Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 01, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'PREMIER FINANCIAL BANCORP INC | ' | ' |
Entity Central Index Key | '0000887919 | ' | ' |
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 | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $81,518,596 |
Entity Common Stock, Shares Outstanding | ' | 8,046,846 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $27,378 | $32,473 |
Interest bearing bank balances | 36,606 | 33,536 |
Federal funds sold | 12,777 | 4,236 |
Cash and cash equivalents | 76,761 | 70,245 |
Securities available for sale | 218,066 | 283,975 |
Loans held for sale | 77 | 200 |
Loans | 740,770 | 704,625 |
Allowance for loan losses | -11,027 | -11,488 |
Net loans | 729,743 | 693,137 |
Federal Home Loan Bank stock, at cost | 4,183 | 4,181 |
Premises and equipment, net | 17,798 | 15,952 |
Other real estate owned | 13,524 | 13,366 |
Interest receivable | 3,132 | 3,403 |
Goodwill | 29,875 | 29,875 |
Other intangible assets | 2,121 | 2,721 |
Deferred taxes | 4,439 | 2,624 |
Other assets | 460 | 1,108 |
Total assets | 1,100,179 | 1,120,787 |
Deposits | ' | ' |
Non-interest bearing | 210,193 | 198,084 |
Time deposits, $100,000 and over | 146,905 | 146,198 |
Other interest bearing | 566,925 | 586,301 |
Total deposits | 924,023 | 930,583 |
Securities sold under agreements to repurchase | 11,319 | 26,102 |
Other borrowed funds | 13,800 | 16,049 |
Interest payable | 383 | 489 |
Other liabilities | 3,714 | 3,268 |
Total liabilities | 953,239 | 976,491 |
Commitments and contingent liabilities | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, no par value, liquidation preference $12,000 5% cumulative; 1,000,000 shares authorized; 12,000 shares issued and outstanding | 11,955 | 11,896 |
Common stock, no par value; 20,000,000 shares authorized; 8,038,345 shares issued and outstanding in 2013, and 7,962,693 shares issued and outstanding in 2012 | 73,589 | 72,849 |
Retained earnings | 62,021 | 52,975 |
Accumulated other comprehensive income (loss) | -625 | 6,576 |
Total stockholders' equity | 146,940 | 144,296 |
Total liabilities and stockholders' equity | $1,100,179 | $1,120,787 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' equity | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, liquidation preference | $12,000 | $12,000 |
Preferred stock, dividend rate (in hundredths) | 5.00% | 5.00% |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 12,000 | 12,000 |
Preferred stock, shares outstanding (in shares) | 12,000 | 12,000 |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 8,038,345 | 7,962,693 |
Common stock, shares outstanding (in shares) | 8,038,345 | 7,962,693 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income | ' | ' | ' |
Loans, including fees | $42,186 | $43,117 | $44,363 |
Securities available for sale | ' | ' | ' |
Taxable | 5,972 | 6,963 | 7,771 |
Tax-exempt | 155 | 208 | 237 |
Federal funds sold and other | 157 | 147 | 164 |
Total interest income | 48,470 | 50,435 | 52,535 |
Interest expense | ' | ' | ' |
Deposits | 4,088 | 5,553 | 7,127 |
Repurchase agreements and other | 37 | 88 | 158 |
FHLB advances and other borrowings | 650 | 795 | 1,042 |
Total interest expense | 4,775 | 6,436 | 8,327 |
Net interest income | 43,695 | 43,999 | 44,208 |
Provision for loan losses | -375 | 4,260 | 3,630 |
Net interest income after provision for loan losses | 44,070 | 39,739 | 40,578 |
Non-interest income | ' | ' | ' |
Service charges on deposit accounts | 3,357 | 3,543 | 3,825 |
Electronic banking income | 2,018 | 2,017 | 1,843 |
Secondary market mortgage income | 256 | 311 | 314 |
Gain on disposition of securities | 1,413 | 545 | 18 |
Gain on sale of loan | 0 | 2,463 | 0 |
Other | 688 | 650 | 911 |
Total non-interest income | 7,732 | 9,529 | 6,911 |
Non-interest expenses | ' | ' | ' |
Salaries and employee benefits | 15,046 | 15,122 | 16,237 |
Occupancy and equipment expenses | 4,338 | 4,553 | 4,900 |
Outside data processing | 3,372 | 3,379 | 4,458 |
Professional fees | 900 | 1,181 | 966 |
Taxes, other than payroll, property and income | 686 | 667 | 663 |
Write-downs, expenses, losses on, sales of other real estate owned, net of gains | 1,853 | 2,514 | 405 |
Loan collection expenses | 413 | 1,182 | 1,172 |
FDIC insurance | 835 | 809 | 1,223 |
Amortization of intangibles | 600 | 672 | 792 |
Conversion expenses | 25 | 25 | 1,720 |
Other expenses | 3,101 | 3,168 | 3,985 |
Total non-interest expenses | 31,169 | 33,272 | 36,521 |
Income before income taxes | 20,633 | 15,996 | 10,968 |
Provision for income taxes | 7,404 | 5,673 | 3,800 |
Net income | 13,229 | 10,323 | 7,168 |
Discount on redemption of preferred stock | 0 | 905 | 0 |
Preferred stock dividends and accretion | -659 | -1,073 | -1,221 |
Net income available to common stockholders | $12,570 | $10,155 | $5,947 |
Earnings per share: | ' | ' | ' |
Basic (in dollars per share) | $1.57 | $1.28 | $0.75 |
Diluted (in dollars per share) | $1.49 | $1.24 | $0.74 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
Net income | $13,229 | $10,323 | $7,168 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gains (losses) on securities arising during the period | -9,497 | 2,914 | 9,788 |
Reclassification of realized amount | -1,413 | -545 | -18 |
Net change in unrealized gain (loss) on securities | -10,910 | 2,369 | 9,770 |
Less tax impact | -3,709 | 806 | 3,322 |
Other comprehensive income (loss): | -7,201 | 1,563 | 6,448 |
Comprehensive income | $6,028 | $11,886 | $13,616 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, unless otherwise specified | |||||
Balances at Dec. 31, 2010 | $21,841 | $71,465 | $39,526 | ($1,435) | $131,397 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 7,168 | 0 | 7,168 |
Other comprehensive income (loss) | 0 | 0 | 0 | 6,448 | 6,448 |
Dividends declared on preferred stock | 0 | 0 | -1,112 | 0 | -1,112 |
Preferred stock accretion | 108 | 0 | -108 | 0 | 0 |
Stock based compensation expense | 0 | 106 | 0 | 0 | 106 |
Balances at Dec. 31, 2011 | 21,949 | 71,571 | 45,474 | 5,013 | 144,007 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 10,323 | 0 | 10,323 |
Other comprehensive income (loss) | 0 | 0 | 0 | 1,563 | 1,563 |
Cash dividends paid | 0 | 0 | -1,749 | 0 | -1,749 |
Redemption of preferred stock | -10,142 | 905 | 0 | 0 | -9,237 |
Dividends declared on preferred stock | 0 | 0 | -984 | 0 | -984 |
Preferred stock accretion | 89 | 0 | -89 | 0 | 0 |
Stock options exercised | 0 | 192 | 0 | 0 | 192 |
Stock based compensation expense | 0 | 181 | 0 | 0 | 181 |
Balances at Dec. 31, 2012 | 11,896 | 72,849 | 52,975 | 6,576 | 144,296 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 13,229 | 0 | 13,229 |
Other comprehensive income (loss) | 0 | 0 | 0 | -7,201 | -7,201 |
Cash dividends paid | 0 | 0 | -3,524 | 0 | -3,524 |
Dividends declared on preferred stock | 0 | 0 | -600 | 0 | -600 |
Preferred stock accretion | 59 | 0 | -59 | 0 | 0 |
Stock options exercised | 0 | 571 | 0 | 0 | 571 |
Stock based compensation expense | 0 | 169 | 0 | 0 | 169 |
Balances at Dec. 31, 2013 | $11,955 | $73,589 | $62,021 | ($625) | $146,940 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | ' | ' |
Cash dividends paid (in dollars per share) | $0.44 | $0.22 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $13,229 | $10,323 | $7,168 |
Adjustments to reconcile net income to net cash from operating activities | ' | ' | ' |
Depreciation and impairment of real estate, net | 1,342 | 1,445 | 1,468 |
Provision for loan losses | -375 | 4,260 | 3,630 |
Amortization (accretion), net | -463 | -1,098 | -1,351 |
Writedowns (gains) on other real estate owned, net | 716 | 957 | -394 |
Stock compensation expense | 169 | 181 | 106 |
Loans originated for sale | -11,053 | -14,472 | -15,759 |
Secondary market loans sold | 11,432 | 14,653 | 17,491 |
Secondary market mortgage income | -256 | -311 | -314 |
Gain on sale of loan | 0 | -2,463 | 0 |
Gain on the disposition of securities available for sale | -1,413 | -545 | -18 |
Changes in : | ' | ' | ' |
Interest receivable | 271 | 94 | 245 |
Deferred income taxes | 1,895 | 568 | 4,099 |
Other assets | 649 | 3,439 | -1,954 |
Interest payable | -106 | -223 | -187 |
Other liabilities | 446 | 396 | 197 |
Net cash from operating activities | 16,483 | 17,204 | 14,427 |
Cash flows from investing activities | ' | ' | ' |
Purchases of securities available for sale | -27,230 | -73,771 | -122,730 |
Proceeds from maturities and calls of securities available for sale | 73,801 | 69,329 | 109,165 |
Proceeds from the sale of securities available for sale | 8,650 | 0 | 0 |
Purchase of FHLB stock, net of redemptions | -2 | 1,035 | -373 |
Redemption of FRB stock | 0 | 0 | 2,253 |
Net change in loans | -35,838 | -16,103 | 26,066 |
Purchases of premises and equipment, net | -3,188 | -1,042 | -1,086 |
Improvements to OREO property | -2,897 | 0 | 0 |
Proceeds from sales of other real estate owned | 3,846 | 6,105 | 5,135 |
Net cash from investing activities | 17,142 | -14,447 | 18,430 |
Cash flows from financing activities | ' | ' | ' |
Net change in deposits | -6,524 | 5,604 | -59,783 |
Net change in agreements to repurchase securities | -14,783 | 2,897 | -6,432 |
Repayment of Federal Home Loan Bank advances | 0 | -10,042 | -2,564 |
Repayment of other borrowed funds | -2,249 | -2,081 | -2,048 |
Redemption of preferred stock | 0 | -9,237 | 0 |
Proceeds from stock options exercised | 571 | 192 | 0 |
Preferred stock dividends paid | -600 | -984 | -1,390 |
Common stock dividends paid | -3,524 | -1,749 | 0 |
Net cash from financing activities | -27,109 | -15,400 | -72,217 |
Net change in cash and cash equivalents | 6,516 | -12,643 | -39,360 |
Cash and cash equivalents at beginning of year | 70,245 | 82,888 | 122,248 |
Cash and cash equivalents at end of year | 76,761 | 70,245 | 82,888 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid during year for interest | 4,881 | 6,659 | 8,514 |
Cash paid during the year for income taxes paid, net | 5,410 | 2,549 | 2,459 |
Non-cash transactions | ' | ' | ' |
Loans transferred to real estate acquired through foreclosure | $1,823 | $5,786 | $8,134 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the Company) and its wholly-owned subsidiaries: | |||||||||||||
Unaudited | |||||||||||||
31-Dec-13 | |||||||||||||
Subsidiary | Location | Year | Total | Net | |||||||||
Acquired | Assets | Income | |||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 363,248 | $ | 5,081 | |||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 729,695 | 9,930 | |||||||||
Parent and Intercompany Eliminations | 7,236 | (1,782 | ) | ||||||||||
Consolidated total | $ | 1,100,179 | $ | 13,229 | |||||||||
All material intercompany transactions and balances have been eliminated. | |||||||||||||
Nature of Operations: The subsidiary banks (Banks) operate under state bank charters. The Banks provide traditional banking services to customers primarily located in the counties and adjoining counties in Kentucky, Ohio, West Virginia, Maryland, Washington DC and Virginia in which the Banks operate. The state chartered banks are subject to regulation by their respective state banking regulators and the Federal Deposit Insurance Corporation (“FDIC”). The Company is also subject to regulation by the Federal Reserve Board. | |||||||||||||
Cash Flows: For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-earning balances with banks with an original maturity less than ninety days and federal funds sold. Net cash flows are reported for loans, deposits, repurchase agreements, and short-term borrowing transactions. | |||||||||||||
Estimates in the Financial Statements: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The allowance for loan losses, the identification and evaluation of impaired loans, the fair value of assets and liabilities acquired, impairment of goodwill, deferred tax assets and fair values of financial instruments are particularly subject to change. | |||||||||||||
Securities: The Company classifies its securities portfolio as either securities available for sale or securities held to maturity. Securities held to maturity are carried at amortized cost. The Company had no securities classified as held to maturity at December 31, 2013 or 2012. | |||||||||||||
Securities available for sale might be sold before maturity and are carried at fair value. Adjustments from amortized cost to fair value are recorded in other comprehensive income, net of related income tax. Other securities such as Federal Home Loan Bank stock and Federal Reserve Bank stock are carried at cost. | |||||||||||||
Interest income includes amortization of purchase premium or discount computed using the level yield method. Gains or losses on dispositions are recorded on the trade date and are based on the net proceeds and adjusted carrying amount of the securities sold using the specific identification method. Securities are written down to fair value when a decline in fair value is not temporary. | |||||||||||||
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Declines in the fair value of securities below their cost that are other-than-temporary are reflected as realized losses. In estimating other-than-temporary losses, management considers the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. | |||||||||||||
Loans Held for Sale: Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or market, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans are generally sold with servicing released. | |||||||||||||
Loans: Net loans are stated at the amount of recorded investment reduced by an allowance for loan losses. The recorded investment in a loan is the unpaid principal reduced by any purchase discounts and unearned income. The recorded investment excludes accrued interest receivable due to immateriality. Interest income on loans is recognized on the unpaid principal balance on the accrual basis except for those loans in a non-accrual of income status. The accrual of interest on impaired loans is discontinued when management believes, after consideration of economic and business conditions as well as collection efforts, that the borrowers’ financial condition is such that collection of interest is doubtful. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level yield method without anticipating prepayments. | |||||||||||||
Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer loans are typically charged off no later than 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. | |||||||||||||
All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such 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. | |||||||||||||
Concentration of Credit Risk: Most of the Company’s loans located in the Washington, DC metro area are commercial real estate loans. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy and commercial real estate collateral values in the Washington, DC metro area. | |||||||||||||
Certain Purchased Loans: Loans acquired via branch purchase or acquisition after December 31, 2008 are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. Some of these purchased loans have shown evidence of credit deterioration since origination. After acquisition, losses are recognized by an increase in the allowance for loan losses. | |||||||||||||
Such purchased loans are accounted for individually or may be aggregated into pools of loans based on common risk characteristics such as loan type. The Company estimates the amount and timing of expected cash flows for each purchased loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | |||||||||||||
Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as an increase in the allowance for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. | |||||||||||||
Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses increased by a provision for loan losses charged to expense. The allowance is an amount that management believes will be adequate to absorb probable incurred losses on existing loans based on evaluations of the collectability of the 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. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. Loans are charged against the allowance for loan losses when management believes that the collection of principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||||
A loan is impaired when full payment under the loan terms is not expected. Impairment is evaluated in total for smaller-balance loans of similar nature such as residential mortgage, consumer, and credit card loans, and accordingly, they are not separately identified for impairment disclosures. All other loans are evaluated for impairment on an individual basis. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. 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 case-by-case basis, taking into consideration all of the 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. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Loans with restructured terms offering a concession to enable a struggling borrower to repay (Troubled Debt Restructurings) are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. | |||||||||||||
The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent 36 months. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified as having differing risk characteristics: | |||||||||||||
Loans secured by 1-4 family real estate: Loans secured by 1-4 family residential real estate represent the lowest risk of loans for the Company. They include fixed and floating rate loans as well as loans for commercial purposes or consumer purposes. The Company generally does not hold subprime residential mortgages. Borrowers with loans in this category, whether for commercial or consumer purposes, tend to make their payments timely as they do not want to risk foreclosure and loss of their primary residence. | |||||||||||||
Loans secured by multifamily residential real estate: Loans secured by multifamily residential real estate consist primarily of loans secured by apartment buildings and can be either fixed or floating rate loans. Multi-family residential real estate loans generally present a higher level of risk than loans secured by 1-4 family residential real estate because the borrower’s repayment ability typically comes from rents from tenants. Local economic and employment fluctuations impact rent rolls and potentially the borrower’s repayment ability. | |||||||||||||
Loans secured by owner occupied non-farm non-residential real estate: Loans secured by owner occupied non-farm non-residential real estate consist of loans secured by commercial real estate owned and operated by the borrower. These loans generally consist of loans to borrowers who either own the commercial real estate where their business is located and have pledged the property as collateral or have borrowed funds from the Company to purchase the commercial real estate where their business is operated and located. The key factor is that the business operated within the pledged collateral generates the cash flow for repayment. These loans generally present a higher level of risk than loans secured by multifamily residential real estate because the cash flow for repayment generally comes from the success of the business. If economic conditions deteriorate, the business venture may not be successful or as successful in order for the borrower to make their loan payments and fund personal living expenses at the same time. Collateral values will also fluctuate with local economic conditions. | |||||||||||||
Loans secured by non-farm non-residential real estate: Loans secured by non-farm non-residential real estate consist of loans secured by commercial real estate that is not owner occupied. These loans generally consist of loans collateralized by property whereby rents received from commercial tenants of the borrower are the source of repayment. These loans generally present a higher level of risk than loans secured by owner occupied commercial real estate because repayment risk is expanded to be dependent on the success of multiple businesses which are paying rent to the borrower. If multiple businesses fail due to deteriorating economic conditions or poor business management skills, the borrower may not have enough rents to cover their monthly payment. Repayment risk is also increased depending on the level of surplus available commercial lease space in the local market area. | |||||||||||||
Commercial and industrial loans not secured by real estate: These loans to businesses do not have real estate as the underlying collateral. Instead of real estate, collateral could be business assets such as equipment or accounts receivable or the personal guarantee of one or more guarantors. These loans generally present a higher level of risk than loans secured commercial real estate because in the event of default by the borrower, the business assets must be liquidated and/or guarantors pursued for deficit funds. Business assets are worth more while they are in use to produce income for the business and worth significantly less if the business is no longer in operation. For this reason, the Company discounts the value on these types of collateral prior to meeting the Company’s loan-to-value policy limits. | |||||||||||||
Consumer loans: Consumer loans are generally loans to borrowers for non-business purposes. They can be either secured or unsecured. Consumer loans are generally small in the individual amount of principal outstanding and are repaid from the borrower’s private funds earned from employment. Consumer lending risk is very susceptible to local economic trends. If there is a consumer loan default, any collateral that may be repossessed is generally not well maintained and has a diminished value. For this reason, consumer loans tend to have higher overall interest rates to cover the higher cost repossession and charge-offs. However, due to their smaller average balance per borrower, consumer loans are collectively evaluated for impairment in determining the appropriate allowance for loan losses. | |||||||||||||
All other loan types: All other loan types are aggregated together for credit risk evaluation due to the varying nature but small number of the remaining types of loans in the Company’s loan portfolio. Loans in this segment include but are not limited to commercial and residential construction loans, loans secured by farmland, agricultural loans and loans to tax-exempt entities. | |||||||||||||
Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |||||||||||||
Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is recorded principally by the straight-line method with useful lives ranging from 7 to 40 years for premises and from 3 to 15 years for equipment. | |||||||||||||
Other Real Estate Owned: Real estate acquired through foreclosure is carried at the lower of the recorded investment in the property or its fair value less estimated costs to sell. Upon repossession, the value of the underlying loan is adjusted to the fair value of the real estate less estimated costs to sell by a charge to the allowance for loan losses, if necessary, establishing a new cost basis. If the fair value of the property declines subsequent to foreclosure, a valuation allowance is charged to operating expenses. Parcels of real estate maybe leased to third parties to offset holding period costs. Operating expenses of such properties, net of related income, and gains and losses on their disposition are included in other expenses. | |||||||||||||
Federal Home Loan Bank (“FHLB”) stock: The Banks are members of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |||||||||||||
Federal Reserve Bank (“FRB”) Stock: Prior to its merger into Premier Bank, Inc., Consolidated Bank and Trust was a member of the Federal Reserve Bank of Richmond and owned FRB Stock. FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |||||||||||||
Goodwill and Other Intangible Assets: Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009, is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any non-controlling interests in the acquired company, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized but is assessed at least annually for impairment and any such impairment will be recognized in the period identified. Impairment is evaluated using the aggregate of all banking operations. Based upon the most recently completed goodwill impairment test, management concluded the recorded value of goodwill was not impaired as of October 31, 2013 based upon the estimated fair value of the Company’s single reporting unit. | |||||||||||||
Other intangible assets consist of core deposit intangible assets arising from whole bank and branch acquisitions. They are initially measured at fair value and then are amortized on an accelerated method over their estimated useful lives of approximately 8 years. | |||||||||||||
Long-term Assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that the carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |||||||||||||
Repurchase Agreements: Substantially all repurchase agreement liabilities represent amounts advanced by various customers. Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. | |||||||||||||
Stock Based Compensation: Compensation cost is recognized for stock options granted to employees based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. Compensation cost is recognized on a straight-line basis over the required service period, generally defined as the vesting period. | |||||||||||||
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |||||||||||||
A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. | |||||||||||||
The Company recognizes interest related to income tax matters as other interest expense and penalties related to income tax matters as other noninterest expense. | |||||||||||||
Off Balance Sheet Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |||||||||||||
Earnings Per Common Share: Basic earnings per common share is net income (available to common shareholders) divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options and stock warrants. Earnings and dividends per share are restated for all stock splits and dividends through the date of issuance of the financial statements. | |||||||||||||
Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale which is also recognized as a separate component of equity. | |||||||||||||
Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. | |||||||||||||
Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |||||||||||||
Operating Segments: All of the Company’s operations are considered by management to be aggregated into one reportable operating segment. While the chief decision-makers monitor the revenue streams of the various products and services, the identifiable segments are not material. Operations are managed and financial performance is evaluated on a Company-wide basis. | |||||||||||||
Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. | |||||||||||||
Adoption of New Accounting Standards: | |||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (AOCI).” The amendment requires an entity to present the reclassification adjustments out of AOCI and into net income for each component reported. These amounts may be disclosed before-tax or after-tax, and must be disclosed in either the income statement or the notes to the financial statements. This update is intended to supplement changes made in 2012 to increase the prominence of items reported in other comprehensive income. The standard became effective for the Company on January 1, 2013. The adoption of this guidance resulted in the disclosures in Note 20 below and did not have a material impact upon the Company’s financial statements. | |||||||||||||
In July 2012, the Financial Accounting Standards Board (“FASB”) amended existing guidance relating to testing indefinite-lived intangible assets for impairment. The amendment permits an assessment of qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, it is concluded that it is not more likely than not that the indefinite-lived intangible asset is impaired, then no further action is required. However, after the same assessment, if it is concluded that it is more likely than not that the indefinite-lived intangible asset is impaired, then a quantitative impairment test should be performed whereby the fair value of the indefinite-lived intangible asset is compared to the carrying amount. The amendments in this guidance are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact upon the Company’s financial statements. |
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2013 | |
REGULATORY MATTERS [Abstract] | ' |
REGULATORY MATTERS | ' |
NOTE 2 – REGULATORY MATTERS | |
On July 29, 2010, Consolidated Bank and Trust Company (“CB&T”), then a wholly owned subsidiary of Premier, the Federal Reserve Bank of Richmond (“FRB”) and the State Corporation Commission Bureau of Financial Institutions (“Virginia Bureau”) entered into a written agreement (“Written Agreement”) requiring CB&T to perform certain actions primarily designed to improve the credit quality of the bank. Premier, as parent of CB&T, was also named as party to the Written Agreement to ensure that the CB&T complied with the Written Agreement. On April 8, 2011, CB&T was merged into Premier Bank, Inc. As such, the provisions of the Written Agreement that applied to CB&T were no longer in effect. | |
In addition to ensuring CB&T complied with provisions of the Written Agreement, Premier was also required to obtain prior written approval of the FRB and the Director of the Division of Banking Supervision and Regulation of the Board of Governors of the Federal Reserve System for declaring or paying any dividends, and also required prior written approval of the FRB before incurring, increasing or guaranteeing any debt or purchasing or redeeming any shares of its stock. | |
On July 24, 2012 the FRB announced that it had terminated the July 29, 2010 Written Agreement. |
RESTRICTIONS_ON_CASH_AND_DUE_F
RESTRICTIONS ON CASH AND DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2013 | |
RESTRICTIONS ON CASH AND DUE FROM BANKS [Abstract] | ' |
RESTRICTIONS ON CASH AND DUE FROM BANKS | ' |
NOTE 3 - RESTRICTIONS ON CASH AND DUE FROM BANKS | |
Included in cash and due from banks are certain interest bearing and non-interest bearing deposits that are held at the Federal Reserve or maintained in vault cash in accordance with average balance requirements specified by the Federal Reserve Board of Governors. The balance requirement at December 31, 2013 and 2012 was approximately $23,937 and $22,755. |
SECURITIES
SECURITIES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
SECURITIES [Abstract] | ' | ||||||||||||||||||||||||
SECURITIES | ' | ||||||||||||||||||||||||
NOTE 4 –SECURITIES | |||||||||||||||||||||||||
Amortized cost and fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: | |||||||||||||||||||||||||
2013 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 27,681 | $ | 463 | $ | (321 | ) | $ | 27,823 | ||||||||||||||||
U. S. sponsored agency CMO’s - residential | 178,000 | 1,167 | (2,445 | ) | 176,722 | ||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 205,681 | 1,630 | (2,766 | ) | 204,545 | ||||||||||||||||||||
U. S. government sponsored agency securities | 7,058 | 30 | (107 | ) | 6,981 | ||||||||||||||||||||
Obligations of states and political subdivisions | 6,275 | 265 | - | 6,540 | |||||||||||||||||||||
Total available for sale | $ | 219,014 | $ | 1,925 | $ | (2,873 | ) | $ | 218,066 | ||||||||||||||||
2012 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 35,172 | $ | 1,928 | $ | - | $ | 37,100 | |||||||||||||||||
U. S. sponsored agency CMO’s - residential | 206,466 | 6,392 | (11 | ) | 212,847 | ||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 241,638 | 8,320 | (11 | ) | 249,947 | ||||||||||||||||||||
U. S. government sponsored agency securities | 22,062 | 182 | - | 22,244 | |||||||||||||||||||||
Obligations of states and political subdivisions | 7,419 | 441 | - | 7,860 | |||||||||||||||||||||
Other securities | 2,892 | 1,105 | (73 | ) | 3,924 | ||||||||||||||||||||
Total available for sale | $ | 274,011 | $ | 10,048 | $ | (84 | ) | $ | 283,975 | ||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Due in one year or less | $ | 1,017 | $ | 1,027 | |||||||||||||||||||||
Due after one year through five years | 8,319 | 8,604 | |||||||||||||||||||||||
Due after five years through ten years | 3,997 | 3,890 | |||||||||||||||||||||||
Mortgage-backed securities of government sponsored agencies | 205,681 | 204,545 | |||||||||||||||||||||||
Total available for sale | $ | 219,014 | $ | 218,066 | |||||||||||||||||||||
In 2013, a gain of $1,413 was recognized upon the sale (including calls) of securities. A $545 gain was recognized from calls of securities in 2012 while an $18 gain was recognized from calls in 2011. There were no sales of securities in 2012 or 2011. | |||||||||||||||||||||||||
