Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 29, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PREMIER FINANCIAL BANCORP INC | |
Entity Central Index Key | 887919 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 8,152,889 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $31,724 | $35,147 |
Interest bearing bank balances | 54,092 | 35,251 |
Federal funds sold | 24,417 | 4,986 |
Cash and cash equivalents | 110,233 | 75,384 |
Securities available for sale | 225,137 | 229,750 |
Loans held for sale | 633 | 226 |
Loans | 872,114 | 879,711 |
Allowance for loan losses | -10,170 | -10,347 |
Net loans | 861,944 | 869,364 |
Federal Home Loan Bank stock, at cost | 2,996 | 2,996 |
Premises and equipment, net | 20,384 | 21,384 |
Real estate and other property acquired through foreclosure | 12,279 | 12,208 |
Interest receivable | 3,105 | 3,219 |
Goodwill | 33,796 | 33,796 |
Other intangible assets | 2,809 | 3,033 |
Other assets | 790 | 1,464 |
Total assets | 1,274,106 | 1,252,824 |
Deposits | ||
Non-interest bearing | 256,974 | 252,828 |
Time deposits, $250,000 and over | 65,396 | 66,216 |
Other interest bearing | 767,428 | 756,199 |
Total deposits | 1,089,798 | 1,075,243 |
Securities sold under agreements to repurchase | 18,099 | 15,580 |
Other borrowed funds | 11,115 | 11,722 |
Interest payable | 386 | 434 |
Other liabilities | 5,830 | 4,063 |
Total liabilities | 1,125,228 | 1,107,042 |
Stockholders' equity | ||
Common stock, no par value; 20,000,000 shares authorized; 8,150,223 shares issued and outstanding at March 31, 2015, and 8,142,056 shares issued and outstanding at December 31, 2014 | 74,718 | 74,568 |
Retained earnings | 71,803 | 69,719 |
Accumulated other comprehensive income | 2,357 | 1,495 |
Total stockholders' equity | 148,878 | 145,782 |
Total liabilities and stockholders' equity | $1,274,106 | $1,252,824 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Stockholders' equity | ||
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) | 8,150,223 | 8,142,056 |
Common stock, shares outstanding (in shares) | 8,150,223 | 8,142,056 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income | ||
Loans, including fees | $11,665 | $11,663 |
Securities available for sale | ||
Taxable | 1,257 | 1,315 |
Tax-exempt | 55 | 35 |
Federal funds sold and other | 36 | 32 |
Total interest income | 13,013 | 13,045 |
Interest expense | ||
Deposits | 916 | 887 |
Repurchase agreements and other | 10 | 7 |
Other borrowings | 123 | 144 |
Total interest expense | 1,049 | 1,038 |
Net interest income | 11,964 | 12,007 |
Provision (credit) for loan losses | 69 | -310 |
Net interest income after provision for loan losses | 11,895 | 12,317 |
Non-interest income | ||
Service charges on deposit accounts | 878 | 739 |
Electronic banking income | 644 | 495 |
Secondary market mortgage income | 38 | 19 |
Other | 145 | 128 |
Total non-interest income | 1,705 | 1,381 |
Non-interest expenses | ||
Salaries and employee benefits | 4,341 | 3,984 |
Occupancy and equipment expenses | 1,327 | 1,153 |
Outside data processing | 1,096 | 869 |
Professional fees | 129 | 536 |
Taxes, other than payroll, property and income | 196 | 152 |
Write-downs, expenses, sales of other real estate owned, net | 342 | 94 |
Amortization of intangibles | 225 | 144 |
FDIC insurance | 215 | 201 |
Other expenses | 921 | 896 |
Total non-interest expenses | 8,792 | 8,029 |
Income before income taxes | 4,808 | 5,669 |
Provision for income taxes | 1,666 | 1,999 |
Net income | 3,142 | 3,670 |
Preferred stock dividends and accretion | 0 | -165 |
Net income available to common stockholders | $3,142 | $3,505 |
Net income per share: | ||
Basic (in dollars per share) | $0.39 | $0.44 |
Diluted (in dollars per share) | $0.36 | $0.41 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||
Net income | $3,142 | $3,670 |
Other comprehensive income: | ||
Unrealized gains arising during the period | 1,306 | 2,718 |
Reclassification of realized amount | 0 | 0 |
Net change in unrealized gain on securities | 1,306 | 2,718 |
Less tax impact | -444 | -924 |
Other comprehensive income | 862 | 1,794 |
Comprehensive income | $4,004 | $5,464 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income | $3,142 | $3,670 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation | 420 | 321 |
Provision (credit) for loan losses | 69 | -310 |
Amortization (accretion), net | 58 | 78 |
OREO writedowns (gains on sales), net | 177 | -54 |
Stock compensation expense | 139 | 42 |
Loans originated for sale | -1,679 | -1,631 |
Secondary market loans sold | 1,308 | 806 |
Secondary market income | -38 | -19 |
Changes in: | ||
Interest receivable | 114 | 221 |
Other assets | 544 | 510 |
Interest payable | -48 | -49 |
Other liabilities | 523 | 1,686 |
Net cash from operating activities | 4,729 | 5,271 |
Cash flows from investing activities | ||
Purchases of securities available for sale | -8,757 | -12,268 |
Proceeds from maturities and calls of securities available for sale | 15,350 | 8,818 |
Redemption of FHLB stock | 0 | 200 |
Net change in loans | 6,587 | 1,437 |
Purchases of premises and equipment, net | -180 | -16 |
Improvements to OREO property | 0 | -242 |
Proceeds from sales of other real estate acquired through foreclosure | 1,652 | 1,366 |
Net cash from investing activities | 14,652 | -705 |
Cash flows from financing activities | ||
Net change in deposits | 14,603 | 15,830 |
Net change in agreements to repurchase securities | 2,519 | -829 |
Repayment of other borrowed funds | -607 | -600 |
Proceeds from stock option exercises | 11 | 63 |
Common stock dividends paid | -1,058 | -1,850 |
Preferred stock dividends paid | 0 | -150 |
Net cash from financing activities | 15,468 | 12,464 |
Net change in cash and cash equivalents | 34,849 | 17,030 |
Cash and cash equivalents at beginning of period | 75,384 | 76,761 |
Cash and cash equivalents at end of period | 110,233 | 93,791 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 1,097 | 1,088 |
Cash paid during period for income taxes | 0 | 260 |
Loans transferred to real estate acquired through foreclosure | $1,140 | $804 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
BASIS OF PRESENTATION [Abstract] | |||||||||||||
BASIS OF PRESENTATION | NOTE 1 - BASIS OF PRESENTATION | ||||||||||||
The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the Company) and its wholly owned subsidiaries (the “Banks”): | |||||||||||||
31-Mar-15 | |||||||||||||
Year | Total | Net Income | |||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | |||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 388,304 | $ | 1,014 | |||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 880,024 | 2,573 | |||||||||
Parent and Intercompany Eliminations | 5,778 | (445 | ) | ||||||||||
Consolidated Total | $ | 1,274,106 | $ | 3,142 | |||||||||
All significant intercompany transactions and balances have been eliminated. | |||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||
In January 2014, FASB issued Accounting Standards Update 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies when an insubstance repossession or foreclosure occurs and a creditor is considered to have received physical possession of real estate property collateralizing a consumer mortgage loan. Specifically, the new ASU requires a creditor to reclassify a collateralized consumer mortgage loan to real estate property upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. Additional disclosures are required detailing the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgages collateralized by real estate property that are in the process of foreclosure. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements, but will result in additional disclosures. | |||||||||||||
