | Accrual | Loans | ||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 245,193 | $ | 8,202 | $ | 1,574 | $ | 9,776 | $ | 14,436 | $ | 269,405 | |||||||||||||||||||||||||
Construction A&D | 62,091 | 868 | - | 868 | 8,564 | 71,523 | |||||||||||||||||||||||||||||||
Land | 45,961 | 251 | - | 251 | 4,688 | 50,900 | |||||||||||||||||||||||||||||||
Lines of credit | 27,635 | 440 | 1,476 | 1,916 | 1,877 | 31,428 | |||||||||||||||||||||||||||||||
Commercial real estate | 212,468 | 3,777 | - | 3,777 | 5,793 | 222,038 | |||||||||||||||||||||||||||||||
Commercial non-real estate | 5,746 | 263 | - | 263 | 111 | 6,120 | |||||||||||||||||||||||||||||||
Home equity | 32,301 | 308 | - | 308 | 2,000 | 34,609 | |||||||||||||||||||||||||||||||
Consumer | 821 | 11 | - | 11 | 26 | 858 | |||||||||||||||||||||||||||||||
Total loans | $ | 632,216 | $ | 14,120 | $ | 3,050 | $ | 17,170 | $ | 37,495 | $ | 686,881 | |||||||||||||||||||||||||
Bancorp does not have any greater than 90 days and still accruing loans as of the periods ended September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||||||
Bancorp offers a variety of modifications to borrowers. The modification categories offered can generally be described in the following categories: | |||||||||||||||||||||||||||||||||||||
· | Rate Modification – A modification in which the interest rate is changed. | ||||||||||||||||||||||||||||||||||||
· | Term Modification – A modification in which the maturity date, timing of payments or frequency of payments is changed. | ||||||||||||||||||||||||||||||||||||
· | Interest Only Modification – A modification in which the loan is converted to interest only payments for a period of time. | ||||||||||||||||||||||||||||||||||||
· | Payment Modification – A modification in which the dollar amount of the payment is changed, other than an interest only modification above. | ||||||||||||||||||||||||||||||||||||
· | Combination Modification – Any other type of modification, including the use of multiple categories above. | ||||||||||||||||||||||||||||||||||||
The following tables summarize troubled debt restructurings at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings That Have Not Subsequently Defaulted: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 82 | $ | 37,677 | $ | 32,230 | ||||||||||||||||||||||||||||||||
Construction A&D | 3 | 5,077 | 2,435 | ||||||||||||||||||||||||||||||||||
Land | 4 | 948 | 887 | ||||||||||||||||||||||||||||||||||
Lines of credit | 1 | 132 | 48 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 6 | 11,186 | 3,948 | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Home equity | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total loans | 96 | $ | 55,020 | $ | 39,548 | ||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 16 | $ | 5,376 | $ | 3,632 | ||||||||||||||||||||||||||||||||
Construction A&D | 3 | 3,021 | 833 | ||||||||||||||||||||||||||||||||||
Land | 2 | 184 | 6 | ||||||||||||||||||||||||||||||||||
Lines of credit | 1 | 100 | 100 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 140 | 125 | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Home equity | 1 | 100 | 54 | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total loans | 24 | $ | 8,921 | $ | 4,750 | ||||||||||||||||||||||||||||||||
31-Dec-12 | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings That Have Not Subsequently Defaulted: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 85 | $ | 34,257 | $ | 31,310 | ||||||||||||||||||||||||||||||||
Construction A&D | 7 | 9,523 | 7,183 | ||||||||||||||||||||||||||||||||||
Land | 16 | 5,130 | 4,127 | ||||||||||||||||||||||||||||||||||
Lines of credit | 3 | 362 | 280 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 14 | 20,032 | 12,842 | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Home equity | 1 | 100 | 100 | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total loans | 126 | $ | 69,404 | $ | 55,842 | ||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 17 | $ | 5,095 | $ | 4,112 | ||||||||||||||||||||||||||||||||
Construction A&D | 1 | 2,090 | 1,550 | ||||||||||||||||||||||||||||||||||
Land | 2 | 455 | 443 | ||||||||||||||||||||||||||||||||||
Lines of credit | 1 | 140 | 136 | ||||||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Home equity | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total loans | 21 | $ | 7,780 | $ | 6,241 | ||||||||||||||||||||||||||||||||
Bancorp has not purchased, sold or reclassified any loans to held for sale during the periods discussed. Only loans originated specifically for sale are recorded as held for sale at the period ended September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||||||
Bancorp considers a modification of a loan term a troubled debt restructuring or “TDR” if Bancorp for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the debtor that it would not otherwise consider. Prior to entering into a loan modification, Bancorp assesses the borrower’s financial condition to determine if the borrower has the means to meet the terms of the modification. This includes obtaining a credit report on the borrower as well as the borrower’s tax returns and financial statements. | |||||||||||||||||||||||||||||||||||||
The following tables present newly restructured loans that occurred during the nine and three months ended September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Rate | Combination | Total | |||||||||||||||||||||||||||||||||||
Modification | Contracts | Modifications | Contracts | Total | Contracts | ||||||||||||||||||||||||||||||||
Pre-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 990 | 1 | $ | 4,667 | 7 | $ | 5,657 | 8 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,250 | 1 | 1,250 | 1 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | 990 | 1 | $ | 5,917 | 8 | $ | 6,907 | 9 | ||||||||||||||||||||||||||||
Post-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 818 | 1 | $ | 3,672 | 7 | $ | 4,490 | 8 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,239 | 1 | 1,239 | 1 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | 818 | 1 | $ | 4,911 | 8 | $ | 5,729 | 9 | ||||||||||||||||||||||||||||
In addition, the TDR is evaluated for impairment. A determination is made as to whether an impaired TDR is cash flow or collateral dependent. If the TDR is cash flow dependent, an allowance for loan losses specific reserve is calculated based on the difference in net present value of future cash flows between the original and modified loan terms. If the TDR is collateral dependent, the collateral securing the TDR, which is always real estate, is evaluated for impairment based on an appraisal. If a TDR’s collateral valuation is less than its current loan balance, the TDR is written down for accounting purposes by the amount of the difference between the current loan balance and the collateral value. If the borrower performs under the terms of the modification, generally six consecutive months, and the ultimate collectability of all amounts contractually due under the modified terms is not in doubt, the loan is returned to accrual status. There are no loans that have been modified due to the financial difficulties of the borrower that are not considered a TDR. | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Rate | Combination | Total | |||||||||||||||||||||||||||||||||||
Modification | Contracts | Modifications | Contracts | Total | Contracts | ||||||||||||||||||||||||||||||||
Pre-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | - | $ | 1,409 | 1 | $ | 4,667 | 1 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,250 | 1 | 1,250 | 1 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | - | - | $ | 2,659 | 2 | $ | 2,659 | 2 | ||||||||||||||||||||||||||||
Post-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | - | $ | 1,158 | 1 | $ | 1,158 | 1 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,239 | 1 | 1,239 | 1 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | - | - | $ | 2,397 | 2 | $ | 2,397 | 2 | ||||||||||||||||||||||||||||
The following tables present newly restructured loans that occurred during the nine and three months ended September 30, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Term | Combination | Total | |||||||||||||||||||||||||||||||||||
Modification | Contracts | Modifications | Contracts | Total | Contracts | ||||||||||||||||||||||||||||||||
Pre-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 659 | 3 | $ | 6,347 | 17 | $ | 7,006 | 20 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | 176 | 1 | 816 | 4 | 992 | 5 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | 704 | 3 | 13,074 | 3 | 13,778 | 6 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | 1,539 | 7 | $ | 20,237 | 24 | $ | 21,776 | 31 | ||||||||||||||||||||||||||||
Post-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 657 | 3 | $ | 6,215 | 17 | $ | 6,872 | 20 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | 176 | 1 | 809 | 4 | 985 | 5 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | 689 | 3 | 6,530 | 3 | 7,219 | 6 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | 1,522 | 7 | $ | 13,554 | 24 | $ | 15,076 | 31 | ||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Term | Combination | Total | |||||||||||||||||||||||||||||||||||
Modification | Contracts | Modifications | Contracts | Total | Contracts | ||||||||||||||||||||||||||||||||
Pre-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | - | $ | 258 | 2 | $ | 258 | 2 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | 282 | 1 | 282 | 1 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 13,074 | 3 | 13,074 | 3 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | - | - | $ | 13,614 | 6 | $ | 13,614 | 6 | ||||||||||||||||||||||||||||
Post-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | - | $ | 258 | 2 | $ | 258 | 2 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | 282 | 1 | 282 | 1 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 6,530 | 3 | 6,530 | 3 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | - | - | $ | 7,070 | 6 | $ | 7,070 | 6 | ||||||||||||||||||||||||||||
Interest on TDRs was accounted for under the following methods as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Number | Number | Non- | Total | ||||||||||||||||||||||||||||||||||
of | Accrual | of | Accrual | Number of | Total | ||||||||||||||||||||||||||||||||
Contracts | Status | Contracts | Status | Contracts | Modifications | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 82 | $ | 32,230 | 16 | $ | 3,632 | 98 | $ | 35,862 | ||||||||||||||||||||||||||||
Construction A&D | 3 | 2,435 | 3 | 833 | 6 | 3,268 | |||||||||||||||||||||||||||||||
Land | 4 | 887 | 2 | 6 | 6 | 893 | |||||||||||||||||||||||||||||||
Lines of credit | 1 | 48 | 1 | 100 | 2 | 148 | |||||||||||||||||||||||||||||||
Commercial real estate | 6 | 3,948 | 1 | 125 | 7 | 4,073 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | 1 | 54 | 1 | 54 | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | 96 | $ | 39,548 | 24 | $ | 4,750 | 120 | $ | 44,298 | ||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 88 | $ | 33,143 | 14 | $ | 2,279 | 102 | $ | 35,422 | ||||||||||||||||||||||||||||
Construction A&D | 4 | 7,075 | 4 | 1,658 | 8 | 8,733 | |||||||||||||||||||||||||||||||
Land | 14 | 3,783 | 5 | 787 | 19 | 4,570 | |||||||||||||||||||||||||||||||
Lines of credit | 3 | 280 | 1 | 136 | 4 | 416 | |||||||||||||||||||||||||||||||
Commercial real estate | 10 | 12,167 | 3 | 675 | 13 | 12,842 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | 1 | 100 | 1 | 100 | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | 119 | $ | 56,448 | 28 | $ | 5,635 | 147 | $ | 62,083 | ||||||||||||||||||||||||||||
Bancorp performs A note/B note workout structures as a subset of Bancorp’s troubled debt restructuring strategy. The amount of loans restructured using this structure was $0 at September 30, 2013 and $1,457,000 at December 31, 2012. | |||||||||||||||||||||||||||||||||||||
Under an A note/B note workout structure, the new A note is underwritten in accordance with customary troubled debt restructuring underwriting standards and is reasonably assured of full repayment while the B note is not. The B note is immediately charged off upon restructuring. | |||||||||||||||||||||||||||||||||||||
If the loan was on accrual prior to the troubled debt restructuring being documented with the loan legally bifurcated into an A note fully supporting accrual status and a B note or amount contractually forgiven and charged off, the A note may remain on accrual status. If the loan was on nonaccrual status at the time the troubled debt restructuring was documented with the loan legally bifurcated into an A note fully supporting accrual status and a B note or amount contractually forgiven and fully charged off, the A note may be returned to accrual status, and risk rated accordingly, after a reasonable period of performance under the troubled debt restructuring terms. Six months of payment performance is generally required to return these loans to accrual status. | |||||||||||||||||||||||||||||||||||||
The A note will continue to be classified as a troubled debt restructuring and may only be removed from impaired status in years after the restructuring if (a) the restructuring agreement specifies an interest rate equal to or greater than the rate that Bancorp was willing to accept at the time of the restructuring for a new loan with a comparable risk and (b) the loan is not impaired based on the terms specified by the restructuring agreement. | |||||||||||||||||||||||||||||||||||||
The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financial needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated statement of financial condition. The contract amounts of these instruments express the extent of involvement the Bank has in each class of financial instruments. | |||||||||||||||||||||||||||||||||||||
The Bank's exposure to credit loss from non-performance by the other party to the above mentioned financial instruments is represented by the contractual amount of those instruments. | |||||||||||||||||||||||||||||||||||||
The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. | |||||||||||||||||||||||||||||||||||||
Unless otherwise noted, the Bank requires collateral or other security to support financial instruments with off-balance-sheet credit risk (dollars in thousands). | |||||||||||||||||||||||||||||||||||||
Financial Instruments Whose Contract | Contract Amount At | ||||||||||||||||||||||||||||||||||||
Amounts Represent Credit Risk | 30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
Standby letters of credit | $ | 14,790 | $ | 16,309 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 12,649 | 13,025 | |||||||||||||||||||||||||||||||||||
Unadvanced construction commitments | 31,758 | 15,598 | |||||||||||||||||||||||||||||||||||
Mortgage loan commitments | 9,263 | 13,601 | |||||||||||||||||||||||||||||||||||
Lines of credit | 30,166 | 31,480 | |||||||||||||||||||||||||||||||||||
Loans sold with limited repurchase provisions | 40,475 | 31,591 | |||||||||||||||||||||||||||||||||||