Securities with an approximate carrying value of $168,150 and $173,015 at December 31, 2013 and 2012 were pledged to secure public deposits, trust funds, securities sold under agreements to repurchase and for other purposes as required or permitted by law. | |||||||||||||||||||||||||
Securities with unrealized losses at year-end 2013 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
U.S government sponsored agency securities | $ | 3,890 | $ | (107 | ) | $ | - | $ | - | $ | 3,890 | $ | (107 | ) | |||||||||||
U.S government sponsored agency MBS’s – residential | 13,797 | (321 | ) | - | - | 13,797 | (321 | ) | |||||||||||||||||
U.S government sponsored agency CMO’s – residential | 102,341 | (2,445 | ) | - | - | 102,341 | (2,445 | ) | |||||||||||||||||
Total temporarily impaired | $ | 120,028 | $ | (2,873 | ) | $ | - | $ | - | $ | 120,028 | $ | (2,873 | ) | |||||||||||
Securities with unrealized losses at year-end 2012 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
U.S government sponsored agency CMO’s – residential | $ | 2,077 | $ | (11 | ) | $ | - | $ | - | $ | 2,077 | $ | (11 | ) | |||||||||||
Other securities | - | - | 4 | (73 | ) | 4 | (73 | ) | |||||||||||||||||
Total temporarily impaired | $ | 2,077 | $ | (11 | ) | $ | 4 | $ | (73 | ) | $ | 2,081 | $ | (84 | ) | ||||||||||
The investment portfolio is predominately high quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities. The unrealized losses at December 31, 2013 and December 31, 2012 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities. Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve. |
LOANS
LOANS | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
LOANS [Abstract] | ' | ||||||||||||||||||||||||||||||||
LOANS | ' | ||||||||||||||||||||||||||||||||
NOTE 5 - LOANS | |||||||||||||||||||||||||||||||||
Major classifications of loans at year-end are summarized as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 216,081 | $ | 214,743 | |||||||||||||||||||||||||||||
Multifamily real estate | 38,456 | 28,673 | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 90,539 | 91,902 | |||||||||||||||||||||||||||||||
Non owner occupied | 208,756 | 178,849 | |||||||||||||||||||||||||||||||
Commercial and industrial | 85,301 | 84,430 | |||||||||||||||||||||||||||||||
Consumer | 25,113 | 28,128 | |||||||||||||||||||||||||||||||
All other | 76,524 | 77,900 | |||||||||||||||||||||||||||||||
$ | 740,770 | $ | 704,625 | ||||||||||||||||||||||||||||||
Certain directors and executive officers of the Banks and companies in which they have beneficial ownership, were loan customers of the Banks during 2013 and 2012. Such related party loans are governed by federal banking regulations which require such loans to be made in the ordinary course of business. | |||||||||||||||||||||||||||||||||
An analysis of the 2013 activity with respect to all director and executive officer loans is as follows: | |||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 16,639 | |||||||||||||||||||||||||||||||
Additions, including loans now meeting disclosure requirements | 1,530 | ||||||||||||||||||||||||||||||||
Amounts collected and loans no longer meeting disclosure requirements | (6,973 | ) | |||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 11,196 | |||||||||||||||||||||||||||||||
Activity in the Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2013 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-12 | Dec 31, 2013 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,163 | $ | 803 | $ | (292 | ) | $ | 20 | $ | 2,694 | ||||||||||||||||||||||
Multifamily real estate | 331 | 86 | - | - | 417 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,117 | 123 | (132 | ) | 299 | 1,407 | |||||||||||||||||||||||||||
Non owner occupied | 1,888 | 163 | (14 | ) | - | 2,037 | |||||||||||||||||||||||||||
Commercial and industrial | 3,046 | (918 | ) | (32 | ) | 88 | 2,184 | ||||||||||||||||||||||||||
Consumer | 244 | 168 | (188 | ) | 73 | 297 | |||||||||||||||||||||||||||
All other | 2,699 | (800 | ) | (251 | ) | 343 | 1,991 | ||||||||||||||||||||||||||
Total | $ | 11,488 | $ | (375 | ) | $ | (909 | ) | $ | 823 | $ | 11,027 | |||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2012 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-11 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,134 | $ | 709 | $ | (728 | ) | $ | 48 | $ | 2,163 | ||||||||||||||||||||||
Multifamily real estate | 284 | 47 | - | - | 331 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 918 | (68 | ) | (15 | ) | 282 | 1,117 | ||||||||||||||||||||||||||
Non owner occupied | 2,381 | (198 | ) | (318 | ) | 23 | 1,888 | ||||||||||||||||||||||||||
Commercial and industrial | 1,880 | 2,419 | (1,259 | ) | 6 | 3,046 | |||||||||||||||||||||||||||
Consumer | 298 | 72 | (227 | ) | 101 | 244 | |||||||||||||||||||||||||||
All other | 1,900 | 1,279 | (606 | ) | 126 | 2,699 | |||||||||||||||||||||||||||
Total | $ | 9,795 | $ | 4,260 | $ | (3,153 | ) | $ | 586 | $ | 11,488 | ||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2011 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-10 | 31-Dec-11 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,666 | $ | (241 | ) | $ | (347 | ) | $ | 56 | $ | 2,134 | |||||||||||||||||||||
Multifamily real estate | 252 | 11 | - | 21 | 284 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,141 | (52 | ) | (171 | ) | - | 918 | ||||||||||||||||||||||||||
Non owner occupied | 1,644 | 1,081 | (382 | ) | 38 | 2,381 | |||||||||||||||||||||||||||
Commercial and industrial | 2,421 | (555 | ) | (23 | ) | 37 | 1,880 | ||||||||||||||||||||||||||
Consumer | 366 | (4 | ) | (152 | ) | 88 | 298 | ||||||||||||||||||||||||||
All other | 1,375 | 3,390 | (2,951 | ) | 86 | 1,900 | |||||||||||||||||||||||||||
Total | $ | 9,865 | $ | 3,630 | $ | (4,026 | ) | $ | 326 | $ | 9,795 | ||||||||||||||||||||||
Purchased Loans | |||||||||||||||||||||||||||||||||
The Company holds purchased loans for which there was, at their acquisition date, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Residential Real Estate | $ | 183 | $ | 202 | |||||||||||||||||||||||||||||
Multifamily Real Estate | 1,229 | 3,173 | |||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||
Owner Occupied | 250 | 271 | |||||||||||||||||||||||||||||||
Non owner Occupied | 6,782 | 5,896 | |||||||||||||||||||||||||||||||
Commercial and industrial | 496 | 511 | |||||||||||||||||||||||||||||||
All other | 4,623 | 4,496 | |||||||||||||||||||||||||||||||
Total carrying amount | $ | 13,563 | $ | 14,549 | |||||||||||||||||||||||||||||
Carrying amount, net of allowance | $ | 12,931 | $ | 14,049 | |||||||||||||||||||||||||||||
For those purchased loans disclosed above, the Company increased the allowance for loan losses by $132 for the year ended December 31, 2013 and increased the allowance for loan losses by $500 for the year ended December 31, 2012. | |||||||||||||||||||||||||||||||||
For the majority of these loans, the Company cannot reasonably estimate the cash flows expected to be collected on the loans and therefore has continued to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan. Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. Any loan accounted for under the cost recovery method is also still included as a non-accrual loan in the amounts presented in the tables below. | |||||||||||||||||||||||||||||||||
During 2013 and 2012, the Company determined that the cash flows from borrowers on a limited number of purchased loans could be reasonably estimated. As such, a portion of the non-accretable difference was reclassified to accretable yield and is being recognized as interest income over the remaining life of the loan(s). | |||||||||||||||||||||||||||||||||
The accretable yield, or income expected to be collected, on the purchased loans above is as follows at December 31 2013 and December 31, 2012. There was no accretable yield on the purchased loans above prior to January 1, 2012. | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 635 | $ | - | |||||||||||||||||||||||||||||
New loans purchased | - | - | |||||||||||||||||||||||||||||||
Accretion of income | (26 | ) | (6 | ) | |||||||||||||||||||||||||||||
Income recognized upon full repayment | (415 | ) | - | ||||||||||||||||||||||||||||||
Reclassifications from non-accretable difference | 23 | 641 | |||||||||||||||||||||||||||||||
Disposals | - | - | |||||||||||||||||||||||||||||||
Balance at December 31 | $ | 217 | $ | 635 | |||||||||||||||||||||||||||||
During 2013, the Company refinanced a purchased loan detailed above upon its scheduled maturity. At the borrower’s request and in accordance with Premier’s credit underwriting standards, the borrower increased the principal balance outstanding on the note. The amount of accretable yield was unaffected by the refinancing. | |||||||||||||||||||||||||||||||||
During 2012, the Company purchased $9,969 of contractually required payments on a loan classified as “all other” for which it was probable at acquisition that all contractually required payments would not be collected. The fair value on the loan was estimated to be $2,772 at the time of acquisition. The Company cannot reasonably estimate the cash flows expected to be collected on the loan as the loan is in the process of collection and the proceeds for repayment are expected to come from collateral sales, the timing of which cannot be reasonably estimated. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment. | |||||||||||||||||||||||||||||||||
Past Due and Non-performing Loans | |||||||||||||||||||||||||||||||||
The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2013 and December 31 2012. The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition and interest payments made by the borrower which have been used to reduce the recorded investment in the loan rather than recognized as interest income. | |||||||||||||||||||||||||||||||||
31-Dec-13 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,021 | $ | 1,725 | $ | 1,737 | |||||||||||||||||||||||||||
Multifamily real estate | 3,282 | 1,889 | 1,369 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1,364 | 1,147 | 1,387 | ||||||||||||||||||||||||||||||
Non owner occupied | 2,683 | 1,973 | 3,739 | ||||||||||||||||||||||||||||||
Commercial and industrial | 6,838 | 4,961 | 84 | ||||||||||||||||||||||||||||||
Consumer | 167 | 148 | 16 | ||||||||||||||||||||||||||||||
All other | 12,212 | 4,798 | 146 | ||||||||||||||||||||||||||||||
Total | $ | 28,567 | $ | 16,641 | $ | 8,478 | |||||||||||||||||||||||||||
31-Dec-12 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 3,145 | $ | 2,813 | $ | 208 | |||||||||||||||||||||||||||
Multifamily real estate | 5,501 | 4,390 | 227 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1,153 | 976 | 783 | ||||||||||||||||||||||||||||||
Non owner occupied | 3,207 | 2,174 | 74 | ||||||||||||||||||||||||||||||
Commercial and industrial | 11,407 | 9,897 | 555 | ||||||||||||||||||||||||||||||
Consumer | 278 | 267 | - | ||||||||||||||||||||||||||||||
All other | 5,468 | 5,289 | 2,043 | ||||||||||||||||||||||||||||||
Total | $ | 30,159 | $ | 25,806 | $ | 3,890 | |||||||||||||||||||||||||||
Nonaccrual loans and impaired loans are defined differently. Some loans may be included in both categories, and some may only be included in one category. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. | |||||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | |||||||||||||||||||||||||||||||||
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | ||||||||||||||||||||||||||||
Residential real estate | $ | 216,081 | $ | 4,770 | $ | 2,431 | $ | 7,201 | $ | 208,880 | |||||||||||||||||||||||
Multifamily real estate | 38,456 | 367 | 2,688 | 3,055 | 35,401 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 90,539 | 516 | 2,073 | 2,589 | 87,950 | ||||||||||||||||||||||||||||
Non owner occupied | 208,756 | 278 | 5,478 | 5,756 | 203,000 | ||||||||||||||||||||||||||||
Commercial and industrial | 85,301 | 1,433 | 1,438 | 2,871 | 82,430 | ||||||||||||||||||||||||||||
Consumer | 25,113 | 421 | 82 | 503 | 24,610 | ||||||||||||||||||||||||||||
All other | 76,524 | 2,510 | 4,881 | 7,391 | 69,133 | ||||||||||||||||||||||||||||
Total | $ | 740,770 | $ | 10,295 | $ | 19,071 | $ | 29,366 | $ | 711,404 | |||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2012 by class of loans: | |||||||||||||||||||||||||||||||||
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | ||||||||||||||||||||||||||||
Residential real estate | $ | 214,743 | $ | 9,356 | $ | 2,040 | $ | 11,396 | $ | 203,347 | |||||||||||||||||||||||
Multifamily real estate | 28,673 | 695 | 3,893 | 4,588 | 24,085 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 91,902 | 6,212 | 1,129 | 7,341 | 84,561 | ||||||||||||||||||||||||||||
Non owner occupied | 178,849 | 5,267 | 2,248 | 7,515 | 171,334 | ||||||||||||||||||||||||||||
Commercial and industrial | 84,430 | 2,306 | 2,485 | 4,791 | 79,639 | ||||||||||||||||||||||||||||
Consumer | 28,128 | 602 | 176 | 778 | 27,350 | ||||||||||||||||||||||||||||
All other | 77,900 | 468 | 7,332 | 7,800 | 70,100 | ||||||||||||||||||||||||||||
Total | $ | 704,625 | $ | 24,906 | $ | 19,303 | $ | 44,209 | $ | 660,416 | |||||||||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013: | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Loan Balances | ||||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | |||||||||||||||||||||||||
Residential real estate | $ | 138 | $ | 2,556 | $ | - | $ | 2,694 | $ | 2,787 | $ | 213,111 | $ | 183 | $ | 216,081 | |||||||||||||||||
Multifamily real estate | - | 417 | - | 417 | 1,822 | 35,405 | 1,229 | 38,456 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 170 | 1,237 | - | 1,407 | 2,386 | 87,903 | 250 | 90,539 | |||||||||||||||||||||||||
Non-owner occupied | 362 | 1,675 | - | 2,037 | 1,024 | 200,950 | 6,782 | 208,756 | |||||||||||||||||||||||||
Commercial and industrial | 1,088 | 964 | 132 | 2,184 | 4,270 | 80,535 | 496 | 85,301 | |||||||||||||||||||||||||
Consumer | - | 297 | - | 297 | - | 25,113 | - | 25,113 | |||||||||||||||||||||||||
All other | 102 | 1,389 | 500 | 1,991 | 3,279 | 68,622 | 4,623 | 76,524 | |||||||||||||||||||||||||
Total | $ | 1,860 | $ | 8,535 | $ | 632 | $ | 11,027 | $ | 15,568 | $ | 711,639 | $ | 13,563 | $ | 740,770 | |||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2012: | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Loan Balances | ||||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | |||||||||||||||||||||||||
Residential real estate | $ | 358 | $ | 1,805 | $ | - | $ | 2,163 | $ | 4,609 | $ | 209,932 | $ | 202 | $ | 214,743 | |||||||||||||||||
Multifamily real estate | - | 331 | - | 331 | 1,670 | 23,830 | 3,173 | 28,673 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 74 | 1,043 | - | 1,117 | 2,511 | 89,120 | 271 | 91,902 | |||||||||||||||||||||||||
Non-owner occupied | 362 | 1,526 | - | 1,888 | 2,627 | 170,326 | 5,896 | 178,849 | |||||||||||||||||||||||||
Commercial and industrial | 2,173 | 873 | - | 3,046 | 10,799 | 73,120 | 511 | 84,430 | |||||||||||||||||||||||||
Consumer | - | 244 | - | 244 | - | 28,128 | - | 28,128 | |||||||||||||||||||||||||
All other | 375 | 1,824 | 500 | 2,699 | 4,271 | 69,133 | 4,496 | 77,900 | |||||||||||||||||||||||||
Total | $ | 3,342 | $ | 7,646 | $ | 500 | $ | 11,488 | $ | 26,487 | $ | 663,589 | $ | 14,549 | $ | 704,625 | |||||||||||||||||
In the tables below, total individually evaluated impaired loans include certain purchased loans that were acquired with deteriorated credit quality that are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013. The table includes $7,483 of loans acquired with deteriorated credit quality that are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,513 | $ | 1,314 | $ | - | |||||||||||||||||||||||||||
Multifamily real estate | 4,449 | 3,051 | - | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2,601 | 1,986 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 1,861 | 1,184 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 809 | 49 | - | ||||||||||||||||||||||||||||||
All other | 3,185 | 3,167 | - | ||||||||||||||||||||||||||||||
14,418 | 10,751 | - | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,668 | $ | 1,656 | $ | 138 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 515 | 515 | 170 | ||||||||||||||||||||||||||||||
Non owner occupied | 810 | 790 | 362 | ||||||||||||||||||||||||||||||
Commercial and industrial | 5,543 | 4,604 | 1,220 | ||||||||||||||||||||||||||||||
All other | 12,132 | 4,735 | 602 | ||||||||||||||||||||||||||||||
20,668 | 12,300 | 2,492 | |||||||||||||||||||||||||||||||
Total | $ | 35,086 | $ | 23,051 | $ | 2,492 | |||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2012. The table includes $9,421 of loans acquired with deteriorated credit quality that are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,886 | $ | 1,714 | $ | - | |||||||||||||||||||||||||||
Multifamily real estate | 6,332 | 4,533 | - | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2,876 | 2,196 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 3,912 | 2,916 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 2,031 | 837 | - | ||||||||||||||||||||||||||||||
All other | 3,426 | 3,427 | - | ||||||||||||||||||||||||||||||
20,463 | 15,623 | - | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 3,118 | $ | 3,097 | $ | 358 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 586 | 586 | 74 | ||||||||||||||||||||||||||||||
Non owner occupied | 809 | 789 | 362 | ||||||||||||||||||||||||||||||
Commercial and industrial | 10,771 | 10,473 | 2,173 | ||||||||||||||||||||||||||||||
All other | 5,517 | 5,340 | 875 | ||||||||||||||||||||||||||||||
20,801 | 20,285 | 3,842 | |||||||||||||||||||||||||||||||
Total | $ | 41,264 | $ | 35,908 | $ | 3,842 | |||||||||||||||||||||||||||
The following table presents by loan class, the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three years ended December 31, 2013. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Year ended Dec 31, 2013 | Year ended Dec 31, 2012 | Year ended Dec 31, 2011 | |||||||||||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||
Residential real estate | $ 4,069 | $ 180 | $ 171 | $ 8,887 | $ 518 | $ 516 | $ 2,227 | $ 84 | $ 81 | ||||||||||||||||||||||||
Multifamily real estate | 3,810 | 847 | 845 | 6,143 | 1,408 | 1,406 | 8,428 | 150 | 151 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 2,602 | 168 | 141 | 7,195 | 1,025 | 1,028 | 12,653 | 1,083 | 1,082 | ||||||||||||||||||||||||
Non-owner occupied | 2,509 | 9 | 9 | 9,785 | 73 | 79 | 11,417 | 113 | 84 | ||||||||||||||||||||||||
Commercial and industrial | 8,425 | 47 | 47 | 10,052 | 427 | 417 | 7,196 | 217 | 211 | ||||||||||||||||||||||||
Consumer | - | - | - | 29 | 2 | 2 | 43 | 5 | 5 | ||||||||||||||||||||||||
All other | 8,796 | 273 | 273 | 7,599 | 1,019 | 968 | 11,755 | 184 | 188 | ||||||||||||||||||||||||
Total | $30,211 | $ 1,524 | $ 1,486 | $49,690 | $ 4,472 | $ 4,416 | $53,719 | $ 1,836 | $ 1,802 | ||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
A loan is classified as a troubled debt restructuring ("TDR") when loan terms are modified due to a borrower's financial difficulties and a concession is granted to a borrower that would not have otherwise been considered. Most of the Company’s loan modifications involve a restructuring of loan terms prior to maturity to temporarily reduce the payment amount and/or to require only interest for a temporary period, usually up to six months. These modifications generally do not meet the definition of a TDR because the modifications are considered to be an insignificant delay in payment. | |||||||||||||||||||||||||||||||||
The following table presents TDR’s as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
31-Dec-13 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||||||||||||||
Residential real estate | $ | 23 | $ | 296 | $ | 319 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Non owner occupied | - | 506 | 506 | ||||||||||||||||||||||||||||||
Commercial and industrial | - | 831 | 831 | ||||||||||||||||||||||||||||||
Consumer | - | 5 | 5 | ||||||||||||||||||||||||||||||
All other | - | 2,017 | 2,017 | ||||||||||||||||||||||||||||||
Total | $ | 23 | $ | 3,655 | $ | 3,678 | |||||||||||||||||||||||||||
31-Dec-12 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||||||||||||||
Residential real estate | $ | 1,020 | $ | 240 | $ | 1,260 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | - | 4,224 | 4,224 | ||||||||||||||||||||||||||||||
Non owner occupied | - | 4,920 | 4,920 | ||||||||||||||||||||||||||||||
Commercial and industrial | 2 | 2,525 | 2,527 | ||||||||||||||||||||||||||||||
All other | - | 2,197 | 2,197 | ||||||||||||||||||||||||||||||
Total | $ | 1,022 | $ | 14,106 | $ | 15,128 | |||||||||||||||||||||||||||
At December 31, 2013 there were no specific reserves allocated to loans that had restructured terms. At December 31, 2012, $220 in specific reserves was allocated to loans that had restructured terms. | |||||||||||||||||||||||||||||||||
The following table presents TDR’s that occurred during the years ended December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Non-owner occupied | - | $ | - | $ | - | 1 | $ | 519 | $ | 519 | |||||||||||||||||||||||
Commercial and industrial | - | - | - | 1 | 1,809 | 1,809 | |||||||||||||||||||||||||||
All other | 1 | 16 | 16 | 1 | 190 | 190 | |||||||||||||||||||||||||||
Total | 1 | $ | 16 | $ | 16 | 3 | $ | 2,518 | $ | 2,518 | |||||||||||||||||||||||
The troubled debt restructurings described above did not increase the allowance for loan losses during the year ended December 31, 2013 and increased the allowance for loan losses by $168 during the year ended December 31, 2012. | |||||||||||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, there were no TDR’s for which there was a payment default within twelve months following the modification. | |||||||||||||||||||||||||||||||||
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. | |||||||||||||||||||||||||||||||||
Credit Quality Indicators: | |||||||||||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes non-homogeneous loans, such as commercial, commercial real estate, multifamily residential and commercial purpose loans secured residential real estate, on a monthly basis. For consumer loans, including consumer loans secured by residential real estate, the analysis involves monitoring the performing status of the loan. At the time such loans become past due by 30 days or more, the Company evaluates the loan to determine if a change in risk category is warranted. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||||||
Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. | |||||||||||||||||||||||||||||||||
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. | |||||||||||||||||||||||||||||||||
As of December 31, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||||||||||||||
Residential real estate | $ | 202,789 | $ | 6,204 | $ | 7,065 | $ | 23 | $ | 216,081 | |||||||||||||||||||||||
Multifamily real estate | 34,487 | 918 | 3,051 | - | 38,456 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 79,694 | 7,431 | 3,348 | 66 | 90,539 | ||||||||||||||||||||||||||||
Non-owner occupied | 196,338 | 8,569 | 3,849 | - | 208,756 | ||||||||||||||||||||||||||||
Commercial and industrial | 78,205 | 2,269 | 4,753 | 74 | 85,301 | ||||||||||||||||||||||||||||
Consumer | 24,772 | 204 | 137 | - | 25,113 | ||||||||||||||||||||||||||||
All other | 62,180 | 5,947 | 8,285 | 112 | 76,524 | ||||||||||||||||||||||||||||
Total | $ | 678,465 | $ | 31,542 | $ | 30,488 | $ | 275 | $ | 740,770 | |||||||||||||||||||||||
As of December 31, 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||||||||||||||
Residential real estate | $ | 195,210 | $ | 10,115 | $ | 9,327 | $ | 91 | $ | 214,743 | |||||||||||||||||||||||
Multifamily real estate | 19,747 | 1,912 | 7,014 | - | 28,673 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 74,529 | 8,994 | 8,379 | - | 91,902 | ||||||||||||||||||||||||||||
Non-owner occupied | 163,337 | 7,685 | 7,827 | - | 178,849 | ||||||||||||||||||||||||||||
Commercial and industrial | 70,180 | 2,739 | 11,508 | 3 | 84,430 | ||||||||||||||||||||||||||||
Consumer | 27,931 | 123 | 74 | - | 28,128 | ||||||||||||||||||||||||||||
All other | 64,009 | 814 | 12,386 | 691 | 77,900 | ||||||||||||||||||||||||||||
Total | $ | 614,943 | $ | 32,382 | $ | 56,515 | $ | 785 | $ | 704,625 |
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
PREMISES AND EQUIPMENT [Abstract] | ' | ||||||||
PREMISES AND EQUIPMENT | ' | ||||||||
NOTE 6 – PREMISES AND EQUIPMENT | |||||||||
Year-end premises and equipment were as follows: | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 3,614 | $ | 3,614 | |||||
Buildings and leasehold improvements | 13,695 | 13,454 | |||||||
Furniture and equipment | 7,646 | 8,974 | |||||||
Assets purchased not yet placed in service | 2,292 | - | |||||||
27,247 | 26,042 | ||||||||
Less: accumulated depreciation | (9,449 | ) | (10,090 | ) | |||||
$ | 17,798 | $ | 15,952 | ||||||
Operating Leases: The Company leases certain branch and other properties as well as some equipment under operating leases. Some leases provide for periodic rate adjustments based on cost-of-living index changes. Rent expense, net of rental income, was $990, 985, and $1,162 for 2013, 2012, and 2011. Rent commitments, before considering renewal options that generally are present, were as follows: | |||||||||
2014 | $ | 904 | |||||||
2015 | 793 | ||||||||
2016 | 764 | ||||||||
2017 | 738 | ||||||||
2018 and thereafter | 278 | ||||||||
$ | 3,477 |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||||||
NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||
The change in the balance for goodwill during the year is as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Beginning of year | $ | 29,875 | $ | 29,875 | $ | 29,875 | |||||||||||
Acquired goodwill and other adjustments | - | - | - | ||||||||||||||
Impairment | - | - | - | ||||||||||||||
End of year | $ | 29,875 | $ | 29,875 | $ | 29,875 | |||||||||||
Acquired intangible assets at December 31, 2013 and 2012 were as follows. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Gross Carrying | Accumulated Amortization | Gross Carrying | Accumulated Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Core deposit intangible | $ | 5,355 | $ | (3,234 | ) | $ | 5,355 | $ | (2,634 | ) | |||||||
Aggregate intangible amortization expense was $600 for 2013, $672 for 2012, and $792 for 2011. | |||||||||||||||||
Estimated amortization expense for each of the next five years: | |||||||||||||||||
2014 | 575 | ||||||||||||||||
2015 | 575 | ||||||||||||||||
2016 | 457 | ||||||||||||||||
2017 | 353 | ||||||||||||||||
2018 and thereafter | 161 | ||||||||||||||||
$ | 2,121 |
DEPOSITS
DEPOSITS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
DEPOSITS [Abstract] | ' | ||||
DEPOSITS | ' | ||||
NOTE 8 – DEPOSITS | |||||
At December 31, 2013 the scheduled maturities of time deposits are as follows: | |||||
2014 | $ | 221,964 | |||
2015 | 62,099 | ||||
2016 | 24,513 | ||||
2017 | 14,047 | ||||
2018 and thereafter | 8,736 | ||||
$ | 331,359 | ||||
Certain directors and executive officers of the Banks and companies in which they have beneficial ownership were deposit customers of the Banks during 2013 and 2012. The balance of such deposits at December 31, 2013 and 2012 were approximately $9,604 and $10,689. |
SECURITIES_SOLD_UNDER_AGREEMEN
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | ' | ||||||||
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | ' | ||||||||
NOTE 9 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | |||||||||
Securities sold under agreements to repurchase generally mature within one to ninety days from the transaction date. Information concerning securities sold under agreements to repurchase is summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Year-end balance | $ | 11,319 | $ | 26,102 | |||||
Average balance during the year | $ | 13,486 | $ | 20,944 | |||||
Average interest rate during the year | 0.25 | % | 0.42 | % | |||||
Maximum month-end balance during the year | $ | 22,988 | $ | 26,102 | |||||
Weighted average interest rate at year-end | 0.25 | % | 0.23 | % | |||||
FEDERAL_HOME_LOAN_BANK_ADVANCE
FEDERAL HOME LOAN BANK ADVANCES | 12 Months Ended |
Dec. 31, 2013 | |
FEDERAL HOME LOAN BANK ADVANCES [Abstract] | ' |
FEDERAL HOME LOAN BANK ADVANCES | ' |
NOTE 10 – FEDERAL HOME LOAN BANK ADVANCES | |
The Banks own stock of the Federal Home Loan Bank of Cincinnati, Ohio (FHLB-Cin), and Federal Home Loan Bank of Pittsburgh, Pennsylvania (FHLB-Pitt). This stock allows the Banks to borrow advances from the FHLB. | |
During 2012, the Banks paid-off all FHLB advances as they matured and there were no borrowings outstanding at December 31, 2013 or at December 31, 2012. |
NOTES_PAYABLE_AND_OTHER_BORROW
NOTES PAYABLE AND OTHER BORROWED FUNDS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
NOTES PAYABLE AND OTHER BORROWED FUNDS [Abstract] | ' | ||||
NOTES PAYABLE AND OTHER BORROWED FUNDS | ' | ||||
NOTE 11 – NOTES PAYABLE AND OTHER BORROWED FUNDS | |||||
On April 30, 2008, the Company executed and delivered to First Guaranty Bank of Hammond, Louisiana a Promissory Note and Business Loan Agreement dated April 30, 2008 for the principal amount of $11,550, bearing interest floating daily at the “Wall Street Journal” prime rate (the “Index”) minus 1.00% and requiring 59 monthly principal payments of $50 and one final payment of $8.6 million due at maturity on April 30, 2013. On April 25, 2013, the Company executed and delivered to First Guaranty Bank, a Change in Terms Agreement whereby the maturity date was extended to April 30, 2020, the required monthly principal payment was increased to $86 and the interest charged was modified to float daily at the Index plus 0.75%, initially 4.00%, with an interest rate floor of 4.00% per annum and an interest rate ceiling of 10.00% per annum. At the time of the Change in Terms Agreement, the principal balance on the note was approximately $7,222. The note continues to be secured by a pledge of 25% of Premier’s interest in Premier Bank (a wholly owned subsidiary) under Commercial Pledge Agreement modified on May 3, 2011. The initial proceeds of this note were used to fund the $9,000 of cash needed to purchase Traders Bankshares, Inc. and to refinance the remaining $2,550 balance of Premier’s outstanding note with First Guaranty Bank dated January 31, 2006. At the time of origination, Premier’s chairman owned approximately 27.6% of the voting stock of First Guaranty Bank and was the chairman of its board of directors. Premier’s board of directors reviewed the loan terms and authorized the Company to enter into the loan transaction. The outstanding principal balance on the borrowing at December 31, 2013 and 2012 was $6,400 and $7,449. | |||||
In conjunction with the Change in Terms Agreement with First Guaranty Bank, the Company executed and delivered another Change in Terms Agreement modifying its Promissory Note and Business Loan Agreement dated June 30, 2011 that established a Line of Credit with the bank bearing interest floating daily at the “Wall Street Journal” prime rate (currently 3.25%), with a floor of 4.50%. Under the terms of the Promissory Note, the Company may request and receive advances from First Guaranty Bank from time to time. Accrued interest on any amounts outstanding is payable monthly, and any amounts outstanding are payable on demand or at maturity. The Promissory Note is also secured by the pledge of 25% of Premier’s interest in Premier Bank (a wholly owned subsidiary) under a Commercial Pledge Agreement modified on June 30, 2012. The Change in Terms Agreement increased the principal amount available to $3,000 and extended the right to request and receive monies on the Line of Credit from June 30, 2013 to June 30, 2016. The interest rate on the Line of Credit will remain floating daily at the “Wall Street Journal” prime rate (currently 3.25%), with a floor of 4.50% through the modified June 30, 2016 maturity date. At December 31, 2013 and 2012, the Company had no outstanding debt on this line of credit from First Guaranty Bank. | |||||
On September 8, 2010, the Company executed and delivered to The Bankers’ Bank of Kentucky, Inc. of Frankfort, Kentucky (“Bankers’ Bank”) a Term Note and Business Loan Agreement dated September 8, 2010 in the principal amount of $11,300, bearing interest floating daily at the “JP Morgan Chase” prime rate with a minimum rate of 4.50% (initially 4.50%) and requiring 120 monthly principal payments of $94 plus interest. The note is secured by a pledge of Premier’s 100% interest in Citizens Deposit Bank and Trust, Inc. (a wholly owned subsidiary) under a Stock Pledge and Security Agreement dated September 8, 2010. The proceeds of this note were used to pay off the remaining $2,904 balance on Premier’s $6,500 Term Note with the Bankers’ Bank, pay off the $2,400 balance on Premier’s $4,300 Line of Credit with the Bankers’ Bank and provide a $6,000 capital injection into Citizens Deposit Bank and Trust (“Citizens”), Premier’s wholly owned subsidiary, to facilitate Citizens’ purchase of four branches from Integra Bank National Association. The outstanding principal balance on the borrowing at December 31, 2013 and 2012 was $7,400 and $8,600. | |||||