In May 2014, FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2016. Early adoption is not permitted. Management is currently evaluating the impact of the adoption of this guidance on the Company’s financial statements. |
SECURITIES
SECURITIES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
SECURITIES [Abstract] | |||||||||||||||||||||||||
SECURITIES | NOTE 2 –SECURITIES | ||||||||||||||||||||||||
Amortized cost and fair value of investment securities, by category, at March 31, 2015 are summarized as follows: | |||||||||||||||||||||||||
2015 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 58,377 | $ | 1,165 | $ | (4 | ) | $ | 59,538 | ||||||||||||||||
U. S. sponsored agency CMO’s - residential | 134,321 | 2,526 | (499 | ) | 136,348 | ||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 192,698 | 3,691 | (503 | ) | 195,886 | ||||||||||||||||||||
U. S. government sponsored agency securities | 18,494 | 106 | - | 18,600 | |||||||||||||||||||||
Obligations of states and political subdivisions | 10,374 | 277 | - | 10,651 | |||||||||||||||||||||
Total available for sale | $ | 221,566 | $ | 4,074 | $ | (503 | ) | $ | 225,137 | ||||||||||||||||
Amortized cost and fair value of investment securities, by category, at December 31, 2014 are summarized as follows: | |||||||||||||||||||||||||
2014 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 52,006 | $ | 774 | $ | - | $ | 52,780 | |||||||||||||||||
U. S. sponsored agency CMO’s - residential | 142,932 | 2,167 | (911 | ) | 144,188 | ||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 194,938 | 2,941 | (911 | ) | 196,968 | ||||||||||||||||||||
U. S. government sponsored agency securities | 22,553 | 30 | (57 | ) | 22,506 | ||||||||||||||||||||
Obligations of states and political subdivisions | 10,015 | 261 | - | 10,276 | |||||||||||||||||||||
Total available for sale | $ | 227,486 | $ | 3,232 | $ | (968 | ) | $ | 229,750 | ||||||||||||||||
The amortized cost and fair value of securities at March 31, 2015 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 | $ | 3,795 | $ | 3,822 | |||||||||||||||||||||
Due after one year through five years | 20,574 | 20,816 | |||||||||||||||||||||||
Due after five years through ten years | 3,833 | 3,918 | |||||||||||||||||||||||
Due after ten years | 666 | 695 | |||||||||||||||||||||||
Mortgage-backed securities of government sponsored agencies | 192,698 | 195,886 | |||||||||||||||||||||||
Total available for sale | $ | 221,566 | $ | 225,137 | |||||||||||||||||||||
There were no sales of securities during the first three months of 2015 nor the first three months of 2014. | |||||||||||||||||||||||||
Securities with unrealized losses at March 31, 2015 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 MBS – residential | $ | 1,805 | $ | (4 | ) | $ | - | $ | - | $ | 1,805 | $ | (4 | ) | |||||||||||
U.S government sponsored agency CMO – residential | 4,932 | (27 | ) | 21,092 | (472 | ) | 26,024 | (499 | ) | ||||||||||||||||
Total temporarily impaired | $ | 6,737 | $ | (31 | ) | $ | 21,092 | $ | (472 | ) | $ | 27,829 | $ | (503 | ) | ||||||||||
Securities with unrealized losses at December 31, 2014 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 | $ | 9,971 | $ | (57 | ) | $ | - | $ | - | $ | 9,971 | $ | (57 | ) | |||||||||||
U.S government sponsored agency CMO’s – residential | 5,194 | (52 | ) | 26,471 | (859 | ) | 31,665 | (911 | ) | ||||||||||||||||
Total temporarily impaired | $ | 15,165 | $ | (109 | ) | $ | 26,471 | $ | (859 | ) | $ | 41,636 | $ | (968 | ) | ||||||||||
The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities. The unrealized losses at March 31, 2015 and December 31, 2014 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities. Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery. Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve. |
LOANS
LOANS | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
LOANS [Abstract] | |||||||||||||||||||||||||||||||||
LOANS | NOTE 3 - LOANS | ||||||||||||||||||||||||||||||||
Major classifications of loans at March 31, 2015 and December 31, 2014 are summarized as follows: | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 277,825 | $ | 278,212 | |||||||||||||||||||||||||||||
Multifamily real estate | 28,971 | 30,310 | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 124,918 | 120,861 | |||||||||||||||||||||||||||||||
Non owner occupied | 224,566 | 230,750 | |||||||||||||||||||||||||||||||
Commercial and industrial | 81,113 | 85,943 | |||||||||||||||||||||||||||||||
Consumer | 31,182 | 32,745 | |||||||||||||||||||||||||||||||
All other | 103,539 | 100,890 | |||||||||||||||||||||||||||||||
$ | 872,114 | $ | 879,711 | ||||||||||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2015 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-15 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,093 | $ | 154 | $ | 74 | $ | 23 | $ | 2,196 | |||||||||||||||||||||||
Multifamily real estate | 304 | (17 | ) | - | - | 287 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,501 | (11 | ) | 2 | 1 | 1,489 | |||||||||||||||||||||||||||
Non owner occupied | 2,316 | 8 | - | - | 2,324 | ||||||||||||||||||||||||||||
Commercial and industrial | 1,444 | 165 | 161 | 2 | 1,450 | ||||||||||||||||||||||||||||
Consumer | 243 | 18 | 54 | 34 | 241 | ||||||||||||||||||||||||||||
All other | 2,446 | (248 | ) | 59 | 44 | 2,183 | |||||||||||||||||||||||||||
Total | $ | 10,347 | $ | 69 | $ | 350 | $ | 104 | $ | 10,170 | |||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,694 | $ | (427 | ) | $ | 19 | $ | 2 | $ | 2,250 | ||||||||||||||||||||||
Multifamily real estate | 417 | (120 | ) | - | - | 297 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,407 | 71 | 1 | - | 1,477 | ||||||||||||||||||||||||||||
Non owner occupied | 2,037 | 648 | 300 | - | 2,385 | ||||||||||||||||||||||||||||
Commercial and industrial | 2,184 | (596 | ) | 63 | 2 | 1,527 | |||||||||||||||||||||||||||
Consumer | 297 | (70 | ) | 26 | 19 | 220 | |||||||||||||||||||||||||||
All other | 1,991 | 184 | 37 | 50 | 2,188 | ||||||||||||||||||||||||||||
Total | $ | 11,027 | $ | (310 | ) | $ | 446 | $ | 73 | $ | 10,344 | ||||||||||||||||||||||
Purchased Impaired 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 March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Multifamily real estate | $ | 479 | $ | 497 | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 131 | 131 | |||||||||||||||||||||||||||||||
Non owner occupied | 5,658 | 5,695 | |||||||||||||||||||||||||||||||
Commercial and industrial | 133 | 136 | |||||||||||||||||||||||||||||||
All other | 5,146 | 5,128 | |||||||||||||||||||||||||||||||
Total carrying amount | $ | 11,547 | $ | 11,587 | |||||||||||||||||||||||||||||
Contractual principal balance | $ | 21,215 | $ | 21,250 | |||||||||||||||||||||||||||||
Carrying amount, net of allowance | $ | 10,599 | $ | 10,639 | |||||||||||||||||||||||||||||
For those purchased loans disclosed above, the Company did not increase the allowance for loan losses for the three-months ended March 31, 2015, nor did it increase the allowance for loan losses for purchased impaired loans during the three-months ended March 31, 2014. | |||||||||||||||||||||||||||||||||