Standby letters of credit are conditional commitments issued by the Bank guaranteeing performance by a customer to various municipalities. These guarantees are issued primarily to support performance arrangements, limited to real estate transactions. The majority of these standby letters of credit expire within the next twelve months. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Bank requires collateral supporting these letters of credit as deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The current amount of the liability as of September 30, 2013 and December 31, 2012 for guarantees under standby letters of credit issued is not material. | |||||||||||||||||||||||||||||||||||||
Home equity lines of credit are loan commitments to individuals as long as there is no violation of any condition established in the contract. Commitments under home equity lines expire ten years after the date the loan closes and are secured by real estate. The Bank evaluates each customer's credit worthiness on a case-by-case basis. | |||||||||||||||||||||||||||||||||||||
Unadvanced construction commitments are loan commitments made to borrowers for both residential and commercial projects that are either in process or are expected to begin construction shortly. | |||||||||||||||||||||||||||||||||||||
Mortgage loan commitments not reflected in the accompanying statements of financial condition at September 30, 2013 included $9,263,000 at a fixed range of 3.125% to 5.125% and $0 at floating rates and at December 31, 2012 included $13,601,000 at a fixed interest rate range of 2.75% to 4.875% and $0 at floating interest rates. | |||||||||||||||||||||||||||||||||||||
Lines of credit are loan commitments to individuals and companies as long as there is no violation of any condition established in the contract. Lines of credit have a fixed expiration date. The Bank evaluates each customer's credit worthiness on a case-by-case basis. | |||||||||||||||||||||||||||||||||||||
The Bank has entered into several agreements to sell mortgage loans to third parties. The loans sold under these agreements for the nine months ended September 30, 2013 and year ended December 31, 2012 were $97,070,000 and $105,674,000, respectively. These agreements contain limited provisions that require the Bank to repurchase a loan if the loan becomes delinquent within the terms specified by the agreement. The credit risk involved in these financial instruments is essentially the same as that involved in extending loan facilities to customers. | |||||||||||||||||||||||||||||||||||||
No amount was recognized in the consolidated statement of financial condition at September 30, 2013 and December 31, 2012 as a liability for credit loss related to these loans. The Bank had to repurchase one loan under these agreements in 2012. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 12 – Income Taxes | |
As a result of Bancorp’s loss incurred during the quarter ended September 30, 2013, resulting primarily from the sale of certain non-performing and under-performing loans, management has recorded a non-cash charge of approximately $9,086,000 to provide a valuation allowance for its net deferred tax asset as of June 30, 2013, and in addition, has not recorded an approximately $3,978,000 deferred tax benefit for the taxable loss incurred during the quarter ended September 30, 2013. The $13,064,000 charge was recorded primarily due to Bancorp’s prior years’ taxable losses and the challenging operating environment currently confronting Bancorp and other financial institutions that could impact future operating results. The establishment of a valuation allowance does not impair Bancorp’s ability to use the deferred tax asset, primarily net operating loss carryforwards, upon achieving sufficient profitability. As Bancorp generates taxable income in future periods, management does not expect to record a related income tax expense until the valuation allowance is significantly reduced. As management is able to determine that it is more likely than not that Bancorp will be able to utilize the deferred tax assets, it will reduce the valuation allowance. Bancorp’s estimated amount of federal net operating loss carryforwards of approximately $12,819,000, do not begin to expire until 2033. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
Note 13 – Stockholders Equity | |
On November 21, 2008, Bancorp entered into an agreement with the United States Department of the Treasury (“Treasury”), pursuant to which Bancorp issued and sold (i) 23,393 shares of its Series B Fixed Rate Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation preference $1,000 per share, (the “Series B Preferred Stock”) and (ii) a warrant (the “Warrant”) to purchase 556,976 shares of Bancorp’s common stock, par value $0.01 per share, for an aggregate purchase price of $23,393,000. Costs related to the issuance of the preferred stock and warrant totaled $45,000 and were netted against the proceeds. On September 12, 2013, the Treasury sold all of its 23,393 shares of Series B Preferred Stock to outside investors as part of their ongoing efforts to wind down and recover its remaining investments under the Troubled Asset Relief Program (“TARP’). The terms of the Series B Preferred Stock remain the same. The Treasury continues to hold a warrant to purchase 556,976 shares of Bancorp’s common stock. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Note 14 - Fair Values of Financial Instruments | |||||||||||||||||||||
A fair value hierarchy that prioritizes the inputs to valuation methods is used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair market hierarchy are as follows: | |||||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | |||||||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). | |||||||||||||||||||||
An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of Bancorp since a fair value calculation is only provided for a limited portion of Bancorp’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between Bancorp’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of Bancorp’s financial instruments at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Impaired loans are carried at the lower of cost or the fair value of the collateral for collateral-dependent loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and impaired loans are therefore classified within level 3 of the fair value hierarchy. | |||||||||||||||||||||
Impaired loans are those for which Bancorp has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consisted of the impaired loan balances of $19,056,000 and $51,828,000 at September 30, 2013 and December 31, 2012, respectively, less their valuation allowances of $2,767,000 and $7,594,000 at September 30, 2013 and December 31, 2012, respectively, and $10,364,000 in loans with partial charge-offs at September 30, 2013.. | |||||||||||||||||||||
Foreclosed Real Estate: | |||||||||||||||||||||
Real estate acquired through foreclosure is included in the following disclosure at the lower of carrying value or fair value less estimated disposal costs. Management periodically evaluates the recoverability of the carrying value of the real estate acquired through foreclosure using current estimates of fair value. In the event of a subsequent decline, management provides a specific allowance to reduce real estate acquired through foreclosure to fair value less estimated disposal cost. Expenses incurred on foreclosed real estate prior to disposition are charged to expense. Gains or losses on the sale of foreclosed real estate are recognized upon disposition of the property. | |||||||||||||||||||||
The following table sets forth financial assets that were accounted for at fair value on a nonrecurring basis by level within the fair value hierarchy as of September 30, 2013: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||
September 30, | Quoted Prices in | Significant | Significant | ||||||||||||||||||
2013 | Active Markets | Other | Unobservable | ||||||||||||||||||
For Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 26,653 | $ | - | $ | - | $ | 26,653 | |||||||||||||
Foreclosed real estate | 7,337 | - | - | 7,337 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 33,990 | $ | - | $ | - | $ | 33,990 | |||||||||||||
The following table sets forth financial assets that were accounted for at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2012: | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||
December 31,2012 | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
For Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 44,234 | $ | - | $ | - | $ | 44,234 | |||||||||||||
Foreclosed real estate | 11,441 | - | - | 11,441 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 55,675 | $ | - | $ | - | $ | 55,675 | |||||||||||||
Bancorp did not have any financial assets or liabilities that were required to be measured on a recurring basis at September 30, 2013 or December 31, 2012. There were no liabilities that were required to be re-measured on a nonrecurring basis at September 30, 2013 or December 31, 2012. | |||||||||||||||||||||
All appraisals are reviewed by the credit department; however, no modifications or adjustments are made to the appraisals received. | |||||||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Bancorp has utilized Level 3 inputs to determine fair value: | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Fair | Valuation | Unobservable Input | Range (Weighted | ||||||||||||||||||
Value | Techniques | Average) | |||||||||||||||||||
Estimate | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Impaired loans | $ | 26,653 | Appraisal of collateral (1) | Liquidation expenses (2) | -6 | % | |||||||||||||||
Foreclosed real estate | $ | 7,337 | Appraisal of collateral (1),(3) | Appraisal adjustments (2) | -5.00% to -74.53% (-9.24%) | ||||||||||||||||
(1) | Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | ||||||||||||||||||||
-3 | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||||||||||||||
The estimated fair values of Bancorp's financial instruments as of September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||
Fair Value Measurement at | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying | Fair | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Amount | Value | Active Markets | Observable | Unobservable | |||||||||||||||||
For Identical | Inputs | Inputs | |||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 119,795 | $ | 119,795 | $ | 119,795 | $ | - | $ | - | |||||||||||
Investment securities (HTM) | 37,934 | 38,810 | - | 38,810 | - | ||||||||||||||||
Loans held for sale | 5,661 | 5,661 | - | 5,661 | - | ||||||||||||||||
Loans receivable, net | 596,499 | 626,927 | - | - | 626,927 | ||||||||||||||||
FHLB stock | 6,190 | 6,190 | - | 6,190 | - | ||||||||||||||||
Accrued interest receivable | 2,478 | 2,478 | - | 2,478 | - | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | $ | 580,915 | $ | 585,599 | - | 585,599 | - | ||||||||||||||
FHLB advances | 115,000 | 106,051 | - | 106,051 | - | ||||||||||||||||
Subordinated debentures | 24,119 | 24,119 | - | - | 24,119 | ||||||||||||||||
Accrued interest payable | 1,232 | 1,232 | - | 1,232 | - | ||||||||||||||||
Off Balance Sheet Commitments | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Fair Value Measurement At | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Fair | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Amount | Value | Active Markets | Observable | Unobservable | |||||||||||||||||
For Identical | Inputs | Inputs | |||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 93,392 | $ | 93,392 | $ | 93,392 | $ | - | $ | - | |||||||||||
Investment securities (HTM) | 34,066 | 35,463 | - | 35,463 | - | ||||||||||||||||
Loans held for sale | 11,116 | 11,116 | - | 11,116 | - | ||||||||||||||||
Loans receivable, net | 651,709 | 703,363 | - | - | 703,363 | ||||||||||||||||
FHLB stock | 6,520 | 6,520 | - | 6,520 | - | ||||||||||||||||
Accrued interest receivable | 2,510 | 2,510 | - | 2,510 | - | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | $ | 599,394 | $ | 601,834 | - | 601,834 | - | ||||||||||||||
FHLB advances | 115,000 | 103,455 | - | 103,455 | - | ||||||||||||||||
Subordinated debentures | 24,119 | 24,119 | - | - | 24,119 | ||||||||||||||||
Accrued interest payable | 846 | 846 | - | 846 | - | ||||||||||||||||
Off Balance Sheet Commitments | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on Bancorp’s consolidated balance sheet: | |||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
The carrying amount reported in the consolidated statements of financial condition for cash and cash equivalents approximate those assets’ fair values. | |||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||
Bancorp utilizes a third party source to determine the fair value of its securities. The methodology consists of pricing models based on asset class and includes available trade, bid, other market information, broker quotes, proprietary models, various databases and trading desk quotes. All Bancorp’s investments are considered Level 2. | |||||||||||||||||||||
Loans held for sale: | |||||||||||||||||||||
The fair value of loans held for sale is based primarily on investor quotes. | |||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||
The fair values of loans receivable were estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. These rates were used for each aggregated category of loans as reported on the Office of the Comptroller of the Currency Quarterly Report. | |||||||||||||||||||||
FHLB stock: | |||||||||||||||||||||
The carrying amount of FHLB stock approximates fair value based on the redemption provisions of the FHLB. There have been no identified events or changes in circumstances that may have a significant adverse effect on the FHLB stock. Based on our evaluation, we have concluded that our FHLB stock was not impaired at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
Accrued interest receivable and payable: | |||||||||||||||||||||
The carrying amounts of accrued interest receivable and accrued interest payable approximates their fair values. | |||||||||||||||||||||
Deposit liabilities: | |||||||||||||||||||||
The fair values disclosed for demand deposit accounts, savings accounts and money market deposits are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||||||
FHLB advances: | |||||||||||||||||||||
Fair values of long-term debt are estimated using discounted cash flow analysis, based on rates currently available for advances from the FHLB with similar terms and remaining maturities. | |||||||||||||||||||||
Subordinated debentures: | |||||||||||||||||||||
Current economic conditions have rendered the market for this liability inactive. As such, Bancorp is unable to determine a good estimate of fair value. Since the rate paid on the debentures held is lower than what would be required to secure an interest in the same debt at year end and we are unable to obtain a current fair value, Bancorp has disclosed that the carrying value approximates the fair value. | |||||||||||||||||||||
Off-balance sheet financial instruments: | |||||||||||||||||||||
Fair values for Bancorp’s off-balance sheet financial instruments (lending commitments and letters of credit) are not significant and are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 15 - Recent Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standards Update “ASU”2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which require an entity with an unrecognized tax benefit that is ‘not available’ or not intended to be used at the reporting date to present the unrecognized tax benefit as a liability that should not be combined with deferred tax assets. Otherwise, the unrecognized tax benefit should be presented as a reduction to the related deferred tax asset. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. | |