On September 7, 2013, the Company executed and delivered to Bankers’ Bank a Line of Credit Renewal Agreement dated September 7, 2013 extending the right to request and receive monies from Bankers’ Bank on Premier’s existing line of credit until September 7, 2014. The line of credit renewal maintained the principal amount of $5,000, bearing interest floating daily at the “JP Morgan Chase” prime rate (currently 3.25%), with a floor of 4.50%. Under the terms of the original Promissory Note, Premier may request and receive advances from Bankers’ Bank from time to time, but the aggregate outstanding principal balance under the Promissory Note at any time shall not exceed $5,000. Accrued interest on amounts outstanding is payable quarterly, and any amounts outstanding are payable on demand or on September 7, 2014. The Promissory Note is secured by a pledge of Premier’s 100% interest in Citizens under a Stock Pledge and Security Agreement dated September 7, 2012. At December 31, 2013 and 2012, Premier had no outstanding balance on this line of credit with Bankers’ Bank | |||||
Scheduled principal payments due on the bank borrowings subsequent to December 31, 2013 are as follows: | |||||
2014 | $ | 2,162 | |||
2015 | 2,162 | ||||
2016 | 2,162 | ||||
2017 | 2,162 | ||||
2018 | 2,162 | ||||
Thereafter | 2,990 | ||||
$ | 13,800 | ||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||||||||||
NOTE 12 – INCOME TAXES | |||||||||||||||||||||||||
The components of the provision (benefit) for income taxes are as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current | $ | 5,509 | $ | 5,105 | $ | 376 | |||||||||||||||||||
Deferred | 1,895 | 568 | 4,099 | ||||||||||||||||||||||
Change in valuation allowance | - | - | (675 | ) | |||||||||||||||||||||
Provision for income taxes | $ | 7,404 | $ | 5,673 | $ | 3,800 | |||||||||||||||||||
The Company’s deferred tax assets and liabilities at December 31 are shown below. | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
Allowance for loan losses | $ | 4,016 | $ | 4,181 | |||||||||||||||||||||
Purchase accounting adjustments | 2,611 | 3,745 | |||||||||||||||||||||||
Net operating loss carryforward | 1,048 | 1,569 | |||||||||||||||||||||||
Write-downs of other real estate owned | 893 | 748 | |||||||||||||||||||||||
Taxable income on non-accrual loans | 2,053 | 1,955 | |||||||||||||||||||||||
Security writedown | - | 250 | |||||||||||||||||||||||
Capital loss carryforward | 196 | - | |||||||||||||||||||||||
Accrued expenses | 172 | 131 | |||||||||||||||||||||||
Unrealized loss on investment securities | 322 | - | |||||||||||||||||||||||
Other | 19 | 11 | |||||||||||||||||||||||
Total deferred tax assets | 11,330 | 12,590 | |||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||
Amortization of intangibles | $ | (4,615 | ) | $ | (4,405 | ) | |||||||||||||||||||
Depreciation | (1,101 | ) | (1,027 | ) | |||||||||||||||||||||
Federal Home Loan Bank dividends | (377 | ) | (377 | ) | |||||||||||||||||||||
Deferred loan fees | (567 | ) | (548 | ) | |||||||||||||||||||||
Unrealized gain on investment securities | - | (3,388 | ) | ||||||||||||||||||||||
Other | (71 | ) | (61 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (6,731 | ) | (9,806 | ) | |||||||||||||||||||||
Valuation allowance on deferred tax assets | (160 | ) | (160 | ) | |||||||||||||||||||||
Net deferred taxes | $ | 4,439 | $ | 2,624 | |||||||||||||||||||||
At December 31, 2013 the Company had federal net operating loss carryforwards of $1,845 and various state net operating loss carryforwards of $5,569 which begin to expire in 2022. The deductibility of these net operating losses is limited under IRC Sec. 382. | |||||||||||||||||||||||||
A valuation allowance for deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability of the Company to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. | |||||||||||||||||||||||||
Due to statutory law changes and a change in expectations of future taxable income, the Company reversed a valuation allowance against a portion of its District of Columbia net operating loss carryforward in 2011. | |||||||||||||||||||||||||
At both December 31, 2013 and 2012, the Company maintains a valuation allowance of $160 against the portion of its District of Columbia net operating loss carryforward that is not expected to be utilized before expiration due to separate company limitations. All other deferred tax assets are more likely than not to be utilized; therefore no additional valuation allowance is needed. | |||||||||||||||||||||||||
An analysis of the differences between the effective tax rates and the statutory U.S. federal income tax rate is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
U.S. federal income tax rate | $ | 7,015 | 34 | % | $ | 5,439 | 34 | % | $ | 3,729 | 34 | % | |||||||||||||
Changes from the statutory rate | |||||||||||||||||||||||||
Impact of graduated federal tax rate | 72 | 0.4 | 26 | 0.2 | - | - | |||||||||||||||||||
State income taxes, net | 439 | 2.1 | 376 | 2.4 | 1,220 | 11.1 | |||||||||||||||||||
Tax-exempt interest income | (149 | ) | (0.7 | ) | (173 | ) | (1.1 | ) | (194 | ) | (1.8 | ) | |||||||||||||
Non-deductible interest expense related to carrying tax-exempt | 9 | 0 | 12 | 0.1 | 8 | 0.1 | |||||||||||||||||||
interest earning assets | |||||||||||||||||||||||||
Non-deductible stock compensation expense | 57 | 0.3 | 62 | 0.4 | 36 | 0.3 | |||||||||||||||||||
Tax credits, net | (49 | ) | (0.2 | ) | (49 | ) | (0.3 | ) | (49 | ) | (0.4 | ) | |||||||||||||
Change in valuation allowance, net | - | - | - | - | (675 | ) | (6.1 | ) | |||||||||||||||||
Other | 10 | 0 | (20 | ) | (0.2 | ) | (275 | ) | (2.5 | ) | |||||||||||||||
$ | 7,404 | 35.9 | % | $ | 5,673 | 35.5 | % | $ | 3,800 | 34.7 | % | ||||||||||||||
Unrecognized Tax Benefits: The Company does not have any beginning or ending unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months. There were no interest and penalties recorded in the income statement or accrued for the years ended December 31, 2013, 2012 and 2011 related to unrecognized tax benefits. | |||||||||||||||||||||||||
The Company and its subsidiaries file a consolidated U.S. Corporation income tax return and a combined return in the state of West Virginia and the District of Columbia. The Company also files a corporate income tax return in the state of Kentucky and Maryland. The Company is no longer subject to examination by taxing authorities for years before 2010. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2013 | |
EMPLOYEE BENEFIT PLANS [Abstract] | ' |
EMPLOYEE BENEFIT PLANS | ' |
NOTE 13 – EMPLOYEE BENEFIT PLANS | |
The Company has qualified profit sharing plans that cover substantially all employees. Contributions to the plans consist of a Company match and additional amounts at the discretion of the Company’s Board of Directors. Total contributions to the plans were $354, $379, and $385 in 2013, 2012, and 2011. |
STOCK_COMPENSATION_EXPENSE
STOCK COMPENSATION EXPENSE | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
STOCK COMPENSATION EXPENSE [Abstract] | ' | |||||||||||||||||||||||||||||
STOCK COMPENSATION EXPENSE | ' | |||||||||||||||||||||||||||||
NOTE 14 – STOCK COMPENSATION EXPENSE | ||||||||||||||||||||||||||||||
From time to time the Company grants stock options to its employees. The Company estimates the fair value of the options at the time they are granted to employees and expenses that fair value over the vesting period of the option grant. In 2002, the Company registered 500,000 shares of its common stock to be reserved for stock based incentive programs over the next 10 years (“the 2002 Plan”). In 2012, the Company registered another 500,000 shares of its common stock to be reserve for stock based incentive programs over the subsequent 10 years (“the 2012 Long-term Incentive Plan”). | ||||||||||||||||||||||||||||||
On March 20, 2013, 52,900 incentive stock options were granted out of the 2012 Long-term Incentive Plan at an exercise price of $11.39, the closing market price of Premier on the grant date. These options vest in three equal annual installments ending on March 20, 2016. On March 21, 2012, 105,700 incentive stock options were granted out of the 2002 Plan at an exercise price of $7.47, the closing market price of Premier on the grant date. These options vest in three equal annual installments ending on March 21, 2015. On March 16, 2011, 102,000 incentive stock options were granted out of the 2002 Plan at an exercise price of $6.95, the closing market price of Premier on the grant date. These options vest in three equal annual installments ending on March 16, 2014. | ||||||||||||||||||||||||||||||
The fair value of the Company's employee stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. The assumptions used in the Black-Scholes option-pricing model are as follows | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Risk-free interest rate | 1.96 | % | 2.31 | % | 3.58 | % | ||||||||||||||||||||||||
Expected option life (yrs) | 10 | 10 | 10 | |||||||||||||||||||||||||||
Expected stock price volatility | 35.24 | % | 34.93 | % | 30.01 | % | ||||||||||||||||||||||||
Dividend yield | 3.86 | % | 2.68 | % | 4.03 | % | ||||||||||||||||||||||||
Weighted average fair value of options granted during the year | $ | 2.85 | $ | 2.34 | $ | 1.63 | ||||||||||||||||||||||||
The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield in effect at the time of the grant. The expected option life was estimated since there has been little option exercise history. The expected stock price volatility is based on historical volatilities of the Company’s common stock. The dividend yield was estimated by annualizing the current quarterly dividend on the Company’s common stock at the time of the option grant or by using historical dividends and dividend yields during the time the Company was restricted from paying dividends by its primary regulator. | ||||||||||||||||||||||||||||||
Compensation expense of $169, $181, and $106 was recorded for the years ended December 31, 2013, 2012, and 2011, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Unrecognized stock-based compensation expense related to stock options totaled $108 at December 31, 2013. This unrecognized expense is expected to be recognized over the next 26 months based on the vesting periods of the options. | ||||||||||||||||||||||||||||||
During the year ending December 31, 2013, 78,584 options were exercised while 25,550 options were exercised during the year ending December 31, 2012. There were no options exercised during the year ending December 31, 2011. | ||||||||||||||||||||||||||||||
A summary of the Company’s stock option activity is as follows: | ||||||||||||||||||||||||||||||
----------2013---------- | ----------2012---------- | ----------2011---------- | ||||||||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||||||||
Outstanding at beginning of year | 392,366 | $ | 9.24 | 350,949 | $ | 9.69 | 255,649 | $ | 10.77 | |||||||||||||||||||||
Grants | 52,900 | 11.39 | 105,700 | 7.47 | 102,000 | 6.95 | ||||||||||||||||||||||||
Exercises | (78,584 | ) | 7.77 | (25,550 | ) | 7.52 | - | - | ||||||||||||||||||||||
Forfeitures or expired | (12,401 | ) | 7.9 | (38,733 | ) | 9.61 | (6,700 | ) | 9.1 | |||||||||||||||||||||
Outstanding at year-end | 354,281 | $ | 9.84 | 392,366 | $ | 9.24 | 350,949 | $ | 9.69 | |||||||||||||||||||||
Exercisable at year-end | 212,731 | $ | 10.55 | 220,646 | $ | 10.68 | 206,727 | $ | 11.36 | |||||||||||||||||||||
Weighted average remaining life | 6.1 | 6.6 | 6.4 | |||||||||||||||||||||||||||
Options outstanding at year-end are expected to fully vest. | ||||||||||||||||||||||||||||||
Additional information regarding stock options outstanding and exercisable at December 31, 2013 is provided in the following table: | ||||||||||||||||||||||||||||||
- - - - - - - - Outstanding - - - - - - - - | - - - - - - - - Currently Exercisable - - - - - - - - | |||||||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||||||||||||||
$6.50 to $10.00 | 197,248 | $ | 7.4 | $ | 1,331 | 106,798 | 6.5 | $ | 7.48 | $ | 712 | |||||||||||||||||||
$10.01 to $12.50 | 72,933 | 11.46 | 196 | 21,833 | 1.1 | 11.62 | 55 | |||||||||||||||||||||||
$12.51 to $15.00 | 60,600 | 13.46 | 44 | 60,600 | 3.7 | 13.46 | 44 | |||||||||||||||||||||||
$15.01 to $17.50 | 23,500 | 16 | - | 23,500 | 2.1 | 16 | - | |||||||||||||||||||||||
Outstanding at Dec 31, 2013 | 354,281 | 9.84 | $ | 1,571 | 212,731 | 4.7 | 10.55 | $ | 811 | |||||||||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
RELATED PARTY TRANSACTIONS [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 15 – RELATED PARTY TRANSACTIONS | |
During 2013, 2012 and 2011, the Company paid approximately $339, $385, and $562 for printing, supplies, statement rendering, furniture, and equipment to a company affiliated by common ownership. The Company also paid another affiliate approximately $835, $797, and $863 in 2013, 2012 and 2011 to permit the Company’s employees to participate in that entity’s employee medical benefit plan. | |
During 2013, 2012 and 2011, the Company paid approximately $52, $52, and $52 to lease its headquarters facility at 2883 Fifth Avenue, Huntington, West Virginia from River City Properties, LLC, an entity 12.5% owned by the Company’s Chairman of the Board. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
NOTE 16 – EARNINGS PER SHARE | |||||||||||||
A reconciliation of the numerators and denominators of the earnings per common share and earnings per common share assuming dilution computations for 2013, 2012 and 2011 is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 12,570 | $ | 10,155 | $ | 5,947 | |||||||
Weighted average common shares outstanding | 7,997,047 | 7,940,892 | 7,937,143 | ||||||||||
Earnings per share | $ | 1.57 | $ | 1.28 | $ | 0.75 | |||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders | $ | 12,570 | $ | 10,155 | $ | 5,947 | |||||||
Weighted average common shares outstanding | 7,997,047 | 7,940,892 | 7,937,143 | ||||||||||
Add dilutive effects of potential additional common stock | 448,202 | 240,611 | 97,936 | ||||||||||
Weighted average common and dilutive potential common shares outstanding | 8,445,249 | 8,181,503 | 8,035,079 | ||||||||||
Earnings per share assuming dilution | $ | 1.49 | $ | 1.24 | $ | 0.74 | |||||||
Stock options for 84,100, 183,699, and 312,449, shares of common stock were not considered in computing diluted earnings per share for 2013, 2012, and 2011 because they were antidilutive. |
FAIR_VALUE
FAIR VALUE | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
FAIR VALUE [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||||||
NOTE 17 – FAIR VALUE | |||||||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: | |||||||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||
Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||||||
When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and the Company must use other valuation methods to develop a fair value. | |||||||||||||||||||||
Carrying amount is the estimated fair value for cash and due from banks, Federal funds sold, accrued interest receivable and payable, demand deposits, short-term debt, and variable rate loans or deposits that reprice frequently and fully. It was not practicable to determine the fair value of Federal Home Loan Bank stock due to the restrictions placed on its transferability. For fixed rate loans or deposits and for variable rate loans or deposits with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. Fair values for impaired loans are estimated using discounted cash flow analysis or underlying collateral values. Fair value of debt is based on current rates for similar financing. The fair value of commitments to extend credit and standby letters of credit is not material. | |||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments at December 31, 2013 were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and due from banks | $ | 63,984 | $ | 63,984 | $ | - | $ | - | $ | 63,984 | |||||||||||
Federal funds sold | 12,777 | 12,777 | - | - | 12,777 | ||||||||||||||||
Securities available for sale | 218,066 | - | 217,926 | 140 | 218,066 | ||||||||||||||||
Loans held for sale | 77 | - | - | 77 | 77 | ||||||||||||||||
Loans, net | 729,743 | - | - | 725,588 | 725,588 | ||||||||||||||||
Federal Home Loan Bank stock | 4,183 | n/a | n/a | n/a | n/a | ||||||||||||||||
Interest receivable | 3,132 | - | 593 | 2,539 | 3,132 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | (924,023 | ) | $ | (592,664 | ) | $ | (332,475 | ) | $ | - | $ | (925,139 | ) | |||||||
Securities sold under agreements to repurchase | (11,319 | ) | - | (11,319 | ) | - | (11,319 | ) | |||||||||||||
Other borrowed funds | (13,800 | ) | - | (13,811 | ) | - | (13,811 | ) | |||||||||||||
Interest payable | (383 | ) | (5 | ) | (378 | ) | - | (383 | ) | ||||||||||||
The carrying amounts and estimated fair values of financial instruments at December 31, 2012 were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and due from banks | $ | 66,009 | $ | 66,009 | $ | - | $ | - | $ | 66,009 | |||||||||||
Federal funds sold | 4,236 | 4,236 | - | - | 4,236 | ||||||||||||||||
Securities available for sale | 283,975 | - | 283,835 | 140 | 283,975 | ||||||||||||||||
Loans held for sale | 200 | - | - | 200 | 200 | ||||||||||||||||
Loans, net | 693,137 | - | - | 691,519 | 691,519 | ||||||||||||||||
Federal Home Loan Bank stock | 4,181 | n/a | n/a | n/a | n/a | ||||||||||||||||
Interest receivable | 3,403 | - | 827 | 2,576 | 3,403 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | (930,583 | ) | $ | (577,274 | ) | $ | (356,730 | ) | $ | - | $ | (934,004 | ) | |||||||
Securities sold under agreements to repurchase | (26,102 | ) | - | (26,102 | ) | - | (26,102 | ) | |||||||||||||
Other borrowed funds | (16,049 | ) | - | (16,022 | ) | - | (16,022 | ) | |||||||||||||
Interest payable | (489 | ) | (6 | ) | (483 | ) | - | (489 | ) | ||||||||||||
Assets and Liabilities Measured on a Recurring Basis | |||||||||||||||||||||
The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument measured on a recurring basis: | |||||||||||||||||||||
Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
U. S. agency MBS - residential | $ | 27,823 | $ | - | $ | 27,823 | $ | - | |||||||||||||
U. S. agency CMO’s | 176,722 | - | 176,722 | - | |||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 204,545 | - | 204,545 | - | |||||||||||||||||
U. S. government sponsored agency securities | 6,981 | - | 6,981 | - | |||||||||||||||||
Obligations of states and political subdivisions | 6,540 | - | 6,400 | 140 | |||||||||||||||||
Total securities available for sale | $ | 218,066 | $ | - | $ | 217,926 | $ | 140 | |||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2012 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
U. S. agency MBS - residential | $ | 37,100 | $ | - | $ | 37,100 | $ | - | |||||||||||||
U. S. agency CMO’s - residential | 212,847 | - | 212,847 | - | |||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 249,947 | - | 249,947 | - | |||||||||||||||||
U. S. government sponsored agency securities | 22,244 | - | 22,244 | - | |||||||||||||||||
Obligations of states and political subdivisions | 7,860 | - | 7,720 | 140 | |||||||||||||||||
Other securities | 3,924 | - | 3,924 | - | |||||||||||||||||
Total securities available for sale | $ | 283,975 | $ | - | $ | 283,835 | $ | 140 | |||||||||||||
The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Securities Available-for-sale | |||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||
Balance of recurring Level 3 assets at beginning of period | $ | 140 | $ | 140 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings – realized | - | - | |||||||||||||||||||
Included in earnings – unrealized | - | - | |||||||||||||||||||
Included in other comprehensive income | - | - | |||||||||||||||||||
Purchases, sales, issuances and settlements, net | - | - | |||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | |||||||||||||||||||
Balance of recurring Level 3 assets at year-end | $ | 140 | $ | 140 | |||||||||||||||||
Assets and Liabilities Measured on a Non-Recurring Basis | |||||||||||||||||||||
The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument measured on a non-recurring basis: | |||||||||||||||||||||
Impaired Loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent collateral appraisals. Real estate appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and unique to each property and result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports. Management periodically evaluates the appraised collateral values and will discount the collateral’s appraised value to account for a number of factors including but not limited to the cost of liquidating the collateral, the age of the appraisal, observable deterioration since the appraisal, management’s expertise and knowledge of the client and client’s business, or other factors unique to the collateral. To the extent an adjusted collateral value is lower than the carrying value of an impaired loan, a specific allocation of the allowance for loan losses is assigned to the loan. | |||||||||||||||||||||
Other real estate owned (OREO): The fair value of OREO is based on appraisals less cost to sell at the date of foreclosure. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Management periodically evaluates the appraised values and will discount a property’s appraised value to account for a number of factors including but not limited to the cost of liquidating the collateral, the age of the appraisal, observable deterioration since the appraisal, or other factors unique to the property. To the extent an adjusted appraised value is lower than the carrying value of an OREO property, a direct charge to earnings is recorded as an OREO writedown. | |||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||
31-Dec-13 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Residential Real Estate | $ | 1,518 | $ | - | $ | - | $ | 1,518 | |||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 346 | - | - | 346 | |||||||||||||||||
Non-owner Occupied | 428 | - | - | 428 | |||||||||||||||||
Commercial and Industrial | 3,384 | - | - | 3,384 | |||||||||||||||||
All Other | 4,133 | - | - | 4,133 | |||||||||||||||||
Total impaired loans | 9,809 | $ | - | $ | - | $ | 9,809 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Non-owner Occupied | 290 | - | - | 290 | |||||||||||||||||
All Other | 8,496 | - | - | 8,496 | |||||||||||||||||
Total OREO | $ | 8,786 | $ | - | $ | - | $ | 8,786 | |||||||||||||
Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $12,301 at December 31, 2013 with a valuation allowance of $2,492 and a carrying amount of $20,285 at December 31, 2012 with a valuation allowance of $3,842, resulting in a negative provision for loan losses of $1,350 for the year ended December 31, 2013, compared to a $795 provision for loan losses for the year ended December 31, 2012. | |||||||||||||||||||||
Other real estate owned measured at fair value less costs to sell, had a net carrying amount of $8,786, which is made up of the outstanding balance of $11,163, net of a valuation allowance of $2,377 at December 31, 2013, resulting in write downs of $782 during the year ended December 31, 2013. At December 31, 2012, other real estate owned had a net carrying amount of $7,968, made up of the outstanding balance of $9,945 net of a $1,977 valuation allowance, resulting in write downs of $1,410 during the year ended December 31, 2012. | |||||||||||||||||||||
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 are summarized below: | |||||||||||||||||||||
December 31, 2013 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Residential Real Estate | $ | 1,518 | sales comparison | adjustment for differences between the comparable sales | 0.8%-63.5%(11.9%) | ||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 346 | sales comparison | adjustment for limited salability of specialized property | 62.5%-70.0%(64.0%) | |||||||||||||||||
Non-owner Occupied | 428 | sales comparison | adjustment for limited salability of specialized property | 50.6%-50.6%(50.6%) | |||||||||||||||||
Commercial and Industrial | 3,384 | sales comparison | adjustment for limited salability of specialized property | 25.0%-65.5%(57.8%) | |||||||||||||||||
All Other | 4,133 | sales comparison | adjustment for percentage of completion of construction | 57.6%-99.3%(57.7%) | |||||||||||||||||
Total impaired loans | 9,809 | ||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Non-owner Occupied | 290 | sales comparison | adjustment for differences between the comparable sales | 42.7%-42.7%(42.7%) | |||||||||||||||||
All Other | 8,496 | sales comparison | adjustment for estimated realizable value | 9.5%-24.6%(12.5%) | |||||||||||||||||
Total OREO | $ | 8,786 | |||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2012 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||
31-Dec-12 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Residential Real Estate | $ | 2,739 | $ | - | $ | - | $ | 2,739 | |||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 512 | - | - | 512 | |||||||||||||||||
Non-owner Occupied | 427 | - | - | 427 | |||||||||||||||||
Commercial and Industrial | 8,300 | - | - | 8,300 | |||||||||||||||||
All Other | 4,465 | - | - | 4,465 | |||||||||||||||||
Total impaired loans | 16,443 | $ | - | $ | - | $ | 16,443 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Residential Real Estate | $ | 255 | $ | - | $ | - | $ | 255 | |||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 250 | - | - | 250 | |||||||||||||||||
Non-owner Occupied | 1,031 | - | - | 1,031 | |||||||||||||||||
All Other | 6,432 | - | - | 6,432 | |||||||||||||||||
Total OREO | $ | 7,968 | $ | - | $ | - | $ | 7,968 | |||||||||||||
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2012 are summarized below: | |||||||||||||||||||||
December 31, 2012 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Residential Real Estate | $ | 2,739 | sales comparison | adjustment for differences between the comparable sales | 0.8%-76.8%(10.5%) | ||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 512 | sales comparison | adjustment for limited salability of specialized property | 40.0%-70.0%(44.1%) | |||||||||||||||||
Non-owner Occupied | 427 | sales comparison | adjustment for limited salability of specialized property | 59.0%-59.0%(59.0%) | |||||||||||||||||
Commercial and Industrial | 8,300 | sales comparison | adjustment for limited salability of specialized property | 0.0%-70.0%(44.3%) | |||||||||||||||||
All Other | 4,465 | sales comparison | adjustment for percentage of completion of construction | 64.0%-91.4%(64.8%) | |||||||||||||||||
Total impaired loans | 16,443 | ||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Residential Real Estate | $ | 255 | sales comparison | adjustment for differences between the comparable sales | 0.0%-62.3%(44.1%) | ||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 250 | sales comparison | adjustment for estimated realizable value | 0.0%-17.9%(7.2%) | |||||||||||||||||
Non-owner Occupied | 1,031 | sales comparison | adjustment for differences between the comparable sales | 82.7%-82.7%(82.7%) | |||||||||||||||||
All Other | 6,432 | sales comparison | adjustment for estimated realizable value | 4.7%-16.6%(12.7%) | |||||||||||||||||
Total OREO | $ | 7,968 |
FINANCIAL_INSTRUMENTS_WITH_OFF
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | ' | ||||||||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ' | ||||||||
NOTE 18 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |||||||||
The Banks are parties to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of their customers. These financial instruments include standby letters of credit and commitments to extend credit in the form of unused lines of credit. The Banks use the same credit policies in making commitments and conditional obligations as they do for on-balance sheet instruments. In addition, the Banks offer a service whereby deposit customers, for a fee, are permitted to overdraw their accounts up to a certain deminimus amount, also known as “courtesy overdraft protection”. The aggregate unused portion of “overdraft protection” was $11,723 and $11,719 at December 31, 2013 and 2012. | |||||||||
At December 31, 2013 and 2012, the Banks had the following financial instruments whose approximate contract amounts represent credit risk: | |||||||||
2013 | 2012 | ||||||||
Standby letters of credit | $ | 6,084 | $ | 5,518 | |||||
Commitments to extend credit | |||||||||
Fixed | $ | 12,040 | $ | 7,830 | |||||
Variable | 52,576 | 43,256 | |||||||
Standby letters of credit represent conditional commitments issued by the Banks to guarantee the performance of a third party. The credit risk involved in issuing these letters of credit is essentially the same as the risk involved in extending loans to customers. Collateral held varies but primarily includes real estate and certificates of deposit. Some letters of credit are unsecured. | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Outstanding commitments are at current market rates. Fixed rate loan commitments have interest rates ranging from 2.25% to 21.00%. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Banks evaluate each customer’s creditworthiness on a case-by-case basis. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income producing properties. |
LEGAL_PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2013 | |
LEGAL PROCEEDINGS [Abstract] | ' |
LEGAL PROCEEDINGS | ' |
NOTE 19 - LEGAL PROCEEDINGS | |
Legal proceedings involving the Company and its subsidiaries periodically arise in the ordinary course of business, including claims by debtors and their related interests against the Company’s subsidiaries following initial collection proceedings. These legal proceedings sometimes can involve claims for substantial damages. At December 31, 2013 management is unaware of any legal proceedings for which the expected outcome would have a material adverse effect upon the consolidated financial statements of the Company. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | ' | ||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||
NOTE 20 – ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||
The following table details the changes in the single component of accumulated other comprehensive income for the year ended December 31, 2013: | |||||
Accumulated Other Comprehensive Income | Unrealized Gain/(Loss) on Securities Available for Sale | ||||
Balance, December 31, 2012 | $ | 6,576 | |||
Reclassification adjustments to net income: | |||||
Realized gain on disposition of securities | (1,413 | ) | |||
Provision for income taxes | 481 | ||||
Unrealized losses arising during the period, net of tax | (6,269 | ) | |||
Balance, December 31, 2013 | $ | (625 | ) | ||
For the year ended December 31, 2013, the reclassified realized gain on disposition of securities is reported on the income statement under the caption “Gain on disposition of securities” and the reclassified provision for income taxes is reported on the income statement under the caption “Provision for income taxes”. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||||||||||
NOTE 21 - STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
The Company’s principal source of funds for dividend payments to shareholders is dividends received from the subsidiary Banks. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net profits, as defined, combined with the retained net profits of the preceding two years, subject to the capital requirements and additional restrictions as discussed below. During 2014 the Banks could, without prior approval, declare dividends to Premier of approximately $3.8 million plus any 2014 net profits retained to the date of the dividend declaration. | |||||||||||||||||||||||||
The Company and the subsidiary Banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Banks must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. | |||||||||||||||||||||||||
These quantitative measures established by regulation to ensure capital adequacy require the Company and Banks to maintain minimum amounts and ratios (set forth in the following table) of Total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of December 31, 2013 the Company and the Banks meet all quantitative capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
As of December 31, 2013, the most recent notification from each of the Banks’ primary Federal regulators categorized the subsidiary Banks as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Banks must maintain minimum Total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Banks’ categories. | |||||||||||||||||||||||||