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 2015 and 2014, 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 March 31, 2015 and March 31, 2014. | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 204 | $ | 217 | |||||||||||||||||||||||||||||
New loans purchased | - | - | |||||||||||||||||||||||||||||||
Accretion of income | (5 | ) | (3 | ) | |||||||||||||||||||||||||||||
Reclassifications from non-accretable difference | - | - | |||||||||||||||||||||||||||||||
Disposals | - | - | |||||||||||||||||||||||||||||||
Balance at December 31 | $ | 199 | $ | 214 | |||||||||||||||||||||||||||||
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 March 31, 2015 and December 31 2014. 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-Mar-15 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,598 | $ | 2,094 | $ | 1,060 | |||||||||||||||||||||||||||
Multifamily real estate | 1,801 | 1,018 | 173 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 989 | 831 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 1,988 | 1,757 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,761 | 663 | 563 | ||||||||||||||||||||||||||||||
Consumer | 208 | 181 | - | ||||||||||||||||||||||||||||||
All other | 12,633 | 5,199 | - | ||||||||||||||||||||||||||||||
Total | $ | 21,978 | $ | 11,743 | $ | 1,796 | |||||||||||||||||||||||||||
31-Dec-14 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 1,996 | $ | 1,768 | $ | 668 | |||||||||||||||||||||||||||
Multifamily real estate | 1,803 | 1,033 | 564 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2,115 | 1,928 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 2,020 | 1,819 | 26 | ||||||||||||||||||||||||||||||
Commercial and industrial | 2,012 | 806 | 8 | ||||||||||||||||||||||||||||||
Consumer | 213 | 185 | - | ||||||||||||||||||||||||||||||
All other | 12,608 | 5,173 | - | ||||||||||||||||||||||||||||||
Total | $ | 22,767 | $ | 12,712 | $ | 1,266 | |||||||||||||||||||||||||||
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 March 31, 2015 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 | $ | 277,825 | $ | 5,197 | $ | 2,248 | $ | 7,445 | $ | 270,380 | |||||||||||||||||||||||
Multifamily real estate | 28,971 | 1,126 | 712 | 1,838 | 27,133 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 124,918 | 2,217 | 453 | 2,670 | 122,248 | ||||||||||||||||||||||||||||
Non owner occupied | 224,566 | 1,827 | 1,757 | 3,584 | 220,982 | ||||||||||||||||||||||||||||
Commercial and industrial | 81,113 | 279 | 1,115 | 1,394 | 79,719 | ||||||||||||||||||||||||||||
Consumer | 31,182 | 414 | 76 | 490 | 30,692 | ||||||||||||||||||||||||||||
All other | 103,539 | 277 | 5,199 | 5,476 | 98,063 | ||||||||||||||||||||||||||||
Total | $ | 872,114 | $ | 11,337 | $ | 11,560 | $ | 22,897 | $ | 849,217 | |||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2014 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 | $ | 278,212 | $ | 5,810 | $ | 1,706 | $ | 7,516 | $ | 270,696 | |||||||||||||||||||||||
Multifamily real estate | 30,310 | 177 | 1,100 | 1,277 | 29,033 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 120,861 | 250 | 1,530 | 1,780 | 119,081 | ||||||||||||||||||||||||||||
Non owner occupied | 230,750 | 2,173 | 1,670 | 3,843 | 226,907 | ||||||||||||||||||||||||||||
Commercial and industrial | 85,943 | 1,720 | 608 | 2,328 | 83,615 | ||||||||||||||||||||||||||||
Consumer | 32,745 | 497 | 71 | 568 | 32,177 | ||||||||||||||||||||||||||||
All other | 100,890 | 234 | 5,127 | 5,361 | 95,529 | ||||||||||||||||||||||||||||
Total | $ | 879,711 | $ | 10,861 | $ | 11,812 | $ | 22,673 | $ | 857,038 | |||||||||||||||||||||||
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 March 31, 2015: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | 2,196 | $ | - | $ | 2,196 | $ | 133 | $ | 277,692 | $ | - | $ | 277,825 | |||||||||||||||||
Multifamily real estate | - | 287 | - | 287 | 2,082 | 26,410 | 479 | 28,971 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 69 | 1,420 | - | 1,489 | 901 | 123,886 | 131 | 124,918 | |||||||||||||||||||||||||
Non-owner occupied | 33 | 2,291 | - | 2,324 | 4,727 | 214,181 | 5,658 | 224,566 | |||||||||||||||||||||||||
Commercial and industrial | 359 | 1,043 | 48 | 1,450 | 975 | 80,005 | 133 | 81,113 | |||||||||||||||||||||||||
Consumer | - | 241 | - | 241 | - | 31,182 | - | 31,182 | |||||||||||||||||||||||||
All other | - | 1,283 | 900 | 2,183 | 1,008 | 97,385 | 5,146 | 103,539 | |||||||||||||||||||||||||
Total | $ | 461 | $ | 8,761 | $ | 948 | $ | 10,170 | $ | 9,826 | $ | 850,741 | $ | 11,547 | $ | 872,114 | |||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | 2,093 | $ | - | $ | 2,093 | $ | 137 | $ | 278,075 | $ | - | $ | 278,212 | |||||||||||||||||
Multifamily real estate | - | 304 | - | 304 | 536 | 29,277 | 497 | 30,310 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 107 | 1,394 | - | 1,501 | 2,011 | 118,719 | 131 | 120,861 | |||||||||||||||||||||||||
Non-owner occupied | 54 | 2,262 | - | 2,316 | 4,874 | 220,181 | 5,695 | 230,750 | |||||||||||||||||||||||||
Commercial and industrial | 291 | 1,105 | 48 | 1,444 | 902 | 84,905 | 136 | 85,943 | |||||||||||||||||||||||||
Consumer | - | 243 | - | 243 | - | 32,745 | - | 32,745 | |||||||||||||||||||||||||
All other | - | 1,546 | 900 | 2,446 | 1,109 | 94,653 | 5,128 | 100,890 | |||||||||||||||||||||||||
Total | $ | 452 | $ | 8,947 | $ | 948 | $ | 10,347 | $ | 9,569 | $ | 858,555 | $ | 11,587 | $ | 879,711 | |||||||||||||||||
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 March 31, 2015. The table includes $5,673,000 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 175 | $ | 133 | $ | - | |||||||||||||||||||||||||||
Multifamily real estate | 3,343 | 2,561 | - | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 549 | 486 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 4,336 | 4,105 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,325 | 548 | - | ||||||||||||||||||||||||||||||
All other | 1,044 | 1,008 | - | ||||||||||||||||||||||||||||||
10,772 | 8,841 | - | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 415 | 415 | 69 | ||||||||||||||||||||||||||||||
Non-owner occupied | 622 | 622 | 33 | ||||||||||||||||||||||||||||||
Commercial and industrial | 747 | 475 | 407 | ||||||||||||||||||||||||||||||
All other | 12,543 | 5,146 | 900 | ||||||||||||||||||||||||||||||
14,327 | 6,658 | 1,409 | |||||||||||||||||||||||||||||||
Total | $ | 25,099 | $ | 15,499 | $ | 1,409 | |||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2014. The table includes $5,673,000 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 179 | $ | 137 | $ | - | |||||||||||||||||||||||||||
Multifamily real estate | 1,803 | 1,033 | - | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1,404 | 1,304 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 4,398 | 4,190 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,030 | 270 | - | ||||||||||||||||||||||||||||||
All other | 1,144 | 1,108 | - | ||||||||||||||||||||||||||||||
9,958 | 8,042 | - | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 707 | $ | 707 | $ | 107 | |||||||||||||||||||||||||||
Non owner occupied | 684 | 684 | 54 | ||||||||||||||||||||||||||||||
Commercial and industrial | 929 | 680 | 339 | ||||||||||||||||||||||||||||||
All other | 12,525 | 5,129 | 900 | ||||||||||||||||||||||||||||||