The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively, although retroactive application is permitted. The adoption of this amendment is not expected to have a material impact on the Company’s consolidated results of operations or financial position. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per share reconciliation | ' | ||||||||||||||||
Not included in the diluted earnings per share calculation for the three and nine month periods ended September 30, 2012, because they were anti-dilutive, were 100,000 shares of common stock issuable upon exercise of outstanding stock options, 556,976 shares of common stock issuable upon the exercise of a warrant and 437,500 shares of common stock issuable upon conversion of Bancorp’s Series A Preferred Stock. There is no dilution during the 2013 periods as dilution does not apply to loss periods. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Common shares – weighted average (basic) | 10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 | |||||||||||||
Common share equivalents – weighted average | - | - | - | - | |||||||||||||
Common shares – diluted | 10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||
Bank's actual capital amounts and ratios | ' | ||||||||||||
The following table presents the Bank’s capital position: | |||||||||||||
Actual | Actual | To Be Well Capitalized Under | |||||||||||
at September 30, 2013 | at December 31, 2012 | Prompt Corrective Provisions | |||||||||||
Tangible (1) | 13.3 | % | 14.6 | % | N/ | A | |||||||
Tier 1 Capital (2) | 18.8 | % | 19.6 | % | 6 | % | |||||||
Core (1) | 13.3 | % | 14.6 | % | 5 | % | |||||||
Total Capital (2) | 20 | % | 20.8 | % | 10 | % | |||||||
(1) To adjusted total assets. | |||||||||||||
(2) To risk-weighted assets. | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||
Stock options valuation assumptions | ' | ||||||||
The stock-based compensation expense amounts were derived using the Black-Scholes option-pricing model. The following weighted average assumptions were used to value options granted in the current period presented: | |||||||||
Expected life of options (in years) | 5 | ||||||||
Risk-free interest rate | 1.48 | % | |||||||
Expected volatility | 70.02 | % | |||||||
Expected dividend yield | - | % | |||||||
Information regarding stock option plan | ' | ||||||||
Information regarding Bancorp’s stock-based compensation plan as of and for the nine months ended September 30, 2013 is as follows: | |||||||||
2013 | |||||||||
Weighted Average | |||||||||
Shares | Price | ||||||||
Options outstanding, December 31, 2012 | 81,000 | $ | 4.23 | ||||||
Options granted | 125,000 | $ | 3.37 | ||||||
Options exercised | - | - | |||||||
Options forfeited | 22,000 | $ | 3.61 | ||||||
Options outstanding, September 30, 2013 | 184,000 | $ | 3.72 | ||||||
Options exercisable, September 30, 2013 | 68,917 | $ | 4.03 | ||||||
Summary of nonvested options in stock option plan | ' | ||||||||
The following table summarizes the nonvested options in Bancorp’s stock option plan as of September 30, 2013. | |||||||||
Weighted | |||||||||
Average | |||||||||
Grant Date | |||||||||
Shares | Exercise Price | ||||||||
Nonvested options outstanding, December 31, 2012 | 35,775 | $ | 4.23 | ||||||
Nonvested options granted | 125,000 | $ | 3.37 | ||||||
Nonvested options vested | (23,692 | ) | $ | 3.65 | |||||
Nonvested options forfeited | (22,000 | ) | $ | 3.61 | |||||
Nonvested options outstanding, September 30, 2013 | 115,083 | $ | 3.53 |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized cost and fair value of investment securities held to maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of investment securities held to maturity are as follows (dollars in thousands): | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized Losses | Fair | ||||||||||||||||||||||
Cost | Gains | Value | |||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
US Treasury securities | $ | 30,295 | $ | 811 | $ | 3 | $ | 31,103 | |||||||||||||||||
US Agency securities | 5,197 | 49 | 4 | 5,242 | |||||||||||||||||||||
US Government sponsored mortgage-backed securities | 2,442 | 29 | 6 | 2,465 | |||||||||||||||||||||
Total | $ | 37,934 | $ | 889 | $ | 13 | $ | 38,810 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
US Treasury securities | $ | 29,414 | $ | 1,278 | $ | - | $ | 30,692 | |||||||||||||||||
US Agency securities | 4,142 | 79 | - | 4,221 | |||||||||||||||||||||
US Government sponsored mortgage-backed securities | 510 | 40 | - | 550 | |||||||||||||||||||||
Total | $ | 34,066 | $ | 1,397 | $ | - | $ | 35,463 | |||||||||||||||||
Schedule of temporary impairment losses | ' | ||||||||||||||||||||||||
The following tables show fair value and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position as of September 30, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
September 30, 2013: | (dollars in thousands) | ||||||||||||||||||||||||
US Treasury securities | $ | 1,030 | $ | (3 | ) | $ | - | $ | (- | ) | $ | 1,030 | $ | (3 | ) | ||||||||||
US Agency securities | 2,092 | (4 | ) | - | (- | ) | 2,092 | (4 | ) | ||||||||||||||||
US Mortgage-backed Securities | 1,013 | (6 | ) | - | (- | ) | 1,013 | (6 | ) | ||||||||||||||||
Total | $ | 4,135 | $ | (13 | ) | $ | - | $ | (- | ) | $ | 4,135 | $ | (13 | ) | ||||||||||
Amortized cost and estimated fair value of debt securities | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities at September 30, 2013, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Due in one year or less | $ | 5,025 | $ | 5,063 | |||||||||||||||||||||
Due from one year to five years | 27,448 | 28,031 | |||||||||||||||||||||||
Due from five years to ten years | 3,019 | 3,251 | |||||||||||||||||||||||
US Government sponsored mortgage-backed securities | 2,442 | 2,465 | |||||||||||||||||||||||
$ | 37,934 | $ | 38,810 |
Loans_Receivable_Tables
Loans Receivable (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Loans Receivable, [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans receivable | ' | ||||||||||||||||||||||||||||||||||||
Loans receivable consist of the following: | September 30, | December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Residential mortgage, total | $ | 256,423 | $ | 269,405 | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 47,497 | 46,218 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 208,926 | 223,187 | |||||||||||||||||||||||||||||||||||
Construction A&D, total | 72,627 | 71,523 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 4,098 | 11,003 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 68,529 | 60,520 | |||||||||||||||||||||||||||||||||||
Land, total | 34,421 | 50,900 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 1,159 | 8,953 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 33,262 | 41,947 | |||||||||||||||||||||||||||||||||||
Lines of credit, total | 21,968 | 31,428 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 234 | 2,107 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 21,734 | 29,321 | |||||||||||||||||||||||||||||||||||
Commercial real estate, total | 214,569 | 222,038 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 7,649 | 16,433 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 206,920 | 205,605 | |||||||||||||||||||||||||||||||||||
Commercial non-real estate, total | 9,208 | 6,120 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | - | 108 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 9,208 | 6,012 | |||||||||||||||||||||||||||||||||||
Home equity, total | 32,282 | 34,609 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 2,202 | 1,776 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 30,080 | 32,833 | |||||||||||||||||||||||||||||||||||
Consumer, total | 1,246 | 858 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | - | 24 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,246 | 834 | |||||||||||||||||||||||||||||||||||
Total Loans | 642,744 | 686,881 | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 62,839 | 86,622 | |||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 579,905 | 600,259 | |||||||||||||||||||||||||||||||||||
Less | |||||||||||||||||||||||||||||||||||||
Loans in process | (32,285 | ) | (15,647 | ) | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (12,270 | ) | (17,478 | ) | |||||||||||||||||||||||||||||||||
Deferred loan origination fees and costs, net | (1,690 | ) | (2,047 | ) | |||||||||||||||||||||||||||||||||
$ | 596,499 | $ | 651,709 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | ' | ||||||||||||||||||||||||||||||||||||
The following is a summary of the allowance for loan losses for the nine and three month periods ended September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Residential | Construction | Lines of | Commercial | Non-Real | Home | ||||||||||||||||||||||||||||||||
Total | Mortgage | A&D | Land | Credit | Real Estate | Estate | Equity | Consumer | |||||||||||||||||||||||||||||
Nine months ended September 2013 | |||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 17,478 | $ | 8,418 | $ | 2,120 | $ | 2,245 | $ | 87 | $ | 3,295 | $ | 46 | $ | 1,254 | $ | 13 | |||||||||||||||||||
Provision | 12,820 | 243 | 687 | 3,045 | 387 | 8,254 | 186 | (16 | ) | 34 | |||||||||||||||||||||||||||
Charge-offs | (19,115 | ) | (2,821 | ) | (2,338 | ) | (4,506 | ) | (485 | ) | (8,246 | ) | (109 | ) | (564 | ) | (46 | ) | |||||||||||||||||||
Recoveries | 1,087 | 51 | 10 | 947 | 20 | 54 | 5 | - | - | ||||||||||||||||||||||||||||
Ending Balance | $ | 12,270 | $ | 5,891 | $ | 479 | $ | 1,731 | $ | 9 | $ | 3,357 | $ | 128 | $ | 674 | $ | 1 | |||||||||||||||||||
Ending balance related to: | |||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,767 | $ | 2,450 | $ | - | $ | 71 | $ | - | $ | 246 | $ | - | $ | - | $ | - | |||||||||||||||||||
Loans collectively evaluated for impairment | $ | 9,503 | $ | 3,441 | $ | 479 | $ | 1,660 | $ | 9 | $ | 3,111 | $ | 128 | $ | 674 | $ | 1 | |||||||||||||||||||
Three months ended September 2013 | |||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 12,765 | $ | 6,032 | $ | 1,203 | $ | 1,582 | $ | 51 | $ | 2,970 | $ | 117 | $ | 810 | $ | - | |||||||||||||||||||
Provision | 12,200 | 884 | 450 | 2,104 | 436 | 8,130 | 8 | 187 | 1 | ||||||||||||||||||||||||||||
Charge-offs | (13,680 | ) | (1,034 | ) | (1,174 | ) | (2,902 | ) | (485 | ) | (7,762 | ) | - | (323 | ) | - | |||||||||||||||||||||
Recoveries | 985 | 9 | - | 947 | 7 | 19 | 3 | - | - | ||||||||||||||||||||||||||||
Ending Balance | $ | 12,270 | $ | 5,891 | $ | 479 | $ | 1,731 | $ | 9 | $ | 3,357 | $ | 128 | $ | 674 | $ | 1 | |||||||||||||||||||
The following is a summary of the allowance for loan losses for the nine and three month periods ended September 30, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Residential | Construction | Lines of | Commercial | Non-Real | Home | ||||||||||||||||||||||||||||||||
Total | Mortgage | A&D | Land | Credit | Real Estate | Estate | Equity | Consumer | |||||||||||||||||||||||||||||
Nine months ended September 2012 | |||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 25,938 | $ | 12,303 | $ | 3,916 | $ | 2,405 | $ | 725 | $ | 4,157 | $ | 169 | $ | 2,257 | $ | 6 | |||||||||||||||||||
Provision | 465 | 544 | (1,656 | ) | 1,724 | (503 | ) | (465 | ) | 894 | (88 | ) | 15 | ||||||||||||||||||||||||
Charge-offs | (3,333 | ) | (1,646 | ) | (784 | ) | (709 | ) | - | (194 | ) | - | - | - | |||||||||||||||||||||||
Recoveries | 110 | - | - | - | - | - | 110 | - | - | ||||||||||||||||||||||||||||
Ending Balance | $ | 23,180 | $ | 11,201 | $ | 1,476 | $ | 3,420 | $ | 222 | $ | 3,498 | $ | 1,173 | $ | 2,169 | $ | 21 | |||||||||||||||||||
Ending balance related to: | |||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 11,730 | $ | 5,261 | $ | 1,020 | $ | 1,487 | $ | 177 | $ | 548 | $ | 1,103 | $ | 2,114 | $ | 20 | |||||||||||||||||||
Loans collectively evaluated for impairment | $ | 11,450 | $ | 5,940 | $ | 456 | $ | 1,933 | $ | 45 | $ | 2,950 | $ | 70 | $ | 55 | $ | 1 | |||||||||||||||||||
Three months ended September 2012 | |||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 24,097 | $ | 11,662 | $ | 1,962 | $ | 4,536 | $ | 239 | $ | 3,344 | $ | 198 | $ | 2,134 | $ | 22 | |||||||||||||||||||
Provision | - | (259 | ) | (164 | ) | (723 | ) | (17 | ) | 154 | 975 | 35 | (1 | ) | |||||||||||||||||||||||
Charge-offs | (917 | ) | (202 | ) | (322 | ) | (393 | ) | - | - | - | - | - | ||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Ending Balance | $ | 23,180 | $ | 11,201 | $ | 1,476 | $ | 3,420 | $ | 222 | $ | 3,498 | $ | 1,173 | $ | 2,169 | $ | 21 | |||||||||||||||||||
Non-performing assets | ' | ||||||||||||||||||||||||||||||||||||
The following table presents Bancorp’s non-performing assets as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
September 30, | Number | December 31, | Number | ||||||||||||||||||||||||||||||||||
2013 | of loans | 2012 | of loans | ||||||||||||||||||||||||||||||||||
Loans accounted for on a non-accrual basis: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 14,556 | 58 | $ | 14,436 | 46 | |||||||||||||||||||||||||||||||
Construction A&D | 831 | 2 | 8,564 | 17 | |||||||||||||||||||||||||||||||||
Land | 64 | 4 | 4,688 | 13 | |||||||||||||||||||||||||||||||||
Lines of credit | 234 | 3 | 1,877 | 4 | |||||||||||||||||||||||||||||||||
Commercial real estate | 4,884 | 9 | 5,793 | 10 | |||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | 111 | 3 | |||||||||||||||||||||||||||||||||
Home equity | 2,202 | 12 | 2,000 | 9 | |||||||||||||||||||||||||||||||||
Consumer | - | - | 26 | 2 | |||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 22,771 | 88 | $ | 37,495 | 104 | |||||||||||||||||||||||||||||||
Accruing loans greater than 90 days past due | $ | - | $ | - | |||||||||||||||||||||||||||||||||
Foreclosed real-estate | $ | 13,877 | $ | 11,441 | |||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 36,648 | $ | 48,936 | |||||||||||||||||||||||||||||||||
Nonaccrual troubled debt restructures (included above) | $ | 4,750 | 24 | $ | 5,635 | 28 | |||||||||||||||||||||||||||||||
Accruing troubled debt restructures | $ | 39,548 | 96 | $ | 56,448 | 119 | |||||||||||||||||||||||||||||||
Total non-accrual loans to net loans | 3.8 | % | 5.8 | % | |||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 12,270 | $ | 17,478 | |||||||||||||||||||||||||||||||||
Allowance to total gross loans receivable | 2 | % | 2.6 | % | |||||||||||||||||||||||||||||||||
Allowance for loan losses to total non-performing loans, including loans contractually past due 90 days or more | 53.9 | % | 46.6 | % | |||||||||||||||||||||||||||||||||
Total non-accrual and accruing loans greater than 90 days past due to total assets | 2.8 | % | 4.4 | % | |||||||||||||||||||||||||||||||||
Total non-performing assets to total assets | 4.5 | % | 5.7 | % | |||||||||||||||||||||||||||||||||
Impaired loans | ' | ||||||||||||||||||||||||||||||||||||
The following tables summarize impaired loans at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||||||||||
Loans with | |||||||||||||||||||||||||||||||||||||