The dividend rights of holders of Premier’s common shares are also qualified and subject to the dividend rights of holders of Premier’s Series A Preferred Shares. Due to restrictions placed on it by the Federal Reserve Board of Governors in conjunction with the July 29, 2010 Written Agreement between CB&T and the FRB, Premier deferred its November 15, 2010 and February 15, 2011 quarterly dividends on its Series A Preferred Shares. On May 13, 2011, Premier was given permission by the FRB and the Board of Governors to pay the deferred November 15, 2010 and February 15, 2011 quarterly dividends on its Series A Preferred Shares in conjunction with the regularly scheduled May 15, 2011 dividend payment. All subsequent quarterly dividends on Premier’s Series A Preferred Shares have been paid as scheduled. On July 24, 2012 the FRB announced that it had terminated the July 29, 2010 Written Agreement. | |||||||||||||||||||||||||
The Company’s and the subsidiary Banks’ capital amounts and ratios as of December 31, 2013 and December 31, 2012 are presented in the table below. | |||||||||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 128,756 | 18.2 | % | $ | 56,685 | 8 | % | $ | 70,857 | 10 | % | |||||||||||||
Premier Bank, Inc. | 95,508 | 19.2 | 39,738 | 8 | 49,672 | 10 | |||||||||||||||||||
Citizens Deposit Bank | 37,158 | 17.7 | 16,819 | 8 | 21,023 | 10 | |||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 119,872 | 16.9 | % | $ | 28,343 | 4 | % | $ | 42,514 | 6 | % | |||||||||||||
Premier Bank, Inc. | 89,274 | 18 | 19,869 | 4 | 29,803 | 6 | |||||||||||||||||||
Citizens Deposit Bank | 34,591 | 16.5 | 8,409 | 4 | 12,614 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 119,872 | 11 | % | $ | 43,495 | 4 | % | $ | 54,369 | 5 | % | |||||||||||||
Premier Bank, Inc. | 89,274 | 12.4 | 28,892 | 4 | 36,115 | 5 | |||||||||||||||||||
Citizens Deposit Bank | 34,591 | 9.5 | 14,538 | 4 | 18,172 | 5 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 118,262 | 17.4 | % | $ | 54,399 | 8 | % | $ | 67,999 | 10 | % | |||||||||||||
Premier Bank, Inc. | 90,977 | 19.3 | 37,659 | 8 | 47,073 | 10 | |||||||||||||||||||
Citizens Deposit Bank | 35,794 | 17.2 | 16,610 | 8 | 20,762 | 10 | |||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 109,725 | 16.1 | % | $ | 27,199 | 4 | % | $ | 40,799 | 6 | % | |||||||||||||
Premier Bank, Inc. | 85,060 | 18.1 | 18,829 | 4 | 28,244 | 6 | |||||||||||||||||||
Citizens Deposit Bank | 33,194 | 16 | 8,305 | 4 | 12,457 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 109,725 | 10 | % | $ | 43,697 | 4 | % | $ | 54,621 | 5 | % | |||||||||||||
Premier Bank, Inc. | 85,060 | 11.8 | 28,940 | 4 | 36,175 | 5 | |||||||||||||||||||
Citizens Deposit Bank | 33,194 | 9 | 14,700 | 4 | 18,375 | 5 | |||||||||||||||||||
(1) Consolidated company is not subject to Prompt Corrective Action Provisions | |||||||||||||||||||||||||
PARENT_COMPANY_FINANCIAL_STATE
PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PARENT COMPANY FINANCIAL STATEMENTS [Abstract] | ' | ||||||||||||
PARENT COMPANY FINANCIAL STATEMENTS | ' | ||||||||||||
NOTE 22 - PARENT COMPANY FINANCIAL STATEMENTS | |||||||||||||
Condensed Balance Sheets | |||||||||||||
31-Dec | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Cash | $ | 8,761 | $ | 6,130 | |||||||||
Investment in subsidiaries | 151,019 | 152,885 | |||||||||||
Premises and equipment | 207 | 191 | |||||||||||
Other assets | 1,519 | 1,957 | |||||||||||
Total assets | $ | 161,506 | $ | 161,163 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Other liabilities | $ | 766 | $ | 818 | |||||||||
Other borrowed funds | 13,800 | 16,049 | |||||||||||
Total liabilities | 14,566 | 16,867 | |||||||||||
Stockholders’ equity | |||||||||||||
Preferred stock | 11,955 | 11,896 | |||||||||||
Common stock | 73,589 | 72,849 | |||||||||||
Retained earnings | 62,021 | 52,975 | |||||||||||
Accumulated other comprehensive income (loss) | (625 | ) | 6,576 | ||||||||||
Total stockholders’ equity | 146,940 | 144,296 | |||||||||||
Total liabilities and stockholders’ equity | $ | 161,506 | $ | 161,163 | |||||||||
Condensed Statement of Operations | |||||||||||||
Years Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income | |||||||||||||
Dividends from subsidiaries | $ | 9,675 | $ | 13,915 | $ | 6,165 | |||||||
Interest and dividend income | 12 | 22 | 23 | ||||||||||
Other income | 1,327 | 1,201 | 1,132 | ||||||||||
Total income | 11,014 | 15,138 | 7,320 | ||||||||||
Expenses | |||||||||||||
Interest expense | 650 | 754 | 852 | ||||||||||
Salaries and employee benefits | 2,387 | 2,318 | 1,952 | ||||||||||
Professional fees | 51 | 337 | 113 | ||||||||||
Other expenses | 1,020 | 1,053 | 1,079 | ||||||||||
Total expenses | 4,108 | 4,462 | 3,996 | ||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | 6,906 | 10,676 | 3,324 | ||||||||||
Income tax (benefit) | (987 | ) | (1,144 | ) | (1,034 | ) | |||||||
Income before equity in undistributed income of subsidiaries | 7,893 | 11,820 | 4,358 | ||||||||||
Equity in undistributed income (excess distributions) of subsidiaries | 5,336 | (1,497 | ) | 2,810 | |||||||||
Net income | $ | 13,229 | $ | 10,323 | $ | 7,168 | |||||||
Condensed Statement of Cash Flows | |||||||||||||
Years Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities | |||||||||||||
Net income | $ | 13,229 | $ | 10,323 | $ | 7,168 | |||||||
Adjustments to reconcile net income to | |||||||||||||
net cash from operating activities | |||||||||||||
Depreciation | 64 | 57 | 70 | ||||||||||
Stock compensation expense | 169 | 181 | 106 | ||||||||||
Gain from sales of assets | (11 | ) | - | - | |||||||||
Dividends in excess of net income of subsidiaries | - | 1,497 | - | ||||||||||
Equity in undistributed earnings of subsidiaries | (5,336 | ) | - | (2,810 | ) | ||||||||
Change in other assets | 438 | 24 | 652 | ||||||||||
Change in other liabilities | (51 | ) | 220 | (44 | ) | ||||||||
Net cash from operating activities | 8,502 | 12,302 | 5,142 | ||||||||||
Cash flows from investing activities | |||||||||||||
Cash from merger of subsidiaries | - | - | 391 | ||||||||||
Purchases of fixed assets, net of proceeds from asset sales | (69 | ) | (108 | ) | (81 | ) | |||||||
Net cash from investing activities | (69 | ) | (108 | ) | 310 | ||||||||
Cash flows from financing activities | |||||||||||||
Cash dividends on preferred stock | (600 | ) | (984 | ) | (1,390 | ) | |||||||
Cash dividends paid to shareholders | (3,524 | ) | (1,749 | ) | - | ||||||||
Repurchase of preferred stock | - | (9,237 | ) | - | |||||||||
Proceeds from stock option exercises | 571 | 192 | - | ||||||||||
Payments on other borrowed funds | (2,249 | ) | (2,081 | ) | (2,047 | ) | |||||||
Net cash from financing activities | (5,802 | ) | (13,859 | ) | (3,437 | ) | |||||||
Net change in cash and cash equivalents | 2,631 | (1,665 | ) | 2,015 | |||||||||
Cash and cash equivalents at beginning of year | 6,130 | 7,795 | 5,780 | ||||||||||
Cash and cash equivalents at end of year | $ | 8,761 | $ | 6,130 | $ | 7,795 | |||||||
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ||||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||||||
NOTE 23 - QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||
Interest | Net Interest | Net | |||||||||||||||||||
Income | Income | Income | Basic | Diluted | |||||||||||||||||
2013 | |||||||||||||||||||||
First Quarter | $ | 11,415 | $ | 10,140 | $ | 2,504 | $ | 0.29 | $ | 0.28 | |||||||||||
Second Quarter | 12,317 | 11,093 | 3,109 | 0.37 | 0.35 | ||||||||||||||||
Third Quarter | 13,192 | 12,027 | 3,926 | 0.47 | 0.44 | ||||||||||||||||
Fourth Quarter | 11,546 | 10,435 | 3,690 | 0.44 | 0.41 | ||||||||||||||||
2012 | |||||||||||||||||||||
First Quarter | $ | 14,216 | $ | 12,418 | $ | 2,830 | $ | 0.32 | $ | 0.31 | |||||||||||
Second Quarter | 11,956 | 10,308 | 2,092 | 0.23 | 0.22 | ||||||||||||||||
Third Quarter | 12,580 | 11,017 | 2,411 | 0.38 | 0.37 | ||||||||||||||||
Fourth Quarter | 11,683 | 10,256 | 2,990 | 0.36 | 0.34 | ||||||||||||||||
In 2013, interest income varied per quarter due to a random pattern of borrowers repaying commercial loans in full. Some of the loans paid off in full were either discounted at the time of their acquisition or were on the cost recovery method. These loans, when paid in full, resulted in an increase in interest income as the purchase discount or any historical non-accrual interest paid was recognized immediately in income, particularly illustrated by the increase in interest income in the second and third quarters of 2013. Also contributing to an increase in interest income was an increase in loans outstanding although the overall yield on the loan portfolio decreased during the year. The fluctuations in interest income resulted in similar fluctuations in net interest income and net income in 2013. During 2013, net interest income was impacted positively by interest expense savings from continually lower market interest rates related to time deposits and transaction-based deposits. Net income was also higher due to a negative provision for loan losses in the fourth quarter of 2013 resulting from the full payoff of an impaired loan during the quarter. Non-interest expenses were generally lower in 2013 due to lower collection costs and OREO costs incurred when compared to 2012. | |||||||||||||||||||||
Similar to 2013, interest income varied per quarter in 2012 due to a random pattern of borrowers repaying commercial loans in full. Due to weak loan demand, the proceeds from these loan payoffs were usually reinvested at significantly lower yields. However, some of the loans paid off in full were either discounted at the time of their acquisition or were on the cost recovery method. These loans, when paid in full, also resulted in an increase in interest income as the purchase discount or any historical non-accrual interest paid was recognized immediately in income. The fluctuations in interest income resulted in similar fluctuations in net interest income and net income in 2012. During 2012, net interest income was also impacted positively by interest expense savings from continually lower market interest rates related to time deposits and transaction-based deposits. Quarterly net income was generally higher in 2012 largely as a result of expenses incurred in 2011 to convert Premier’s core operating systems and ATM network to a single provider as well as expense savings on data processing costs in 2012 under the new provider. The increased net income in the fourth quarter of 2012 resulted from the gain on the sale of note to a third party. |
PREFERRED_STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2013 | |
PREFERRED STOCK [Abstract] | ' |
PREFERRED STOCK | ' |
NOTE 24 – PREFERRED STOCK | |
On October 2, 2009, as part of the Troubled Asset Relief Program (“TARP”) Capital Purchase Program, the Company entered into a Letter Agreement and Securities Purchase Agreement (collectively, the “Purchase Agreement”) with the United States Department of the Treasury (“U.S. Treasury”). Pursuant to the Purchase Agreement, the Company issued and sold to the U.S. Treasury 22,252 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, no par value, with a liquidation preference of one thousand dollars per share (the “Series A Preferred Stock”) and a ten-year warrant (the “Warrant”) to purchase 628,588 shares of the Company’s common stock, no par value, at an exercise price of $5.31 per share, for an aggregate purchase price of $22,252 in cash. | |
Under standardized TARP Capital Purchase Program terms, cumulative dividends on the Series A Preferred Stock will accrue on the liquidation preference at a rate of 5% per annum until November 14, 2014, and at a rate of 9% per annum thereafter. These dividends will be paid only if, as and when declared by Premier’s Board of Directors. The Series A Preferred Stock has no maturity date and ranks senior to the Company’s common stock with respect to the payment of dividends and distributions and amounts payable upon liquidation, dissolution and winding up of Premier. Subject to the approval of the Appropriate Federal Banking Agency (as defined in the Securities Purchase Agreement, which for Premier is the Board of Governors of the Federal Reserve System), the Series A Preferred Stock is redeemable at the option of Premier at 100% of its liquidation preference plus accrued and unpaid dividends, without penalty, delay or the need to raise additional replacement capital. | |
On July 9, 2012, the U.S. Treasury announced its intent to sell its investment in Premier’s Series A Preferred Stock along with similar investments the U.S. Treasury had made in 11 other financial institutions, principally to qualified institutional buyers. Using a modified Dutch auction methodology that establishes a market price by allowing investors to submit bids at specified increments during the period of July 23, 2012 through July 26, 2012, the U.S. Treasury auctioned all of Premier’s 22,252 Series A Preferred Stock. Premier sought and obtained regulatory permission to participate in the auction. Premier successfully bid to repurchase 10,252 shares of the 22,252 outstanding shares. At the auction’s closing price of $901.03 per share, Premier was able to preserve approximately $1.0 million of capital versus redeeming the Series A Preferred Stock at the liquidation preference of $1,000 per share. As of December 31, 2013, the remaining 12,000 shares are held by private investors. | |
The Series A Preferred Stock is non-voting, but has class voting rights on (i) any authorization or issuance of shares ranking senior to the Series A Preferred Stock; (ii) any amendment to the rights of the Series A Preferred Stock; or (iii) any merger, consolidation, share exchange, reclassification or similar transaction which would adversely affect the rights of the Series A Preferred Stock. In the event that the cumulative dividends described above are not paid in full for an aggregate of six dividend periods or more, whether or not consecutive, the authorized number of directors of Premier would automatically be increased by two and the holders of the Series A Preferred Stock would have the right to elect two directors. The right to elect directors would end when dividends have been paid in full for four consecutive dividend periods. As previously disclosed, Premier has already deferred two dividend payments on the Series A Preferred Stock as a result of the Federal Reserve Board of Governors’ refusal to initially approve the November 15, 2010 and February 15, 2011 dividends under the Written Agreement dated July 29, 2010, among CB&T, a wholly owned subsidiary of Premier; the FRB, and the Virginia Bureau. These deferred dividends were paid along with the regularly scheduled May 15, 2011 Series A Preferred Stock quarterly dividend. All subsequent quarterly dividends on Premier’s Series A Preferred Shares have been paid as scheduled. On July 24, 2012 the FRB announced that it had terminated the July 29, 2010 Written Agreement. | |
The U.S. Treasury has agreed not to exercise voting power with respect to any common stock issued to it upon exercise of the Warrant. The common stock will be issued from authorized but unissued common stock and thus will dilute the interests of existing Premier common shareholders. As of December 31, 2013, the Warrant has not yet been exercised. Since the Series A Preferred Stock was disposed of by the U.S. Treasury, Premier has the right to repurchase the Warrant at its appraised value. If Premier chooses not to repurchase the Warrant, the U.S. Treasury may liquidate the Warrant at its current market price. | |
Pursuant to the terms of the Purchase Agreement, the ability of the Company to declare or pay dividends or distributions on shares of its common stock will be subject to restrictions. | |
The Purchase Agreement also subjected the Company to certain of the executive compensation limitations included in the Emergency Economic Stabilization Act of 2008 (the “EESA”). In this connection, as a condition to the closing of the transaction, the Company’s Senior Executive Officers (as defined in the Purchase Agreement) (the “Senior Executive Officers”), (i) voluntarily waived any claim against the U.S. Treasury or the Company for any changes to such officer’s compensation or benefits that are required to comply with the regulation issued by the U.S. Treasury under the TARP Capital Purchase Program and acknowledged that the regulation may require modification of the compensation, bonus, incentive and other benefit plans, arrangements and policies and agreements as they relate to the period the U.S. Treasury owns the Preferred Stock of the Company; and (ii) entered into a letter with the Company amending the Benefit Plans with respect to such Senior Executive Officers as may be necessary, during the period that the Treasury owns the Preferred Stock of the Company, as necessary to comply with Section 111(b) of the EESA. These limitations terminated upon completion of the U.S. Treasury’s auction of the Series A Preferred Stock on August 10, 2012. |
PENDING_ACQUISITION
PENDING ACQUISITION | 12 Months Ended |
Dec. 31, 2013 | |
Pending Acquisitions [Abstract] | ' |
PENDING ACQUISITION | ' |
NOTE 25 – PENDING ACQUISITION | |
On November 19, 2013, Premier and Gassaway Bancshares, Inc. (“Bancshares”), a $165 million single bank holding company headquartered in Gassaway, West Virginia jointly announced that they had entered into a definitive agreement whereby Premier Bank, Premier’s wholly owned subsidiary, will acquire the Bank of Gassaway, the wholly owned subsidiary of Bancshares, in a cash purchase valued at approximately $20.3 million. Under terms of the definitive agreement, Premier Bank will pay $20.3 million in cash for the Bank of Gassaway and will merge Bank of Gassaway’s five branch locations into Premier’s operating system in the second quarter of 2014. The transaction, which is subject to satisfaction of various contractual conditions and requires approval by bank regulatory agencies and the shareholders of Bancshares, is anticipated to close in the second quarter of 2014. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations: The subsidiary banks (Banks) operate under state bank charters. The Banks provide traditional banking services to customers primarily located in the counties and adjoining counties in Kentucky, Ohio, West Virginia, Maryland, Washington DC and Virginia in which the Banks operate. The state chartered banks are subject to regulation by their respective state banking regulators and the Federal Deposit Insurance Corporation (“FDIC”). The Company is also subject to regulation by the Federal Reserve Board. | |
Cash Flows | ' |
Cash Flows: For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-earning balances with banks with an original maturity less than ninety days and federal funds sold. Net cash flows are reported for loans, deposits, repurchase agreements, and short-term borrowing transactions. | |
Estimates in the Financial Statements | ' |
Estimates in the Financial Statements: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The allowance for loan losses, the identification and evaluation of impaired loans, the fair value of assets and liabilities acquired, impairment of goodwill, deferred tax assets and fair values of financial instruments are particularly subject to change. | |
Securities | ' |
Securities: The Company classifies its securities portfolio as either securities available for sale or securities held to maturity. Securities held to maturity are carried at amortized cost. The Company had no securities classified as held to maturity at December 31, 2013 or 2012. | |
Securities available for sale might be sold before maturity and are carried at fair value. Adjustments from amortized cost to fair value are recorded in other comprehensive income, net of related income tax. Other securities such as Federal Home Loan Bank stock and Federal Reserve Bank stock are carried at cost. | |
Interest income includes amortization of purchase premium or discount computed using the level yield method. Gains or losses on dispositions are recorded on the trade date and are based on the net proceeds and adjusted carrying amount of the securities sold using the specific identification method. Securities are written down to fair value when a decline in fair value is not temporary. | |
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Declines in the fair value of securities below their cost that are other-than-temporary are reflected as realized losses. In estimating other-than-temporary losses, management considers the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. | |
Loans Held for Sale | ' |
Loans Held for Sale: Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or market, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans are generally sold with servicing released. | |
Loans | ' |
Loans: Net loans are stated at the amount of recorded investment reduced by an allowance for loan losses. The recorded investment in a loan is the unpaid principal reduced by any purchase discounts and unearned income. The recorded investment excludes accrued interest receivable due to immateriality. Interest income on loans is recognized on the unpaid principal balance on the accrual basis except for those loans in a non-accrual of income status. The accrual of interest on impaired loans is discontinued when management believes, after consideration of economic and business conditions as well as collection efforts, that the borrowers’ financial condition is such that collection of interest is doubtful. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level yield method without anticipating prepayments. | |
Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer loans are typically charged off no later than 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. | |
All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such 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. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk: Most of the Company’s loans located in the Washington, DC metro area are commercial real estate loans. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy and commercial real estate collateral values in the Washington, DC metro area. | |
Certain Purchased Loans | ' |
Certain Purchased Loans: Loans acquired via branch purchase or acquisition after December 31, 2008 are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. Some of these purchased loans have shown evidence of credit deterioration since origination. After acquisition, losses are recognized by an increase in the allowance for loan losses. | |
Such purchased loans are accounted for individually or may be aggregated into pools of loans based on common risk characteristics such as loan type. The Company estimates the amount and timing of expected cash flows for each purchased loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | |
Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as an increase in the allowance for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses increased by a provision for loan losses charged to expense. The allowance is an amount that management believes will be adequate to absorb probable incurred losses on existing loans based on evaluations of the collectability of the 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. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. Loans are charged against the allowance for loan losses when management believes that the collection of principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. | |
A loan is impaired when full payment under the loan terms is not expected. Impairment is evaluated in total for smaller-balance loans of similar nature such as residential mortgage, consumer, and credit card loans, and accordingly, they are not separately identified for impairment disclosures. All other loans are evaluated for impairment on an individual basis. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. 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 case-by-case basis, taking into consideration all of the 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. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Loans with restructured terms offering a concession to enable a struggling borrower to repay (Troubled Debt Restructurings) are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. | |
The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent 36 months. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified as having differing risk characteristics: | |
Loans secured by 1-4 family real estate: Loans secured by 1-4 family residential real estate represent the lowest risk of loans for the Company. They include fixed and floating rate loans as well as loans for commercial purposes or consumer purposes. The Company generally does not hold subprime residential mortgages. Borrowers with loans in this category, whether for commercial or consumer purposes, tend to make their payments timely as they do not want to risk foreclosure and loss of their primary residence. | |
Loans secured by multifamily residential real estate: Loans secured by multifamily residential real estate consist primarily of loans secured by apartment buildings and can be either fixed or floating rate loans. Multi-family residential real estate loans generally present a higher level of risk than loans secured by 1-4 family residential real estate because the borrower’s repayment ability typically comes from rents from tenants. Local economic and employment fluctuations impact rent rolls and potentially the borrower’s repayment ability. | |
Loans secured by owner occupied non-farm non-residential real estate: Loans secured by owner occupied non-farm non-residential real estate consist of loans secured by commercial real estate owned and operated by the borrower. These loans generally consist of loans to borrowers who either own the commercial real estate where their business is located and have pledged the property as collateral or have borrowed funds from the Company to purchase the commercial real estate where their business is operated and located. The key factor is that the business operated within the pledged collateral generates the cash flow for repayment. These loans generally present a higher level of risk than loans secured by multifamily residential real estate because the cash flow for repayment generally comes from the success of the business. If economic conditions deteriorate, the business venture may not be successful or as successful in order for the borrower to make their loan payments and fund personal living expenses at the same time. Collateral values will also fluctuate with local economic conditions. | |
Loans secured by non-farm non-residential real estate: Loans secured by non-farm non-residential real estate consist of loans secured by commercial real estate that is not owner occupied. These loans generally consist of loans collateralized by property whereby rents received from commercial tenants of the borrower are the source of repayment. These loans generally present a higher level of risk than loans secured by owner occupied commercial real estate because repayment risk is expanded to be dependent on the success of multiple businesses which are paying rent to the borrower. If multiple businesses fail due to deteriorating economic conditions or poor business management skills, the borrower may not have enough rents to cover their monthly payment. Repayment risk is also increased depending on the level of surplus available commercial lease space in the local market area. | |
Commercial and industrial loans not secured by real estate: These loans to businesses do not have real estate as the underlying collateral. Instead of real estate, collateral could be business assets such as equipment or accounts receivable or the personal guarantee of one or more guarantors. These loans generally present a higher level of risk than loans secured commercial real estate because in the event of default by the borrower, the business assets must be liquidated and/or guarantors pursued for deficit funds. Business assets are worth more while they are in use to produce income for the business and worth significantly less if the business is no longer in operation. For this reason, the Company discounts the value on these types of collateral prior to meeting the Company’s loan-to-value policy limits. | |
Consumer loans: Consumer loans are generally loans to borrowers for non-business purposes. They can be either secured or unsecured. Consumer loans are generally small in the individual amount of principal outstanding and are repaid from the borrower’s private funds earned from employment. Consumer lending risk is very susceptible to local economic trends. If there is a consumer loan default, any collateral that may be repossessed is generally not well maintained and has a diminished value. For this reason, consumer loans tend to have higher overall interest rates to cover the higher cost repossession and charge-offs. However, due to their smaller average balance per borrower, consumer loans are collectively evaluated for impairment in determining the appropriate allowance for loan losses. | |
All other loan types: All other loan types are aggregated together for credit risk evaluation due to the varying nature but small number of the remaining types of loans in the Company’s loan portfolio. Loans in this segment include but are not limited to commercial and residential construction loans, loans secured by farmland, agricultural loans and loans to tax-exempt entities. | |
Transfers of Financial Assets | ' |
Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Premises and Equipment | ' |
Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is recorded principally by the straight-line method with useful lives ranging from 7 to 40 years for premises and from 3 to 15 years for equipment. | |
Other Real Estate Owned | ' |
Other Real Estate Owned: Real estate acquired through foreclosure is carried at the lower of the recorded investment in the property or its fair value less estimated costs to sell. Upon repossession, the value of the underlying loan is adjusted to the fair value of the real estate less estimated costs to sell by a charge to the allowance for loan losses, if necessary, establishing a new cost basis. If the fair value of the property declines subsequent to foreclosure, a valuation allowance is charged to operating expenses. Parcels of real estate maybe leased to third parties to offset holding period costs. Operating expenses of such properties, net of related income, and gains and losses on their disposition are included in other expenses. | |
Federal Home Loan Bank ("FHLB") stock | ' |
Federal Home Loan Bank (“FHLB”) stock: The Banks are members of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Federal Reserve Bank ("FRB") Stock | ' |
Federal Reserve Bank (“FRB”) Stock: Prior to its merger into Premier Bank, Inc., Consolidated Bank and Trust was a member of the Federal Reserve Bank of Richmond and owned FRB Stock. FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets: Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009, is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any non-controlling interests in the acquired company, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized but is assessed at least annually for impairment and any such impairment will be recognized in the period identified. Impairment is evaluated using the aggregate of all banking operations. Based upon the most recently completed goodwill impairment test, management concluded the recorded value of goodwill was not impaired as of October 31, 2013 based upon the estimated fair value of the Company’s single reporting unit. | |
Other intangible assets consist of core deposit intangible assets arising from whole bank and branch acquisitions. They are initially measured at fair value and then are amortized on an accelerated method over their estimated useful lives of approximately 8 years. | |
Long-term Assets | ' |
Long-term Assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that the carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Repurchase Agreements | ' |
Repurchase Agreements: Substantially all repurchase agreement liabilities represent amounts advanced by various customers. Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. | |
Stock Based Compensation | ' |
Stock Based Compensation: Compensation cost is recognized for stock options granted to employees based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. Compensation cost is recognized on a straight-line basis over the required service period, generally defined as the vesting period. | |
Income Taxes | ' |
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. | |
The Company recognizes interest related to income tax matters as other interest expense and penalties related to income tax matters as other noninterest expense. | |
Off Balance Sheet Financial Instruments | ' |
Off Balance Sheet Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |
Earnings Per Common Share | ' |