14,845 | 7,200 | 1,400 | |||||||||||||||||||||||||||||||
Total | $ | 24,803 | $ | 15,242 | $ | 1,400 | |||||||||||||||||||||||||||
The following table presents the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three months ended March 31, 2015 and March 31, 2014. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||||||||||||||||
Residential real estate | $ | 135 | $ | 1 | $ | 1 | $ | 2,676 | $ | 34 | $ | 34 | |||||||||||||||||||||
Multifamily real estate | 1,796 | - | - | 2,708 | 708 | 708 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,457 | 9 | 8 | 2,262 | 16 | 11 | |||||||||||||||||||||||||||
Non-owner occupied | 4,800 | 48 | 48 | 1,097 | 627 | 627 | |||||||||||||||||||||||||||
Commercial and industrial | 987 | 4 | 4 | 2,967 | 335 | 335 | |||||||||||||||||||||||||||
All other | 6,195 | 16 | 11 | 7,774 | 44 | 44 | |||||||||||||||||||||||||||
Total | $ | 15,370 | $ | 78 | $ | 72 | $ | 19,484 | $ | 1,765 | $ | 1,759 | |||||||||||||||||||||
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 determination of an insignificant delay in payment is evaluated based on the facts and circumstances of the individual borrower(s). | |||||||||||||||||||||||||||||||||
The following table presents TDR’s as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
31-Mar-15 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||||||||||||||
Residential real estate | $ | 13 | $ | 187 | $ | 200 | |||||||||||||||||||||||||||
Multifamily real estate | - | 1,543 | 1,543 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Non owner occupied | - | 469 | 469 | ||||||||||||||||||||||||||||||
Commercial and industrial | - | 427 | 427 | ||||||||||||||||||||||||||||||
All other | - | 963 | 963 | ||||||||||||||||||||||||||||||
Total | $ | 13 | $ | 3,589 | $ | 3,602 | |||||||||||||||||||||||||||
31-Dec-14 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||||||||||||||
Residential real estate | $ | 13 | $ | 191 | $ | 204 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Non owner occupied | - | 474 | 474 | ||||||||||||||||||||||||||||||
Commercial and industrial | - | 761 | 761 | ||||||||||||||||||||||||||||||
All other | - | 1,063 | 1,063 | ||||||||||||||||||||||||||||||
Total | $ | 13 | $ | 2,489 | $ | 2,502 | |||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014 there were no specific reserves allocated to loans that had restructured terms. | |||||||||||||||||||||||||||||||||
The following table presents TDR’s that occurred during the three months ended March 31, 2015. There were no TDR’s that occurred during the three months ended March 31, 2014. | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
Multifamily Real Estate | 1 | $ | 1,543 | $ | 1,543 | ||||||||||||||||||||||||||||
Total | 1 | $ | 1,543 | $ | 1,543 | ||||||||||||||||||||||||||||
The modification of the multifamily residential real estate loan did not include a permanent reduction of the recorded investment in the loan and did not increase the allowance for loan losses during the period ended March 31, 2015. The modification included a lengthening of the amortization period and reduction in the stated interest rate, however the maturity date was reduced to the end of a fifteen month forbearance period with a balloon payment due at maturity. | |||||||||||||||||||||||||||||||||
During the three months ended March 31, 2015 and the three months ended March 31, 2014, there were no TDR’s for which there as 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 March 31, 2015, 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 | $ | 265,445 | $ | 7,339 | $ | 5,028 | $ | 13 | $ | 277,825 | |||||||||||||||||||||||
Multifamily real estate | 24,316 | 2,094 | 2,561 | - | 28,971 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 116,104 | 6,327 | 2,487 | - | 124,918 | ||||||||||||||||||||||||||||
Non-owner occupied | 212,908 | 6,734 | 4,924 | - | 224,566 | ||||||||||||||||||||||||||||
Commercial and industrial | 78,958 | 844 | 1,259 | 52 | 81,113 | ||||||||||||||||||||||||||||
Consumer | 30,794 | 289 | 99 | - | 31,182 | ||||||||||||||||||||||||||||
All other | 95,605 | 1,177 | 6,757 | - | 103,539 | ||||||||||||||||||||||||||||
Total | $ | 824,130 | $ | 24,804 | $ | 23,115 | $ | 65 | $ | 872,114 | |||||||||||||||||||||||
As of December 31, 2014, 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 | $ | 265,285 | $ | 8,292 | $ | 4,622 | $ | 13 | $ | 278,212 | |||||||||||||||||||||||
Multifamily real estate | 27,260 | 2,017 | 1,033 | - | 30,310 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 111,024 | 6,505 | 3,332 | - | 120,861 | ||||||||||||||||||||||||||||
Non-owner occupied | 218,971 | 6,652 | 5,127 | - | 230,750 | ||||||||||||||||||||||||||||
Commercial and industrial | 83,634 | 1,007 | 1,275 | 27 | 85,943 | ||||||||||||||||||||||||||||
Consumer | 32,364 | 267 | 114 | - | 32,745 | ||||||||||||||||||||||||||||
All other | 89,173 | 4,873 | 6,844 | - | 100,890 | ||||||||||||||||||||||||||||
Total | $ | 827,711 | $ | 29,613 | $ | 22,347 | $ | 40 | $ | 879,711 |
STOCKHOLDERS_EQUITY_AND_REGULA
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS [Abstract] | |||||||||||||||||
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | NOTE 4- STOCKHOLDERS’ EQUITY AND REGULATORY MATTERS | ||||||||||||||||
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 2015 the Banks could, without prior approval, declare dividends to Premier of approximately $5.5 million plus any 2015 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 Common Equity Tier 1 Capital, Tier 1 Capital and Total Capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 Capital (as defined) to average assets (as defined). The Common Equity Tier 1 Capital measurement became effective with the March 31, 2015 reporting period. Management believes, as of March 31, 2015 the Company and the Banks meet all quantitative capital adequacy requirements to which they are subject. | |||||||||||||||||
Shown below is a summary of regulatory capital ratios for the Company: | |||||||||||||||||
Mar 31, | December 31, | Regulatory | To Be Considered | ||||||||||||||
2015 | 2014 | Minimum | Well Capitalized (1) | ||||||||||||||
Requirements (1) | |||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 13.2 | % | n/a | 4.5 | % | 6.5 | % | ||||||||||
Tier 1 Capital (to Risk-Weighted Assets) (1) | 13.2 | % | 13.3 | % | 6 | % | 8 | % | |||||||||
Total Capital (to Risk-Weighted Assets) | 14.4 | % | 14.6 | % | 8 | % | 10 | % | |||||||||
Tier 1 Capital (to Average Assets) | 9.4 | % | 9.1 | % | 4 | % | 5 | % | |||||||||
(1) The regulatory requirements presented in the table are effective as of January 1, 2015. At December 31, 2014, the minimum Tier 1 capital to risk-weighted assets ratio was 4.0% and to be considered well capitalized the ratio was required to be at least 6.0% | |||||||||||||||||
As of March 31, 2015, 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 Common Equity Tier 1 risk-based, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios as set forth in the preceding table. There are no conditions or events since that notification that management believes have changed the Banks’ categories. |
PREFERRED_STOCK_AND_COMMON_STO
PREFERRED STOCK AND COMMON STOCK WARRANT | 3 Months Ended |
Mar. 31, 2015 | |
PREFERRED STOCK AND COMMON STOCK WARRANT [Abstract] | |
PREFERRED STOCK AND COMMON STOCK WARRANT | NOTE 5 – PREFERRED STOCK AND COMMON STOCK WARRANT |