Impaired Loans with | No Specific | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Principal | |||||||||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Balance | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 16,586 | $ | 2,450 | $ | 30,911 | $ | 47,497 | $ | 53,311 | |||||||||||||||||||||||||||
Construction A&D | - | - | 4,098 | 4,098 | 4,765 | ||||||||||||||||||||||||||||||||
Land | 365 | 71 | 794 | 1,159 | 1,276 | ||||||||||||||||||||||||||||||||
Lines of credit | - | - | 234 | 234 | 426 | ||||||||||||||||||||||||||||||||
Commercial real estate | 2,105 | 246 | 5,544 | 7,649 | 7,777 | ||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity | - | - | 2,202 | 2,202 | 3,889 | ||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | 2,030 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 19,056 | $ | 2,767 | $ | 43,783 | $ | 62,839 | $ | 73,474 | |||||||||||||||||||||||||||
Impaired | |||||||||||||||||||||||||||||||||||||
Loans with | |||||||||||||||||||||||||||||||||||||
Impaired Loans with | No Specific | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Principal | |||||||||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Balance | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 33,300 | $ | 4,196 | $ | 12,918 | $ | 46,218 | $ | 48,239 | |||||||||||||||||||||||||||
Construction A&D | 5,204 | 1,663 | 5,799 | 11,003 | 11,614 | ||||||||||||||||||||||||||||||||
Land | 2,583 | 551 | 6,370 | 8,953 | 9,373 | ||||||||||||||||||||||||||||||||
Lines of credit | 149 | 32 | 1,958 | 2,107 | 2,119 | ||||||||||||||||||||||||||||||||
Commercial real estate | 10,304 | 975 | 6,129 | 16,433 | 16,504 | ||||||||||||||||||||||||||||||||
Commercial non-real estate | 5 | 5 | 103 | 108 | 138 | ||||||||||||||||||||||||||||||||
Home equity | 259 | 160 | 1,517 | 1,776 | 3,100 | ||||||||||||||||||||||||||||||||
Consumer | 24 | 12 | - | 24 | 23 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 51,828 | $ | 7,594 | $ | 34,794 | $ | 86,622 | $ | 91,110 | |||||||||||||||||||||||||||
The following tables summarize average impaired loans for the nine and three month periods ended September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Impaired Loans with | Impaired Loans with No | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Specific Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 16,681 | $ | 551 | $ | 31,600 | $ | 884 | $ | 48,281 | $ | 1,435 | |||||||||||||||||||||||||
Construction A&D | 1,267 | 44 | 5,649 | 137 | 6,916 | 181 | |||||||||||||||||||||||||||||||
Land | 2,462 | 55 | 1,645 | 94 | 4,107 | 149 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | 431 | 22 | 431 | 22 | |||||||||||||||||||||||||||||||
Commercial real estate | 6,898 | 245 | 11,145 | 261 | 18,043 | 506 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | 2,504 | 42 | 2,504 | 42 | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 27,308 | $ | 895 | $ | 52,974 | $ | 1,440 | $ | 80,282 | $ | 2,335 | |||||||||||||||||||||||||
Impaired Loans with | Impaired Loans with No | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Specific Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 16,608 | $ | 168 | $ | 30,968 | $ | 571 | $ | 47,576 | $ | 739 | |||||||||||||||||||||||||
Construction A&D | 816 | 11 | 4,610 | 32 | 5,426 | 43 | |||||||||||||||||||||||||||||||
Land | 1,763 | 16 | 1,415 | 22 | 3,178 | 38 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | 381 | 7 | 381 | 7 | |||||||||||||||||||||||||||||||
Commercial real estate | 5,517 | 81 | 9,720 | 100 | 15,237 | 181 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | 2,406 | 8 | 2,406 | 8 | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 24704 | $ | 276 | $ | 49,500 | $ | 740 | $ | 74,204 | $ | 1,016 | |||||||||||||||||||||||||
The following tables summarize average impaired loans for the nine and three month periods ended September 30, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Impaired Loans with | Impaired Loans with No | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Specific Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 23,294 | $ | 638 | $ | 28,355 | $ | 810 | $ | 51,649 | $ | 1,448 | |||||||||||||||||||||||||
Construction A&D | 4,309 | 72 | 12,310 | 441 | 16,619 | 513 | |||||||||||||||||||||||||||||||
Land | 3,043 | 100 | 6,659 | 121 | 9,702 | 221 | |||||||||||||||||||||||||||||||
Lines of credit | 441 | 6 | 2,951 | 48 | 3,392 | 54 | |||||||||||||||||||||||||||||||
Commercial real estate | 3,653 | 120 | 9,654 | 333 | 13,307 | 453 | |||||||||||||||||||||||||||||||
Commercial non-real estate | 1,870 | 67 | - | - | 1,870 | 67 | |||||||||||||||||||||||||||||||
Home equity | 2,666 | 55 | 850 | 13 | 3,516 | 68 | |||||||||||||||||||||||||||||||
Consumer | 20 | - | 36 | - | 56 | - | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 39,296 | $ | 1,058 | $ | 60,815 | $ | 1,766 | $ | 100,111 | $ | 2,824 | |||||||||||||||||||||||||
Impaired Loans with | Impaired Loans with No | ||||||||||||||||||||||||||||||||||||
Specific Allowance | Specific Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 23,233 | $ | 170 | $ | 28,270 | $ | 243 | $ | 51,503 | $ | 413 | |||||||||||||||||||||||||
Construction A&D | 4,191 | 20 | 11,690 | 143 | 15,881 | 163 | |||||||||||||||||||||||||||||||
Land | 3,033 | 28 | 6,716 | 33 | 9,749 | 61 | |||||||||||||||||||||||||||||||
Lines of credit | 445 | 1 | 2,951 | 12 | 3,396 | 13 | |||||||||||||||||||||||||||||||
Commercial real estate | 3,641 | 32 | 9,607 | 119 | 13,248 | 151 | |||||||||||||||||||||||||||||||
Commercial non-real estate | 1,869 | 23 | - | - | 1,869 | 23 | |||||||||||||||||||||||||||||||
Home equity | 2,666 | 21 | 850 | 2 | 3,516 | 23 | |||||||||||||||||||||||||||||||
Consumer | 20 | - | 36 | - | 56 | - | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 39,098 | $ | 295 | $ | 60,120 | $ | 552 | $ | 99,218 | $ | 847 | |||||||||||||||||||||||||
Schedule of changes in impaired loans | ' | ||||||||||||||||||||||||||||||||||||
Changes in impaired loans during the three and nine months ended September 30, 2013 were as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
For the three | For the nine | ||||||||||||||||||||||||||||||||||||
months ended | months ended | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||||||||||||||||||
Impaired loans at beginning of period | $ | 82,443 | $ | 86,622 | |||||||||||||||||||||||||||||||||
Added to impaired loans | 7,190 | 22,175 | |||||||||||||||||||||||||||||||||||
Gross loans transferred to foreclosed real estate | (4,699 | ) | (9,871 | ) | |||||||||||||||||||||||||||||||||
Paid off and/or sold prior to foreclosure | (22,095 | ) | (36,087 | ) | |||||||||||||||||||||||||||||||||
Impaired loans at end of period | $ | 62,839 | $ | 62,839 | |||||||||||||||||||||||||||||||||
Classes of the loan portfolio | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 226,130 | $ | 5,271 | $ | 25,022 | $ | - | $ | 256,423 | |||||||||||||||||||||||||||
Construction A&D | 62,814 | 3,550 | 6,263 | - | 72,627 | ||||||||||||||||||||||||||||||||
Land | 28,625 | 5,612 | 184 | - | 34,421 | ||||||||||||||||||||||||||||||||
Lines of credit | 19,303 | 852 | 1,813 | - | 21,968 | ||||||||||||||||||||||||||||||||
Commercial real estate | 198,172 | 8,544 | 7,853 | - | 214,569 | ||||||||||||||||||||||||||||||||
Commercial non-real estate | 7,561 | - | 1,647 | - | 9,208 | ||||||||||||||||||||||||||||||||
Home equity | 29,355 | 115 | 2,812 | - | 32,282 | ||||||||||||||||||||||||||||||||
Consumer | 1,246 | - | - | - | 1,246 | ||||||||||||||||||||||||||||||||
Total loans | $ | 573,206 | $ | 23,944 | $ | 45,594 | $ | - | $ | 642,744 | |||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 228,200 | $ | 15,338 | $ | 25,818 | $ | 49 | $ | 269,405 | |||||||||||||||||||||||||||
Construction A&D | 41,165 | 7,750 | 22,598 | 10 | 71,523 | ||||||||||||||||||||||||||||||||
Land | 29,830 | 13,317 | 7,753 | - | 50,900 | ||||||||||||||||||||||||||||||||
Lines of credit | 24,059 | 2,270 | 5,099 | - | 31,428 | ||||||||||||||||||||||||||||||||
Commercial real estate | 197,752 | 10,399 | 13,887 | - | 222,038 | ||||||||||||||||||||||||||||||||
Commercial non-real estate | 5,990 | - | 22 | 108 | 6,120 | ||||||||||||||||||||||||||||||||
Home equity | 32,163 | 496 | 1,950 | - | 34,609 | ||||||||||||||||||||||||||||||||
Consumer | 835 | - | - | 23 | 858 | ||||||||||||||||||||||||||||||||
Total loans | $ | 559,994 | $ | 49,570 | $ | 77,127 | $ | 190 | $ | 686,881 | |||||||||||||||||||||||||||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | ||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Total | Non- | Total | |||||||||||||||||||||||||||||||||
Current | Due | Due | Past Due | Accrual | Loans | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 233,141 | $ | 6,515 | $ | 2,211 | $ | 8,726 | $ | 14,556 | $ | 256,423 | |||||||||||||||||||||||||
Construction A&D | 71,796 | - | - | - | 831 | 72,627 | |||||||||||||||||||||||||||||||
Land | 34,183 | 174 | - | 174 | 64 | 34,421 | |||||||||||||||||||||||||||||||
Lines of credit | 21,609 | 125 | - | 125 | 234 | 21,968 | |||||||||||||||||||||||||||||||
Commercial real estate | 209,562 | 123 | - | 123 | 4,884 | 214,569 | |||||||||||||||||||||||||||||||
Commercial non-real estate | 9,208 | - | - | - | - | 9,208 | |||||||||||||||||||||||||||||||
Home equity | 29,610 | 398 | 72 | 470 | 2,202 | 32,282 | |||||||||||||||||||||||||||||||
Consumer | 1,246 | - | - | - | - | 1,246 | |||||||||||||||||||||||||||||||
Total loans | $ | 610,355 | $ | 7,335 | $ | 2,283 | $ | 9,618 | $ | 22,771 | $ | 642,744 | |||||||||||||||||||||||||
30-59 | 60-89 | ||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Total | Non- | Total | |||||||||||||||||||||||||||||||||
Current | Due | Due | Past Due | Accrual | Loans | ||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 245,193 | $ | 8,202 | $ | 1,574 | $ | 9,776 | $ | 14,436 | $ | 269,405 | |||||||||||||||||||||||||
Construction A&D | 62,091 | 868 | - | 868 | 8,564 | 71,523 | |||||||||||||||||||||||||||||||
Land | 45,961 | 251 | - | 251 | 4,688 | 50,900 | |||||||||||||||||||||||||||||||
Lines of credit | 27,635 | 440 | 1,476 | 1,916 | 1,877 | 31,428 | |||||||||||||||||||||||||||||||
Commercial real estate | 212,468 | 3,777 | - | 3,777 | 5,793 | 222,038 | |||||||||||||||||||||||||||||||
Commercial non-real estate | 5,746 | 263 | - | 263 | 111 | 6,120 | |||||||||||||||||||||||||||||||
Home equity | 32,301 | 308 | - | 308 | 2,000 | 34,609 | |||||||||||||||||||||||||||||||
Consumer | 821 | 11 | - | 11 | 26 | 858 | |||||||||||||||||||||||||||||||
Total loans | $ | 632,216 | $ | 14,120 | $ | 3,050 | $ | 17,170 | $ | 37,495 | $ | 686,881 | |||||||||||||||||||||||||
Troubled debt restructurings | ' | ||||||||||||||||||||||||||||||||||||
The following tables summarize troubled debt restructurings at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings That Have Not Subsequently Defaulted: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 82 | $ | 37,677 | $ | 32,230 | ||||||||||||||||||||||||||||||||
Construction A&D | 3 | 5,077 | 2,435 | ||||||||||||||||||||||||||||||||||
Land | 4 | 948 | 887 | ||||||||||||||||||||||||||||||||||
Lines of credit | 1 | 132 | 48 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 6 | 11,186 | 3,948 | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Home equity | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total loans | 96 | $ | 55,020 | $ | 39,548 | ||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 16 | $ | 5,376 | $ | 3,632 | ||||||||||||||||||||||||||||||||
Construction A&D | 3 | 3,021 | 833 | ||||||||||||||||||||||||||||||||||
Land | 2 | 184 | 6 | ||||||||||||||||||||||||||||||||||
Lines of credit | 1 | 100 | 100 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 140 | 125 | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Home equity | 1 | 100 | 54 | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total loans | 24 | $ | 8,921 | $ | 4,750 | ||||||||||||||||||||||||||||||||
31-Dec-12 | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings That Have Not Subsequently Defaulted: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 85 | $ | 34,257 | $ | 31,310 | ||||||||||||||||||||||||||||||||
Construction A&D | 7 | 9,523 | 7,183 | ||||||||||||||||||||||||||||||||||
Land | 16 | 5,130 | 4,127 | ||||||||||||||||||||||||||||||||||
Lines of credit | 3 | 362 | 280 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 14 | 20,032 | 12,842 | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Home equity | 1 | 100 | 100 | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total loans | 126 | $ | 69,404 | $ | 55,842 | ||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings That Subsequently Defaulted: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 17 | $ | 5,095 | $ | 4,112 | ||||||||||||||||||||||||||||||||
Construction A&D | 1 | 2,090 | 1,550 | ||||||||||||||||||||||||||||||||||
Land | 2 | 455 | 443 | ||||||||||||||||||||||||||||||||||
Lines of credit | 1 | 140 | 136 | ||||||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Home equity | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||||||||||
Total loans | 21 | $ | 7,780 | $ | 6,241 | ||||||||||||||||||||||||||||||||
Newly restructured loans during the period | ' | ||||||||||||||||||||||||||||||||||||
The following tables present newly restructured loans that occurred during the nine and three months ended September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Rate | Combination | Total | |||||||||||||||||||||||||||||||||||
Modification | Contracts | Modifications | Contracts | Total | Contracts | ||||||||||||||||||||||||||||||||
Pre-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 990 | 1 | $ | 4,667 | 7 | $ | 5,657 | 8 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,250 | 1 | 1,250 | 1 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | 990 | 1 | $ | 5,917 | 8 | $ | 6,907 | 9 | ||||||||||||||||||||||||||||
Post-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 818 | 1 | $ | 3,672 | 7 | $ | 4,490 | 8 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,239 | 1 | 1,239 | 1 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | 818 | 1 | $ | 4,911 | 8 | $ | 5,729 | 9 | ||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Rate | Combination | Total | |||||||||||||||||||||||||||||||||||
Modification | Contracts | Modifications | Contracts | Total | Contracts | ||||||||||||||||||||||||||||||||
Pre-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | - | $ | 1,409 | 1 | $ | 4,667 | 1 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,250 | 1 | 1,250 | 1 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | - | - | $ | 2,659 | 2 | $ | 2,659 | 2 | ||||||||||||||||||||||||||||
Post-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | - | $ | 1,158 | 1 | $ | 1,158 | 1 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,239 | 1 | 1,239 | 1 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | - | - | $ | 2,397 | 2 | $ | 2,397 | 2 | ||||||||||||||||||||||||||||
The following tables present newly restructured loans that occurred during the nine and three months ended September 30, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Term | Combination | Total | |||||||||||||||||||||||||||||||||||
Modification | Contracts | Modifications | Contracts | Total | Contracts | ||||||||||||||||||||||||||||||||