Earnings Per Common Share: Basic earnings per common share is net income (available to common shareholders) divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options and stock warrants. Earnings and dividends per share are restated for all stock splits and dividends through the date of issuance of the financial statements. | |
Comprehensive Income | ' |
Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale which is also recognized as a separate component of equity. | |
Loss Contingencies | ' |
Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |
Operating Segments | ' |
Operating Segments: All of the Company’s operations are considered by management to be aggregated into one reportable operating segment. While the chief decision-makers monitor the revenue streams of the various products and services, the identifiable segments are not material. Operations are managed and financial performance is evaluated on a Company-wide basis. | |
Reclassifications | ' |
Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. | |
Adoption of New Accounting Standards | ' |
Adoption of New Accounting Standards: | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (AOCI).” The amendment requires an entity to present the reclassification adjustments out of AOCI and into net income for each component reported. These amounts may be disclosed before-tax or after-tax, and must be disclosed in either the income statement or the notes to the financial statements. This update is intended to supplement changes made in 2012 to increase the prominence of items reported in other comprehensive income. The standard became effective for the Company on January 1, 2013. The adoption of this guidance resulted in the disclosures in Note 20 below and did not have a material impact upon the Company’s financial statements. | |
In July 2012, the Financial Accounting Standards Board (“FASB”) amended existing guidance relating to testing indefinite-lived intangible assets for impairment. The amendment permits an assessment of qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, it is concluded that it is not more likely than not that the indefinite-lived intangible asset is impaired, then no further action is required. However, after the same assessment, if it is concluded that it is more likely than not that the indefinite-lived intangible asset is impaired, then a quantitative impairment test should be performed whereby the fair value of the indefinite-lived intangible asset is compared to the carrying amount. The amendments in this guidance are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact upon the Company’s financial statements. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Accounts of the Company and its Wholly Owned Subsidiaries | ' | ||||||||||||
The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the Company) and its wholly-owned subsidiaries: | |||||||||||||
Unaudited | |||||||||||||
31-Dec-13 | |||||||||||||
Subsidiary | Location | Year | Total | Net | |||||||||
Acquired | Assets | Income | |||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 363,248 | $ | 5,081 | |||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 729,695 | 9,930 | |||||||||
Parent and Intercompany Eliminations | 7,236 | (1,782 | ) | ||||||||||
Consolidated total | $ | 1,100,179 | $ | 13,229 |
SECURITIES_Tables
SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
SECURITIES [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost and Fair Value of Investment Securities, by Category | ' | ||||||||||||||||||||||||
Amortized cost and fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: | |||||||||||||||||||||||||
2013 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 27,681 | $ | 463 | $ | (321 | ) | $ | 27,823 | ||||||||||||||||
U. S. sponsored agency CMO’s - residential | 178,000 | 1,167 | (2,445 | ) | 176,722 | ||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 205,681 | 1,630 | (2,766 | ) | 204,545 | ||||||||||||||||||||
U. S. government sponsored agency securities | 7,058 | 30 | (107 | ) | 6,981 | ||||||||||||||||||||
Obligations of states and political subdivisions | 6,275 | 265 | - | 6,540 | |||||||||||||||||||||
Total available for sale | $ | 219,014 | $ | 1,925 | $ | (2,873 | ) | $ | 218,066 | ||||||||||||||||
2012 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 35,172 | $ | 1,928 | $ | - | $ | 37,100 | |||||||||||||||||
U. S. sponsored agency CMO’s - residential | 206,466 | 6,392 | (11 | ) | 212,847 | ||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 241,638 | 8,320 | (11 | ) | 249,947 | ||||||||||||||||||||
U. S. government sponsored agency securities | 22,062 | 182 | - | 22,244 | |||||||||||||||||||||
Obligations of states and political subdivisions | 7,419 | 441 | - | 7,860 | |||||||||||||||||||||
Other securities | 2,892 | 1,105 | (73 | ) | 3,924 | ||||||||||||||||||||
Total available for sale | $ | 274,011 | $ | 10,048 | $ | (84 | ) | $ | 283,975 | ||||||||||||||||
Amortized Cost and Fair Value of Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities at December 31, 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Due in one year or less | $ | 1,017 | $ | 1,027 | |||||||||||||||||||||
Due after one year through five years | 8,319 | 8,604 | |||||||||||||||||||||||
Due after five years through ten years | 3,997 | 3,890 | |||||||||||||||||||||||
Mortgage-backed securities of government sponsored agencies | 205,681 | 204,545 | |||||||||||||||||||||||
Total available for sale | $ | 219,014 | $ | 218,066 | |||||||||||||||||||||
Securities in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
Securities with unrealized losses at year-end 2013 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
U.S government sponsored agency securities | $ | 3,890 | $ | (107 | ) | $ | - | $ | - | $ | 3,890 | $ | (107 | ) | |||||||||||
U.S government sponsored agency MBS’s – residential | 13,797 | (321 | ) | - | - | 13,797 | (321 | ) | |||||||||||||||||
U.S government sponsored agency CMO’s – residential | 102,341 | (2,445 | ) | - | - | 102,341 | (2,445 | ) | |||||||||||||||||
Total temporarily impaired | $ | 120,028 | $ | (2,873 | ) | $ | - | $ | - | $ | 120,028 | $ | (2,873 | ) | |||||||||||
Securities with unrealized losses at year-end 2012 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
U.S government sponsored agency CMO’s – residential | $ | 2,077 | $ | (11 | ) | $ | - | $ | - | $ | 2,077 | $ | (11 | ) | |||||||||||
Other securities | - | - | 4 | (73 | ) | 4 | (73 | ) | |||||||||||||||||
Total temporarily impaired | $ | 2,077 | $ | (11 | ) | $ | 4 | $ | (73 | ) | $ | 2,081 | $ | (84 | ) |
LOANS_Tables
LOANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
LOANS [Abstract] | ' | ||||||||||||||||||||||||||||||||
Major Classifications of Loans | ' | ||||||||||||||||||||||||||||||||
Major classifications of loans at year-end are summarized as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 216,081 | $ | 214,743 | |||||||||||||||||||||||||||||
Multifamily real estate | 38,456 | 28,673 | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 90,539 | 91,902 | |||||||||||||||||||||||||||||||
Non owner occupied | 208,756 | 178,849 | |||||||||||||||||||||||||||||||
Commercial and industrial | 85,301 | 84,430 | |||||||||||||||||||||||||||||||
Consumer | 25,113 | 28,128 | |||||||||||||||||||||||||||||||
All other | 76,524 | 77,900 | |||||||||||||||||||||||||||||||
$ | 740,770 | $ | 704,625 | ||||||||||||||||||||||||||||||
Analysis of Activity with Respect to all Director and Executive Officer Loans | ' | ||||||||||||||||||||||||||||||||
An analysis of the 2013 activity with respect to all director and executive officer loans is as follows: | |||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 16,639 | |||||||||||||||||||||||||||||||
Additions, including loans now meeting disclosure requirements | 1,530 | ||||||||||||||||||||||||||||||||
Amounts collected and loans no longer meeting disclosure requirements | (6,973 | ) | |||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 11,196 | |||||||||||||||||||||||||||||||
Activity in the Allowance for Loan Losses by Portfolio Segment | ' | ||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2013 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-12 | Dec 31, 2013 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,163 | $ | 803 | $ | (292 | ) | $ | 20 | $ | 2,694 | ||||||||||||||||||||||
Multifamily real estate | 331 | 86 | - | - | 417 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,117 | 123 | (132 | ) | 299 | 1,407 | |||||||||||||||||||||||||||
Non owner occupied | 1,888 | 163 | (14 | ) | - | 2,037 | |||||||||||||||||||||||||||
Commercial and industrial | 3,046 | (918 | ) | (32 | ) | 88 | 2,184 | ||||||||||||||||||||||||||
Consumer | 244 | 168 | (188 | ) | 73 | 297 | |||||||||||||||||||||||||||
All other | 2,699 | (800 | ) | (251 | ) | 343 | 1,991 | ||||||||||||||||||||||||||
Total | $ | 11,488 | $ | (375 | ) | $ | (909 | ) | $ | 823 | $ | 11,027 | |||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2012 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-11 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,134 | $ | 709 | $ | (728 | ) | $ | 48 | $ | 2,163 | ||||||||||||||||||||||
Multifamily real estate | 284 | 47 | - | - | 331 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 918 | (68 | ) | (15 | ) | 282 | 1,117 | ||||||||||||||||||||||||||
Non owner occupied | 2,381 | (198 | ) | (318 | ) | 23 | 1,888 | ||||||||||||||||||||||||||
Commercial and industrial | 1,880 | 2,419 | (1,259 | ) | 6 | 3,046 | |||||||||||||||||||||||||||
Consumer | 298 | 72 | (227 | ) | 101 | 244 | |||||||||||||||||||||||||||
All other | 1,900 | 1,279 | (606 | ) | 126 | 2,699 | |||||||||||||||||||||||||||
Total | $ | 9,795 | $ | 4,260 | $ | (3,153 | ) | $ | 586 | $ | 11,488 | ||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2011 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-10 | 31-Dec-11 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,666 | $ | (241 | ) | $ | (347 | ) | $ | 56 | $ | 2,134 | |||||||||||||||||||||
Multifamily real estate | 252 | 11 | - | 21 | 284 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,141 | (52 | ) | (171 | ) | - | 918 | ||||||||||||||||||||||||||
Non owner occupied | 1,644 | 1,081 | (382 | ) | 38 | 2,381 | |||||||||||||||||||||||||||
Commercial and industrial | 2,421 | (555 | ) | (23 | ) | 37 | 1,880 | ||||||||||||||||||||||||||
Consumer | 366 | (4 | ) | (152 | ) | 88 | 298 | ||||||||||||||||||||||||||
All other | 1,375 | 3,390 | (2,951 | ) | 86 | 1,900 | |||||||||||||||||||||||||||
Total | $ | 9,865 | $ | 3,630 | $ | (4,026 | ) | $ | 326 | $ | 9,795 | ||||||||||||||||||||||
Purchased Loans | ' | ||||||||||||||||||||||||||||||||
The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2013 and December 31 2012. The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition and interest payments made by the borrower which have been used to reduce the recorded investment in the loan rather than recognized as interest income. | |||||||||||||||||||||||||||||||||
31-Dec-13 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,021 | $ | 1,725 | $ | 1,737 | |||||||||||||||||||||||||||
Multifamily real estate | 3,282 | 1,889 | 1,369 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1,364 | 1,147 | 1,387 | ||||||||||||||||||||||||||||||
Non owner occupied | 2,683 | 1,973 | 3,739 | ||||||||||||||||||||||||||||||
Commercial and industrial | 6,838 | 4,961 | 84 | ||||||||||||||||||||||||||||||
Consumer | 167 | 148 | 16 | ||||||||||||||||||||||||||||||
All other | 12,212 | 4,798 | 146 | ||||||||||||||||||||||||||||||
Total | $ | 28,567 | $ | 16,641 | $ | 8,478 | |||||||||||||||||||||||||||
31-Dec-12 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 3,145 | $ | 2,813 | $ | 208 | |||||||||||||||||||||||||||
Multifamily real estate | 5,501 | 4,390 | 227 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1,153 | 976 | 783 | ||||||||||||||||||||||||||||||
Non owner occupied | 3,207 | 2,174 | 74 | ||||||||||||||||||||||||||||||
Commercial and industrial | 11,407 | 9,897 | 555 | ||||||||||||||||||||||||||||||
Consumer | 278 | 267 | - | ||||||||||||||||||||||||||||||
All other | 5,468 | 5,289 | 2,043 | ||||||||||||||||||||||||||||||
Total | $ | 30,159 | $ | 25,806 | $ | 3,890 | |||||||||||||||||||||||||||
Purchase Loans Accretable Yield, or Income Expected to be Collected | ' | ||||||||||||||||||||||||||||||||
The accretable yield, or income expected to be collected, on the purchased loans above is as follows at December 31 2013 and December 31, 2012. There was no accretable yield on the purchased loans above prior to January 1, 2012. | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 635 | $ | - | |||||||||||||||||||||||||||||
New loans purchased | - | - | |||||||||||||||||||||||||||||||
Accretion of income | (26 | ) | (6 | ) | |||||||||||||||||||||||||||||
Income recognized upon full repayment | (415 | ) | - | ||||||||||||||||||||||||||||||
Reclassifications from non-accretable difference | 23 | 641 | |||||||||||||||||||||||||||||||
Disposals | - | - | |||||||||||||||||||||||||||||||
Balance at December 31 | $ | 217 | $ | 635 | |||||||||||||||||||||||||||||
Past Due and Non-performing Loans | ' | ||||||||||||||||||||||||||||||||
The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2013 and December 31 2012. The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition and interest payments made by the borrower which have been used to reduce the recorded investment in the loan rather than recognized as interest income. | |||||||||||||||||||||||||||||||||
31-Dec-13 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,021 | $ | 1,725 | $ | 1,737 | |||||||||||||||||||||||||||
Multifamily real estate | 3,282 | 1,889 | 1,369 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1,364 | 1,147 | 1,387 | ||||||||||||||||||||||||||||||
Non owner occupied | 2,683 | 1,973 | 3,739 | ||||||||||||||||||||||||||||||
Commercial and industrial | 6,838 | 4,961 | 84 | ||||||||||||||||||||||||||||||
Consumer | 167 | 148 | 16 | ||||||||||||||||||||||||||||||
All other | 12,212 | 4,798 | 146 | ||||||||||||||||||||||||||||||
Total | $ | 28,567 | $ | 16,641 | $ | 8,478 | |||||||||||||||||||||||||||
31-Dec-12 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 3,145 | $ | 2,813 | $ | 208 | |||||||||||||||||||||||||||
Multifamily real estate | 5,501 | 4,390 | 227 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1,153 | 976 | 783 | ||||||||||||||||||||||||||||||
Non owner occupied | 3,207 | 2,174 | 74 | ||||||||||||||||||||||||||||||
Commercial and industrial | 11,407 | 9,897 | 555 | ||||||||||||||||||||||||||||||
Consumer | 278 | 267 | - | ||||||||||||||||||||||||||||||
All other | 5,468 | 5,289 | 2,043 | ||||||||||||||||||||||||||||||
Total | $ | 30,159 | $ | 25,806 | $ | 3,890 | |||||||||||||||||||||||||||
Aging of Recorded Investment in Past Due Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | |||||||||||||||||||||||||||||||||
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | ||||||||||||||||||||||||||||
Residential real estate | $ | 216,081 | $ | 4,770 | $ | 2,431 | $ | 7,201 | $ | 208,880 | |||||||||||||||||||||||
Multifamily real estate | 38,456 | 367 | 2,688 | 3,055 | 35,401 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 90,539 | 516 | 2,073 | 2,589 | 87,950 | ||||||||||||||||||||||||||||
Non owner occupied | 208,756 | 278 | 5,478 | 5,756 | 203,000 | ||||||||||||||||||||||||||||
Commercial and industrial | 85,301 | 1,433 | 1,438 | 2,871 | 82,430 | ||||||||||||||||||||||||||||
Consumer | 25,113 | 421 | 82 | 503 | 24,610 | ||||||||||||||||||||||||||||
All other | 76,524 | 2,510 | 4,881 | 7,391 | 69,133 | ||||||||||||||||||||||||||||
Total | $ | 740,770 | $ | 10,295 | $ | 19,071 | $ | 29,366 | $ | 711,404 | |||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2012 by class of loans: | |||||||||||||||||||||||||||||||||
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | ||||||||||||||||||||||||||||
Residential real estate | $ | 214,743 | $ | 9,356 | $ | 2,040 | $ | 11,396 | $ | 203,347 | |||||||||||||||||||||||
Multifamily real estate | 28,673 | 695 | 3,893 | 4,588 | 24,085 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 91,902 | 6,212 | 1,129 | 7,341 | 84,561 | ||||||||||||||||||||||||||||
Non owner occupied | 178,849 | 5,267 | 2,248 | 7,515 | 171,334 | ||||||||||||||||||||||||||||
Commercial and industrial | 84,430 | 2,306 | 2,485 | 4,791 | 79,639 | ||||||||||||||||||||||||||||
Consumer | 28,128 | 602 | 176 | 778 | 27,350 | ||||||||||||||||||||||||||||
All other | 77,900 | 468 | 7,332 | 7,800 | 70,100 | ||||||||||||||||||||||||||||
Total | $ | 704,625 | $ | 24,906 | $ | 19,303 | $ | 44,209 | $ | 660,416 | |||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method | ' | ||||||||||||||||||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013: | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Loan Balances | ||||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | |||||||||||||||||||||||||
Residential real estate | $ | 138 | $ | 2,556 | $ | - | $ | 2,694 | $ | 2,787 | $ | 213,111 | $ | 183 | $ | 216,081 | |||||||||||||||||
Multifamily real estate | - | 417 | - | 417 | 1,822 | 35,405 | 1,229 | 38,456 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 170 | 1,237 | - | 1,407 | 2,386 | 87,903 | 250 | 90,539 | |||||||||||||||||||||||||
Non-owner occupied | 362 | 1,675 | - | 2,037 | 1,024 | 200,950 | 6,782 | 208,756 | |||||||||||||||||||||||||
Commercial and industrial | 1,088 | 964 | 132 | 2,184 | 4,270 | 80,535 | 496 | 85,301 | |||||||||||||||||||||||||
Consumer | - | 297 | - | 297 | - | 25,113 | - | 25,113 | |||||||||||||||||||||||||
All other | 102 | 1,389 | 500 | 1,991 | 3,279 | 68,622 | 4,623 | 76,524 | |||||||||||||||||||||||||
Total | $ | 1,860 | $ | 8,535 | $ | 632 | $ | 11,027 | $ | 15,568 | $ | 711,639 | $ | 13,563 | $ | 740,770 | |||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2012: | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Loan Balances | ||||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | |||||||||||||||||||||||||
Residential real estate | $ | 358 | $ | 1,805 | $ | - | $ | 2,163 | $ | 4,609 | $ | 209,932 | $ | 202 | $ | 214,743 | |||||||||||||||||
Multifamily real estate | - | 331 | - | 331 | 1,670 | 23,830 | 3,173 | 28,673 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 74 | 1,043 | - | 1,117 | 2,511 | 89,120 | 271 | 91,902 | |||||||||||||||||||||||||
Non-owner occupied | 362 | 1,526 | - | 1,888 | 2,627 | 170,326 | 5,896 | 178,849 | |||||||||||||||||||||||||
Commercial and industrial | 2,173 | 873 | - | 3,046 | 10,799 | 73,120 | 511 | 84,430 | |||||||||||||||||||||||||
Consumer | - | 244 | - | 244 | - | 28,128 | - | 28,128 | |||||||||||||||||||||||||
All other | 375 | 1,824 | 500 | 2,699 | 4,271 | 69,133 | 4,496 | 77,900 | |||||||||||||||||||||||||
Total | $ | 3,342 | $ | 7,646 | $ | 500 | $ | 11,488 | $ | 26,487 | $ | 663,589 | $ | 14,549 | $ | 704,625 | |||||||||||||||||
Loans Individually Evaluated for Impairment by Class of Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013. The table includes $7,483 of loans acquired with deteriorated credit quality that are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,513 | $ | 1,314 | $ | - | |||||||||||||||||||||||||||
Multifamily real estate | 4,449 | 3,051 | - | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2,601 | 1,986 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 1,861 | 1,184 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 809 | 49 | - | ||||||||||||||||||||||||||||||
All other | 3,185 | 3,167 | - | ||||||||||||||||||||||||||||||
14,418 | 10,751 | - | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,668 | $ | 1,656 | $ | 138 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 515 | 515 | 170 | ||||||||||||||||||||||||||||||
Non owner occupied | 810 | 790 | 362 | ||||||||||||||||||||||||||||||
Commercial and industrial | 5,543 | 4,604 | 1,220 | ||||||||||||||||||||||||||||||
All other | 12,132 | 4,735 | 602 | ||||||||||||||||||||||||||||||
20,668 | 12,300 | 2,492 | |||||||||||||||||||||||||||||||
Total | $ | 35,086 | $ | 23,051 | $ | 2,492 | |||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2012. The table includes $9,421 of loans acquired with deteriorated credit quality that are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,886 | $ | 1,714 | $ | - | |||||||||||||||||||||||||||
Multifamily real estate | 6,332 | 4,533 | - | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2,876 | 2,196 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 3,912 | 2,916 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 2,031 | 837 | - | ||||||||||||||||||||||||||||||
All other | 3,426 | 3,427 | - | ||||||||||||||||||||||||||||||
20,463 | 15,623 | - | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 3,118 | $ | 3,097 | $ | 358 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 586 | 586 | 74 | ||||||||||||||||||||||||||||||
Non owner occupied | 809 | 789 | 362 | ||||||||||||||||||||||||||||||
Commercial and industrial | 10,771 | 10,473 | 2,173 | ||||||||||||||||||||||||||||||
All other | 5,517 | 5,340 | 875 | ||||||||||||||||||||||||||||||
20,801 | 20,285 | 3,842 | |||||||||||||||||||||||||||||||
Total | $ | 41,264 | $ | 35,908 | $ | 3,842 | |||||||||||||||||||||||||||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized | ' | ||||||||||||||||||||||||||||||||
The following table presents by loan class, the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three years ended December 31, 2013. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Year ended Dec 31, 2013 | Year ended Dec 31, 2012 | Year ended Dec 31, 2011 | |||||||||||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||
Residential real estate | $ 4,069 | $ 180 | $ 171 | $ 8,887 | $ 518 | $ 516 | $ 2,227 | $ 84 | $ 81 | ||||||||||||||||||||||||
Multifamily real estate | 3,810 | 847 | 845 | 6,143 | 1,408 | 1,406 | 8,428 | 150 | 151 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 2,602 | 168 | 141 | 7,195 | 1,025 | 1,028 | 12,653 | 1,083 | 1,082 | ||||||||||||||||||||||||
Non-owner occupied | 2,509 | 9 | 9 | 9,785 | 73 | 79 | 11,417 | 113 | 84 | ||||||||||||||||||||||||
Commercial and industrial | 8,425 | 47 | 47 | 10,052 | 427 | 417 | 7,196 | 217 | 211 | ||||||||||||||||||||||||
Consumer | - | - | - | 29 | 2 | 2 | 43 | 5 | 5 | ||||||||||||||||||||||||
All other | 8,796 | 273 | 273 | 7,599 | 1,019 | 968 | 11,755 | 184 | 188 | ||||||||||||||||||||||||
Total | $30,211 | $ 1,524 | $ 1,486 | $49,690 | $ 4,472 | $ 4,416 | $53,719 | $ 1,836 | $ 1,802 | ||||||||||||||||||||||||
Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
The following table presents TDR’s as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
31-Dec-13 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||||||||||||||
Residential real estate | $ | 23 | $ | 296 | $ | 319 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Non owner occupied | - | 506 | 506 | ||||||||||||||||||||||||||||||
Commercial and industrial | - | 831 | 831 | ||||||||||||||||||||||||||||||
Consumer | - | 5 | 5 | ||||||||||||||||||||||||||||||
All other | - | 2,017 | 2,017 | ||||||||||||||||||||||||||||||
Total | $ | 23 | $ | 3,655 | $ | 3,678 | |||||||||||||||||||||||||||
31-Dec-12 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||||||||||||||
Residential real estate | $ | 1,020 | $ | 240 | $ | 1,260 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | - | 4,224 | 4,224 | ||||||||||||||||||||||||||||||
Non owner occupied | - | 4,920 | 4,920 | ||||||||||||||||||||||||||||||
Commercial and industrial | 2 | 2,525 | 2,527 | ||||||||||||||||||||||||||||||
All other | - | 2,197 | 2,197 | ||||||||||||||||||||||||||||||
Total | $ | 1,022 | $ | 14,106 | $ | 15,128 | |||||||||||||||||||||||||||
Troubled Debt Restructuring During the Period | ' | ||||||||||||||||||||||||||||||||
The following table presents TDR’s that occurred during the years ended December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Non-owner occupied | - | $ | - | $ | - | 1 | $ | 519 | $ | 519 | |||||||||||||||||||||||
Commercial and industrial | - | - | - | 1 | 1,809 | 1,809 | |||||||||||||||||||||||||||
All other | 1 | 16 | 16 | 1 | 190 | 190 | |||||||||||||||||||||||||||
Total | 1 | $ | 16 | $ | 16 | 3 | $ | 2,518 | $ | 2,518 | |||||||||||||||||||||||
Risk Category of Loans by Class of Loans | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||||||||||||||
Residential real estate | $ | 202,789 | $ | 6,204 | $ | 7,065 | $ | 23 | $ | 216,081 | |||||||||||||||||||||||
Multifamily real estate | 34,487 | 918 | 3,051 | - | 38,456 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 79,694 | 7,431 | 3,348 | 66 | 90,539 | ||||||||||||||||||||||||||||
Non-owner occupied | 196,338 | 8,569 | 3,849 | - | 208,756 | ||||||||||||||||||||||||||||
Commercial and industrial | 78,205 | 2,269 | 4,753 | 74 | 85,301 | ||||||||||||||||||||||||||||
Consumer | 24,772 | 204 | 137 | - | 25,113 | ||||||||||||||||||||||||||||
All other | 62,180 | 5,947 | 8,285 | 112 | 76,524 | ||||||||||||||||||||||||||||
Total | $ | 678,465 | $ | 31,542 | $ | 30,488 | $ | 275 | $ | 740,770 | |||||||||||||||||||||||
As of December 31, 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||||||||||||||
Residential real estate | $ | 195,210 | $ | 10,115 | $ | 9,327 | $ | 91 | $ | 214,743 | |||||||||||||||||||||||
Multifamily real estate | 19,747 | 1,912 | 7,014 | - | 28,673 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 74,529 | 8,994 | 8,379 | - | 91,902 | ||||||||||||||||||||||||||||
Non-owner occupied | 163,337 | 7,685 | 7,827 | - | 178,849 | ||||||||||||||||||||||||||||
Commercial and industrial | 70,180 | 2,739 | 11,508 | 3 | 84,430 | ||||||||||||||||||||||||||||
Consumer | 27,931 | 123 | 74 | - | 28,128 | ||||||||||||||||||||||||||||
All other | 64,009 | 814 | 12,386 | 691 | 77,900 | ||||||||||||||||||||||||||||
Total | $ | 614,943 | $ | 32,382 | $ | 56,515 | $ | 785 | $ | 704,625 |
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
PREMISES AND EQUIPMENT [Abstract] | ' | ||||||||
Year-end Premises and Equipment | ' | ||||||||
Year-end premises and equipment were as follows: | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 3,614 | $ | 3,614 | |||||
Buildings and leasehold improvements | 13,695 | 13,454 | |||||||
Furniture and equipment | 7,646 | 8,974 | |||||||
Assets purchased not yet placed in service | 2,292 | - | |||||||
27,247 | 26,042 | ||||||||
Less: accumulated depreciation | (9,449 | ) | (10,090 | ) | |||||
$ | 17,798 | $ | 15,952 | ||||||
Operating Leases | ' | ||||||||
The Company leases certain branch and other properties as well as some equipment under operating leases. Some leases provide for periodic rate adjustments based on cost-of-living index changes. Rent expense, net of rental income, was $990, 985, and $1,162 for 2013, 2012, and 2011. Rent commitments, before considering renewal options that generally are present, were as follows: | |||||||||
2014 | $ | 904 | |||||||
2015 | 793 | ||||||||
2016 | 764 | ||||||||
2017 | 738 | ||||||||
2018 and thereafter | 278 | ||||||||
$ | 3,477 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||
Change in Balance for Goodwill | ' | ||||||||||||||||
The change in the balance for goodwill during the year is as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Beginning of year | $ | 29,875 | $ | 29,875 | $ | 29,875 | |||||||||||
Acquired goodwill and other adjustments | - | - | - | ||||||||||||||
Impairment | - | - | - | ||||||||||||||
End of year | $ | 29,875 | $ | 29,875 | $ | 29,875 | |||||||||||
Acquired Intangible Assets | ' | ||||||||||||||||
Acquired intangible assets at December 31, 2013 and 2012 were as follows. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Gross Carrying | Accumulated Amortization | Gross Carrying | Accumulated Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Core deposit intangible | $ | 5,355 | $ | (3,234 | ) | $ | 5,355 | $ | (2,634 | ) | |||||||
Estimated Amortization Expense | ' | ||||||||||||||||
Estimated amortization expense for each of the next five years: | |||||||||||||||||
2014 | 575 | ||||||||||||||||
2015 | 575 | ||||||||||||||||
2016 | 457 | ||||||||||||||||
2017 | 353 | ||||||||||||||||
2018 and thereafter | 161 | ||||||||||||||||
$ | 2,121 |
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
DEPOSITS [Abstract] | ' | ||||
Maturities of Time Deposits | ' | ||||
At December 31, 2013 the scheduled maturities of time deposits are as follows: | |||||
2014 | $ | 221,964 | |||
2015 | 62,099 | ||||
2016 | 24,513 | ||||
2017 | 14,047 | ||||
2018 and thereafter | 8,736 | ||||
$ | 331,359 |
SECURITIES_SOLD_UNDER_AGREEMEN1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | ' | ||||||||
Securities Sold under Agreements to Repurchase | ' | ||||||||
Securities sold under agreements to repurchase generally mature within one to ninety days from the transaction date. Information concerning securities sold under agreements to repurchase is summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Year-end balance | $ | 11,319 | $ | 26,102 | |||||
Average balance during the year | $ | 13,486 | $ | 20,944 | |||||
Average interest rate during the year | 0.25 | % | 0.42 | % | |||||
Maximum month-end balance during the year | $ | 22,988 | $ | 26,102 | |||||
Weighted average interest rate at year-end | 0.25 | % | 0.23 | % | |||||
NOTES_PAYABLE_AND_OTHER_BORROW1
NOTES PAYABLE AND OTHER BORROWED FUNDS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
NOTES PAYABLE AND OTHER BORROWED FUNDS [Abstract] | ' | ||||
Scheduled Principal Payments Due | ' | ||||
Scheduled principal payments due on the bank borrowings subsequent to December 31, 2013 are as follows: | |||||
2014 | $ | 2,162 | |||
2015 | 2,162 | ||||
2016 | 2,162 | ||||
2017 | 2,162 | ||||
2018 | 2,162 | ||||
Thereafter | 2,990 | ||||
$ | 13,800 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||||||||||||||
Components of the Provision (Benefits) for Income Taxes | ' | ||||||||||||||||||||||||
The components of the provision (benefit) for income taxes are as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current | $ | 5,509 | $ | 5,105 | $ | 376 | |||||||||||||||||||
Deferred | 1,895 | 568 | 4,099 | ||||||||||||||||||||||
Change in valuation allowance | - | - | (675 | ) | |||||||||||||||||||||
Provision for income taxes | $ | 7,404 | $ | 5,673 | $ | 3,800 | |||||||||||||||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||
The Company’s deferred tax assets and liabilities at December 31 are shown below. | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
Allowance for loan losses | $ | 4,016 | $ | 4,181 | |||||||||||||||||||||
Purchase accounting adjustments | 2,611 | 3,745 | |||||||||||||||||||||||
Net operating loss carryforward | 1,048 | 1,569 | |||||||||||||||||||||||
Write-downs of other real estate owned | 893 | 748 | |||||||||||||||||||||||
Taxable income on non-accrual loans | 2,053 | 1,955 | |||||||||||||||||||||||
Security writedown | - | 250 | |||||||||||||||||||||||
Capital loss carryforward | 196 | - | |||||||||||||||||||||||
Accrued expenses | 172 | 131 | |||||||||||||||||||||||
Unrealized loss on investment securities | 322 | - | |||||||||||||||||||||||
Other | 19 | 11 | |||||||||||||||||||||||
Total deferred tax assets | 11,330 | 12,590 | |||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||
Amortization of intangibles | $ | (4,615 | ) | $ | (4,405 | ) | |||||||||||||||||||
Depreciation | (1,101 | ) | (1,027 | ) | |||||||||||||||||||||
Federal Home Loan Bank dividends | (377 | ) | (377 | ) | |||||||||||||||||||||
Deferred loan fees | (567 | ) | (548 | ) | |||||||||||||||||||||
Unrealized gain on investment securities | - | (3,388 | ) | ||||||||||||||||||||||
Other | (71 | ) | (61 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (6,731 | ) | (9,806 | ) | |||||||||||||||||||||
Valuation allowance on deferred tax assets | (160 | ) | (160 | ) | |||||||||||||||||||||
Net deferred taxes | $ | 4,439 | $ | 2,624 | |||||||||||||||||||||
Analysis of Differences Between the Effective Tax Rates and the Statutory U.S. Federal Income Tax Rate | ' | ||||||||||||||||||||||||
An analysis of the differences between the effective tax rates and the statutory U.S. federal income tax rate is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
U.S. federal income tax rate | $ | 7,015 | 34 | % | $ | 5,439 | 34 | % | $ | 3,729 | 34 | % | |||||||||||||
Changes from the statutory rate | |||||||||||||||||||||||||
Impact of graduated federal tax rate | 72 | 0.4 | 26 | 0.2 | - | - | |||||||||||||||||||
State income taxes, net | 439 | 2.1 | 376 | 2.4 | 1,220 | 11.1 | |||||||||||||||||||
Tax-exempt interest income | (149 | ) | (0.7 | ) | (173 | ) | (1.1 | ) | (194 | ) | (1.8 | ) | |||||||||||||
Non-deductible interest expense related to carrying tax-exempt | 9 | 0 | 12 | 0.1 | 8 | 0.1 | |||||||||||||||||||
interest earning assets | |||||||||||||||||||||||||
Non-deductible stock compensation expense | 57 | 0.3 | 62 | 0.4 | 36 | 0.3 | |||||||||||||||||||
Tax credits, net | (49 | ) | (0.2 | ) | (49 | ) | (0.3 | ) | (49 | ) | (0.4 | ) | |||||||||||||
Change in valuation allowance, net | - | - | - | - | (675 | ) | (6.1 | ) | |||||||||||||||||