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 $22,252,000 in cash. | |
Under standardized TARP Capital Purchase Program terms, cumulative dividends on the Series A Preferred Stock accrued on the liquidation preference at a rate of 5% per annum until November 14, 2014. As of November 14, 2014, all of the 22,252 shares of the Series A Preferred Stock has been repurchased or redeemed. The Series A Preferred Stock had no maturity date and ranked 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. | |
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. Under terms of the Warrant, the exercise price and the number of shares that can be purchased are adjusted based upon certain events including common stock dividends paid to shareholders that exceed the $0.11 per share regular quarterly dividend paid by Premier at the time the Warrant was issued. Due to dividends paid in 2015 and 2014 that were either special cash dividends or dividends that exceeded the $0.11 regular quarterly cash dividend per share defined in the terms of the Warrant, the Warrant has been adjusted as of March 31, 2015 to permit the purchase of 636,378 shares of the Company’s common stock at an exercise price of $5.25 per share. As of March 31, 2015, 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. | |
See Note 9 for additional information on the Premier’s purchase of the Warrant. |
STOCK_COMPENSATION_EXPENSE
STOCK COMPENSATION EXPENSE | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
STOCK COMPENSATION EXPENSE [Abstract] | |||||||||||||||||||||||||
STOCK COMPENSATION EXPENSE | NOTE 6 – 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. | |||||||||||||||||||||||||
On March 18, 2015, 47,650 incentive stock options were granted out of the 2012 Long Term Incentive Plan at an exercise price of $14.72, the closing market price of Premier’s common stock on the grant date. These options vest in three equal annual installments ending on March 18, 2018. On March 19, 2014, 46,300 incentive stock options were granted out of the 2012 Long Term Incentive Plan at an exercise price of $14.43, the closing market price of Premier’s common stock on the grant date. These options vest in three equal annual installments ending on March 19, 2017. | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | 1.41 | % | 2.78 | % | |||||||||||||||||||||
Expected option life (yrs) | 5 | 10 | |||||||||||||||||||||||
Expected stock price volatility | 17.2 | % | 31.19 | % | |||||||||||||||||||||
Dividend yield | 3.53 | % | 3.33 | % | |||||||||||||||||||||
Weighted average fair value of | $ | 1.37 | $ | 3.74 | |||||||||||||||||||||
options granted during the year | |||||||||||||||||||||||||
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 for the 2015 grant was based upon the weighted-average life of options exercised from January 1, 2012 through December 31, 2014. The expected option life for the 2014 grant was estimated since there had been little option exercise history at the time of the grant. 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. | |||||||||||||||||||||||||
On March 18, 2015, 7,000 shares of Premier’s common stock were granted to President and CEO, Robert W. Walker as stock-based bonus compensation under the 2012 Long-term Incentive Plan. The fair value of the stock at the time of the grant was $14.72 per share based upon the closing price of Premier’s stock on the date of grant and $103,000 of stock-based compensation was recorded as a result. | |||||||||||||||||||||||||
Compensation expense of $139,000 was recorded for the first three months of 2015 while $42,000 was recorded for the first three months of 2014. Stock-based compensation expense is recognized ratably over the requisite vesting period for all awards. Unrecognized stock-based compensation expense related to stock options totaled $134,000 at March 31, 2015. This unrecognized expense is expected to be recognized over the next 35 months based on the vesting periods of the options. | |||||||||||||||||||||||||
A summary of the Company’s stock option activity and related information is presented below for the three months ended March 31: | |||||||||||||||||||||||||
- - - - - - 2015 - - - - - - | - - - - - - 2014 - - - - - - | ||||||||||||||||||||||||
Options | Weighted Average | Options | |||||||||||||||||||||||
Exercise | Weighted Average | ||||||||||||||||||||||||
Price | Exercise | ||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding at beginning of year | 273,942 | $ | 11.06 | 354,281 | $ | 9.84 | |||||||||||||||||||
Grants | 47,650 | 14.72 | 46,300 | 14.43 | |||||||||||||||||||||
Exercises | (1,167 | ) | 9.15 | (8,701 | ) | 7.24 | |||||||||||||||||||
Forfeitures or expired | (3,833 | ) | 12.24 | (2,001 | ) | 9.3 | |||||||||||||||||||
Outstanding at March 31, | 316,592 | $ | 11.61 | 389,879 | $ | 10.45 | |||||||||||||||||||
Exercisable at March 31, | 224,958 | 278,228 | |||||||||||||||||||||||
Weighted average remaining life of options outstanding | 6.4 | 6.4 | |||||||||||||||||||||||
Weighted average fair value of options granted during the year | $ | 1.37 | $ | 3.74 | |||||||||||||||||||||
Options outstanding at period-end are expected to fully vest. | |||||||||||||||||||||||||
Additional information regarding stock options outstanding and exercisable at March 31, 2015, 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 | 113,482 | $ | 7.56 | $ | 871 | 113,482 | 6.2 | $ | 7.56 | $ | 871 | ||||||||||||||
$10.01 to $12.50 | 40,500 | 11.39 | 156 | 26,374 | 8 | 11.39 | 101 | ||||||||||||||||||
$12.51 to $15.00 | 139,110 | 14.22 | 139 | 61,602 | 4 | 13.75 | 91 | ||||||||||||||||||
$15.01 to $17.50 | 23,500 | 16 | - | 23,500 | 0.9 | 16 | - | ||||||||||||||||||
Outstanding - Mar 31, 2015 | 316,592 | 11.61 | $ | 1,166 | 224,958 | 5.2 | 10.58 | $ | 1,063 | ||||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
EARNINGS PER SHARE [Abstract] | ||||||||
EARNINGS PER SHARE | NOTE 7 – 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 the three months ended March 31, 2015 and 2014 is presented below: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Basic earnings per share | ||||||||
Income available to common stockholders | $ | 3,142 | $ | 3,505 | ||||
Weighted average common shares outstanding | 8,143,326 | 8,043,213 | ||||||
Earnings per share | $ | 0.39 | $ | 0.44 | ||||
Diluted earnings per share | ||||||||
Income available to common stockholders | $ | 3,142 | $ | 3,505 | ||||
Weighted average common shares outstanding | 8,143,326 | 8,043,213 | ||||||
Add dilutive effects of potential additional common stock | 488,900 | 506,943 | ||||||
Weighted average common and dilutive potential common shares outstanding | 8,632,226 | 8,550,156 | ||||||
Earnings per share assuming dilution | $ | 0.36 | $ | 0.41 | ||||
Stock options for 23,500 and 69,800 shares of common stock were not considered in computing diluted earnings per share for the three months ended March 31, 2015 and 2014 because they were antidilutive. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
FAIR VALUE [Abstract] | |||||||||||||||||||||
FAIR VALUE | NOTE 8 – 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 value: | |||||||||||||||||||||
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 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). | |||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments at March 31, 2015 were as follows: | |||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and due from banks | $ | 85,816 | $ | 85,816 | $ | - | $ | - | $ | 85,816 | |||||||||||