Pre-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 659 | 3 | $ | 6,347 | 17 | $ | 7,006 | 20 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | 176 | 1 | 816 | 4 | 992 | 5 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | 704 | 3 | 13,074 | 3 | 13,778 | 6 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | 1,539 | 7 | $ | 20,237 | 24 | $ | 21,776 | 31 | ||||||||||||||||||||||||||||
Post-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 657 | 3 | $ | 6,215 | 17 | $ | 6,872 | 20 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | 176 | 1 | 809 | 4 | 985 | 5 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | 689 | 3 | 6,530 | 3 | 7,219 | 6 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | 1,522 | 7 | $ | 13,554 | 24 | $ | 15,076 | 31 | ||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Term | Combination | Total | |||||||||||||||||||||||||||||||||||
Modification | Contracts | Modifications | Contracts | Total | Contracts | ||||||||||||||||||||||||||||||||
Pre-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | - | $ | 258 | 2 | $ | 258 | 2 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | 282 | 1 | 282 | 1 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 13,074 | 3 | 13,074 | 3 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | - | - | $ | 13,614 | 6 | $ | 13,614 | 6 | ||||||||||||||||||||||||||||
Post-Modification Outstanding Recorded Investment: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | - | $ | 258 | 2 | $ | 258 | 2 | ||||||||||||||||||||||||||||
Construction A&D | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Land | - | - | 282 | 1 | 282 | 1 | |||||||||||||||||||||||||||||||
Lines of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial real estate | - | - | 6,530 | 3 | 6,530 | 3 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | $ | - | - | $ | 7,070 | 6 | $ | 7,070 | 6 | ||||||||||||||||||||||||||||
Methods used to account for interest on TDRs | ' | ||||||||||||||||||||||||||||||||||||
Interest on TDRs was accounted for under the following methods as of September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Number | Number | Non- | Total | ||||||||||||||||||||||||||||||||||
of | Accrual | of | Accrual | Number of | Total | ||||||||||||||||||||||||||||||||
Contracts | Status | Contracts | Status | Contracts | Modifications | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 82 | $ | 32,230 | 16 | $ | 3,632 | 98 | $ | 35,862 | ||||||||||||||||||||||||||||
Construction A&D | 3 | 2,435 | 3 | 833 | 6 | 3,268 | |||||||||||||||||||||||||||||||
Land | 4 | 887 | 2 | 6 | 6 | 893 | |||||||||||||||||||||||||||||||
Lines of credit | 1 | 48 | 1 | 100 | 2 | 148 | |||||||||||||||||||||||||||||||
Commercial real estate | 6 | 3,948 | 1 | 125 | 7 | 4,073 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | 1 | 54 | 1 | 54 | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | 96 | $ | 39,548 | 24 | $ | 4,750 | 120 | $ | 44,298 | ||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 88 | $ | 33,143 | 14 | $ | 2,279 | 102 | $ | 35,422 | ||||||||||||||||||||||||||||
Construction A&D | 4 | 7,075 | 4 | 1,658 | 8 | 8,733 | |||||||||||||||||||||||||||||||
Land | 14 | 3,783 | 5 | 787 | 19 | 4,570 | |||||||||||||||||||||||||||||||
Lines of credit | 3 | 280 | 1 | 136 | 4 | 416 | |||||||||||||||||||||||||||||||
Commercial real estate | 10 | 12,167 | 3 | 675 | 13 | 12,842 | |||||||||||||||||||||||||||||||
Commercial non-real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity | - | - | 1 | 100 | 1 | 100 | |||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total loans | 119 | $ | 56,448 | 28 | $ | 5,635 | 147 | $ | 62,083 | ||||||||||||||||||||||||||||
Financial instruments whose contract amounts represents credit risk | ' | ||||||||||||||||||||||||||||||||||||
Unless otherwise noted, the Bank requires collateral or other security to support financial instruments with off-balance-sheet credit risk (dollars in thousands). | |||||||||||||||||||||||||||||||||||||
Financial Instruments Whose Contract | Contract Amount At | ||||||||||||||||||||||||||||||||||||
Amounts Represent Credit Risk | 30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
Standby letters of credit | $ | 14,790 | $ | 16,309 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 12,649 | 13,025 | |||||||||||||||||||||||||||||||||||
Unadvanced construction commitments | 31,758 | 15,598 | |||||||||||||||||||||||||||||||||||
Mortgage loan commitments | 9,263 | 13,601 | |||||||||||||||||||||||||||||||||||
Lines of credit | 30,166 | 31,480 | |||||||||||||||||||||||||||||||||||
Loans sold with limited repurchase provisions | 40,475 | 31,591 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Financial assets accounted for at fair value on a nonrecurring basis | ' | ||||||||||||||||||||
The following table sets forth financial assets that were accounted for at fair value on a nonrecurring basis by level within the fair value hierarchy as of September 30, 2013: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||
September 30, | Quoted Prices in | Significant | Significant | ||||||||||||||||||
2013 | Active Markets | Other | Unobservable | ||||||||||||||||||
For Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 26,653 | $ | - | $ | - | $ | 26,653 | |||||||||||||
Foreclosed real estate | 7,337 | - | - | 7,337 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 33,990 | $ | - | $ | - | $ | 33,990 | |||||||||||||
The following table sets forth financial assets that were accounted for at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2012: | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||
December 31,2012 | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
For Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 44,234 | $ | - | $ | - | $ | 44,234 | |||||||||||||
Foreclosed real estate | 11,441 | - | - | 11,441 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 55,675 | $ | - | $ | - | $ | 55,675 | |||||||||||||
Assets measured at fair value on a nonrecurring basis utilizing level 3 input | ' | ||||||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Bancorp has utilized Level 3 inputs to determine fair value: | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Fair | Valuation | Unobservable Input | Range (Weighted | ||||||||||||||||||
Value | Techniques | Average) | |||||||||||||||||||
Estimate | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Impaired loans | $ | 26,653 | Appraisal of collateral (1) | Liquidation expenses (2) | -6 | % | |||||||||||||||
Foreclosed real estate | $ | 7,337 | Appraisal of collateral (1),(3) | Appraisal adjustments (2) | -5.00% to -74.53% (-9.24%) | ||||||||||||||||
(1) | Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | ||||||||||||||||||||
-3 | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||||||||||||||
Estimated fair values of financial instruments | ' | ||||||||||||||||||||
The estimated fair values of Bancorp's financial instruments as of September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||
Fair Value Measurement at | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying | Fair | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Amount | Value | Active Markets | Observable | Unobservable | |||||||||||||||||
For Identical | Inputs | Inputs | |||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 119,795 | $ | 119,795 | $ | 119,795 | $ | - | $ | - | |||||||||||
Investment securities (HTM) | 37,934 | 38,810 | - | 38,810 | - | ||||||||||||||||
Loans held for sale | 5,661 | 5,661 | - | 5,661 | - | ||||||||||||||||
Loans receivable, net | 596,499 | 626,927 | - | - | 626,927 | ||||||||||||||||
FHLB stock | 6,190 | 6,190 | - | 6,190 | - | ||||||||||||||||
Accrued interest receivable | 2,478 | 2,478 | - | 2,478 | - | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | $ | 580,915 | $ | 585,599 | - | 585,599 | - | ||||||||||||||
FHLB advances | 115,000 | 106,051 | - | 106,051 | - | ||||||||||||||||
Subordinated debentures | 24,119 | 24,119 | - | - | 24,119 | ||||||||||||||||
Accrued interest payable | 1,232 | 1,232 | - | 1,232 | - | ||||||||||||||||
Off Balance Sheet Commitments | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Fair Value Measurement At | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Fair | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Amount | Value | Active Markets | Observable | Unobservable | |||||||||||||||||
For Identical | Inputs | Inputs | |||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 93,392 | $ | 93,392 | $ | 93,392 | $ | - | $ | - | |||||||||||
Investment securities (HTM) | 34,066 | 35,463 | - | 35,463 | - | ||||||||||||||||
Loans held for sale | 11,116 | 11,116 | - | 11,116 | - | ||||||||||||||||
Loans receivable, net | 651,709 | 703,363 | - | - | 703,363 | ||||||||||||||||
FHLB stock | 6,520 | 6,520 | - | 6,520 | - | ||||||||||||||||
Accrued interest receivable | 2,510 | 2,510 | - | 2,510 | - | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | $ | 599,394 | $ | 601,834 | - | 601,834 | - | ||||||||||||||
FHLB advances | 115,000 | 103,455 | - | 103,455 | - | ||||||||||||||||
Subordinated debentures | 24,119 | 24,119 | - | - | 24,119 | ||||||||||||||||
Accrued interest payable | 846 | 846 | - | 846 | - | ||||||||||||||||
Off Balance Sheet Commitments | $ | - | $ | - | $ | - | $ | - | $ | - |
Cash_Flow_Presentation_Details
Cash Flow Presentation (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Cash Flow Presentation | ' |
Period when federal funds are sold | '1 day |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted average number of shares outstanding reconciliation [Abstract] | ' | ' | ' | ' |
Common shares - weighted average (basic) (in shares) | 10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 |
Common share equivalents - weighted average (in shares) | 46,723 | 0 | 38,773 | 0 |
Common shares - diluted (in shares) | 10,113,402 | 10,066,679 | 10,105,452 | 10,066,679 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 100,000 | 100,000 | 100,000 | 100,000 |
Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 556,976 | 556,976 | 556,976 | 556,976 |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 437,500 | 437,500 | 437,500 | 437,500 |
Regulatory_Matters_Details
Regulatory Matters (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 23, 2013 | ||
Subsequent Event [Member] | |||||
Tangible [Abstract] | ' | ' | ' | ||
Tangible Actual, % (in hundredths) | 13.30% | [1] | 14.60% | [1] | ' |
Tier I capital [Abstract] | ' | ' | ' | ||
Tier I capital Actual, % (in hundredths) | 18.90% | [2] | 19.60% | [2] | 10.00% |
Tier I Capital To Be Well Capitalized Under Prompt Corrective Provisions, % (in hundredths) | 6.00% | [2] | ' | ' | |
Core [Abstract] | ' | ' | ' | ||
Core Actual, % (in hundredths) | 13.30% | [1] | 14.60% | [1] | ' |
Core To Be Well Capitalized Under Prompt Corrective Action Provisions, % (in hundredths) | 5.00% | [1] | ' | ' | |
Total [Abstract] | ' | ' | ' | ||
Total Actual, % (in hundredths) | 20.10% | [2] | 20.80% | [2] | 15.00% |
Total To Be Well Capitalized Under Prompt Corrective Action Provisions, % (in hundredths) | 10.00% | [2] | ' | ' | |
[1] | To adjusted total assets. | ||||
[2] | To risk-weighted assets. |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 16, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares of shares authorized under the plan (in shares) | ' | 500,000 | ' | 500,000 | ' | ' |
Stock options expiry period | ' | ' | ' | '10 years | ' | ' |
Stock options vesting period | ' | ' | ' | '5 years | ' | ' |
Stock-based compensation expense | ' | $24,000,000 | $72,000,000 | $11,000,000 | $32,000,000 | ' |
Grant-date fair value of options granted (in dollars per share) | ' | ' | ' | $3 | ' | ' |
Shares [Roll Forward] | ' | ' | ' | ' | ' | ' |
Options outstanding, Beginning period (in shares) | ' | ' | ' | 81,000 | ' | ' |
Options granted (in shares) | 100,000 | ' | ' | 125,000 | 0 | ' |
Options exercised (in shares) | ' | ' | ' | 0 | ' | ' |
Options forfeited (in shares) | ' | ' | ' | 22,000 | ' | ' |
Options outstanding, Ending period (in shares) | ' | 184,000 | ' | 184,000 | ' | ' |
Options exercisable, Ending period (in shares) | ' | 68,917 | ' | 68,917 | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' |
Options outstanding, Beginning period (in dollars per share) | ' | ' | ' | $4.23 | ' | ' |
Options granted (in dollars per share) | ' | ' | ' | $3.37 | ' | ' |
Options exercised (in dollars per share) | ' | ' | ' | $0 | ' | ' |
Options forfeited (in dollars per share) | ' | ' | ' | $3.61 | ' | ' |
Options outstanding, Ending period (in dollars per share) | ' | $3.72 | ' | $3.72 | ' | ' |
Options exercisable, Ending period (in dollars per share) | ' | $4.03 | ' | $4.03 | ' | ' |
Aggregate intrinsic value of the options outstanding | ' | 279,640 | ' | 279,640 | ' | 0 |
Aggregate intrinsic value of the options exercisable | ' | 83,229 | ' | 83,229 | ' | 0 |
Fair value assumptions for options granted [Abstract] | ' | ' | ' | ' | ' | ' |
Expected life of options | ' | ' | ' | '5 years | ' | ' |
Risk-free interest rate (in hundredths) | ' | ' | ' | 1.48% | ' | ' |
Expected volatility (in hundredths) | ' | ' | ' | 70.02% | ' | ' |
Expected dividend yield (in hundredths) | ' | ' | ' | 0.00% | ' | ' |
Nonvested Options, Shares [Roll Forward] | ' | ' | ' | ' | ' | ' |
Nonvested options outstanding, Beginning balance (in shares) | ' | ' | ' | 35,775 | ' | ' |
Nonvested options granted (in shares) | ' | ' | ' | 125,000 | ' | ' |
Nonvested options vested (in shares) | ' | ' | ' | -23,692 | ' | ' |
Nonvested options forfeited (in shares) | ' | ' | ' | -22,000 | ' | ' |
Nonvested options outstanding, Ending balance (in shares) | ' | 115,083 | ' | 115,083 | ' | ' |
Nonvested Options, Weighted Average Grant Date Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' |
Nonvested options outstanding (in dollars per share) | ' | ' | ' | $4.23 | ' | ' |
Nonvested options granted (in dollars per share) | ' | ' | ' | $3.37 | ' | ' |
Nonvested options vested (in dollars per share) | ' | ' | ' | $3.65 | ' | ' |
Nonvested options forfeited (in dollars per share) | ' | ' | ' | $3.61 | ' | ' |
Nonvested options outstanding (in dollars per share) | ' | $3.53 | ' | $3.53 | ' | ' |
Unrecognized stock-based compensation expense | ' | $287,000 | ' | $287,000 | ' | ' |
Unrecognized stock-based compensation expected to be recognized period | ' | ' | ' | '51 months | ' | ' |
4.13 [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price (in dollars per share) | ' | $4.13 | ' | $4.13 | ' | ' |
4.54 [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price (in dollars per share) | ' | $4.54 | ' | $4.54 | ' | ' |
Investment_Securities_Details
Investment Securities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Security | ||
Amortized cost and fair value of investment securities held to maturity [Abstract] | ' | ' |
Amortized Cost | $37,934,000 | $34,066,000 |
Gross Unrealized Gains | 889,000 | 1,397,000 |
Gross Unrealized Losses | 13,000 | 0 |
Fair Value | 38,810,000 | 35,463,000 |
Securities pledged as collateral for borrowings | 5,267,000 | 7,288,000 |
Number of securities in continuous unrealized loss position | ' | 0 |
Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | 4,135,000 | ' |
12 Months or More, Fair Value | 0 | ' |
Total, Fair Value | 4,135,000 | ' |
Unrealized Losses [Abstract] | ' | ' |
Less than 12 Months, Unrealized Losses | -13,000 | ' |
12 Months or More, Unrealized Losses | 0 | ' |
Total, Unrealized Losses | -13,000 | ' |
Amortized Cost [Abstract] | ' | ' |