Other | 10 | 0 | (20 | ) | (0.2 | ) | (275 | ) | (2.5 | ) | |||||||||||||||
$ | 7,404 | 35.9 | % | $ | 5,673 | 35.5 | % | $ | 3,800 | 34.7 | % | ||||||||||||||
STOCK_COMPENSATION_EXPENSE_Tab
STOCK COMPENSATION EXPENSE (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
STOCK COMPENSATION EXPENSE [Abstract] | ' | |||||||||||||||||||||||||||||
Assumption Used in the Black-Scholes Option-pricing Model | ' | |||||||||||||||||||||||||||||
The fair value of the Company's employee stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. The assumptions used in the Black-Scholes option-pricing model are as follows | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Risk-free interest rate | 1.96 | % | 2.31 | % | 3.58 | % | ||||||||||||||||||||||||
Expected option life (yrs) | 10 | 10 | 10 | |||||||||||||||||||||||||||
Expected stock price volatility | 35.24 | % | 34.93 | % | 30.01 | % | ||||||||||||||||||||||||
Dividend yield | 3.86 | % | 2.68 | % | 4.03 | % | ||||||||||||||||||||||||
Weighted average fair value of options granted during the year | $ | 2.85 | $ | 2.34 | $ | 1.63 | ||||||||||||||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||||||||||||||||||
A summary of the Company’s stock option activity is as follows: | ||||||||||||||||||||||||||||||
----------2013---------- | ----------2012---------- | ----------2011---------- | ||||||||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||||||||
Outstanding at beginning of year | 392,366 | $ | 9.24 | 350,949 | $ | 9.69 | 255,649 | $ | 10.77 | |||||||||||||||||||||
Grants | 52,900 | 11.39 | 105,700 | 7.47 | 102,000 | 6.95 | ||||||||||||||||||||||||
Exercises | (78,584 | ) | 7.77 | (25,550 | ) | 7.52 | - | - | ||||||||||||||||||||||
Forfeitures or expired | (12,401 | ) | 7.9 | (38,733 | ) | 9.61 | (6,700 | ) | 9.1 | |||||||||||||||||||||
Outstanding at year-end | 354,281 | $ | 9.84 | 392,366 | $ | 9.24 | 350,949 | $ | 9.69 | |||||||||||||||||||||
Exercisable at year-end | 212,731 | $ | 10.55 | 220,646 | $ | 10.68 | 206,727 | $ | 11.36 | |||||||||||||||||||||
Weighted average remaining life | 6.1 | 6.6 | 6.4 | |||||||||||||||||||||||||||
Stock Option Activity by Range of Exercise Prices | ' | |||||||||||||||||||||||||||||
Additional information regarding stock options outstanding and exercisable at December 31, 2013 is provided in the following table: | ||||||||||||||||||||||||||||||
- - - - - - - - Outstanding - - - - - - - - | - - - - - - - - Currently Exercisable - - - - - - - - | |||||||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||||||||||||||
$6.50 to $10.00 | 197,248 | $ | 7.4 | $ | 1,331 | 106,798 | 6.5 | $ | 7.48 | $ | 712 | |||||||||||||||||||
$10.01 to $12.50 | 72,933 | 11.46 | 196 | 21,833 | 1.1 | 11.62 | 55 | |||||||||||||||||||||||
$12.51 to $15.00 | 60,600 | 13.46 | 44 | 60,600 | 3.7 | 13.46 | 44 | |||||||||||||||||||||||
$15.01 to $17.50 | 23,500 | 16 | - | 23,500 | 2.1 | 16 | - | |||||||||||||||||||||||
Outstanding at Dec 31, 2013 | 354,281 | 9.84 | $ | 1,571 | 212,731 | 4.7 | 10.55 | $ | 811 | |||||||||||||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||
Reconciliation of Numerators and Denominators of the Earnings Per Share | ' | ||||||||||||
A reconciliation of the numerators and denominators of the earnings per common share and earnings per common share assuming dilution computations for 2013, 2012 and 2011 is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 12,570 | $ | 10,155 | $ | 5,947 | |||||||
Weighted average common shares outstanding | 7,997,047 | 7,940,892 | 7,937,143 | ||||||||||
Earnings per share | $ | 1.57 | $ | 1.28 | $ | 0.75 | |||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders | $ | 12,570 | $ | 10,155 | $ | 5,947 | |||||||
Weighted average common shares outstanding | 7,997,047 | 7,940,892 | 7,937,143 | ||||||||||
Add dilutive effects of potential additional common stock | 448,202 | 240,611 | 97,936 | ||||||||||
Weighted average common and dilutive potential common shares outstanding | 8,445,249 | 8,181,503 | 8,035,079 | ||||||||||
Earnings per share assuming dilution | $ | 1.49 | $ | 1.24 | $ | 0.74 | |||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
FAIR VALUE [Abstract] | ' | ||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments at December 31, 2013 were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and due from banks | $ | 63,984 | $ | 63,984 | $ | - | $ | - | $ | 63,984 | |||||||||||
Federal funds sold | 12,777 | 12,777 | - | - | 12,777 | ||||||||||||||||
Securities available for sale | 218,066 | - | 217,926 | 140 | 218,066 | ||||||||||||||||
Loans held for sale | 77 | - | - | 77 | 77 | ||||||||||||||||
Loans, net | 729,743 | - | - | 725,588 | 725,588 | ||||||||||||||||
Federal Home Loan Bank stock | 4,183 | n/a | n/a | n/a | n/a | ||||||||||||||||
Interest receivable | 3,132 | - | 593 | 2,539 | 3,132 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | (924,023 | ) | $ | (592,664 | ) | $ | (332,475 | ) | $ | - | $ | (925,139 | ) | |||||||
Securities sold under agreements to repurchase | (11,319 | ) | - | (11,319 | ) | - | (11,319 | ) | |||||||||||||
Other borrowed funds | (13,800 | ) | - | (13,811 | ) | - | (13,811 | ) | |||||||||||||
Interest payable | (383 | ) | (5 | ) | (378 | ) | - | (383 | ) | ||||||||||||
The carrying amounts and estimated fair values of financial instruments at December 31, 2012 were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and due from banks | $ | 66,009 | $ | 66,009 | $ | - | $ | - | $ | 66,009 | |||||||||||
Federal funds sold | 4,236 | 4,236 | - | - | 4,236 | ||||||||||||||||
Securities available for sale | 283,975 | - | 283,835 | 140 | 283,975 | ||||||||||||||||
Loans held for sale | 200 | - | - | 200 | 200 | ||||||||||||||||
Loans, net | 693,137 | - | - | 691,519 | 691,519 | ||||||||||||||||
Federal Home Loan Bank stock | 4,181 | n/a | n/a | n/a | n/a | ||||||||||||||||
Interest receivable | 3,403 | - | 827 | 2,576 | 3,403 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | (930,583 | ) | $ | (577,274 | ) | $ | (356,730 | ) | $ | - | $ | (934,004 | ) | |||||||
Securities sold under agreements to repurchase | (26,102 | ) | - | (26,102 | ) | - | (26,102 | ) | |||||||||||||
Other borrowed funds | (16,049 | ) | - | (16,022 | ) | - | (16,022 | ) | |||||||||||||
Interest payable | (489 | ) | (6 | ) | (483 | ) | - | (489 | ) | ||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
U. S. agency MBS - residential | $ | 27,823 | $ | - | $ | 27,823 | $ | - | |||||||||||||
U. S. agency CMO’s | 176,722 | - | 176,722 | - | |||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 204,545 | - | 204,545 | - | |||||||||||||||||
U. S. government sponsored agency securities | 6,981 | - | 6,981 | - | |||||||||||||||||
Obligations of states and political subdivisions | 6,540 | - | 6,400 | 140 | |||||||||||||||||
Total securities available for sale | $ | 218,066 | $ | - | $ | 217,926 | $ | 140 | |||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2012 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
U. S. agency MBS - residential | $ | 37,100 | $ | - | $ | 37,100 | $ | - | |||||||||||||
U. S. agency CMO’s - residential | 212,847 | - | 212,847 | - | |||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 249,947 | - | 249,947 | - | |||||||||||||||||
U. S. government sponsored agency securities | 22,244 | - | 22,244 | - | |||||||||||||||||
Obligations of states and political subdivisions | 7,860 | - | 7,720 | 140 | |||||||||||||||||
Other securities | 3,924 | - | 3,924 | - | |||||||||||||||||
Total securities available for sale | $ | 283,975 | $ | - | $ | 283,835 | $ | 140 | |||||||||||||
Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | ' | ||||||||||||||||||||
The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Securities Available-for-sale | |||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||
Balance of recurring Level 3 assets at beginning of period | $ | 140 | $ | 140 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings – realized | - | - | |||||||||||||||||||
Included in earnings – unrealized | - | - | |||||||||||||||||||
Included in other comprehensive income | - | - | |||||||||||||||||||
Purchases, sales, issuances and settlements, net | - | - | |||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | |||||||||||||||||||
Balance of recurring Level 3 assets at year-end | $ | 140 | $ | 140 | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||
31-Dec-13 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Residential Real Estate | $ | 1,518 | $ | - | $ | - | $ | 1,518 | |||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 346 | - | - | 346 | |||||||||||||||||
Non-owner Occupied | 428 | - | - | 428 | |||||||||||||||||
Commercial and Industrial | 3,384 | - | - | 3,384 | |||||||||||||||||
All Other | 4,133 | - | - | 4,133 | |||||||||||||||||
Total impaired loans | 9,809 | $ | - | $ | - | $ | 9,809 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Non-owner Occupied | 290 | - | - | 290 | |||||||||||||||||
All Other | 8,496 | - | - | 8,496 | |||||||||||||||||
Total OREO | $ | 8,786 | $ | - | $ | - | $ | 8,786 | |||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2012 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||
31-Dec-12 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Residential Real Estate | $ | 2,739 | $ | - | $ | - | $ | 2,739 | |||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 512 | - | - | 512 | |||||||||||||||||
Non-owner Occupied | 427 | - | - | 427 | |||||||||||||||||
Commercial and Industrial | 8,300 | - | - | 8,300 | |||||||||||||||||
All Other | 4,465 | - | - | 4,465 | |||||||||||||||||
Total impaired loans | 16,443 | $ | - | $ | - | $ | 16,443 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Residential Real Estate | $ | 255 | $ | - | $ | - | $ | 255 | |||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 250 | - | - | 250 | |||||||||||||||||
Non-owner Occupied | 1,031 | - | - | 1,031 | |||||||||||||||||
All Other | 6,432 | - | - | 6,432 | |||||||||||||||||
Total OREO | $ | 7,968 | $ | - | $ | - | $ | 7,968 | |||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | ||||||||||||||||||||
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 are summarized below: | |||||||||||||||||||||
December 31, 2013 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Residential Real Estate | $ | 1,518 | sales comparison | adjustment for differences between the comparable sales | 0.8%-63.5%(11.9%) | ||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 346 | sales comparison | adjustment for limited salability of specialized property | 62.5%-70.0%(64.0%) | |||||||||||||||||
Non-owner Occupied | 428 | sales comparison | adjustment for limited salability of specialized property | 50.6%-50.6%(50.6%) | |||||||||||||||||
Commercial and Industrial | 3,384 | sales comparison | adjustment for limited salability of specialized property | 25.0%-65.5%(57.8%) | |||||||||||||||||
All Other | 4,133 | sales comparison | adjustment for percentage of completion of construction | 57.6%-99.3%(57.7%) | |||||||||||||||||
Total impaired loans | 9,809 | ||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Non-owner Occupied | 290 | sales comparison | adjustment for differences between the comparable sales | 42.7%-42.7%(42.7%) | |||||||||||||||||
All Other | 8,496 | sales comparison | adjustment for estimated realizable value | 9.5%-24.6%(12.5%) | |||||||||||||||||
Total OREO | $ | 8,786 | |||||||||||||||||||
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2012 are summarized below: | |||||||||||||||||||||
December 31, 2012 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Residential Real Estate | $ | 2,739 | sales comparison | adjustment for differences between the comparable sales | 0.8%-76.8%(10.5%) | ||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 512 | sales comparison | adjustment for limited salability of specialized property | 40.0%-70.0%(44.1%) | |||||||||||||||||
Non-owner Occupied | 427 | sales comparison | adjustment for limited salability of specialized property | 59.0%-59.0%(59.0%) | |||||||||||||||||
Commercial and Industrial | 8,300 | sales comparison | adjustment for limited salability of specialized property | 0.0%-70.0%(44.3%) | |||||||||||||||||
All Other | 4,465 | sales comparison | adjustment for percentage of completion of construction | 64.0%-91.4%(64.8%) | |||||||||||||||||
Total impaired loans | 16,443 | ||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Residential Real Estate | $ | 255 | sales comparison | adjustment for differences between the comparable sales | 0.0%-62.3%(44.1%) | ||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||
Owner Occupied | 250 | sales comparison | adjustment for estimated realizable value | 0.0%-17.9%(7.2%) | |||||||||||||||||
Non-owner Occupied | 1,031 | sales comparison | adjustment for differences between the comparable sales | 82.7%-82.7%(82.7%) | |||||||||||||||||
All Other | 6,432 | sales comparison | adjustment for estimated realizable value | 4.7%-16.6%(12.7%) | |||||||||||||||||
Total OREO | $ | 7,968 |
FINANCIAL_INSTRUMENTS_WITH_OFF1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | ' | ||||||||
Contract Amounts Represent Credit Risk | ' | ||||||||
At December 31, 2013 and 2012, the Banks had the following financial instruments whose approximate contract amounts represent credit risk: | |||||||||
2013 | 2012 | ||||||||
Standby letters of credit | $ | 6,084 | $ | 5,518 | |||||
Commitments to extend credit | |||||||||
Fixed | $ | 12,040 | $ | 7,830 | |||||
Variable | 52,576 | 43,256 | |||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | ' | ||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||
The following table details the changes in the single component of accumulated other comprehensive income for the year ended December 31, 2013: | |||||
Accumulated Other Comprehensive Income | Unrealized Gain/(Loss) on Securities Available for Sale | ||||
Balance, December 31, 2012 | $ | 6,576 | |||
Reclassification adjustments to net income: | |||||
Realized gain on disposition of securities | (1,413 | ) | |||
Provision for income taxes | 481 | ||||
Unrealized losses arising during the period, net of tax | (6,269 | ) | |||
Balance, December 31, 2013 | $ | (625 | ) | ||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||||||||||
Company and Subsidiary Banks' Capital amounts and ratios | ' | ||||||||||||||||||||||||
The Company’s and the subsidiary Banks’ capital amounts and ratios as of December 31, 2013 and December 31, 2012 are presented in the table below. | |||||||||||||||||||||||||
To Be Well Capitalized | |||||||||||||||||||||||||
For Capital | Under Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 128,756 | 18.2 | % | $ | 56,685 | 8 | % | $ | 70,857 | 10 | % | |||||||||||||
Premier Bank, Inc. | 95,508 | 19.2 | 39,738 | 8 | 49,672 | 10 | |||||||||||||||||||
Citizens Deposit Bank | 37,158 | 17.7 | 16,819 | 8 | 21,023 | 10 | |||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 119,872 | 16.9 | % | $ | 28,343 | 4 | % | $ | 42,514 | 6 | % | |||||||||||||
Premier Bank, Inc. | 89,274 | 18 | 19,869 | 4 | 29,803 | 6 | |||||||||||||||||||
Citizens Deposit Bank | 34,591 | 16.5 | 8,409 | 4 | 12,614 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 119,872 | 11 | % | $ | 43,495 | 4 | % | $ | 54,369 | 5 | % | |||||||||||||
Premier Bank, Inc. | 89,274 | 12.4 | 28,892 | 4 | 36,115 | 5 | |||||||||||||||||||
Citizens Deposit Bank | 34,591 | 9.5 | 14,538 | 4 | 18,172 | 5 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 118,262 | 17.4 | % | $ | 54,399 | 8 | % | $ | 67,999 | 10 | % | |||||||||||||
Premier Bank, Inc. | 90,977 | 19.3 | 37,659 | 8 | 47,073 | 10 | |||||||||||||||||||
Citizens Deposit Bank | 35,794 | 17.2 | 16,610 | 8 | 20,762 | 10 | |||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 109,725 | 16.1 | % | $ | 27,199 | 4 | % | $ | 40,799 | 6 | % | |||||||||||||
Premier Bank, Inc. | 85,060 | 18.1 | 18,829 | 4 | 28,244 | 6 | |||||||||||||||||||
Citizens Deposit Bank | 33,194 | 16 | 8,305 | 4 | 12,457 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets): | |||||||||||||||||||||||||
Consolidated (1) | $ | 109,725 | 10 | % | $ | 43,697 | 4 | % | $ | 54,621 | 5 | % | |||||||||||||
Premier Bank, Inc. | 85,060 | 11.8 | 28,940 | 4 | 36,175 | 5 | |||||||||||||||||||
Citizens Deposit Bank | 33,194 | 9 | 14,700 | 4 | 18,375 | 5 | |||||||||||||||||||
(1) Consolidated company is not subject to Prompt Corrective Action Provisions | |||||||||||||||||||||||||
PARENT_COMPANY_FINANCIAL_STATE1
PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PARENT COMPANY FINANCIAL STATEMENTS [Abstract] | ' | ||||||||||||
Parent Company Financial Statements | ' | ||||||||||||
Condensed Balance Sheets | |||||||||||||
31-Dec | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Cash | $ | 8,761 | $ | 6,130 | |||||||||
Investment in subsidiaries | 151,019 | 152,885 | |||||||||||
Premises and equipment | 207 | 191 | |||||||||||
Other assets | 1,519 | 1,957 | |||||||||||
Total assets | $ | 161,506 | $ | 161,163 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Other liabilities | $ | 766 | $ | 818 | |||||||||
Other borrowed funds | 13,800 | 16,049 | |||||||||||
Total liabilities | 14,566 | 16,867 | |||||||||||
Stockholders’ equity | |||||||||||||
Preferred stock | 11,955 | 11,896 | |||||||||||
Common stock | 73,589 | 72,849 | |||||||||||
Retained earnings | 62,021 | 52,975 | |||||||||||
Accumulated other comprehensive income (loss) | (625 | ) | 6,576 | ||||||||||
Total stockholders’ equity | 146,940 | 144,296 | |||||||||||
Total liabilities and stockholders’ equity | $ | 161,506 | $ | 161,163 | |||||||||
Condensed Statement of Operations | |||||||||||||
Years Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income | |||||||||||||
Dividends from subsidiaries | $ | 9,675 | $ | 13,915 | $ | 6,165 | |||||||
Interest and dividend income | 12 | 22 | 23 | ||||||||||
Other income | 1,327 | 1,201 | 1,132 | ||||||||||
Total income | 11,014 | 15,138 | 7,320 | ||||||||||
Expenses | |||||||||||||
Interest expense | 650 | 754 | 852 | ||||||||||
Salaries and employee benefits | 2,387 | 2,318 | 1,952 | ||||||||||
Professional fees | 51 | 337 | 113 | ||||||||||
Other expenses | 1,020 | 1,053 | 1,079 | ||||||||||
Total expenses | 4,108 | 4,462 | 3,996 | ||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | 6,906 | 10,676 | 3,324 | ||||||||||
Income tax (benefit) | (987 | ) | (1,144 | ) | (1,034 | ) | |||||||
Income before equity in undistributed income of subsidiaries | 7,893 | 11,820 | 4,358 | ||||||||||
Equity in undistributed income (excess distributions) of subsidiaries | 5,336 | (1,497 | ) | 2,810 | |||||||||
Net income | $ | 13,229 | $ | 10,323 | $ | 7,168 | |||||||
Condensed Statement of Cash Flows | |||||||||||||
Years Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities | |||||||||||||
Net income | $ | 13,229 | $ | 10,323 | $ | 7,168 | |||||||
Adjustments to reconcile net income to | |||||||||||||
net cash from operating activities | |||||||||||||
Depreciation | 64 | 57 | 70 | ||||||||||
Stock compensation expense | 169 | 181 | 106 | ||||||||||
Gain from sales of assets | (11 | ) | - | - | |||||||||
Dividends in excess of net income of subsidiaries | - | 1,497 | - | ||||||||||
Equity in undistributed earnings of subsidiaries | (5,336 | ) | - | (2,810 | ) | ||||||||
Change in other assets | 438 | 24 | 652 | ||||||||||
Change in other liabilities | (51 | ) | 220 | (44 | ) | ||||||||
Net cash from operating activities | 8,502 | 12,302 | 5,142 | ||||||||||
Cash flows from investing activities | |||||||||||||
Cash from merger of subsidiaries | - | - | 391 | ||||||||||
Purchases of fixed assets, net of proceeds from asset sales | (69 | ) | (108 | ) | (81 | ) | |||||||
Net cash from investing activities | (69 | ) | (108 | ) | 310 | ||||||||
Cash flows from financing activities | |||||||||||||
Cash dividends on preferred stock | (600 | ) | (984 | ) | (1,390 | ) | |||||||
Cash dividends paid to shareholders | (3,524 | ) | (1,749 | ) | - | ||||||||
Repurchase of preferred stock | - | (9,237 | ) | - | |||||||||
Proceeds from stock option exercises | 571 | 192 | - | ||||||||||
Payments on other borrowed funds | (2,249 | ) | (2,081 | ) | (2,047 | ) | |||||||
Net cash from financing activities | (5,802 | ) | (13,859 | ) | (3,437 | ) | |||||||
Net change in cash and cash equivalents | 2,631 | (1,665 | ) | 2,015 | |||||||||
Cash and cash equivalents at beginning of year | 6,130 | 7,795 | 5,780 | ||||||||||
Cash and cash equivalents at end of year | $ | 8,761 | $ | 6,130 | $ | 7,795 | |||||||
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||
Interest | Net Interest | Net | |||||||||||||||||||
Income | Income | Income | Basic | Diluted | |||||||||||||||||
2013 | |||||||||||||||||||||
First Quarter | $ | 11,415 | $ | 10,140 | $ | 2,504 | $ | 0.29 | $ | 0.28 | |||||||||||
Second Quarter | 12,317 | 11,093 | 3,109 | 0.37 | 0.35 | ||||||||||||||||
Third Quarter | 13,192 | 12,027 | 3,926 | 0.47 | 0.44 | ||||||||||||||||
Fourth Quarter | 11,546 | 10,435 | 3,690 | 0.44 | 0.41 | ||||||||||||||||
2012 | |||||||||||||||||||||
First Quarter | $ | 14,216 | $ | 12,418 | $ | 2,830 | $ | 0.32 | $ | 0.31 | |||||||||||
Second Quarter | 11,956 | 10,308 | 2,092 | 0.23 | 0.22 | ||||||||||||||||
Third Quarter | 12,580 | 11,017 | 2,411 | 0.38 | 0.37 | ||||||||||||||||
Fourth Quarter | 11,683 | 10,256 | 2,990 | 0.36 | 0.34 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period with in which federal funds sold | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of loss history | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' |
Consolidation, Wholly Owned Subsidiaries [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | $1,100,179 | ' | ' | ' | $1,120,787 | ' | ' | ' | $1,100,179 | $1,120,787 | ' |
Net Income | 3,690 | 3,926 | 3,109 | 2,504 | 2,990 | 2,411 | 2,092 | 2,830 | 13,229 | 10,323 | 7,168 |
Goodwill and Other Intangible Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' |
Operating Segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Premises [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' |
Premises [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | ' | ' |
Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' |
Citizens Deposit Bank & Trust [Member] | Vanceburg, Kentucky [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation, Wholly Owned Subsidiaries [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year Acquired | ' | ' | ' | ' | ' | ' | ' | ' | '1991 | ' | ' |
Total Assets | 363,248 | ' | ' | ' | ' | ' | ' | ' | 363,248 | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 5,081 | ' | ' |
Premier Bank, Inc. [Member] | Huntington, West Virginia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation, Wholly Owned Subsidiaries [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year Acquired | ' | ' | ' | ' | ' | ' | ' | ' | '1998 | ' | ' |
Total Assets | 729,695 | ' | ' | ' | ' | ' | ' | ' | 729,695 | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 9,930 | ' | ' |
Parent and Intercompany Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation, Wholly Owned Subsidiaries [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 7,236 | ' | ' | ' | ' | ' | ' | ' | 7,236 | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ($1,782) | ' | ' |
RESTRICTIONS_ON_CASH_AND_DUE_F1
RESTRICTIONS ON CASH AND DUE FROM BANKS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
RESTRICTIONS ON CASH AND DUE FROM BANKS [Abstract] | ' | ' |
Balance requirements by Federal Reserve Board of Governors | $23,937 | $22,755 |
SECURITIES_Details
SECURITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale Investment securities [Abstract] | ' | ' |
Amortized Cost | $219,014 | $274,011 |
Unrealized Gains | 1,925 | 10,048 |
Unrealized Losses | -2,873 | -84 |
Available for sale, Fair Value | 218,066 | 283,975 |
U. S. sponsored agency MBS - residential [Member] | ' | ' |
Available-for-sale Investment securities [Abstract] | ' | ' |
Amortized Cost | 27,681 | 35,172 |
Unrealized Gains | 463 | 1,928 |
Unrealized Losses | -321 | 0 |
Available for sale, Fair Value | 27,823 | 37,100 |
U. S. sponsored agency CMO's - residential [Member] | ' | ' |
Available-for-sale Investment securities [Abstract] | ' | ' |
Amortized Cost | 178,000 | 206,466 |
Unrealized Gains | 1,167 | 6,392 |
Unrealized Losses | -2,445 | -11 |
Available for sale, Fair Value | 176,722 | 212,847 |
Total mortgage-backed securities of government sponsored agencies [Member] | ' | ' |
Available-for-sale Investment securities [Abstract] | ' | ' |
Amortized Cost | 205,681 | 241,638 |
Unrealized Gains | 1,630 | 8,320 |
Unrealized Losses | -2,766 | -11 |
Available for sale, Fair Value | 204,545 | 249,947 |
U. S. government sponsored agency securities [Member] | ' | ' |
Available-for-sale Investment securities [Abstract] | ' | ' |
Amortized Cost | 7,058 | 22,062 |
Unrealized Gains | 30 | 182 |
Unrealized Losses | -107 | 0 |
Available for sale, Fair Value | 6,981 | 22,244 |
Obligations of states and political subdivisions [Member] | ' | ' |
Available-for-sale Investment securities [Abstract] | ' | ' |
Amortized Cost | 6,275 | 7,419 |
Unrealized Gains | 265 | 441 |
Unrealized Losses | 0 | 0 |
Available for sale, Fair Value | 6,540 | 7,860 |
Other securities [Member] | ' | ' |
Available-for-sale Investment securities [Abstract] | ' | ' |
Amortized Cost | ' | 2,892 |
Unrealized Gains | ' | 1,105 |
Unrealized Losses | ' | -73 |
Available for sale, Fair Value | ' | $3,924 |
SECURITIES_By_Contractual_Matu
SECURITIES, By Contractual Maturity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortized cost of available for sale securities by contractual maturity [Abstract] | ' | ' | ' |
Due in one year or less | $1,017 | ' | ' |
Due after one year through five years | 8,319 | ' | ' |
Due after five years through ten years | 3,997 | ' | ' |
Mortgage-backed securities of government sponsored agencies | 205,681 | ' | ' |
Available for sale, Amortized Cost | 219,014 | ' | ' |
Fair value of available for sale securities by contractual maturity [Abstract] | ' | ' | ' |
Due in one year or less | 1,027 | ' | ' |
Due after one year through five years | 8,604 | ' | ' |
Due after five years through ten years | 3,890 | ' | ' |
Mortgage backed securities of government sponsored agencies | 204,545 | ' | ' |
Available for sale, Fair Value | 218,066 | 283,975 | ' |
Gain on disposition of securities | 1,413 | 545 | 18 |
Proceeds from the sale of securities | 8,650 | 0 | 0 |
Securities with an approximate carrying value pledged as collateral | $168,150 | $173,015 | ' |
SECURITIES_With_Unrealized_Los
SECURITIES, With Unrealized Losses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | $120,028 | $2,077 |
12 Months or More, Fair Value | 0 | 4 |
Total Fair Value | 120,028 | 2,081 |
Less than 12 Months, Unrealized Loss | -2,873 | -11 |
12 Months or More, Unrealized Loss | 0 | -73 |
Total Unrealized Loss | -2,873 | -84 |
U. S. government sponsored agency securities [Member] | ' | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | 3,890 | ' |
12 Months or More, Fair Value | 0 | ' |
Total Fair Value | 3,890 | ' |
Less than 12 Months, Unrealized Loss | -107 | ' |
12 Months or More, Unrealized Loss | 0 | ' |
Total Unrealized Loss | -107 | ' |
U. S. government sponsored agency MBS - residential [Member] | ' | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | 13,797 | ' |
12 Months or More, Fair Value | 0 | ' |
Total Fair Value | 13,797 | ' |
Less than 12 Months, Unrealized Loss | -321 | ' |
12 Months or More, Unrealized Loss | 0 | ' |
Total Unrealized Loss | -321 | ' |
U.S government sponsored agency CMO - residential [Member] | ' | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | 102,341 | 2,077 |
12 Months or More, Fair Value | 0 | 0 |
Total Fair Value | 102,341 | 2,077 |
Less than 12 Months, Unrealized Loss | -2,445 | -11 |
12 Months or More, Unrealized Loss | 0 | 0 |
Total Unrealized Loss | -2,445 | -11 |
Other securities [Member] | ' | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months, Fair Value | ' | 0 |
12 Months or More, Fair Value | ' | 4 |
Total Fair Value | ' | 4 |
Less than 12 Months, Unrealized Loss | ' | 0 |
12 Months or More, Unrealized Loss | ' | -73 |
Total Unrealized Loss | ' | ($73) |
LOANS_Major_Classifications_of
LOANS, Major Classifications of Loans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | $740,770 | $704,625 |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 216,081 | 214,743 |
Multifamily Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 38,456 | 28,673 |
Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 90,539 | 91,902 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 208,756 | 178,849 |
Commercial And Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 85,301 | 84,430 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 25,113 | 28,128 |
All Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | $76,524 | $77,900 |
LOANS_Related_Party_Loans_Deta
LOANS, Related Party Loans (Details) (Directors and Executive Officers [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Directors and Executive Officers [Member] | ' |
Activity with respect to all director and executive officer loans [Roll Forward] | ' |
Balance, beginning of period | $16,639 |
Additions, including loans now meeting disclosure requirements | 1,530 |
Amounts collected and loans no longer meeting disclosure requirements | -6,973 |
Balance, end of period | $11,196 |
LOANS_Activity_in_The_Allowanc
LOANS, Activity in The Allowance For Loan Losses by Portfolio Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $11,488 | $9,795 | $9,865 |
Provision for loan losses | -375 | 4,260 | 3,630 |
Loans charged-off | -909 | -3,153 | -4,026 |
Recoveries | 823 | 586 | 326 |
Balance, end of period | 11,027 | 11,488 | 9,795 |
Residential Real Estate [Member] | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 2,163 | 2,134 | 2,666 |
Provision for loan losses | 803 | 709 | -241 |
Loans charged-off | -292 | -728 | -347 |
Recoveries | 20 | 48 | 56 |
Balance, end of period | 2,694 | 2,163 | 2,134 |
Multifamily Real Estate [Member] | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 331 | 284 | 252 |
Provision for loan losses | 86 | 47 | 11 |
Loans charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 21 |
Balance, end of period | 417 | 331 | 284 |
Owner Occupied Commercial Real Estate [Member] | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 1,117 | 918 | 1,141 |
Provision for loan losses | 123 | -68 | -52 |
Loans charged-off | -132 | -15 | -171 |
Recoveries | 299 | 282 | 0 |
Balance, end of period | 1,407 | 1,117 | 918 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 1,888 | 2,381 | 1,644 |
Provision for loan losses | 163 | -198 | 1,081 |
Loans charged-off | -14 | -318 | -382 |
Recoveries | 0 | 23 | 38 |
Balance, end of period | 2,037 | 1,888 | 2,381 |
Commercial And Industrial [Member] | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 3,046 | 1,880 | 2,421 |
Provision for loan losses | -918 | 2,419 | -555 |
Loans charged-off | -32 | -1,259 | -23 |
Recoveries | 88 | 6 | 37 |
Balance, end of period | 2,184 | 3,046 | 1,880 |
Consumer [Member] | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 244 | 298 | 366 |
Provision for loan losses | 168 | 72 | -4 |
Loans charged-off | -188 | -227 | -152 |
Recoveries | 73 | 101 | 88 |
Balance, end of period | 297 | 244 | 298 |
All Other [Member] | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 2,699 | 1,900 | 1,375 |
Provision for loan losses | -800 | 1,279 | 3,390 |
Loans charged-off | -251 | -606 | -2,951 |
Recoveries | 343 | 126 | 86 |
Balance, end of period | $1,991 | $2,699 | $1,900 |
LOANS_Purchased_Loans_Details
LOANS, Purchased Loans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Purchased loans [Abstract] | ' | ' |
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | $13,563 | $14,549 |
Loans And Leases Receivable Purchased with Deteriorated Credit Quality Net Of Allowance | 12,931 | 14,049 |
Increase (Decrease) in loan allowance related to acquisitions | 132 | 500 |
Residential Real Estate [Member] | ' | ' |
Purchased loans [Abstract] | ' | ' |
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 183 | 202 |
Multifamily Real Estate [Member] | ' | ' |
Purchased loans [Abstract] | ' | ' |
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 1,229 | 3,173 |
Owner Occupied Commercial Real Estate [Member] | ' | ' |
Purchased loans [Abstract] | ' | ' |
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 250 | 271 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Purchased loans [Abstract] | ' | ' |
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 6,782 | 5,896 |
Commercial And Industrial [Member] | ' | ' |
Purchased loans [Abstract] | ' | ' |
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 496 | 511 |
All Other [Member] | ' | ' |
Purchased loans [Abstract] | ' | ' |
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 4,623 | 4,496 |
Newly acquired loans [Abstract] | ' | ' |
Purchased loan | ' | 9,969 |
Loans Acquired, Fair Value | ' | 2,772 |
Purchased loans [Member] | ' | ' |