Federal funds sold | 24,417 | 24,417 | - | - | 24,417 | ||||||||||||||||
Securities available for sale | 225,137 | - | 225,137 | - | 225,137 | ||||||||||||||||
Loans held for sale | 633 | - | - | 633 | 633 | ||||||||||||||||
Loans, net | 861,944 | - | - | 865,188 | 865,188 | ||||||||||||||||
Federal Home Loan Bank stock | 2,996 | n/a | n/a | n/a | n/a | ||||||||||||||||
Interest receivable | 3,105 | - | 621 | 2,484 | 3,105 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | (1,089,798 | ) | $ | (731,723 | ) | $ | (357,997 | ) | $ | - | $ | (1,089,720 | ) | |||||||
Securities sold under agreements to repurchase | (18,099 | ) | - | (18,099 | ) | - | (18,099 | ) | |||||||||||||
Other borrowed funds | (11,115 | ) | - | (11,127 | ) | - | (11,127 | ) | |||||||||||||
Interest payable | (386 | ) | (6 | ) | (380 | ) | - | (386 | ) | ||||||||||||
The carrying amounts and estimated fair values of financial instruments at December 31, 2014 were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and due from banks | $ | 70,398 | $ | 70,398 | $ | - | $ | - | $ | 70,398 | |||||||||||
Federal funds sold | 4,986 | 4,986 | - | - | 4,986 | ||||||||||||||||
Securities available for sale | 229,750 | - | 229,610 | 140 | 229,750 | ||||||||||||||||
Loans held for sale | 226 | - | - | 226 | 226 | ||||||||||||||||
Loans, net | 869,364 | - | - | 870,273 | 870,273 | ||||||||||||||||
Federal Home Loan Bank stock | 2,996 | n/a | n/a | n/a | n/a | ||||||||||||||||
Interest receivable | 3,219 | - | 625 | 2,594 | 3,219 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | (1,075,243 | ) | $ | (711,118 | ) | $ | (363,481 | ) | $ | - | $ | (1,074,599 | ) | |||||||
Securities sold under agreements to repurchase | (15,580 | ) | - | (15,580 | ) | - | (15,580 | ) | |||||||||||||
Other borrowed funds | (11,722 | ) | - | (11,760 | ) | - | (11,760 | ) | |||||||||||||
Interest payable | (434 | ) | (6 | ) | (428 | ) | - | (434 | ) | ||||||||||||
Assets and Liabilities Measured on a Recurring Basis | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using: | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Available for sale | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
U. S. agency MBS - residential | $ | 59,538 | $ | - | $ | 59,538 | $ | - | |||||||||||||
U. S. agency CMO’s - residential | 136,348 | - | 136,348 | - | |||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 195,886 | - | 195,886 | - | |||||||||||||||||
U. S. government sponsored agency securities | 18,600 | - | 18,600 | - | |||||||||||||||||
Obligations of states and political subdivisions | 10,651 | - | 10,651 | - | |||||||||||||||||
Total available for sale | $ | 225,137 | $ | - | $ | 225,137 | $ | - | |||||||||||||
Fair Value Measurements at December 31, 2014 Using: | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Available for sale | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
U. S. agency MBS - residential | $ | 52,780 | $ | - | $ | 52,780 | $ | - | |||||||||||||
U. S. agency CMO’s | 144,188 | - | 144,188 | - | |||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 196,968 | - | 196,968 | - | |||||||||||||||||
U. S. government sponsored agency securities | 22,506 | - | 22,506 | - | |||||||||||||||||
Obligations of states and political subdivisions | 10,276 | - | 10,136 | 140 | |||||||||||||||||
Total securities available for sale | $ | 229,750 | $ | - | $ | 229,610 | $ | 140 | |||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
There were no transfers between Level 1 and Level 2 during 2015 or 2014. | |||||||||||||||||||||
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 quarter ended March 31, 2015: | |||||||||||||||||||||
Securities Available-for-sale | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Balance of recurring Level 3 assets at beginning of period | $ | 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 | (140 | ) | |||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance of recurring Level 3 assets at period-end | $ | - | |||||||||||||||||||
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 real estate appraisals. 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 unique to each property 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 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 March 31, 2015 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | $ | 346 | - | - | $ | 346 | |||||||||||||||
Non-owner occupied | 589 | - | - | 589 | |||||||||||||||||
Commercial and industrial | 68 | - | - | 68 | |||||||||||||||||
All other | 4,246 | - | - | 4,246 | |||||||||||||||||
Total impaired loans | $ | 5,249 | $ | - | $ | - | $ | 5,249 | |||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Non-owner occupied | $ | 2,003 | - | - | $ | 2,003 | |||||||||||||||
All other | 7,711 | - | - | 7,711 | |||||||||||||||||
Total OREO | $ | 9,714 | $ | - | $ | - | $ | 9,714 | |||||||||||||
Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $6,658,000 at March 31, 2015 with a valuation allowance of $1,409,000 and a carrying amount of $7,200,000 at December 31, 2014 with a valuation allowance of $1,400,000 resulting in a provision for loan losses of $9,000 for the three months ended March 31, 2015, compared to a $1,437,000 negative provision for loan losses for the three months ended March 31, 2014. The detail of impaired loans by loan class is contained in Note 3 above. | |||||||||||||||||||||
Other real estate owned measured at fair value less costs to sell, had a net carrying amount of $9,714,000 which is made up of the outstanding balance of $11,759,000 net of a valuation allowance of $2,145,000 at March 31, 2015. There were $50,000 of write downs during the three months ended March 31, 2015, and no additional write downs during the three months ended March 31, 2014. At December 31, 2014, other real estate owned had a net carrying amount of $10,206,000, made up of the outstanding balance of $12,343,000, net of a valuation allowance of $2,137,000. | |||||||||||||||||||||
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at March 31, 2015 are summarized below: | |||||||||||||||||||||
March 31, 2015 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | 346 | sales comparison | adjustment for limited salability of specialized property | 65.5%-72.4%(52.4%) | |||||||||||||||||
Non-owner occupied | 589 | sales comparison | adjustment for limited salability of specialized property | 41.1%-41.1%(41.1%) | |||||||||||||||||
Commercial and industrial | 68 | sales comparison | adjustment for limited salability of specialized property | 8.0%-8.0%(8.0%) | |||||||||||||||||
All other | 4,246 | sales comparison | adjustment for percentage of completion of construction | 57.2%-57.2%(57.2%) | |||||||||||||||||
Total impaired loans | 5,249 | ||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Non-owner occupied | 2,003 | sales comparison | adjustment for differences between the comparable sales | 17.2%-17.2%(17.2%) | |||||||||||||||||
All other | 7,711 | sales comparison | adjustment for estimated realizable value | 24.6%-67.4%(25.0%) | |||||||||||||||||
Total OREO | $ | 9,714 | |||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2014 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | 600 | - | - | 600 | |||||||||||||||||
Non-owner occupied | 630 | - | - | 630 | |||||||||||||||||