Due in one year or less | 5,025,000 | ' |
Due from one year to five years | 27,448,000 | ' |
Due from five years to ten years | 3,019,000 | ' |
US Government sponsored Mortgage-backed securities | 2,442,000 | ' |
Total | 37,934,000 | ' |
Estimated Fair Value [Abstract] | ' | ' |
Due in one year or less | 5,063,000 | ' |
Due from one year to five years | 28,032,000 | ' |
Due from five years to ten years | 3,251,000 | ' |
US Government sponsored Mortgage-backed securities | 2,465,000 | ' |
Total | 38,811,000 | ' |
US Treasury Securities [Member] | ' | ' |
Amortized cost and fair value of investment securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 30,295,000 | 29,414,000 |
Gross Unrealized Gains | 811,000 | 1,278,000 |
Gross Unrealized Losses | 3,000 | 0 |
Fair Value | 31,103,000 | 30,692,000 |
Number of securities in continuous unrealized loss position | 1 | ' |
Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | 1,030,000 | ' |
12 Months or More, Fair Value | 0 | ' |
Total, Fair Value | 1,030,000 | ' |
Unrealized Losses [Abstract] | ' | ' |
Less than 12 Months, Unrealized Losses | -3,000 | ' |
12 Months or More, Unrealized Losses | 0 | ' |
Total, Unrealized Losses | -3,000 | ' |
US Agency Securities [Member] | ' | ' |
Amortized cost and fair value of investment securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 5,197,000 | 4,142,000 |
Gross Unrealized Gains | 49,000 | 79,000 |
Gross Unrealized Losses | 4,000 | 0 |
Fair Value | 5,242,000 | 4,221,000 |
Number of securities in continuous unrealized loss position | 2 | ' |
Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | 2,092,000 | ' |
12 Months or More, Fair Value | 0 | ' |
Total, Fair Value | 2,092,000 | ' |
Unrealized Losses [Abstract] | ' | ' |
Less than 12 Months, Unrealized Losses | -4,000 | ' |
12 Months or More, Unrealized Losses | 0 | ' |
Total, Unrealized Losses | -4,000 | ' |
US Mortgage-Backed Securities [Member] | ' | ' |
Amortized cost and fair value of investment securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 2,442,000 | 510,000 |
Gross Unrealized Gains | 29,000 | 40,000 |
Gross Unrealized Losses | 6,000 | 0 |
Fair Value | 2,465,000 | 550,000 |
Number of securities in continuous unrealized loss position | 1 | ' |
Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | 1,013,000 | ' |
12 Months or More, Fair Value | 0 | ' |
Total, Fair Value | 1,013,000 | ' |
Unrealized Losses [Abstract] | ' | ' |
Less than 12 Months, Unrealized Losses | -6,000 | ' |
12 Months or More, Unrealized Losses | 0 | ' |
Total, Unrealized Losses | ($6,000) | ' |
Loans_Receivable_Loans_Receiva
Loans Receivable, Loans Receivable (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | $642,744,000 | ' | $686,881,000 |
Individually evaluated for impairment | 62,839,000 | ' | 86,622,000 |
Collectively evaluated for impairment | 579,905,000 | ' | 600,259,000 |
Less [Abstract] | ' | ' | ' |
Loans in process | -32,285,000 | ' | -15,647,000 |
Allowance for loan losses | -12,270,000 | ' | -17,478,000 |
Deferred loan origination fees and costs, net | -1,690,000 | ' | -2,047,000 |
Loans receivable | 596,499,000 | ' | 651,709,000 |
Nonaccrual period of loan considered to be impaired | '90 days | ' | ' |
Interest income and capitalized interest from interest reserves | 8,000 | 26,000 | ' |
Residential Mortgage [Member] | ' | ' | ' |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | 256,423,000 | ' | 269,405,000 |
Individually evaluated for impairment | 47,497,000 | ' | 46,218,000 |
Collectively evaluated for impairment | 208,926,000 | ' | 223,187,000 |
Less [Abstract] | ' | ' | ' |
Loan to value ratio (in hundredths) | 80.00% | ' | ' |
Construction A&D [Member] | ' | ' | ' |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | 72,627,000 | ' | 71,523,000 |
Individually evaluated for impairment | 4,098,000 | ' | 11,003,000 |
Collectively evaluated for impairment | 68,529,000 | ' | 60,520,000 |
Less [Abstract] | ' | ' | ' |
Term of the construction period, maximum | '2 years | ' | ' |
Construction A&D [Member] | Minimum [Member] | ' | ' | ' |
Less [Abstract] | ' | ' | ' |
Extension period for loans | '12 months | ' | ' |
Construction A&D [Member] | Maximum [Member] | ' | ' | ' |
Less [Abstract] | ' | ' | ' |
Extension period for loans | '18 months | ' | ' |
Land [Member] | ' | ' | ' |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | 34,421,000 | ' | 50,900,000 |
Individually evaluated for impairment | 1,159,000 | ' | 8,953,000 |
Collectively evaluated for impairment | 33,262,000 | ' | 41,947,000 |
Lines of Credit [Member] | ' | ' | ' |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | 21,968,000 | ' | 31,428,000 |
Individually evaluated for impairment | 234,000 | ' | 2,107,000 |
Collectively evaluated for impairment | 21,734,000 | ' | 29,321,000 |
Commercial Real Estate [Member] | ' | ' | ' |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | 214,569,000 | ' | 222,038,000 |
Individually evaluated for impairment | 7,649,000 | ' | 16,433,000 |
Collectively evaluated for impairment | 206,920,000 | ' | 205,605,000 |
Commercial Non-Real Estate [Member] | ' | ' | ' |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | 9,208,000 | ' | 6,120,000 |
Individually evaluated for impairment | 0 | ' | 108,000 |
Collectively evaluated for impairment | 9,208,000 | ' | 6,012,000 |
Home Equity [Member] | ' | ' | ' |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | 32,282,000 | ' | 34,609,000 |
Individually evaluated for impairment | 2,202,000 | ' | 1,776,000 |
Collectively evaluated for impairment | 30,080,000 | ' | 32,833,000 |
Consumer [Member] | ' | ' | ' |
Loans receivable [Abstract] | ' | ' | ' |
Total loans | 1,246,000 | ' | 858,000 |
Individually evaluated for impairment | 0 | ' | 24,000 |
Collectively evaluated for impairment | $1,246,000 | ' | $834,000 |
Loans_Receivable_Allowance_For
Loans Receivable, Allowance For Loan Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | $17,478 | $25,938 | $12,765 | $24,097 |
Provision | 12,200 | 0 | 12,820 | 465 | ' | ' |
Charge-offs | -13,680 | -917 | -19,115 | -3,333 | ' | ' |
Recoveries | 985 | 0 | 1,087 | 110 | ' | ' |
Ending Balance | 12,270 | 23,180 | 12,270 | 23,180 | 12,765 | 24,097 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 2,767 | 11,730 | 2,767 | 11,730 | ' | ' |
Loans collectively evaluated for impairment | 9,503 | 11,450 | 9,503 | 11,450 | ' | ' |
Past due period after which accrual of interest on loans is discontinued | ' | ' | '90 days | ' | ' | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 8,418 | 12,303 | 6,032 | 11,662 |
Provision | 884 | -259 | 243 | 544 | ' | ' |
Charge-offs | -1,034 | -202 | -2,821 | -1,646 | ' | ' |
Recoveries | 9 | 0 | 51 | 0 | ' | ' |
Ending Balance | 5,891 | 11,201 | 5,891 | 11,201 | 6,032 | 11,662 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 2,450 | 5,261 | 2,450 | 5,261 | ' | ' |
Loans collectively evaluated for impairment | 3,441 | 5,940 | 3,441 | 5,940 | ' | ' |
Construction A&D [Member] | ' | ' | ' | ' | ' | ' |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 2,120 | 3,916 | 1,203 | 1,962 |
Provision | 450 | -164 | 687 | -1,656 | ' | ' |
Charge-offs | -1,174 | -322 | -2,338 | -784 | ' | ' |
Recoveries | 0 | 0 | 10 | 0 | ' | ' |
Ending Balance | 479 | 1,476 | 479 | 1,476 | 1,203 | 1,962 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 1,020 | 0 | 1,020 | ' | ' |
Loans collectively evaluated for impairment | 479 | 456 | 479 | 456 | ' | ' |
Land [Member] | ' | ' | ' | ' | ' | ' |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 2,245 | 2,405 | 1,582 | 4,536 |
Provision | 2,104 | -723 | 3,045 | 1,724 | ' | ' |
Charge-offs | -2,902 | -393 | -4,506 | -709 | ' | ' |
Recoveries | 947 | 0 | 947 | 0 | ' | ' |
Ending Balance | 1,731 | 3,420 | 1,731 | 3,420 | 1,582 | 4,536 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 71 | 1,487 | 71 | 1,487 | ' | ' |
Loans collectively evaluated for impairment | 1,660 | 1,933 | 1,660 | 1,933 | ' | ' |
Lines of Credit [Member] | ' | ' | ' | ' | ' | ' |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 87 | 725 | 51 | 239 |
Provision | 436 | -17 | 387 | -503 | ' | ' |
Charge-offs | -485 | 0 | -485 | 0 | ' | ' |
Recoveries | 7 | 0 | 20 | 0 | ' | ' |
Ending Balance | 9 | 222 | 9 | 222 | 51 | 239 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 177 | 0 | 177 | ' | ' |
Loans collectively evaluated for impairment | 9 | 45 | 9 | 45 | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 3,295 | 4,157 | 2,970 | 3,344 |
Provision | 8,130 | 154 | 8,254 | -465 | ' | ' |
Charge-offs | -7,762 | -132 | -8,246 | -194 | ' | ' |
Recoveries | 19 | 0 | 54 | 0 | ' | ' |
Ending Balance | 3,357 | 3,498 | 3,357 | 3,498 | 2,970 | 3,344 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 246 | 548 | 246 | 548 | ' | ' |
Loans collectively evaluated for impairment | 3,111 | 2,950 | 3,111 | 2,950 | ' | ' |
Commercial Non-Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 46 | 169 | 117 | 198 |
Provision | 8 | 975 | 186 | 894 | ' | ' |
Charge-offs | 0 | 0 | -109 | 0 | ' | ' |
Recoveries | 3 | 0 | 5 | 110 | ' | ' |
Ending Balance | 128 | 1,173 | 128 | 1,173 | 117 | 198 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 1,103 | 0 | 1,103 | ' | ' |
Loans collectively evaluated for impairment | 128 | 70 | 128 | 70 | ' | ' |
Home Equity [Member] | ' | ' | ' | ' | ' | ' |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 1,254 | 2,257 | 810 | 2,134 |
Provision | 187 | 35 | -16 | -88 | ' | ' |
Charge-offs | -323 | 0 | -564 | 0 | ' | ' |
Recoveries | 0 | 0 | 0 | 0 | ' | ' |
Ending Balance | 674 | 2,169 | 674 | 2,169 | 810 | 2,134 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 2,114 | 0 | 2,114 | ' | ' |
Loans collectively evaluated for impairment | 674 | 55 | 674 | 55 | ' | ' |
Consumer [Member] | ' | ' | ' | ' | ' | ' |
Summary of allowance for loan losses [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | 13 | 6 | 0 | 22 |
Provision | 1 | -1 | 34 | 15 | ' | ' |
Charge-offs | 0 | 0 | -46 | 0 | ' | ' |
Recoveries | 0 | 0 | 0 | 0 | ' | ' |
Ending Balance | 1 | 21 | 1 | 21 | 0 | 22 |
Ending balance related to [Abstract] | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 20 | 0 | 20 | ' | ' |
Loans collectively evaluated for impairment | $1 | $1 | $1 | $1 | ' | ' |
Loans_Receivable_NonPerforming
Loans Receivable, Non-Performing Assets and Impaired Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | |
Loan | Loan | Loan | ||||
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | $22,771,000 | ' | $22,771,000 | ' | ' | $37,495,000 |
Accruing loans greater than 90 days past due | 0 | ' | 0 | ' | ' | 0 |
Foreclosed real-estate | 13,877,000 | ' | 13,877,000 | ' | ' | 11,441,000 |
Total non-performing assets | 36,648,000 | ' | 36,648,000 | ' | ' | 48,936,000 |
Nonaccrual troubled debt restructures (included above) | 4,750,000 | ' | 4,750,000 | ' | ' | 5,635,000 |
Accruing troubled debt restructures | 39,548,000 | ' | 39,548,000 | ' | ' | 56,448,000 |
Total non-accrual loans to net loans (in hundredths) | 3.80% | ' | 3.80% | ' | ' | 5.80% |
Allowance for loan losses | 12,270,000 | ' | 12,270,000 | ' | ' | 17,478,000 |
Allowance to total gross loans receivable (in hundredths) | 2.00% | ' | 2.00% | ' | ' | 2.60% |
Allowance for loan losses to total non-performing loans, including loans contractually past due 90 days or more (in hundredths) | 53.90% | ' | 53.90% | ' | ' | 46.60% |
Total non-accrual and accruing loans greater than 90 days past due to total assets (in hundredths) | 2.80% | ' | 2.80% | ' | ' | 4.40% |
Total non-performing assets to total assets (in hundredths) | 4.50% | ' | 4.50% | ' | ' | 5.70% |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 88 | ' | 88 | ' | ' | 104 |
Nonaccrual troubled debt restructures (included above) | 24 | ' | 24 | ' | ' | 28 |
Accruing troubled debt restructurings | 96 | ' | 96 | ' | ' | 119 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 19,056,000 | ' | 19,056,000 | ' | ' | 51,828,000 |
Impaired Loans with Specific Allowance, Related Allowance | 2,767,000 | ' | 2,767,000 | ' | ' | 7,594,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 43,783,000 | ' | 43,783,000 | ' | ' | 34,794,000 |
Total Impaired Loans, Recorded Investment | 62,839,000 | 62,839,000 | 62,839,000 | 62,839,000 | 82,443,000 | ' |
Total Impaired Loans, Unpaid Principal Balance | 73,474,000 | ' | 73,474,000 | ' | ' | 91,110,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 24,704,000 | 39,098,000 | 27,308,000 | 39,296,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 276,000 | 295,000 | 895,000 | 1,058,000 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 49,500,000 | 60,120,000 | 52,974,000 | 60,815,000 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 740,000 | 552,000 | 1,440,000 | 1,766,000 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 74,204,000 | 99,218,000 | 80,282,000 | 100,111,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 1,016,000 | 847,000 | 2,335,000 | 2,824,000 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 86,622,000 | ' | 82,443,000 | ' |
Added to impaired loans | 7,190,000 | ' | 22,175,000 | ' | ' | ' |
Gross loans transferred to foreclosed real estate | -4,699,000 | ' | -9,871,000 | ' | ' | ' |
Paid off prior to foreclosure | -22,095,000 | ' | -36,087,000 | ' | ' | ' |
Impaired loans at end of period | 62,839,000 | 62,839,000 | 62,839,000 | 62,839,000 | 82,443,000 | ' |
Interest income on cash basis recognized on impaired loans | 911,000 | ' | 1,941,000 | ' | ' | ' |
Loans in nonaccrual status included in impaired loans | 40,068,000 | ' | 40,068,000 | ' | ' | ' |
Impaired loans | 62,839,000 | 62,839,000 | 62,839,000 | 62,839,000 | 82,443,000 | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' |
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 14,556,000 | ' | 14,556,000 | ' | ' | 14,436,000 |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 58 | ' | 58 | ' | ' | 46 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 16,586,000 | ' | 16,586,000 | ' | ' | 33,300,000 |
Impaired Loans with Specific Allowance, Related Allowance | 2,450,000 | ' | 2,450,000 | ' | ' | 4,196,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 30,911,000 | ' | 30,911,000 | ' | ' | 12,918,000 |
Total Impaired Loans, Recorded Investment | 47,497,000 | ' | 47,497,000 | ' | ' | ' |
Total Impaired Loans, Unpaid Principal Balance | 53,311,000 | ' | 53,311,000 | ' | ' | 48,239,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 16,608,000 | 23,233,000 | 16,681,000 | 23,294,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 168,000 | 170,000 | 551,000 | 638,000 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 30,968,000 | 28,270,000 | 31,600,000 | 28,355,000 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 571,000 | 243,000 | 884,000 | 810,000 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 47,576,000 | 51,503,000 | 48,281,000 | 51,649,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 739,000 | 413,000 | 1,435,000 | 1,448,000 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 46,218,000 | ' | ' | ' |
Impaired loans at end of period | 47,497,000 | ' | 47,497,000 | ' | ' | ' |
Impaired loans | 47,497,000 | ' | 47,497,000 | ' | ' | ' |
Construction A&D [Member] | ' | ' | ' | ' | ' | ' |
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 831,000 | ' | 831,000 | ' | ' | 8,564,000 |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 2 | ' | 2 | ' | ' | 17 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 0 | ' | 0 | ' | ' | 5,204,000 |