Accretable Yield [Roll Forward] | ' | ' |
Beginning Balance | 635 | 0 |
New loans purchased | 0 | 0 |
Accretion of income | -26 | -6 |
Income recognized upon full repayment | -415 | 0 |
Reclassifications from non-accretable difference | 23 | 641 |
Disposals | 0 | 0 |
Ending Balance | $217 | $635 |
LOANS_Past_Due_And_Nonperformi
LOANS, Past Due And Non-performing Loans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Past due and non performing loans [Abstract] | ' | ' |
Principal Owed on Non-accrual Loans | $28,567 | $30,159 |
Recorded Investment in Non-accrual Loans | 16,641 | 25,806 |
Loans Past Due Over 90 Days, still accruing | 8,478 | 3,890 |
Residential Real Estate [Member] | ' | ' |
Past due and non performing loans [Abstract] | ' | ' |
Principal Owed on Non-accrual Loans | 2,021 | 3,145 |
Recorded Investment in Non-accrual Loans | 1,725 | 2,813 |
Loans Past Due Over 90 Days, still accruing | 1,737 | 208 |
Multifamily Real Estate [Member] | ' | ' |
Past due and non performing loans [Abstract] | ' | ' |
Principal Owed on Non-accrual Loans | 3,282 | 5,501 |
Recorded Investment in Non-accrual Loans | 1,889 | 4,390 |
Loans Past Due Over 90 Days, still accruing | 1,369 | 227 |
Owner Occupied Commercial Real Estate [Member] | ' | ' |
Past due and non performing loans [Abstract] | ' | ' |
Principal Owed on Non-accrual Loans | 1,364 | 1,153 |
Recorded Investment in Non-accrual Loans | 1,147 | 976 |
Loans Past Due Over 90 Days, still accruing | 1,387 | 783 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Past due and non performing loans [Abstract] | ' | ' |
Principal Owed on Non-accrual Loans | 2,683 | 3,207 |
Recorded Investment in Non-accrual Loans | 1,973 | 2,174 |
Loans Past Due Over 90 Days, still accruing | 3,739 | 74 |
Commercial And Industrial [Member] | ' | ' |
Past due and non performing loans [Abstract] | ' | ' |
Principal Owed on Non-accrual Loans | 6,838 | 11,407 |
Recorded Investment in Non-accrual Loans | 4,961 | 9,897 |
Loans Past Due Over 90 Days, still accruing | 84 | 555 |
Consumer [Member] | ' | ' |
Past due and non performing loans [Abstract] | ' | ' |
Principal Owed on Non-accrual Loans | 167 | 278 |
Recorded Investment in Non-accrual Loans | 148 | 267 |
Loans Past Due Over 90 Days, still accruing | 16 | 0 |
All Other [Member] | ' | ' |
Past due and non performing loans [Abstract] | ' | ' |
Principal Owed on Non-accrual Loans | 12,212 | 5,468 |
Recorded Investment in Non-accrual Loans | 4,798 | 5,289 |
Loans Past Due Over 90 Days, still accruing | $146 | $2,043 |
LOANS_Past_Due_Aging_Analysis_
LOANS, Past Due Aging Analysis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Aging of recorded investment in past due loans [Abstract] | ' | ' |
Total Loans | $740,770 | $704,625 |
30-89 Days Past Due | 10,295 | 24,906 |
Greater than 90 days past due | 19,071 | 19,303 |
Total Past Due | 29,366 | 44,209 |
Loans Not Past Due | 711,404 | 660,416 |
Residential Real Estate [Member] | ' | ' |
Aging of recorded investment in past due loans [Abstract] | ' | ' |
Total Loans | 216,081 | 214,743 |
30-89 Days Past Due | 4,770 | 9,356 |
Greater than 90 days past due | 2,431 | 2,040 |
Total Past Due | 7,201 | 11,396 |
Loans Not Past Due | 208,880 | 203,347 |
Multifamily Real Estate [Member] | ' | ' |
Aging of recorded investment in past due loans [Abstract] | ' | ' |
Total Loans | 38,456 | 28,673 |
30-89 Days Past Due | 367 | 695 |
Greater than 90 days past due | 2,688 | 3,893 |
Total Past Due | 3,055 | 4,588 |
Loans Not Past Due | 35,401 | 24,085 |
Owner Occupied Commercial Real Estate [Member] | ' | ' |
Aging of recorded investment in past due loans [Abstract] | ' | ' |
Total Loans | 90,539 | 91,902 |
30-89 Days Past Due | 516 | 6,212 |
Greater than 90 days past due | 2,073 | 1,129 |
Total Past Due | 2,589 | 7,341 |
Loans Not Past Due | 87,950 | 84,561 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Aging of recorded investment in past due loans [Abstract] | ' | ' |
Total Loans | 208,756 | 178,849 |
30-89 Days Past Due | 278 | 5,267 |
Greater than 90 days past due | 5,478 | 2,248 |
Total Past Due | 5,756 | 7,515 |
Loans Not Past Due | 203,000 | 171,334 |
Commercial And Industrial [Member] | ' | ' |
Aging of recorded investment in past due loans [Abstract] | ' | ' |
Total Loans | 85,301 | 84,430 |
30-89 Days Past Due | 1,433 | 2,306 |
Greater than 90 days past due | 1,438 | 2,485 |
Total Past Due | 2,871 | 4,791 |
Loans Not Past Due | 82,430 | 79,639 |
Consumer [Member] | ' | ' |
Aging of recorded investment in past due loans [Abstract] | ' | ' |
Total Loans | 25,113 | 28,128 |
30-89 Days Past Due | 421 | 602 |
Greater than 90 days past due | 82 | 176 |
Total Past Due | 503 | 778 |
Loans Not Past Due | 24,610 | 27,350 |
All Other [Member] | ' | ' |
Aging of recorded investment in past due loans [Abstract] | ' | ' |
Total Loans | 76,524 | 77,900 |
30-89 Days Past Due | 2,510 | 468 |
Greater than 90 days past due | 4,881 | 7,332 |
Total Past Due | 7,391 | 7,800 |
Loans Not Past Due | $69,133 | $70,100 |
LOANS_Allowance_for_Loan_Losse
LOANS, Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, allowance for loan losses | $1,860 | $3,342 | ' | ' |
Collectively evaluated for impairment, allowance for loan losses | 8,535 | 7,646 | ' | ' |
Acquired with deteriorated credit quality, allowance for loan losses | 632 | 500 | ' | ' |
Total allowance for loan losses | 11,027 | 11,488 | 9,795 | 9,865 |
Loans Balances [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, loan balances | 15,568 | 26,487 | ' | ' |
Collectively evaluated for impairment, loan balances | 711,639 | 663,589 | ' | ' |
Acquired with deteriorated credit quality, loan balances | 13,563 | 14,549 | ' | ' |
Total Loans | 740,770 | 704,625 | ' | ' |
Residential Real Estate [Member] | ' | ' | ' | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, allowance for loan losses | 138 | 358 | ' | ' |
Collectively evaluated for impairment, allowance for loan losses | 2,556 | 1,805 | ' | ' |
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ' | ' |
Total allowance for loan losses | 2,694 | 2,163 | 2,134 | 2,666 |
Loans Balances [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, loan balances | 2,787 | 4,609 | ' | ' |
Collectively evaluated for impairment, loan balances | 213,111 | 209,932 | ' | ' |
Acquired with deteriorated credit quality, loan balances | 183 | 202 | ' | ' |
Total Loans | 216,081 | 214,743 | ' | ' |
Multifamily Real Estate [Member] | ' | ' | ' | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ' | ' |
Collectively evaluated for impairment, allowance for loan losses | 417 | 331 | ' | ' |
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ' | ' |
Total allowance for loan losses | 417 | 331 | 284 | 252 |
Loans Balances [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, loan balances | 1,822 | 1,670 | ' | ' |
Collectively evaluated for impairment, loan balances | 35,405 | 23,830 | ' | ' |
Acquired with deteriorated credit quality, loan balances | 1,229 | 3,173 | ' | ' |
Total Loans | 38,456 | 28,673 | ' | ' |
Owner Occupied Commercial Real Estate [Member] | ' | ' | ' | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, allowance for loan losses | 170 | 74 | ' | ' |
Collectively evaluated for impairment, allowance for loan losses | 1,237 | 1,043 | ' | ' |
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ' | ' |
Total allowance for loan losses | 1,407 | 1,117 | 918 | 1,141 |
Loans Balances [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, loan balances | 2,386 | 2,511 | ' | ' |
Collectively evaluated for impairment, loan balances | 87,903 | 89,120 | ' | ' |
Acquired with deteriorated credit quality, loan balances | 250 | 271 | ' | ' |
Total Loans | 90,539 | 91,902 | ' | ' |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' | ' | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, allowance for loan losses | 362 | 362 | ' | ' |
Collectively evaluated for impairment, allowance for loan losses | 1,675 | 1,526 | ' | ' |
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ' | ' |
Total allowance for loan losses | 2,037 | 1,888 | 2,381 | 1,644 |
Loans Balances [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, loan balances | 1,024 | 2,627 | ' | ' |
Collectively evaluated for impairment, loan balances | 200,950 | 170,326 | ' | ' |
Acquired with deteriorated credit quality, loan balances | 6,782 | 5,896 | ' | ' |
Total Loans | 208,756 | 178,849 | ' | ' |
Commercial And Industrial [Member] | ' | ' | ' | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, allowance for loan losses | 1,088 | 2,173 | ' | ' |
Collectively evaluated for impairment, allowance for loan losses | 964 | 873 | ' | ' |
Acquired with deteriorated credit quality, allowance for loan losses | 132 | 0 | ' | ' |
Total allowance for loan losses | 2,184 | 3,046 | 1,880 | 2,421 |
Loans Balances [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, loan balances | 4,270 | 10,799 | ' | ' |
Collectively evaluated for impairment, loan balances | 80,535 | 73,120 | ' | ' |
Acquired with deteriorated credit quality, loan balances | 496 | 511 | ' | ' |
Total Loans | 85,301 | 84,430 | ' | ' |
Consumer [Member] | ' | ' | ' | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ' | ' |
Collectively evaluated for impairment, allowance for loan losses | 297 | 244 | ' | ' |
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ' | ' |
Total allowance for loan losses | 297 | 244 | 298 | 366 |
Loans Balances [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, loan balances | 0 | 0 | ' | ' |
Collectively evaluated for impairment, loan balances | 25,113 | 28,128 | ' | ' |
Acquired with deteriorated credit quality, loan balances | 0 | 0 | ' | ' |
Total Loans | 25,113 | 28,128 | ' | ' |
All Other [Member] | ' | ' | ' | ' |
Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, allowance for loan losses | 102 | 375 | ' | ' |
Collectively evaluated for impairment, allowance for loan losses | 1,389 | 1,824 | ' | ' |
Acquired with deteriorated credit quality, allowance for loan losses | 500 | 500 | ' | ' |
Total allowance for loan losses | 1,991 | 2,699 | 1,900 | 1,375 |
Loans Balances [Abstract] | ' | ' | ' | ' |
Individually evaluated for impairment, loan balances | 3,279 | 4,271 | ' | ' |
Collectively evaluated for impairment, loan balances | 68,622 | 69,133 | ' | ' |
Acquired with deteriorated credit quality, loan balances | 4,623 | 4,496 | ' | ' |
Total Loans | $76,524 | $77,900 | ' | ' |
LOANS_Individually_Evaluated_F
LOANS, Individually Evaluated For Impairment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
LOANS [Abstract] | ' | ' |
Purchased financing receivable individually evaluated for impairment | $7,483 | $9,421 |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 35,086 | 41,264 |
Recorded Investment | 23,051 | 35,908 |
Allowance for Loan Losses Allocated | 2,492 | 3,842 |
With no related allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 14,418 | 20,463 |
Recorded Investment | 10,751 | 15,623 |
Allowance for Loan Losses Allocated | 0 | 0 |
With an allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 20,668 | 20,801 |
Recorded Investment | 12,300 | 20,285 |
Allowance for Loan Losses Allocated | 2,492 | 3,842 |
Residential Real Estate [Member] | With no related allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 1,513 | 1,886 |
Recorded Investment | 1,314 | 1,714 |
Allowance for Loan Losses Allocated | 0 | 0 |
Residential Real Estate [Member] | With an allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 1,668 | 3,118 |
Recorded Investment | 1,656 | 3,097 |
Allowance for Loan Losses Allocated | 138 | 358 |
Multifamily real estate [Member] | With no related allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 4,449 | 6,332 |
Recorded Investment | 3,051 | 4,533 |
Allowance for Loan Losses Allocated | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | With no related allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 2,601 | 2,876 |
Recorded Investment | 1,986 | 2,196 |
Allowance for Loan Losses Allocated | 0 | 0 |
Owner Occupied Commercial Real Estate [Member] | With an allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 515 | 586 |
Recorded Investment | 515 | 586 |
Allowance for Loan Losses Allocated | 170 | 74 |
Non Owner Occupied Commercial Real Estate [Member] | With no related allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 1,861 | 3,912 |
Recorded Investment | 1,184 | 2,916 |
Allowance for Loan Losses Allocated | 0 | 0 |
Non Owner Occupied Commercial Real Estate [Member] | With an allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 810 | 809 |
Recorded Investment | 790 | 789 |
Allowance for Loan Losses Allocated | 362 | 362 |
Commercial And Industrial [Member] | With no related allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 809 | 2,031 |
Recorded Investment | 49 | 837 |
Allowance for Loan Losses Allocated | 0 | 0 |
Commercial And Industrial [Member] | With an allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 5,543 | 10,771 |
Recorded Investment | 4,604 | 10,473 |
Allowance for Loan Losses Allocated | 1,220 | 2,173 |
All Other [Member] | With no related allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 3,185 | 3,426 |
Recorded Investment | 3,167 | 3,427 |
Allowance for Loan Losses Allocated | 0 | 0 |
All Other [Member] | With an allowance recorded: [Member] | ' | ' |
Loans individually evaluated for impairment [Abstract] | ' | ' |
Unpaid Principal Balance | 12,132 | 5,517 |
Recorded Investment | 4,735 | 5,340 |
Allowance for Loan Losses Allocated | $602 | $875 |
LOANS_Average_Balance_of_Loans
LOANS, Average Balance of Loans Individually Evaluated For Impairment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing receivable average balance individually evaluated for impairment [Line Items] | ' | ' | ' |
Average Recorded Investment | $30,211 | $49,690 | $53,719 |
Interest Income Recognized | 1,524 | 4,472 | 1,836 |
Cash Basis Interest Recognized | 1,486 | 4,416 | 1,802 |
Residential Real Estate [Member] | ' | ' | ' |
Financing receivable average balance individually evaluated for impairment [Line Items] | ' | ' | ' |
Average Recorded Investment | 4,069 | 8,887 | 2,227 |
Interest Income Recognized | 180 | 518 | 84 |
Cash Basis Interest Recognized | 171 | 516 | 81 |
Multifamily Real Estate [Member] | ' | ' | ' |
Financing receivable average balance individually evaluated for impairment [Line Items] | ' | ' | ' |
Average Recorded Investment | 3,810 | 6,143 | 8,428 |
Interest Income Recognized | 847 | 1,408 | 150 |
Cash Basis Interest Recognized | 845 | 1,406 | 151 |
Owner Occupied Commercial Real Estate [Member] | ' | ' | ' |
Financing receivable average balance individually evaluated for impairment [Line Items] | ' | ' | ' |
Average Recorded Investment | 2,602 | 7,195 | 12,653 |
Interest Income Recognized | 168 | 1,025 | 1,083 |
Cash Basis Interest Recognized | 141 | 1,028 | 1,082 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' | ' |
Financing receivable average balance individually evaluated for impairment [Line Items] | ' | ' | ' |
Average Recorded Investment | 2,509 | 9,785 | 11,417 |
Interest Income Recognized | 9 | 73 | 113 |
Cash Basis Interest Recognized | 9 | 79 | 84 |
Commercial And Industrial [Member] | ' | ' | ' |
Financing receivable average balance individually evaluated for impairment [Line Items] | ' | ' | ' |
Average Recorded Investment | 8,425 | 10,052 | 7,196 |
Interest Income Recognized | 47 | 427 | 217 |
Cash Basis Interest Recognized | 47 | 417 | 211 |
Consumer [Member] | ' | ' | ' |
Financing receivable average balance individually evaluated for impairment [Line Items] | ' | ' | ' |
Average Recorded Investment | 0 | 29 | 43 |
Interest Income Recognized | 0 | 2 | 5 |
Cash Basis Interest Recognized | 0 | 2 | 5 |
All Other [Member] | ' | ' | ' |
Financing receivable average balance individually evaluated for impairment [Line Items] | ' | ' | ' |
Average Recorded Investment | 8,796 | 7,599 | 11,755 |
Interest Income Recognized | 273 | 1,019 | 184 |
Cash Basis Interest Recognized | $273 | $968 | $188 |
LOANS_Troubled_Debt_Restructur
LOANS, Troubled Debt Restructurings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
TDR's on Non-accrual | $23 | $1,022 |
Other TDR's | 3,655 | 14,106 |
Total TDR's | 3,678 | 15,128 |
Specific reserves allocated to loans that have restructured terms | 0 | 220 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDR's on Non-accrual | 23 | 1,020 |
Other TDR's | 296 | 240 |
Total TDR's | 319 | 1,260 |
Owner Occupied Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDR's on Non-accrual | ' | 0 |
Other TDR's | ' | 4,224 |
Total TDR's | ' | 4,224 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDR's on Non-accrual | 0 | 0 |
Other TDR's | 506 | 4,920 |
Total TDR's | 506 | 4,920 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDR's on Non-accrual | 0 | 2 |
Other TDR's | 831 | 2,525 |
Total TDR's | 831 | 2,527 |
Consumer [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDR's on Non-accrual | 0 | ' |
Other TDR's | 5 | ' |
Total TDR's | 5 | ' |
All Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDR's on Non-accrual | 0 | 0 |
Other TDR's | 2,017 | 2,197 |
Total TDR's | $2,017 | $2,197 |
LOANS_TDR_Modified_During_Peri
LOANS, TDR Modified During Period (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loan | Loan | ||
Troubled Debt Restructuring Activity [Line Items] | ' | ' | ' |
Number of Loans | 1 | 3 | ' |
Pre-Modification Outstanding Recorded Investment | $16 | $2,518 | ' |
Post-Modification Outstanding Recorded Investment | 16 | 2,518 | ' |
Increase (decrease) in allowance for loan losses due to troubled debt restructuring | 0 | 168 | ' |
Defaults within 12 months after modification | 0 | 0 | 0 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' | ' |
Troubled Debt Restructuring Activity [Line Items] | ' | ' | ' |
Number of Loans | 0 | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 0 | 519 | ' |
Post-Modification Outstanding Recorded Investment | 0 | 519 | ' |
Commercial And Industrial [Member] | ' | ' | ' |
Troubled Debt Restructuring Activity [Line Items] | ' | ' | ' |
Number of Loans | 0 | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 0 | 1,809 | ' |
Post-Modification Outstanding Recorded Investment | 0 | 1,809 | ' |
All Other [Member] | ' | ' | ' |
Troubled Debt Restructuring Activity [Line Items] | ' | ' | ' |
Number of Loans | 1 | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 16 | 190 | ' |
Post-Modification Outstanding Recorded Investment | $16 | $190 | ' |
LOANS_Risk_Category_of_Loans_b
LOANS, Risk Category of Loans by Class of Loans, Credit Quality Indicators (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | $740,770 | $704,625 |
Residential Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 216,081 | 214,743 |
Multifamily Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 38,456 | 28,673 |
Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 90,539 | 91,902 |
Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 208,756 | 178,849 |
Commercial And Industrial [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 85,301 | 84,430 |
Consumer [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 25,113 | 28,128 |
All Other [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 76,524 | 77,900 |
Pass [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 678,465 | 614,943 |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 202,789 | 195,210 |
Pass [Member] | Multifamily Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 34,487 | 19,747 |
Pass [Member] | Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 79,694 | 74,529 |
Pass [Member] | Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 196,338 | 163,337 |
Pass [Member] | Commercial And Industrial [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 78,205 | 70,180 |
Pass [Member] | Consumer [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 24,772 | 27,931 |
Pass [Member] | All Other [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 62,180 | 64,009 |
Special Mention [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 31,542 | 32,382 |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 6,204 | 10,115 |
Special Mention [Member] | Multifamily Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 918 | 1,912 |
Special Mention [Member] | Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 7,431 | 8,994 |
Special Mention [Member] | Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 8,569 | 7,685 |
Special Mention [Member] | Commercial And Industrial [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 2,269 | 2,739 |
Special Mention [Member] | Consumer [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 204 | 123 |
Special Mention [Member] | All Other [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 5,947 | 814 |
Substandard [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 30,488 | 56,515 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 7,065 | 9,327 |
Substandard [Member] | Multifamily Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 3,051 | 7,014 |
Substandard [Member] | Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 3,348 | 8,379 |
Substandard [Member] | Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 3,849 | 7,827 |
Substandard [Member] | Commercial And Industrial [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 4,753 | 11,508 |
Substandard [Member] | Consumer [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 137 | 74 |
Substandard [Member] | All Other [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 8,285 | 12,386 |
Doubtful [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 275 | 785 |
Doubtful [Member] | Residential Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 23 | 91 |
Doubtful [Member] | Multifamily Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful [Member] | Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 66 | 0 |
Doubtful [Member] | Non Owner Occupied Commercial Real Estate [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful [Member] | Commercial And Industrial [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 74 | 3 |
Doubtful [Member] | Consumer [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful [Member] | All Other [Member] | ' | ' |
Accounts, notes, loans and financing receivable [Line Items] | ' | ' |
Loans | $112 | $691 |
PREMISES_AND_EQUIPMENT_Details
PREMISES AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | $27,247 | $26,042 | ' |
Less: accumulated depreciated | -9,449 | -10,090 | ' |
Premises and equipment, net | 17,798 | 15,952 | ' |
Rent expense, net of rental income | 990 | 985 | 1,162 |
Operating Leases [Abstract] | ' | ' | ' |
2014 | 904 | ' | ' |
2015 | 793 | ' | ' |
2016 | 764 | ' | ' |
2017 | 738 | ' | ' |
2018 and thereafter | 278 | ' | ' |
Total operating lease commitments | 3,477 | ' | ' |
Land and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | 3,614 | 3,614 | ' |
Building and Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | 13,695 | 13,454 | ' |
Furniture and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | 7,646 | 8,974 | ' |
Assets Purchased Not Yet Placed In Service [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | $2,292 | $0 | ' |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Beginning of year | $29,875 | $29,875 | $29,875 |
Acquired goodwill and other adjustments | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 |
End of year | 29,875 | 29,875 | 29,875 |
Gross Carrying Amount [Abstract] | ' | ' | ' |
Core deposits intangible | 5,355 | 5,355 | ' |
Accumulated Amortization [Abstract] | ' | ' | ' |
Core deposits intangible | -3,234 | -2,634 | ' |
Aggregate intangible amortization expense | 600 | 672 | 792 |
Estimated amortization expense [Abstract] | ' | ' | ' |
2014 | 575 | ' | ' |
2015 | 575 | ' | ' |
2016 | 457 | ' | ' |
2017 | 353 | ' | ' |
2018 and thereafter | 161 | ' | ' |
Total | $2,121 | ' | ' |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Time deposits maturity schedule [Abstract] | ' | ' |
2014 | $221,964 | ' |
2015 | 62,099 | ' |
2016 | 24,513 | ' |
2017 | 14,047 | ' |
2018 and thereafter | 8,736 | ' |
Total | 331,359 | ' |
Related party deposits | $9,604 | $10,689 |
SECURITIES_SOLD_UNDER_AGREEMEN2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | ' | ' |
Year-end balance | $11,319 | $26,102 |
Average balance during the year | 13,486 | 20,944 |
Average interest rate during the year (in hundredths) | 0.25% | 0.42% |
Maximum month-end balance during the year | $22,988 | $26,102 |
Weighted average interest rate at year-end (in hundredths) | 0.25% | 0.23% |
FEDERAL_HOME_LOAN_BANK_ADVANCE1
FEDERAL HOME LOAN BANK ADVANCES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
FEDERAL HOME LOAN BANK ADVANCES [Abstract] | ' | ' |
Federal Home Loan Bank advances | $0 | $0 |
NOTES_PAYABLE_AND_OTHER_BORROW2
NOTES PAYABLE AND OTHER BORROWED FUNDS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
First Guaranty Bank of Hammond, Louisiana [Member] | First Guaranty Bank of Hammond, Louisiana [Member] | Bankers' Bank of Kentucky, Inc. of Frankfort Kentucky [Member] | Bankers' Bank of Kentucky, Inc. of Frankfort Kentucky [Member] | |||
Term Borrowing [Member] | Term Borrowing [Member] | Term Borrowing [Member] | Term Borrowing [Member] | |||
Branch | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Initial borrowing date | ' | ' | ' | 30-Apr-08 | 8-Sep-10 | ' |
Initial borrowing amount | ' | ' | $7,222,000 | $11,550,000 | $11,300,000 | ' |
Variable rate basis, description | ' | ' | ' | 'Wall Street Journal prime rate | 'JP Morgan Chase prime rate | ' |
Basis spread on variable rate (in hundredths) | ' | ' | 0.75% | -1.00% | ' | ' |
Frequency of periodic payment | ' | ' | ' | '59 monthly principal payments | '120 monthly principal payments | ' |
Periodic payment | ' | ' | 86,000 | 50,000 | 94,000 | ' |
Final payment | ' | ' | ' | 8,600,000 | ' | ' |
Maturity date | ' | ' | 30-Apr-20 | ' | ' | ' |
Initial variable interest rate (in hundredths) | ' | ' | 4.00% | ' | 4.50% | ' |
Interest rate floor (in hundredths) | ' | ' | 4.00% | ' | 4.50% | ' |
Fixed interest rate (in hundredths) | ' | ' | 10.00% | ' | ' | ' |
Collateral on borrowed funds - term loan | ' | ' | ' | '25% of Premier's interest in Premier Bank | '100% interest in Citizens Deposit Bank and Trust, Inc | ' |
Collateral pledge of subsidiary (in hundredths) | ' | ' | ' | 25.00% | 100.00% | ' |
Proceeds used to purchase Traders Bankshares, Inc. | ' | ' | ' | 9,000,000 | ' | ' |
Proceeds used to pay off other borrowings | ' | ' | ' | 2,550,000 | 2,904,000 | ' |
Original loan amount of loan repaid from proceeds of new term loan with The Banker's Bank of Kentucky | ' | ' | ' | ' | 6,500,000 | ' |
Percentage of equity owned in lending bank by related party (in hundredths) | ' | ' | ' | 27.60% | ' | ' |
Long-term debt, principal balance | ' | 7,449,000 | ' | 6,400,000 | 7,400,000 | 8,600,000 |
Proceeds used to pay of other lines of credit | ' | ' | ' | ' | 2,400,000 | ' |
Capital injection into Citizens Deposit Bank and Trust | ' | ' | ' | ' | 6,000,000 | ' |
Number of branches purchased | ' | ' | ' | ' | 4 | ' |
Scheduled principal payments due on bank borrowings [Abstract] | ' | ' | ' | ' | ' | ' |
2014 | 2,162,000 | ' | ' | ' | ' | ' |
2015 | 2,162,000 | ' | ' | ' | ' | ' |
2016 | 2,162,000 | ' | ' | ' | ' | ' |
2017 | 2,162,000 | ' | ' | ' | ' | ' |
2018 | 2,162,000 | ' | ' | ' | ' | ' |
Thereafter | 2,990,000 | ' | ' | ' | ' | ' |
Total long-term debt | $13,800,000 | ' | ' | ' | ' | ' |
NOTES_PAYABLE_AND_OTHER_BORROW3
NOTES PAYABLE AND OTHER BORROWED FUNDS, Line of Credit Facility (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 08, 2010 | |
First Guaranty Bank of Hammond, Louisiana [Member] | First Guaranty Bank of Hammond, Louisiana [Member] | First Guaranty Bank of Hammond, Louisiana [Member] | First Guaranty Bank of Hammond, Louisiana [Member] | Bankers' Bank of Kentucky, Inc. of Frankfort Kentucky [Member] | Bankers' Bank of Kentucky, Inc. of Frankfort Kentucky [Member] | |
Line of Credit [Member] | Line of Credit [Member] | Line of Credit Extension [Member] | Line of Credit Extension [Member] | Line of Credit [Member] | Line of Credit [Member] | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Initial borrowing date | ' | ' | ' | 30-Jun-11 | 7-Sep-13 | ' |
Interest rate description | ' | 'Wall Street Journal prime rate | ' | ' | 'JP Morgan Chase prime rate | ' |
Initial variable interest rate (in hundredths) | ' | 3.25% | ' | ' | 3.25% | ' |
Interest rate floor (in hundredths) | ' | 4.50% | ' | ' | 4.50% | ' |
Maximum borrowing capacity | ' | ' | ' | $3,000,000 | $5,000,000 | $4,300,000 |
Expiration date | ' | ' | 30-Jun-16 | ' | 7-Sep-14 | ' |
Principal balance outstanding | ' | ' | $0 | ' | $0 | ' |
Collateral for borrowed funds - line of credit | '25% of Premier's interest in Premier Bank | ' | ' | ' | '100% interest in Citizens Deposit Bank and Trust, Inc. | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of the provision (benefit) for income taxes [Abstract] | ' | ' | ' |
Current | $5,509 | $5,105 | $376 |
Deferred | 1,895 | 568 | 4,099 |
Change in valuation allowance | 0 | 0 | -675 |
Provision for income taxes | 7,404 | 5,673 | 3,800 |
Deferred tax assets [Abstract] | ' | ' | ' |
Allowance for loan losses | 4,016 | 4,181 | ' |
Purchase accounting adjustments | 2,611 | 3,745 | ' |
Net operating loss carryforward | 1,048 | 1,569 | ' |
Write-downs of other real estate owned | 893 | 748 | ' |
Taxable income on non-accrual loans | 2,053 | 1,955 | ' |
Security writedown | 0 | 250 | ' |
Capital loss carryforward | 196 | 0 | ' |
Accrued expenses | 172 | 131 | ' |
Unrealized loss on investment securities | 322 | 0 | ' |
Other | 19 | 11 | ' |
Total deferred tax assets | 11,330 | 12,590 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Amortization of intangibles | -4,615 | -4,405 | ' |
Depreciation | -1,101 | -1,027 | ' |
Federal Home Loan Bank dividends | -377 | -377 | ' |
Deferred loan fees | -567 | -548 | ' |
Unrealized gain on investment securities | 0 | -3,388 | ' |
Other | -71 | -61 | ' |
Total deferred tax liabilities | -6,731 | -9,806 | ' |
Valuation allowance on deferred tax assets | -160 | -160 | ' |
Net deferred taxes | 4,439 | 2,624 | ' |
Analysis of the Differences Between the Effective Tax Rates and the Statutory U.S. Federal Income Tax Rate [Abstract] | ' | ' | ' |
U.S. federal income tax rate | 7,015 | 5,439 | 3,729 |
Changes from the statutory rate [Abstract] | ' | ' | ' |
Impact of graduated federal tax rate | 72 | 26 | 0 |
State income taxes, net | 439 | 376 | 1,220 |
Tax-exempt interest income | -149 | -173 | -194 |
Non-deductible interest expense related to carrying tax-exempt interest earning assets | 9 | 12 | 8 |
Non-deductible stock compensation expense | 57 | 62 | 36 |
Tax credits, net | -49 | -49 | -49 |
Change in valuation allowance, net | 0 | 0 | -675 |
Other | 10 | -20 | -275 |
Provision for income taxes | 7,404 | 5,673 | 3,800 |
Analysis of the Differences Between the Effective Tax Rate and the U.S. Federal Income Tax Rate [Abstract] | ' | ' | ' |
U.S. federal income tax rate (in hundredths) | 34.00% | 34.00% | 34.00% |
Changes from the statutory rate [Abstract] | ' | ' | ' |
Impact of graduated federal tax rate (in hundredths) | 0.40% | 0.20% | 0.00% |
State income taxes, net (in hundredths) | 2.10% | 2.40% | 11.10% |
Tax-exempt interest income (in hundredths) | -0.70% | -1.10% | -1.80% |
Non-deductible interest expense related to carrying tax-exempt interest earning assets (in hundredths) | 0.00% | 0.10% | 0.10% |
Non-deductible stock compensation expense (in hundredths) | 0.30% | 0.40% | 0.30% |
Tax credits, net (in hundredths) | -0.20% | -0.30% | -0.40% |
Change in valuation allowance, net (in hundredths) | 0.00% | 0.00% | -6.10% |
Other (in hundredths) | 0.00% | -0.20% | -2.50% |
Provision for income taxes (in hundredths) | 35.90% | 35.50% | 34.70% |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | ' | ' | ' |
Income tax penalties expense | 0 | 0 | 0 |
Interest on income taxes expense | 0 | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | ' | ' | ' |
Income tax penalties accrued | 0 | 0 | 0 |
Interest on income taxes accrued | 0 | 0 | 0 |
Federal [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 1,845 | ' | ' |
Expiration dates | 31-Dec-22 | ' | ' |
Various States [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 5,569 | ' | ' |
Expiration dates | 31-Dec-22 | ' | ' |
District of Columbia | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Valuation allowance for net operating loss carryforwards not expected to utilize | $160 | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ' | ' |
Total contributions to the plans | $354 | $379 | $385 |
STOCK_COMPENSATION_EXPENSE_Det
STOCK COMPENSATION EXPENSE (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
STOCK COMPENSATION EXPENSE [Abstract] | ' | ' | ' |
Number of shares authorized (in shares) | ' | 500,000 | ' |
Reserved period for shares | ' | '10 years | ' |
Award vesting period, description | 'three equal annual installments | 'three equal annual installments | 'three equal annual installments |