Commercial and industrial | 341 | - | - | 341 | |||||||||||||||||
All other | 4,229 | - | - | 4,229 | |||||||||||||||||
Total impaired loans | 5,800 | $ | - | $ | - | $ | 5,800 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Non-owner occupied | 2,003 | - | - | 2,003 | |||||||||||||||||
All other | 8,203 | - | - | 8,203 | |||||||||||||||||
Total OREO | $ | 10,206 | $ | - | $ | - | $ | 10,206 | |||||||||||||
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2014 are summarized below: | |||||||||||||||||||||
December 31, 2014 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | 600 | sales comparison | adjustment for limited salability of specialized property | 44.8%-72.4%(58.9%) | |||||||||||||||||
Non-owner occupied | 630 | sales comparison | adjustment for differences between the comparable sales | 16.9%-54.6%(16.9%) | |||||||||||||||||
Commercial and industrial | 341 | sales comparison | adjustment for limited salability of specialized property | 26.2%-41.2%(27.0%) | |||||||||||||||||
All other | 4,229 | sales comparison | adjustment for percentage of completion of construction | 57.3%-57.3%(57.3%) | |||||||||||||||||
Total impaired loans | 5,800 | ||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Non-owner occupied | 2,003 | sales comparison | adjustment for differences between the comparable sales | 17.8%-17.8%(17.8%) | |||||||||||||||||
All other | 8,203 | sales comparison | adjustment for estimated realizable value | 24.6%-50.3%(45.0%) | |||||||||||||||||
Total OREO | $ | 10,206 |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
SUBSEQUENT EVENT [Abstract] | |||||||||||||
SUBSEQUENT EVENT | NOTE 9 – SUBSEQUENT EVENT | ||||||||||||
On May 6, 2015, Premier purchased the Warrant from the U.S. Treasury for $5,675,000. Premier borrowed $4,000,000 on its line of credit with the Bankers Bank of Kentucky and used $1,675,000 of its cash and cash equivalents to complete the purchase. The purchase reduces shareholders’ equity and regulatory capital by the $5,675,000 purchase price but will reduce the dilutive effect of potential additional common shares by approximately 415,000 shares. | |||||||||||||
Shown below is a summary of the pro forma March 31, 2015 regulatory capital ratios for the Company assuming the purchase of Warrant. | |||||||||||||
Pro Forma | Regulatory | To Be Considered | |||||||||||
Mar 31, | Minimum | Well Capitalized | |||||||||||
2015 | Requirements | ||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 12.6 | % | 4.5 | % | 6.5 | % | |||||||
Tier 1 Capital (to Risk-Weighted Assets) | 12.6 | % | 6 | % | 8 | % | |||||||
Total Capital (to Risk-Weighted Assets) | 13.8 | % | 8 | % | 10 | % | |||||||
Tier 1 Capital (to Average Assets) | 9 | % | 4 | % | 5 | % |
BASIS_OF_PRESENTATION_Tables
BASIS OF PRESENTATION (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
BASIS OF PRESENTATION [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 (the “Banks”): | ||||||||||||
31-Mar-15 | |||||||||||||
Year | Total | Net Income | |||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | |||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 388,304 | $ | 1,014 | |||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 880,024 | 2,573 | |||||||||
Parent and Intercompany Eliminations | 5,778 | (445 | ) | ||||||||||
Consolidated Total | $ | 1,274,106 | $ | 3,142 |
SECURITIES_Tables
SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
SECURITIES [Abstract] | |||||||||||||||||||||||||
Amortized Cost and Fair Value of Investment Securities, by Category | Amortized cost and fair value of investment securities, by category, at March 31, 2015 are summarized as follows: | ||||||||||||||||||||||||
2015 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 58,377 | $ | 1,165 | $ | (4 | ) | $ | 59,538 | ||||||||||||||||
U. S. sponsored agency CMO’s - residential | 134,321 | 2,526 | (499 | ) | 136,348 | ||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 192,698 | 3,691 | (503 | ) | 195,886 | ||||||||||||||||||||
U. S. government sponsored agency securities | 18,494 | 106 | - | 18,600 | |||||||||||||||||||||
Obligations of states and political subdivisions | 10,374 | 277 | - | 10,651 | |||||||||||||||||||||
Total available for sale | $ | 221,566 | $ | 4,074 | $ | (503 | ) | $ | 225,137 | ||||||||||||||||
Amortized cost and fair value of investment securities, by category, at December 31, 2014 are summarized as follows: | |||||||||||||||||||||||||
2014 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 52,006 | $ | 774 | $ | - | $ | 52,780 | |||||||||||||||||
U. S. sponsored agency CMO’s - residential | 142,932 | 2,167 | (911 | ) | 144,188 | ||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 194,938 | 2,941 | (911 | ) | 196,968 | ||||||||||||||||||||
U. S. government sponsored agency securities | 22,553 | 30 | (57 | ) | 22,506 | ||||||||||||||||||||
Obligations of states and political subdivisions | 10,015 | 261 | - | 10,276 | |||||||||||||||||||||
Total available for sale | $ | 227,486 | $ | 3,232 | $ | (968 | ) | $ | 229,750 | ||||||||||||||||
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at March 31, 2015 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 | $ | 3,795 | $ | 3,822 | |||||||||||||||||||||
Due after one year through five years | 20,574 | 20,816 | |||||||||||||||||||||||
Due after five years through ten years | 3,833 | 3,918 | |||||||||||||||||||||||
Due after ten years | 666 | 695 | |||||||||||||||||||||||
Mortgage-backed securities of government sponsored agencies | 192,698 | 195,886 | |||||||||||||||||||||||
Total available for sale | $ | 221,566 | $ | 225,137 | |||||||||||||||||||||
Securities in Continuous Unrealized Loss Position | Securities with unrealized losses at March 31, 2015 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 MBS – residential | $ | 1,805 | $ | (4 | ) | $ | - | $ | - | $ | 1,805 | $ | (4 | ) | |||||||||||
U.S government sponsored agency CMO – residential | 4,932 | (27 | ) | 21,092 | (472 | ) | 26,024 | (499 | ) | ||||||||||||||||
Total temporarily impaired | $ | 6,737 | $ | (31 | ) | $ | 21,092 | $ | (472 | ) | $ | 27,829 | $ | (503 | ) | ||||||||||
Securities with unrealized losses at December 31, 2014 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 | $ | 9,971 | $ | (57 | ) | $ | - | $ | - | $ | 9,971 | $ | (57 | ) | |||||||||||
U.S government sponsored agency CMO’s – residential | 5,194 | (52 | ) | 26,471 | (859 | ) | 31,665 | (911 | ) | ||||||||||||||||
Total temporarily impaired | $ | 15,165 | $ | (109 | ) | $ | 26,471 | $ | (859 | ) | $ | 41,636 | $ | (968 | ) |
LOANS_Tables
LOANS (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
LOANS [Abstract] | |||||||||||||||||||||||||||||||||
Major Classifications of Loans | Major classifications of loans at March 31, 2015 and December 31, 2014 are summarized as follows: | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 277,825 | $ | 278,212 | |||||||||||||||||||||||||||||
Multifamily real estate | 28,971 | 30,310 | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 124,918 | 120,861 | |||||||||||||||||||||||||||||||
Non owner occupied | 224,566 | 230,750 | |||||||||||||||||||||||||||||||
Commercial and industrial | 81,113 | 85,943 | |||||||||||||||||||||||||||||||
Consumer | 31,182 | 32,745 | |||||||||||||||||||||||||||||||
All other | 103,539 | 100,890 | |||||||||||||||||||||||||||||||
$ | 872,114 | $ | 879,711 | ||||||||||||||||||||||||||||||