Impaired Loans with Specific Allowance, Related Allowance | 0 | ' | 0 | ' | ' | 1,663,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 4,098,000 | ' | 4,098,000 | ' | ' | 5,799,000 |
Total Impaired Loans, Recorded Investment | 4,098,000 | ' | 4,098,000 | ' | ' | ' |
Total Impaired Loans, Unpaid Principal Balance | 4,765,000 | ' | 4,765,000 | ' | ' | 11,614,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 861,000 | 4,191,000 | 1,267,000 | 4,309,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 11,000 | 20,000 | 44,000 | 72,000 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 4,610,000 | 11,690,000 | 5,649,000 | 12,310,000 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 32,000 | 143,000 | 137,000 | 441,000 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 5,426,000 | 15,881,000 | 6,916,000 | 16,619,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 43,000 | 163,000 | 181,000 | 513,000 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 11,003,000 | ' | ' | ' |
Impaired loans at end of period | 4,098,000 | ' | 4,098,000 | ' | ' | ' |
Impaired loans | 4,098,000 | ' | 4,098,000 | ' | ' | ' |
Land [Member] | ' | ' | ' | ' | ' | ' |
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 64,000 | ' | 64,000 | ' | ' | 4,688,000 |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 4 | ' | 4 | ' | ' | 13 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 365,000 | ' | 365,000 | ' | ' | 2,583,000 |
Impaired Loans with Specific Allowance, Related Allowance | 71,000 | ' | 71,000 | ' | ' | 551,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 794,000 | ' | 794,000 | ' | ' | 6,370,000 |
Total Impaired Loans, Recorded Investment | 1,159,000 | ' | 1,159,000 | ' | ' | ' |
Total Impaired Loans, Unpaid Principal Balance | 1,276,000 | ' | 1,276,000 | ' | ' | 9,373,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 1,763,000 | 3,033,000 | 2,462,000 | 3,043,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 16,000 | 28,000 | 55,000 | 100,000 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 1,415,000 | 6,716,000 | 1,645,000 | 6,659,000 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 22,000 | 33,000 | 94,000 | 121,000 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 3,178,000 | 9,749,000 | 4,107,000 | 9,702,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 38,000 | 61,000 | 149,000 | 221,000 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 8,953,000 | ' | ' | ' |
Impaired loans at end of period | 1,159,000 | ' | 1,159,000 | ' | ' | ' |
Impaired loans | 1,159,000 | ' | 1,159,000 | ' | ' | ' |
Lines of Credit [Member] | ' | ' | ' | ' | ' | ' |
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 234,000 | ' | 234,000 | ' | ' | 1,877,000 |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 3 | ' | 3 | ' | ' | 4 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 0 | ' | 0 | ' | ' | 149,000 |
Impaired Loans with Specific Allowance, Related Allowance | 0 | ' | 0 | ' | ' | 32,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 234,000 | ' | 234,000 | ' | ' | 1,958,000 |
Total Impaired Loans, Recorded Investment | 234,000 | ' | 234,000 | ' | ' | ' |
Total Impaired Loans, Unpaid Principal Balance | 426,000 | ' | 426,000 | ' | ' | 2,119,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 0 | 445,000 | 6,898,000 | 441,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 0 | 1,000 | 0 | 6,000 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 381,000 | 2,951,000 | 431,000 | 2,951,000 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 7,000 | 12,000 | 22,000 | 48,000 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 381,000 | 3,396,000 | 431,000 | 3,392,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 7,000 | 13,000 | 22,000 | 54,000 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 2,107,000 | ' | ' | ' |
Impaired loans at end of period | 234,000 | ' | 234,000 | ' | ' | ' |
Impaired loans | 234,000 | ' | 234,000 | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 4,884,000 | ' | 4,884,000 | ' | ' | 5,793,000 |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 9 | ' | 9 | ' | ' | 10 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 2,105,000 | ' | 2,105,000 | ' | ' | 10,304,000 |
Impaired Loans with Specific Allowance, Related Allowance | 246,000 | ' | 246,000 | ' | ' | 975,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 5,544,000 | ' | 5,544,000 | ' | ' | 6,129,000 |
Total Impaired Loans, Recorded Investment | 7,649,000 | ' | 7,649,000 | ' | ' | ' |
Total Impaired Loans, Unpaid Principal Balance | 7,777,000 | ' | 7,777,000 | ' | ' | 16,504,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 5,517,000 | 3,641,000 | 2,119,000 | 3,653,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 81,000 | 32,000 | 245,000 | 120,000 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 9,720,000 | 9,607,000 | 11,145,000 | 9,654,000 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 100,000 | 119,000 | 261,000 | 333,000 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 15,237,000 | 13,248,000 | 18,043,000 | 13,307,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 181,000 | 151,000 | 506,000 | 453,000 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 16,433,000 | ' | ' | ' |
Impaired loans at end of period | 7,649,000 | ' | 7,649,000 | ' | ' | ' |
Impaired loans | 7,649,000 | ' | 7,649,000 | ' | ' | ' |
Commercial Non-Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 0 | ' | 0 | ' | ' | 111,000 |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 0 | ' | 0 | ' | ' | 3 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 0 | ' | 0 | ' | ' | 5,000 |
Impaired Loans with Specific Allowance, Related Allowance | 0 | ' | 0 | ' | ' | 5,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 0 | ' | 0 | ' | ' | 103,000 |
Total Impaired Loans, Recorded Investment | 0 | ' | 0 | ' | ' | ' |
Total Impaired Loans, Unpaid Principal Balance | 0 | ' | 0 | ' | ' | 138,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 0 | 1,869,000 | 0 | 1,870,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 0 | 23,000 | 0 | 67,000 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 0 | 0 | 0 | 0 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 0 | 0 | 0 | 0 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 0 | 1,869,000 | 0 | 1,870,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 0 | 23,000 | 0 | 67,000 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 108,000 | ' | ' | ' |
Impaired loans at end of period | 0 | ' | 0 | ' | ' | ' |
Impaired loans | 0 | ' | 0 | ' | ' | ' |
Home Equity [Member] | ' | ' | ' | ' | ' | ' |
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 2,202,000 | ' | 2,202,000 | ' | ' | 2,000,000 |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 12 | ' | 12 | ' | ' | 9 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 0 | ' | 0 | ' | ' | 259,000 |
Impaired Loans with Specific Allowance, Related Allowance | 0 | ' | 0 | ' | ' | 160,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 2,202,000 | ' | 2,202,000 | ' | ' | 1,517,000 |
Total Impaired Loans, Recorded Investment | 2,202,000 | ' | 2,202,000 | ' | ' | ' |
Total Impaired Loans, Unpaid Principal Balance | 3,889,000 | ' | 3,889,000 | ' | ' | 3,100,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 0 | 2,666,000 | 0 | 2,666,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 0 | 21,000 | 0 | 55,000 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 2,406,000 | 850,000 | 2,504,000 | 850,000 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 8,000 | 2,000 | 42,000 | 13,000 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 2,406,000 | 3,516,000 | 2,504,000 | 3,516,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 8,000 | 23,000 | 42,000 | 68,000 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 1,776,000 | ' | ' | ' |
Impaired loans at end of period | 2,202,000 | ' | 2,202,000 | ' | ' | ' |
Impaired loans | 2,202,000 | ' | 2,202,000 | ' | ' | ' |
Consumer [Member] | ' | ' | ' | ' | ' | ' |
Non-performing assets [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 0 | ' | 0 | ' | ' | 26,000 |
Number of loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total non-accrual loans | 0 | ' | 0 | ' | ' | 2 |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Impaired Loans with Specific Allowance, Recorded Investment | 0 | ' | 0 | ' | ' | 24,000 |
Impaired Loans with Specific Allowance, Related Allowance | 0 | ' | 0 | ' | ' | 12,000 |
Impaired Loans with No Specific Allowance, Recorded Investment | 0 | ' | 0 | ' | ' | 0 |
Total Impaired Loans, Recorded Investment | 0 | ' | 0 | ' | ' | ' |
Total Impaired Loans, Unpaid Principal Balance | 2,030,000 | ' | 2,030,000 | ' | ' | 23,000 |
Impaired Loans with Specific Allowance, Average Recorded Investment | 0 | 20,000 | 0 | 20,000 | ' | ' |
Impaired Loans with Specific Allowance, Interest Income Recognized | 0 | 0 | 0 | 0 | ' | ' |
Impaired Loans with No Specific Allowance, Average Recorded Investment | 0 | 36,000 | 0 | 36,000 | ' | ' |
Impaired Loans with No Specific Allowance, Interest Income Recognized | 0 | 0 | 0 | 0 | ' | ' |
Total Impaired Loans, Average Recorded Investment | 0 | 56,000 | 0 | 56,000 | ' | ' |
Total Impaired Loans Interest Income Recognized | 0 | 0 | 0 | 0 | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at beginning of period | ' | ' | 24,000 | ' | ' | ' |
Impaired loans at end of period | 0 | ' | 0 | ' | ' | ' |
Impaired loans | 0 | ' | 0 | ' | ' | ' |
Consumer Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total Impaired Loans, Recorded Investment | 40,345,000 | ' | 40,345,000 | ' | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at end of period | 40,345,000 | ' | 40,345,000 | ' | ' | ' |
Impaired loans | 40,345,000 | ' | 40,345,000 | ' | ' | ' |
Builders Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Impaired loans [Abstract] | ' | ' | ' | ' | ' | ' |
Total Impaired Loans, Recorded Investment | 7,152,000 | ' | 7,152,000 | ' | ' | ' |
Changes in impaired loans [Roll Forward] | ' | ' | ' | ' | ' | ' |
Impaired loans at end of period | 7,152,000 | ' | 7,152,000 | ' | ' | ' |
Impaired loans | $7,152,000 | ' | $7,152,000 | ' | ' | ' |
Loans_Receivable_Classes_of_Lo
Loans Receivable, Classes of Loan Portfolio within the Internal Risk Grading System (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $642,744 | $686,881 |
Residential Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 256,423 | 269,405 |
Construction A&D [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 72,627 | 71,523 |
Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 34,421 | 50,900 |
Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 21,968 | 31,428 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 214,569 | 222,038 |
Commercial Non-Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 9,208 | 6,120 |
Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 32,282 | 34,609 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,246 | 858 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 573,206 | 559,994 |
Pass [Member] | Residential Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 226,130 | 228,200 |
Pass [Member] | Construction A&D [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 62,814 | 41,165 |
Pass [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 28,625 | 29,830 |
Pass [Member] | Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 19,303 | 24,059 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 198,172 | 197,752 |
Pass [Member] | Commercial Non-Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,561 | 5,990 |
Pass [Member] | Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 29,355 | 32,163 |
Pass [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,246 | 835 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 23,944 | 49,570 |
Special Mention [Member] | Residential Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,271 | 15,338 |
Special Mention [Member] | Construction A&D [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,550 | 7,750 |
Special Mention [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,612 | 13,317 |
Special Mention [Member] | Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 852 | 2,270 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 8,544 | 10,399 |
Special Mention [Member] | Commercial Non-Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Special Mention [Member] | Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 115 | 496 |
Special Mention [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 45,594 | 77,127 |
Substandard [Member] | Residential Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 25,022 | 25,818 |
Substandard [Member] | Construction A&D [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 6,263 | 22,598 |
Substandard [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 184 | 7,753 |
Substandard [Member] | Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,813 | 5,099 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,853 | 13,887 |
Substandard [Member] | Commercial Non-Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,647 | 22 |
Substandard [Member] | Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,812 | 1,950 |
Substandard [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 190 |
Doubtful [Member] | Residential Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 49 |
Doubtful [Member] | Construction A&D [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 10 |
Doubtful [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful [Member] | Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful [Member] | Commercial Non-Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 108 |
Doubtful [Member] | Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $0 | $23 |
Loans_Receivable_Classes_of_Lo1
Loans Receivable, Classes of Loan Portfolio by Aging Categories of Performing and Nonaccrual Loans (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | $610,355 | $632,216 |
30 to 59 Days Past Due | 7,335 | 14,120 |
60 to 89 Days Past Due | 2,283 | 3,050 |
Total Past Due | 9,618 | 17,170 |
Non-Accrual | 22,771 | 37,495 |
Total loans | 642,744 | 686,881 |
Residential Mortgage [Member] | ' | ' |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | 233,141 | 245,193 |
30 to 59 Days Past Due | 6,515 | 8,202 |
60 to 89 Days Past Due | 2,211 | 1,574 |
Total Past Due | 8,726 | 9,776 |
Non-Accrual | 14,556 | 14,436 |
Total loans | 256,423 | 269,405 |
Construction A&D [Member] | ' | ' |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | 71,796 | 62,091 |
30 to 59 Days Past Due | 0 | 868 |
60 to 89 Days Past Due | 0 | 0 |
Total Past Due | 0 | 868 |
Non-Accrual | 831 | 8,564 |
Total loans | 72,627 | 71,523 |
Land [Member] | ' | ' |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | 34,183 | 45,961 |
30 to 59 Days Past Due | 174 | 251 |
60 to 89 Days Past Due | 0 | 0 |
Total Past Due | 174 | 251 |
Non-Accrual | 64 | 4,688 |
Total loans | 34,421 | 50,900 |
Lines of Credit [Member] | ' | ' |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | 21,609 | 27,635 |
30 to 59 Days Past Due | 125 | 440 |
60 to 89 Days Past Due | 0 | 1,476 |
Total Past Due | 125 | 1,916 |
Non-Accrual | 234 | 1,877 |
Total loans | 21,968 | 31,428 |
Commercial Real Estate [Member] | ' | ' |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | 209,562 | 212,468 |