Stock option vesting periods | '3 years | '3 years | '3 years |
Compensation expense | $169 | $181 | $106 |
Unrecognized stock-based compensation expense | $108 | ' | ' |
Unrecognized stock-based compensation, period of recognition | '26 months | ' | ' |
STOCK_COMPENSATION_EXPENSE_Ass
STOCK COMPENSATION EXPENSE, Assumptions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assumptions used in the Black-Scholes option-pricing model [Abstract] | ' | ' | ' |
Risk-free interest rate (in hundredths) | 1.96% | 2.31% | 3.58% |
Expected option life (yrs) | '10 years | '10 years | '10 years |
Expected stock price volatility (in hundredths) | 35.24% | 34.93% | 30.01% |
Dividend yield (in hundredths) | 3.86% | 2.68% | 4.03% |
Weighted average fair value of options granted during the year (in dollars per share) | $2.85 | $2.34 | $1.63 |
STOCK_COMPENSATION_EXPENSE_Sto
STOCK COMPENSATION EXPENSE, Stock Options Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Options [Roll Forward] | ' | ' | ' |
Outstanding at beginning of year (in shares) | 392,366 | 350,949 | 255,649 |
Grants (in shares) | 52,900 | 105,700 | 102,000 |
Exercises (in shares) | -78,584 | -25,550 | 0 |
Forfeitures or expired (in shares) | -12,401 | -38,733 | -6,700 |
Outstanding at end of period (in shares) | 354,281 | 392,366 | 350,949 |
Exercisable at end of period (in shares) | 212,731 | 220,646 | 206,727 |
Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Outstanding at beginning of year (in dollars per share) | $9.24 | $9.69 | $10.77 |
Grants (in dollars per share) | $11.39 | $7.47 | $6.95 |
Exercises (in dollars per share) | $7.77 | $7.52 | $0 |
Forfeitures or expired (in dollars per share) | $7.90 | $9.61 | $9.10 |
Outstanding at end of period (in dollars per share) | $9.84 | $9.24 | $9.69 |
Exercisable (in dollars per share) | $10.55 | $10.68 | $11.36 |
Weighted average remaining life of options outstanding | '6 years 1 month 6 days | '6 years 7 months 6 days | '6 years 4 months 24 days |
STOCK_COMPENSATION_EXPENSE_Aut
STOCK COMPENSATION EXPENSE, Authorized Stock Options By Exercise Price Range (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation, Shares Granted under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding, Number (in shares) | 354,281 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $9.84 |
Outstanding, Aggregate Intrinsic Value | $1,571 |
Currently Exercisable, Number (in shares) | 212,731 |
Currently Exercisable, Weighted Average Remaining Contractual Life | '4 years 8 months 12 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $10.55 |
Currently Exercisable, Aggregate Intrinsic Value | 811 |
$6.50 to $10.00 [Member] | ' |
Share-based Compensation, Shares Granted under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range limit (in dollars per share) | $6.50 |
Range of Exercise Prices, upper range limit (in dollars per share) | $10 |
Outstanding, Number (in shares) | 197,248 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $7.40 |
Outstanding, Aggregate Intrinsic Value | 1,331 |
Currently Exercisable, Number (in shares) | 106,798 |
Currently Exercisable, Weighted Average Remaining Contractual Life | '6 years 6 months |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $7.48 |
Currently Exercisable, Aggregate Intrinsic Value | 712 |
$10.01 to $12.50 [Member] | ' |
Share-based Compensation, Shares Granted under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range limit (in dollars per share) | $10.01 |
Range of Exercise Prices, upper range limit (in dollars per share) | $12.50 |
Outstanding, Number (in shares) | 72,933 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $11.46 |
Outstanding, Aggregate Intrinsic Value | 196 |
Currently Exercisable, Number (in shares) | 21,833 |
Currently Exercisable, Weighted Average Remaining Contractual Life | '1 year 1 month 6 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $11.62 |
Currently Exercisable, Aggregate Intrinsic Value | 55 |
$12.51 to $15.00 [Member] | ' |
Share-based Compensation, Shares Granted under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range limit (in dollars per share) | $12.51 |
Range of Exercise Prices, upper range limit (in dollars per share) | $15 |
Outstanding, Number (in shares) | 60,600 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $13.46 |
Outstanding, Aggregate Intrinsic Value | 44 |
Currently Exercisable, Number (in shares) | 60,600 |
Currently Exercisable, Weighted Average Remaining Contractual Life | '3 years 8 months 12 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $13.46 |
Currently Exercisable, Aggregate Intrinsic Value | 44 |
$15.01 to $17.50 [Member] | ' |
Share-based Compensation, Shares Granted under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range limit (in dollars per share) | $15.01 |
Range of Exercise Prices, upper range limit (in dollars per share) | $17.50 |
Outstanding, Number (in shares) | 23,500 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $16 |
Outstanding, Aggregate Intrinsic Value | 0 |
Currently Exercisable, Number (in shares) | 23,500 |
Currently Exercisable, Weighted Average Remaining Contractual Life | '2 years 1 month 6 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $16 |
Currently Exercisable, Aggregate Intrinsic Value | $0 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Common Ownership [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses paid by the company to related parties | $339 | $385 | $562 |
Affiliate [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses paid by the company to related parties | 835 | 797 | 863 |
Entity With Partial Ownership by the Chairman of the Board [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Rent expense | $52 | $52 | $52 |
Ownership percentage (in hundredths) | 12.50% | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $12,570 | $10,155 | $5,947 |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 7,997,047 | 7,940,892 | 7,937,143 |
Earnings per share (in dollars per share) | $0.44 | $0.47 | $0.37 | $0.29 | $0.36 | $0.38 | $0.23 | $0.32 | $1.57 | $1.28 | $0.75 |
Diluted earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $12,570 | $10,155 | $5,947 |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 7,997,047 | 7,940,892 | 7,937,143 |
Add dilutive effects of potential additional common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 448,202 | 240,611 | 97,936 |
Weighted average common and dilutive potential Common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,445,249 | 8,181,503 | 8,035,079 |
Earnings per share assuming dilution (in dollars per share) | $0.41 | $0.44 | $0.35 | $0.28 | $0.34 | $0.37 | $0.22 | $0.31 | $1.49 | $1.24 | $0.74 |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities not considered in computing diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 84,100 | 183,699 | 312,449 |
FAIR_VALUE_Carrying_Amount_and
FAIR VALUE, Carrying Amount and Estimated Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets [Abstract] | ' | ' |
Securities available for sale | $218,066 | $283,975 |
Carrying Amount [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and due from banks | 63,984 | 66,009 |
Federal funds sold | 12,777 | 4,236 |
Securities available for sale | 218,066 | 283,975 |
Loans held for sale | 77 | 200 |
Loans, net | 729,743 | 693,137 |
Federal Home Loan Bank stock | 4,183 | 4,181 |
Interest receivable | 3,132 | 3,403 |
Financial liabilities [Abstract] | ' | ' |
Deposits | -924,023 | -930,583 |
Securities sold under agreements to repurchase | -11,319 | -26,102 |
Other borrowed funds | -13,800 | -16,049 |
Interest payable | -383 | -489 |
Fair Value [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and due from banks | 63,984 | 66,009 |
Federal funds sold | 12,777 | 4,236 |
Securities available for sale | 218,066 | 283,975 |
Loans held for sale | 77 | 200 |
Loans, net | 725,588 | 691,519 |
Interest receivable | 3,132 | 3,403 |
Financial liabilities [Abstract] | ' | ' |
Deposits | -925,139 | -934,004 |
Securities sold under agreements to repurchase | -11,319 | -26,102 |
Other borrowed funds | -13,811 | -16,022 |
Interest payable | -383 | -489 |
Fair Value [Member] | Level 1 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and due from banks | 63,984 | 66,009 |
Federal funds sold | 12,777 | 4,236 |
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ' | ' |
Deposits | -592,664 | -577,274 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowed funds | 0 | 0 |
Interest payable | -5 | -6 |
Fair Value [Member] | Level 2 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Securities available for sale | 217,926 | 283,835 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Interest receivable | 593 | 827 |
Financial liabilities [Abstract] | ' | ' |
Deposits | -332,475 | -356,730 |
Securities sold under agreements to repurchase | -11,319 | -26,102 |
Other borrowed funds | -13,811 | -16,022 |
Interest payable | -378 | -483 |
Fair Value [Member] | Level 3 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Securities available for sale | 140 | 140 |
Loans held for sale | 77 | 200 |
Loans, net | 725,588 | 691,519 |
Interest receivable | 2,539 | 2,576 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowed funds | 0 | 0 |
Interest payable | $0 | $0 |
FAIR_VALUE_Assets_and_Liabilit
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
U. S. agency MBS - residential | $27,823 | $37,100 |
U. S. agency CMO's - residential | 176,722 | 212,847 |
Total mortgage-backed securities of government sponsored agencies | 204,545 | 249,947 |
U. S. government sponsored agency securities | 6,981 | 22,244 |
Obligations of states and political subdivisions | 6,540 | 7,860 |
Other securities | ' | 3,924 |
Total available for sale | 218,066 | 283,975 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
U. S. agency MBS - residential | 0 | 0 |
U. S. agency CMO's - residential | 0 | 0 |
Total mortgage-backed securities of government sponsored agencies | 0 | 0 |
U. S. government sponsored agency securities | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Other securities | ' | 0 |
Total available for sale | 0 | 0 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
U. S. agency MBS - residential | 27,823 | 37,100 |
U. S. agency CMO's - residential | 176,722 | 212,847 |
Total mortgage-backed securities of government sponsored agencies | 204,545 | 249,947 |
U. S. government sponsored agency securities | 6,981 | 22,244 |
Obligations of states and political subdivisions | 6,400 | 7,720 |
Other securities | ' | 3,924 |
Total available for sale | 217,926 | 283,835 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
U. S. agency MBS - residential | 0 | 0 |
U. S. agency CMO's - residential | 0 | 0 |
Total mortgage-backed securities of government sponsored agencies | 0 | 0 |
U. S. government sponsored agency securities | 0 | 0 |
Obligations of states and political subdivisions | 140 | 140 |
Other securities | ' | 0 |
Total available for sale | $140 | $140 |
FAIR_VALUE_Unobservable_Input_
FAIR VALUE, Unobservable Input Reconciliation (Details) (Securities Available-for-sale [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Securities Available-for-sale [Member] | ' | ' |
Reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs [Roll Forward] | ' | ' |
Balance of recurring Level 3 assets at beginning of period | $140 | $140 |
Total Gains or Losses (Realized/Unrealized) [Abstract] | ' | ' |
Included in earnings - realized | 0 | 0 |
Included in earnings, unrealized | 0 | 0 |
Included in other comprehensive income | 0 | 0 |
Purchases, sales, issues and settlements, net | 0 | 0 |
Transfers in and / or out of Level 3 | 0 | 0 |
Balance of recurring Level 3 assets at year-end | $140 | $140 |
FAIR_VALUE_Assets_and_Liabilit1
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Loans Additional Disclosure [Abstract] | ' | ' |
Recorded investment in impaired loans carried at fair value | $12,301 | $20,285 |
Valuation allowance for impaired loans | 2,492 | 3,842 |
Impaired collateral dependent loans, provision for loan losses | -1,350 | 795 |
Other Real Estate Owned Additional Disclosure [Abstract] | ' | ' |
Recorded investment in other real estate owned carried at fair value - gross | 11,163 | 9,945 |
Valuation allowance for other real estate owned | 2,377 | 1,977 |
Write downs | 782 | 1,410 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Impaired loans [Abstract] | ' | ' |
Residential Real Estate | 0 | 0 |
Owner Occupied Commercial Real Estate | 0 | 0 |
Non-owner Occupied Commercial Real Estate | 0 | 0 |
Commercial and Industrial | 0 | 0 |
All Other | 0 | 0 |
Total impaired loans | 0 | 0 |
Other real estate owned [Abstract] | ' | ' |
Residential Real Estate | ' | 0 |
Owner occupied commercial real estate | ' | 0 |
Non-owner occupied commercial real estate | 0 | 0 |
All Other | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Impaired loans [Abstract] | ' | ' |
Residential Real Estate | 0 | 0 |
Owner Occupied Commercial Real Estate | 0 | 0 |
Non-owner Occupied Commercial Real Estate | 0 | 0 |
Commercial and Industrial | 0 | 0 |
All Other | 0 | 0 |
Total impaired loans | 0 | 0 |
Other real estate owned [Abstract] | ' | ' |
Residential Real Estate | ' | 0 |
Owner occupied commercial real estate | ' | 0 |
Non-owner occupied commercial real estate | 0 | 0 |
All Other | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Impaired loans [Abstract] | ' | ' |
Residential Real Estate | 1,518 | 2,739 |
Owner Occupied Commercial Real Estate | 346 | 512 |
Non-owner Occupied Commercial Real Estate | 428 | 427 |
Commercial and Industrial | 3,384 | 8,300 |
All Other | 4,133 | 4,465 |
Total impaired loans | 9,809 | 16,443 |
Other real estate owned [Abstract] | ' | ' |
Residential Real Estate | ' | 255 |
Owner occupied commercial real estate | ' | 250 |
Non-owner occupied commercial real estate | 290 | 1,031 |
All Other | 8,496 | 6,432 |
Total OREO | 8,786 | 7,968 |
Nonrecurring [Member] | Carrying Amount [Member] | ' | ' |
Impaired loans [Abstract] | ' | ' |
Residential Real Estate | 1,518 | 2,739 |
Owner Occupied Commercial Real Estate | 346 | 512 |
Non-owner Occupied Commercial Real Estate | 428 | 427 |
Commercial and Industrial | 3,384 | 8,300 |
All Other | 4,133 | 4,465 |
Total impaired loans | 9,809 | 16,443 |
Other real estate owned [Abstract] | ' | ' |
Residential Real Estate | ' | 255 |
Owner occupied commercial real estate | ' | 250 |
Non-owner occupied commercial real estate | 290 | 1,031 |
All Other | 8,496 | 6,432 |
Total OREO | $8,786 | $7,968 |
FAIR_VALUE_Asset_Quantitative_
FAIR VALUE, Asset Quantitative Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Loans [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 9,809 | 16,443 |
Impaired Loans [Member] | Residential Real Estate [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 1,518 | 2,739 |
Impaired Loans [Member] | Residential Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 0.80% | 0.80% |
Impaired Loans [Member] | Residential Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 63.50% | 76.80% |
Impaired Loans [Member] | Residential Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 11.90% | 10.50% |
Impaired Loans [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 346 | 512 |
Impaired Loans [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 62.50% | 40.00% |
Impaired Loans [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 70.00% | 70.00% |
Impaired Loans [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 64.00% | 44.10% |
Impaired Loans [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 428 | 427 |
Impaired Loans [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 50.60% | 59.00% |
Impaired Loans [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 50.60% | 59.00% |
Impaired Loans [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 50.60% | 59.00% |
Impaired Loans [Member] | Commercial And Industrial [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 3,384 | 8,300 |
Impaired Loans [Member] | Commercial And Industrial [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 25.00% | 0.00% |
Impaired Loans [Member] | Commercial And Industrial [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 65.50% | 70.00% |
Impaired Loans [Member] | Commercial And Industrial [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 57.80% | 44.30% |
Impaired Loans [Member] | All Other [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 4,133 | 4,465 |
Impaired Loans [Member] | All Other [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 57.60% | 64.00% |
Impaired Loans [Member] | All Other [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 99.30% | 91.40% |
Impaired Loans [Member] | All Other [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 57.70% | 64.80% |
Other Real Estate Owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 8,786 | 7,968 |
Other Real Estate Owned [Member] | Residential Real Estate [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | ' | 255 |
Other Real Estate Owned [Member] | Residential Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | ' | 0.00% |
Other Real Estate Owned [Member] | Residential Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | ' | 62.30% |
Other Real Estate Owned [Member] | Residential Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | ' | 44.10% |
Other Real Estate Owned [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | ' | 250 |
Other Real Estate Owned [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | ' | 0.00% |
Other Real Estate Owned [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | ' | 17.90% |
Other Real Estate Owned [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | ' | 7.20% |
Other Real Estate Owned [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 290 | 1,031 |
Other Real Estate Owned [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 42.70% | 82.70% |
Other Real Estate Owned [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 42.70% | 82.70% |
Other Real Estate Owned [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 42.70% | 82.70% |
Other Real Estate Owned [Member] | All Other [Member] | Sales Comparison [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset fair value | 8,496 | 6,432 |
Other Real Estate Owned [Member] | All Other [Member] | Sales Comparison [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 9.50% | 4.70% |
Other Real Estate Owned [Member] | All Other [Member] | Sales Comparison [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 24.60% | 16.60% |
Other Real Estate Owned [Member] | All Other [Member] | Sales Comparison [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Comparability of sales (in hundredths) | 12.50% | 12.70% |
FINANCIAL_INSTRUMENTS_WITH_OFF2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fixed rate loan commitments, interest rate range, minimum (in hundredths) | 2.25% | ' |
Fixed rate loan commitments, interest rate range, maximum (in hundredths) | 21.00% | ' |
Overdraft Protection [Member] | ' | ' |
Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Unused portion of overdraft protection | $11,723 | $11,719 |
Standby Letter of Credit [Member] | ' | ' |
Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off balance sheet risk, contract amount | 6,084 | 5,518 |
Commitments to Extend Credit - Fixed [Member] | ' | ' |
Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off balance sheet risk, contract amount | 12,040 | 7,830 |
Commitments to Extend Credit - Variable [Member] | ' | ' |
Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off balance sheet risk, contract amount | $52,576 | $43,256 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Unrealized Gain on Securities Available for Sale [Member] | ||
Accumulated other comprehensive income loss net of tax [Roll Forward] | ' | ' | ' |
Balance at beginning of period | ($625) | $6,576 | $6,576 |
Reclassification adjustment to net income [Abstract] | ' | ' | ' |
Realized gain on disposition of securities | ' | ' | -1,413 |
Provision for income taxes | ' | ' | 481 |
Unrealized losses arising during the period, net of tax | ' | ' | -6,269 |
Balance at end of period | ($625) | $6,576 | ($625) |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Consolidated [Member] | Consolidated [Member] | Premier Bank, Inc. [Member] | Premier Bank, Inc. [Member] | Citizens Deposit Bank [Member] | Citizens Deposit Bank [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Number of previous years retained profit taken for dividend calculation | '2 years | ' | ' | ' | ' | ' | ' | ||
Funds available for dividends without prior approval | $3,800,000 | ' | ' | ' | ' | ' | ' | ||
Total Capital (to Risk-Weighted Assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Actual Amount | ' | 128,756,000 | [1] | 118,262,000 | [1] | 95,508,000 | 90,977,000 | 37,158,000 | 35,794,000 |
Actual Ratio (in hundredths) | ' | 18.20% | [1] | 17.40% | [1] | 19.20% | 19.30% | 17.70% | 17.20% |
For Capital Adequacy Purposes, Amount | ' | 56,685,000 | [1] | 54,399,000 | [1] | 39,738,000 | 37,659,000 | 16,819,000 | 16,610,000 |
For Capital Adequacy Purposes, Ratio (in hundredths) | ' | 8.00% | [1] | 8.00% | [1] | 8.00% | 8.00% | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | ' | 70,857,000 | [1] | 67,999,000 | [1] | 49,672,000 | 47,073,000 | 21,023,000 | 20,762,000 |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio (in hundredths) | ' | 10.00% | [1] | 10.00% | [1] | 10.00% | 10.00% | 10.00% | 10.00% |
Tier I Capital (to Risk-Weighted Assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Actual Amount | ' | 119,872,000 | [1] | 109,725,000 | [1] | 89,274,000 | 85,060,000 | 34,591,000 | 33,194,000 |
Actual Ratio (in hundredths) | ' | 16.90% | [1] | 16.10% | [1] | 18.00% | 18.10% | 16.50% | 16.00% |
For Capital Adequacy Purposes, Amount | ' | 28,343,000 | [1] | 27,199,000 | [1] | 19,869,000 | 18,829,000 | 8,409,000 | 8,305,000 |
For Capital Adequacy Purposes, Ratio (in hundredths) | ' | 4.00% | [1] | 4.00% | [1] | 4.00% | 4.00% | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | ' | 42,514,000 | [1] | 40,799,000 | [1] | 29,803,000 | 28,244,000 | 12,614,000 | 12,457,000 |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio (in hundredths) | ' | 6.00% | [1] | 6.00% | [1] | 6.00% | 6.00% | 6.00% | 6.00% |
Tier I Capital (to Average Assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Actual Amount | ' | 119,872,000 | [1] | 109,725,000 | [1] | 89,274,000 | 85,060,000 | 34,591,000 | 33,194,000 |
Actual Ratio (in hundredths) | ' | 11.00% | [1] | 10.00% | [1] | 12.40% | 11.80% | 9.50% | 9.00% |
For Capital Adequacy Purposes, Amount | ' | 43,495,000 | [1] | 43,697,000 | [1] | 28,892,000 | 28,940,000 | 14,538,000 | 14,700,000 |
For Capital Adequacy Purposes, Ratio (in hundredths) | ' | 4.00% | [1] | 4.00% | [1] | 4.00% | 4.00% | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | ' | $54,369,000 | [1] | $54,621,000 | [1] | $36,115,000 | $36,175,000 | $18,172,000 | $18,375,000 |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio (in hundredths) | ' | 5.00% | [1] | 5.00% | [1] | 5.00% | 5.00% | 5.00% | 5.00% |
[1] | Consolidated company is not subject to Prompt Corrective Action Provisions |
PARENT_COMPANY_FINANCIAL_STATE2
PARENT COMPANY FINANCIAL STATEMENTS, Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS [Abstract] | ' | ' | ' | ' |
Cash | $27,378 | $32,473 | ' | ' |
Premises and equipment | 17,798 | 15,952 | ' | ' |
Other assets | 460 | 1,108 | ' | ' |
Total assets | 1,100,179 | 1,120,787 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ' | ' | ' | ' |
Other liabilities | 3,714 | 3,268 | ' | ' |
Other borrowed funds | 13,800 | 16,049 | ' | ' |
Total liabilities | 953,239 | 976,491 | ' | ' |
Stockholders' equity [Abstract] | ' | ' | ' | ' |
Preferred stock | 11,955 | 11,896 | ' | ' |
Common stock | 73,589 | 72,849 | ' | ' |
Retained earnings | 62,021 | 52,975 | ' | ' |
Accumulated other comprehensive income | -625 | 6,576 | ' | ' |
Total stockholders' equity | 146,940 | 144,296 | 144,007 | 131,397 |
Total liabilities and stockholders' equity | 1,100,179 | 1,120,787 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS [Abstract] | ' | ' | ' | ' |
Cash | 8,761 | 6,130 | ' | ' |
Investment in subsidiaries | 151,019 | 152,885 | ' | ' |
Premises and equipment | 207 | 191 | ' | ' |
Other assets | 1,519 | 1,957 | ' | ' |
Total assets | 161,506 | 161,163 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ' | ' | ' | ' |
Other liabilities | 766 | 818 | ' | ' |
Other borrowed funds | 13,800 | 16,049 | ' | ' |
Total liabilities | 14,566 | 16,867 | ' | ' |
Stockholders' equity [Abstract] | ' | ' | ' | ' |
Preferred stock | 11,955 | 11,896 | ' | ' |
Common stock | 73,589 | 72,849 | ' | ' |
Retained earnings | 62,021 | 52,975 | ' | ' |
Accumulated other comprehensive income | -625 | 6,576 | ' | ' |
Total stockholders' equity | 146,940 | 144,296 | ' | ' |
Total liabilities and stockholders' equity | $161,506 | $161,163 | ' | ' |
PARENT_COMPANY_FINANCIAL_STATE3
PARENT COMPANY FINANCIAL STATEMENTS, Condensed Statement of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $11,546 | $13,192 | $12,317 | $11,415 | $11,683 | $12,580 | $11,956 | $14,216 | $48,470 | $50,435 | $52,535 |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,775 | 6,436 | 8,327 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 15,046 | 15,122 | 16,237 |
Professional fees | ' | ' | ' | ' | ' | ' | ' | ' | 900 | 1,181 | 966 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,101 | 3,168 | 3,985 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 20,633 | 15,996 | 10,968 |
Income tax (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 7,404 | 5,673 | 3,800 |
Net income | 3,690 | 3,926 | 3,109 | 2,504 | 2,990 | 2,411 | 2,092 | 2,830 | 13,229 | 10,323 | 7,168 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 9,675 | 13,915 | 6,165 |
Interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 22 | 23 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 1,327 | 1,201 | 1,132 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 11,014 | 15,138 | 7,320 |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 650 | 754 | 852 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 2,387 | 2,318 | 1,952 |
Professional fees | ' | ' | ' | ' | ' | ' | ' | ' | 51 | 337 | 113 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,020 | 1,053 | 1,079 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,108 | 4,462 | 3,996 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,906 | 10,676 | 3,324 |
Income tax (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -987 | -1,144 | -1,034 |
Income before equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 7,893 | 11,820 | 4,358 |
Equity in undistributed income (excess distributions) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 5,336 | -1,497 | 2,810 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $13,229 | $10,323 | $7,168 |
PARENT_COMPANY_FINANCIAL_STATE4
PARENT COMPANY FINANCIAL STATEMENTS, Condensed Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities [Abstract] | ' | ' | ' |
Net Income | $13,229 | $10,323 | $7,168 |
Adjustments to reconcile net income to net cash from operating activities [Abstract] | ' | ' | ' |
Depreciation | 1,342 | 1,445 | 1,468 |
Stock compensation expense | 169 | 181 | 106 |
Change in other assets | 649 | 3,439 | -1,954 |
Change in other liabilities | 446 | 396 | 197 |
Net cash from operating activities | 16,483 | 17,204 | 14,427 |
Cash flows from investing activities [Abstract] | ' | ' | ' |
Net cash from investing activities | 17,142 | -14,447 | 18,430 |
Cash flows from financing activities [Abstract] | ' | ' | ' |
Cash dividends on preferred stock | -600 | -984 | -1,390 |
Cash dividends paid to shareholders | -3,524 | -1,749 | 0 |
Repurchase of preferred stock | 0 | -9,237 | 0 |
Proceeds from stock option exercises | 571 | 192 | 0 |
Payments on other borrowed funds | -2,249 | -2,081 | -2,048 |
Net cash from financing activities | -27,109 | -15,400 | -72,217 |
Net change in cash and cash equivalents | 6,516 | -12,643 | -39,360 |
Cash and cash equivalents at beginning of year | 70,245 | 82,888 | 122,248 |
Cash and cash equivalents at end of year | 76,761 | 70,245 | 82,888 |
Parent Company [Member] | ' | ' | ' |
Cash flows from operating activities [Abstract] | ' | ' | ' |
Net Income | 13,229 | 10,323 | 7,168 |
Adjustments to reconcile net income to net cash from operating activities [Abstract] | ' | ' | ' |
Depreciation | 64 | 57 | 70 |
Stock compensation expense | 169 | 181 | 106 |
Gain from sales of assets | -11 | 0 | 0 |
Dividends in excess of net income of subsidiaries | 0 | 1,497 | 0 |
Equity in undistributed earnings of subsidiaries | -5,336 | 0 | -2,810 |
Change in other assets | 438 | 24 | 652 |
Change in other liabilities | -51 | 220 | -44 |
Net cash from operating activities | 8,502 | 12,302 | 5,142 |
Cash flows from investing activities [Abstract] | ' | ' | ' |
Cash from merger of subsidiaries | 0 | 0 | 391 |
Purchases of fixed assets, net of proceeds from asset sales | -69 | -108 | -81 |
Net cash from investing activities | -69 | -108 | 310 |
Cash flows from financing activities [Abstract] | ' | ' | ' |
Cash dividends on preferred stock | -600 | -984 | -1,390 |
Cash dividends paid to shareholders | -3,524 | -1,749 | 0 |
Repurchase of preferred stock | 0 | -9,237 | 0 |
Proceeds from stock option exercises | 571 | 192 | 0 |
Payments on other borrowed funds | -2,249 | -2,081 | -2,047 |
Net cash from financing activities | -5,802 | -13,859 | -3,437 |
Net change in cash and cash equivalents | 2,631 | -1,665 | 2,015 |
Cash and cash equivalents at beginning of year | 6,130 | 7,795 | 5,780 |
Cash and cash equivalents at end of year | $8,761 | $6,130 | $7,795 |
QUARTERLY_FINANCIAL_DATA_UNAUD2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income | $11,546 | $13,192 | $12,317 | $11,415 | $11,683 | $12,580 | $11,956 | $14,216 | $48,470 | $50,435 | $52,535 |
Net Interest Income | 10,435 | 12,027 | 11,093 | 10,140 | 10,256 | 11,017 | 10,308 | 12,418 | 43,695 | 43,999 | 44,208 |
Net Income | $3,690 | $3,926 | $3,109 | $2,504 | $2,990 | $2,411 | $2,092 | $2,830 | $13,229 | $10,323 | $7,168 |
Earnings Per Share, Basic (in dollars per share) | $0.44 | $0.47 | $0.37 | $0.29 | $0.36 | $0.38 | $0.23 | $0.32 | $1.57 | $1.28 | $0.75 |
Earnings Per Share, Diluted (in dollars per share) | $0.41 | $0.44 | $0.35 | $0.28 | $0.34 | $0.37 | $0.22 | $0.31 | $1.49 | $1.24 | $0.74 |
PREFERRED_STOCK_Details
PREFERRED STOCK (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2009 | Jul. 26, 2012 | Dec. 31, 2013 | |
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Warrants [Member] | Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Fixed Rate Cumulative Perpetual Preferred Stock [Member] | |||
Before November 14, 2014 [Member] | After November 14, 2014 [Member] | Director | ||||||
Period | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock issued (in shares) | 12,000 | 12,000 | 22,252 | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | $0 | ' | ' | ' | ' | ' |
Liquidation preference (in dollars per share) | ' | ' | $1,000 | ' | ' | ' | ' | ' |
Term of warrant | ' | ' | ' | ' | ' | '10 years | ' | ' |
Numbers of common stock to be purchased with warrants (in shares) | ' | ' | ' | ' | ' | 628,588 | ' | ' |
Par value of common stock called by warrants (in dollars per share) | $0 | $0 | ' | ' | ' | $0 | ' | ' |
Exercise price of warrants (in dollars per share) | ' | ' | ' | ' | ' | $5.31 | ' | ' |
Value of preferred stock issued | ' | ' | $22,252,000 | ' | ' | ' | ' | ' |
Accrued dividend rate (in hundredths) | 5.00% | 5.00% | ' | 5.00% | 9.00% | ' | ' | ' |
Percentage of stock redeemable at the option of issuer (in hundredths) | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' |
Preferred stock auctioned by US Treasury (in shares) | ' | ' | ' | ' | ' | ' | 22,252 | ' |
Preferred stock repurchased (in shares) | ' | ' | ' | ' | ' | ' | 10,252 | ' |
Auction purchase price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | $901.03 | ' |
Capital preserved versus redeeming preferred stock | ' | ' | ' | ' | ' | ' | $1,000,000 | ' |
Preferred stock shares outstanding held by private investors (in shares) | 12,000 | 12,000 | ' | ' | ' | ' | 12,000 | ' |
Numbers of dividend periods allowed to be missed before additional directors are added | ' | ' | ' | ' | ' | ' | ' | 6 |
Numbers of directors to potentially be added to the Board | ' | ' | ' | ' | ' | ' | ' | 2 |
Number of dividend periods paid to end the preferred stockholders rights to additional board members | ' | ' | ' | ' | ' | ' | ' | 4 |
Number of dividend periods deferred to date | ' | ' | ' | ' | ' | ' | ' | 2 |
PENDING_ACQUISITION_Details
PENDING ACQUISITION (Details) (Gassaway Bancshares [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Branch | |
Gassaway Bancshares [Member] | ' |
Acquisition activity [Line Items] | ' |
Single bank holding company | $165 |
Pending acquisition, purchase price agreement | 20.3 |
Pending acquisition, cash payment agreement | $20.30 |
Number of branch locations | 5 |