30 to 59 Days Past Due | 123 | 3,777 |
60 to 89 Days Past Due | 0 | 0 |
Total Past Due | 123 | 3,777 |
Non-Accrual | 4,884 | 5,793 |
Total loans | 214,569 | 222,038 |
Commercial Non-Real Estate [Member] | ' | ' |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | 9,208 | 5,746 |
30 to 59 Days Past Due | 0 | 263 |
60 to 89 Days Past Due | 0 | 0 |
Total Past Due | 0 | 263 |
Non-Accrual | 0 | 111 |
Total loans | 9,208 | 6,120 |
Home Equity [Member] | ' | ' |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | 29,610 | 32,301 |
30 to 59 Days Past Due | 398 | 308 |
60 to 89 Days Past Due | 72 | 0 |
Total Past Due | 470 | 308 |
Non-Accrual | 2,202 | 2,000 |
Total loans | 32,282 | 34,609 |
Consumer [Member] | ' | ' |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans [Abstract] | ' | ' |
Current | 1,246 | 821 |
30 to 59 Days Past Due | 0 | 11 |
60 to 89 Days Past Due | 0 | 0 |
Total Past Due | 0 | 11 |
Non-Accrual | 0 | 26 |
Total loans | $1,246 | $858 |
Loans_Receivable_Troubled_Debt
Loans Receivable, Troubled Debt Restructurings (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | Residential Mortgage [Member] | Residential Mortgage [Member] | Construction A&D [Member] | Construction A&D [Member] | Land [Member] | Land [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Home Equity [Member] | Home Equity [Member] | Consumer [Member] | Consumer [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Troubled Debt Restructurings That Subsequently Defaulted [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Pre-Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | Post Modification [Member] | |
Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Residential Mortgage [Member] | Residential Mortgage [Member] | Construction A&D [Member] | Construction A&D [Member] | Land [Member] | Land [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Home Equity [Member] | Home Equity [Member] | Consumer [Member] | Consumer [Member] | Contract | Contract | Residential Mortgage [Member] | Residential Mortgage [Member] | Construction A&D [Member] | Construction A&D [Member] | Land [Member] | Land [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Home Equity [Member] | Home Equity [Member] | Consumer [Member] | Consumer [Member] | Contract | Contract | Contract | Contract | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Construction A&D [Member] | Construction A&D [Member] | Construction A&D [Member] | Construction A&D [Member] | Land [Member] | Land [Member] | Land [Member] | Land [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Home Equity [Member] | Home Equity [Member] | Home Equity [Member] | Home Equity [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Contract | Contract | Contract | Contract | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Construction A&D [Member] | Construction A&D [Member] | Construction A&D [Member] | Construction A&D [Member] | Land [Member] | Land [Member] | Land [Member] | Land [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Lines of Credit [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Commercial Non-Real Estate [Member] | Home Equity [Member] | Home Equity [Member] | Home Equity [Member] | Home Equity [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | |||
Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | |||||||||||||||||||||||||||||||
Troubled debt restructuring [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | 126 | 82 | 85 | 3 | 7 | 4 | 16 | 1 | 3 | 6 | 14 | 0 | 0 | 0 | 1 | 0 | 0 | 24 | 21 | 16 | 17 | 3 | 1 | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $55,020,000 | $69,404,000 | $37,677,000 | $34,257,000 | $5,077,000 | $9,523,000 | $948,000 | $5,130,000 | $132,000 | $362,000 | $11,186,000 | $20,032,000 | $0 | $0 | $0 | $100,000 | $0 | $0 | $8,921,000 | $7,780,000 | $5,376,000 | $5,095,000 | $3,021,000 | $2,090,000 | $184,000 | $455,000 | $100,000 | $140,000 | $140,000 | $0 | $0 | $0 | $100,000 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,548,000 | 55,842,000 | 32,230,000 | 31,310,000 | 2,435,000 | 7,183,000 | 887,000 | 4,127,000 | 48,000 | 280,000 | 3,948,000 | 12,842,000 | 0 | 0 | 0 | 100,000 | 0 | 0 | 4,750,000 | 6,241,000 | 3,632,000 | 4,112,000 | 833,000 | 1,550,000 | 6,000 | 443,000 | 100,000 | 136,000 | 125,000 | 0 | 0 | 0 | 54,000 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Newly restructured loans during the period [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate Modification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 990,000 | 1,539,000 | 0 | 0 | 990,000 | 659,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 176,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 704,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 818,000 | 1,522,000 | 0 | 0 | 818,000 | 657,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 176,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 689,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 | 7 | 0 | 0 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 7 | 0 | 0 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Combination Modifications | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,917,000 | 13,614,000 | 5,917,000 | 20,237,000 | 1,409,000 | 258,000 | 4,667,000 | 6,347,000 | 0 | 0 | 0 | 0 | 0 | 282,000 | 0 | 816,000 | 0 | 0 | 0 | 0 | 1,250,000 | 13,074,000 | 1,250,000 | 13,074,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,911,000 | 7,070,000 | 4,911,000 | 13,554,000 | 1,158,000 | 258,000 | 3,672,000 | 6,215,000 | 0 | 0 | 0 | 0 | 0 | 282,000 | 0 | 809,000 | 0 | 0 | 0 | 0 | 1,239,000 | 6,530,000 | 1,239,000 | 6,530,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 6 | 8 | 24 | 1 | 2 | 7 | 17 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 4 | 0 | 0 | 0 | 0 | 1 | 3 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 6 | 8 | 24 | 1 | 2 | 7 | 17 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 4 | 0 | 0 | 0 | 0 | 1 | 3 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,917,000 | 13,614,000 | 6,907,000 | 21,776,000 | 4,667,000 | 258,000 | 5,657,000 | 7,006,000 | 0 | 0 | 0 | 0 | 0 | 282,000 | 0 | 992,000 | 0 | 0 | 0 | 0 | 1,250,000 | 13,074,000 | 1,250,000 | 13,778,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,911,000 | 7,070,000 | 5,729,000 | 15,076,000 | 1,158,000 | 258,000 | 4,490,000 | 6,872,000 | 0 | 0 | 0 | 0 | 0 | 282,000 | 0 | 985,000 | 0 | 0 | 0 | 0 | 1,239,000 | 6,530,000 | 1,239,000 | 7,219,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 6 | 9 | 31 | 1 | 2 | 8 | 20 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 5 | 0 | 0 | 0 | 0 | 1 | 3 | 1 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 6 | 9 | 31 | 1 | 2 | 8 | 20 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 5 | 0 | 0 | 0 | 0 | 1 | 3 | 1 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Method used to account for interest on TDRs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Contracts | 96 | 119 | 82 | 88 | 3 | 4 | 4 | 14 | 1 | 3 | 6 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual Status | 39,548,000 | 56,448,000 | 32,230,000 | 33,143,000 | 2,435,000 | 7,075,000 | 887,000 | 3,783,000 | 48,000 | 280,000 | 3,948,000 | 12,167,000 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Contracts | 24 | 28 | 16 | 14 | 3 | 4 | 2 | 5 | 1 | 1 | 1 | 3 | 0 | 0 | 1 | 1 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-Accrual Status | 4,750,000 | 5,635,000 | 3,632,000 | 2,279,000 | 833,000 | 1,658,000 | 6,000 | 787,000 | 100,000 | 136,000 | 125,000 | 675,000 | 0 | 0 | 54,000 | 100,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Number of Contracts | 120 | 147 | 98 | 102 | 6 | 8 | 6 | 19 | 2 | 4 | 7 | 13 | 0 | 0 | 1 | 1 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Modifications | 44,298,000 | 62,083,000 | 35,862,000 | 35,422,000 | 3,268,000 | 8,733,000 | 893,000 | 4,570,000 | 148,000 | 416,000 | 4,073,000 | 12,842,000 | 0 | 0 | 54,000 | 100,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans restructured using A note and B note workout structures | $0 | $1,457,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_Receivable_Financial_Ins
Loans Receivable, Financial Instruments Whose Contract Amounts Represent Credit Risk (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Standby Letters of Credit [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk [Abstract] | ' | ' |
Off-balance sheet credit risk | $14,790,000 | $16,309,000 |
Home Equity Lines of Credit [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk [Abstract] | ' | ' |
Off-balance sheet credit risk | 12,649,000 | 13,025,000 |
Loan expiry period | '10 years | ' |
Unadvanced Construction Commitments [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk [Abstract] | ' | ' |
Off-balance sheet credit risk | 31,758,000 | 15,598,000 |
Fixed rate loan commitments | 9,263,000 | 13,601,000 |
Fixed interest rate, minimum (in hundredths) | 3.13% | 2.75% |
Fixed interest rate, maximum (in hundredths) | 5.13% | 4.88% |
Floating rate loan commitments | 0 | 0 |
Mortgage Loan Commitments [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk [Abstract] | ' | ' |
Off-balance sheet credit risk | 9,263,000 | 13,601,000 |
Lines of Credit [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk [Abstract] | ' | ' |
Off-balance sheet credit risk | 30,166,000 | 31,480,000 |
Loans Sold with Limited Repurchase Provision [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk [Abstract] | ' | ' |
Off-balance sheet credit risk | 40,475,000 | 31,591,000 |
Loans receivable held-for-sale, amount | $97,070,000 | $105,674,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |
Federal [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Net operating loss carryforwards | $12,819,000 | ' | $12,819,000 |
Non-performing and Under-performing Loans [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Valuation allowance, net deferred tax asset | $3,978,000 | $9,086,000 | $13,064,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 21, 2008 | Sep. 30, 2013 |
Series B Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series B Fixed Rate Cumulative Perpetual Preferred Stock [Member] | |||
Bancorp agreement with U.S. Treasury [Line Items] | ' | ' | ' | ' |
Preferred stock, shares issued (in shares) | ' | ' | 23,393 | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ' |
Preferred stock liquidation preference (in dollars per share) | ' | ' | $1,000 | ' |
Common stock purchase rights with issue of a warrant (in shares) | ' | ' | 556,976 | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ' |
Aggregate purchase price, Preferred Stock and Warrants | ' | ' | $23,393,000 | ' |
Cost of issuance, netted against proceeds | ' | ' | $45,000 | ' |
U.S. Treasury sales of shares to outside investors (in shares) | ' | ' | ' | 23,393 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Loan | Loan | ||
Fair Value of Financial Instruments [Abstract] | ' | ' | ' |
Impaired loan balance | $19,056,000 | $51,828,000 | ' |
Valuation allowances | 2,767,000 | 7,594,000 | ' |
Impaired loan balance with partial charge-offs | 10,364,000 | ' | ' |
Nonrecurring fair value measurements [Abstract] | ' | ' | ' |
Impaired loans | 2,653,000 | 44,234,000 | ' |
Foreclosed real estate | 7,337,000 | 11,441,000 | ' |
Total nonrecurring fair value measurements | 33,990,000 | 55,675,000 | ' |
Liabilities required to be remeasured on a non recurring basis | 0 | 0 | ' |
Number of loans that did not require a specific reserve | 1 | ' | 6 |
Level 1 [Member] | ' | ' | ' |
Nonrecurring fair value measurements [Abstract] | ' | ' | ' |
Impaired loans | 0 | 0 | ' |
Foreclosed real estate | 0 | 0 | ' |
Total nonrecurring fair value measurements | 0 | 0 | ' |
Level 2 [Member] | ' | ' | ' |
Nonrecurring fair value measurements [Abstract] | ' | ' | ' |
Impaired loans | 0 | 0 | ' |
Foreclosed real estate | 0 | 0 | ' |
Total nonrecurring fair value measurements | 0 | 0 | ' |
Level 3 [Member] | ' | ' | ' |
Nonrecurring fair value measurements [Abstract] | ' | ' | ' |
Impaired loans | 26,653,000 | 44,234,000 | ' |
Foreclosed real estate | 7,337,000 | 11,441,000 | ' |
Total nonrecurring fair value measurements | $33,990,000 | $55,675,000 | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments, Roll Forward of Level 3 Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | Impaired Loans [Member] | Foreclosed Real Estate [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | ||||
Foreclosed Real Estate [Member] | Foreclosed Real Estate [Member] | Foreclosed Real Estate [Member] | |||||||
Quantitative Information about Level 3 Fair Value Measurements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Fair Value Estimate | $33,990 | $55,675 | $26,653 | $7,337 | ' | ' | ' | ||
Valuation Techniques | ' | ' | 'Appraisal ofB B collateral (1) | [1] | 'Appraisal of collateral (1),(3) | [1],[2] | ' | ' | ' |
Unobservable Input | ' | ' | 'Liquidation expenses (2) | [3] | 'Appraisal adjustments (2) | [3] | ' | ' | ' |
Range and weighted average of liquidation expenses (in hundredths) | ' | ' | -6.00% | ' | ' | ' | ' | ||
Range and weighted average of appraisal adjustments (in hundredths) | ' | ' | ' | ' | -5.00% | -74.53% | -9.24% | ||
[1] | Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||||||||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||
[3] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments, Assets, Quantitative Information (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | $119,795 | $93,392 |
Investment securities (HTM) | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Off Balance Sheet Commitments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities (HTM) | 38,811 | 35,463 |
Loans held for sale | 5,661 | 11,116 |
Loans receivable, net | 0 | 0 |
FHLB stock | 6,190 | 6,520 |
Accrued interest receivable | 2,478 | 2,510 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 585,599 | 601,834 |
FHLB advances | 106,051 | 103,455 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 433 | 846 |
Off Balance Sheet Commitments | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities (HTM) | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 626,927 | 703,363 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Subordinated debentures | 24,119 | 24,119 |
Accrued interest payable | 0 | 0 |
Off Balance Sheet Commitments | 0 | 0 |
Carrying Amount [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 119,795 | 93,392 |
Investment securities (HTM) | 37,934 | 34,066 |
Loans held for sale | 5,661 | 11,116 |
Loans receivable, net | 596,499 | 651,709 |
FHLB stock | 6,190 | 6,520 |
Accrued interest receivable | 2,478 | 2,510 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 580,915 | 599,394 |
FHLB advances | 115,000 | 115,000 |
Subordinated debentures | 24,119 | 24,119 |
Accrued interest payable | 433 | 846 |
Off Balance Sheet Commitments | 0 | 0 |
Fair Value [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Cash and cash equivalents | 119,795 | 93,392 |
Investment securities (HTM) | 38,811 | 35,463 |
Loans held for sale | 5,661 | 11,116 |
Loans receivable, net | 626,927 | 703,363 |
FHLB stock | 6,190 | 6,520 |
Accrued interest receivable | 2,478 | 2,510 |
Financial Liabilities [Abstract] | ' | ' |
Deposits | 585,599 | 601,834 |
FHLB advances | 106,051 | 103,455 |
Subordinated debentures | 24,119 | 24,119 |
Accrued interest payable | 433 | 846 |
Off Balance Sheet Commitments | $0 | $0 |