Activity in the Allowance for Loan Losses by Portfolio Segment | Activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2015 was as follows: | ||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-15 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,093 | $ | 154 | $ | 74 | $ | 23 | $ | 2,196 | |||||||||||||||||||||||
Multifamily real estate | 304 | (17 | ) | - | - | 287 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,501 | (11 | ) | 2 | 1 | 1,489 | |||||||||||||||||||||||||||
Non owner occupied | 2,316 | 8 | - | - | 2,324 | ||||||||||||||||||||||||||||
Commercial and industrial | 1,444 | 165 | 161 | 2 | 1,450 | ||||||||||||||||||||||||||||
Consumer | 243 | 18 | 54 | 34 | 241 | ||||||||||||||||||||||||||||
All other | 2,446 | (248 | ) | 59 | 44 | 2,183 | |||||||||||||||||||||||||||
Total | $ | 10,347 | $ | 69 | $ | 350 | $ | 104 | $ | 10,170 | |||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014 was as follows: | |||||||||||||||||||||||||||||||||
Loan Class | Balance | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,694 | $ | (427 | ) | $ | 19 | $ | 2 | $ | 2,250 | ||||||||||||||||||||||
Multifamily real estate | 417 | (120 | ) | - | - | 297 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,407 | 71 | 1 | - | 1,477 | ||||||||||||||||||||||||||||
Non owner occupied | 2,037 | 648 | 300 | - | 2,385 | ||||||||||||||||||||||||||||
Commercial and industrial | 2,184 | (596 | ) | 63 | 2 | 1,527 | |||||||||||||||||||||||||||
Consumer | 297 | (70 | ) | 26 | 19 | 220 | |||||||||||||||||||||||||||
All other | 1,991 | 184 | 37 | 50 | 2,188 | ||||||||||||||||||||||||||||
Total | $ | 11,027 | $ | (310 | ) | $ | 446 | $ | 73 | $ | 10,344 | ||||||||||||||||||||||
Purchased Loans | The carrying amount of those loans is as follows at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Multifamily real estate | $ | 479 | $ | 497 | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 131 | 131 | |||||||||||||||||||||||||||||||
Non owner occupied | 5,658 | 5,695 | |||||||||||||||||||||||||||||||
Commercial and industrial | 133 | 136 | |||||||||||||||||||||||||||||||
All other | 5,146 | 5,128 | |||||||||||||||||||||||||||||||
Total carrying amount | $ | 11,547 | $ | 11,587 | |||||||||||||||||||||||||||||
Contractual principal balance | $ | 21,215 | $ | 21,250 | |||||||||||||||||||||||||||||
Carrying amount, net of allowance | $ | 10,599 | $ | 10,639 | |||||||||||||||||||||||||||||
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 March 31, 2015 and March 31, 2014. | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 204 | $ | 217 | |||||||||||||||||||||||||||||
New loans purchased | - | - | |||||||||||||||||||||||||||||||
Accretion of income | (5 | ) | (3 | ) | |||||||||||||||||||||||||||||
Reclassifications from non-accretable difference | - | - | |||||||||||||||||||||||||||||||
Disposals | - | - | |||||||||||||||||||||||||||||||
Balance at December 31 | $ | 199 | $ | 214 | |||||||||||||||||||||||||||||
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 March 31, 2015 and December 31 2014. 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-Mar-15 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,598 | $ | 2,094 | $ | 1,060 | |||||||||||||||||||||||||||
Multifamily real estate | 1,801 | 1,018 | 173 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 989 | 831 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 1,988 | 1,757 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,761 | 663 | 563 | ||||||||||||||||||||||||||||||
Consumer | 208 | 181 | - | ||||||||||||||||||||||||||||||
All other | 12,633 | 5,199 | - | ||||||||||||||||||||||||||||||
Total | $ | 21,978 | $ | 11,743 | $ | 1,796 | |||||||||||||||||||||||||||
31-Dec-14 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | ||||||||||||||||||||||||||||||
Residential real estate | $ | 1,996 | $ | 1,768 | $ | 668 | |||||||||||||||||||||||||||
Multifamily real estate | 1,803 | 1,033 | 564 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2,115 | 1,928 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 2,020 | 1,819 | 26 | ||||||||||||||||||||||||||||||
Commercial and industrial | 2,012 | 806 | 8 | ||||||||||||||||||||||||||||||
Consumer | 213 | 185 | - | ||||||||||||||||||||||||||||||
All other | 12,608 | 5,173 | - | ||||||||||||||||||||||||||||||
Total | $ | 22,767 | $ | 12,712 | $ | 1,266 | |||||||||||||||||||||||||||
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 March 31, 2015 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 | $ | 277,825 | $ | 5,197 | $ | 2,248 | $ | 7,445 | $ | 270,380 | |||||||||||||||||||||||
Multifamily real estate | 28,971 | 1,126 | 712 | 1,838 | 27,133 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 124,918 | 2,217 | 453 | 2,670 | 122,248 | ||||||||||||||||||||||||||||
Non owner occupied | 224,566 | 1,827 | 1,757 | 3,584 | 220,982 | ||||||||||||||||||||||||||||
Commercial and industrial | 81,113 | 279 | 1,115 | 1,394 | 79,719 | ||||||||||||||||||||||||||||
Consumer | 31,182 | 414 | 76 | 490 | 30,692 | ||||||||||||||||||||||||||||
All other | 103,539 | 277 | 5,199 | 5,476 | 98,063 | ||||||||||||||||||||||||||||
Total | $ | 872,114 | $ | 11,337 | $ | 11,560 | $ | 22,897 | $ | 849,217 | |||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2014 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 | $ | 278,212 | $ | 5,810 | $ | 1,706 | $ | 7,516 | $ | 270,696 | |||||||||||||||||||||||
Multifamily real estate | 30,310 | 177 | 1,100 | 1,277 | 29,033 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 120,861 | 250 | 1,530 | 1,780 | 119,081 | ||||||||||||||||||||||||||||
Non owner occupied | 230,750 | 2,173 | 1,670 | 3,843 | 226,907 | ||||||||||||||||||||||||||||
Commercial and industrial | 85,943 | 1,720 | 608 | 2,328 | 83,615 | ||||||||||||||||||||||||||||
Consumer | 32,745 | 497 | 71 | 568 | 32,177 | ||||||||||||||||||||||||||||
All other | 100,890 | 234 | 5,127 | 5,361 | 95,529 | ||||||||||||||||||||||||||||
Total | $ | 879,711 | $ | 10,861 | $ | 11,812 | $ | 22,673 | $ | 857,038 | |||||||||||||||||||||||
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 March 31, 2015: | ||||||||||||||||||||||||||||||||
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 | $ | - | $ | 2,196 | $ | - | $ | 2,196 | $ | 133 | $ | 277,692 | $ | - | $ | 277,825 | |||||||||||||||||
Multifamily real estate | - | 287 | - | 287 | 2,082 | 26,410 | 479 | 28,971 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 69 | 1,420 | - | 1,489 | 901 | 123,886 | 131 | 124,918 | |||||||||||||||||||||||||
Non-owner occupied | 33 | 2,291 | - | 2,324 | 4,727 | 214,181 | 5,658 | 224,566 | |||||||||||||||||||||||||
Commercial and industrial | 359 | 1,043 | 48 | 1,450 | 975 | 80,005 | 133 | 81,113 | |||||||||||||||||||||||||
Consumer | - | 241 | - | 241 | - | 31,182 | - | 31,182 | |||||||||||||||||||||||||
All other | - | 1,283 | 900 | 2,183 | 1,008 | 97,385 | 5,146 | 103,539 | |||||||||||||||||||||||||
Total | $ | 461 | $ | 8,761 | $ | 948 | $ | 10,170 | $ | 9,826 | $ | 850,741 | $ | 11,547 | $ | 872,114 | |||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | 2,093 | $ | - | $ | 2,093 | $ | 137 | $ | 278,075 | $ | - | $ | 278,212 | |||||||||||||||||
Multifamily real estate | - | 304 | - | 304 | 536 | 29,277 | 497 | 30,310 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 107 | 1,394 | - | 1,501 | 2,011 | 118,719 | 131 | 120,861 | |||||||||||||||||||||||||
Non-owner occupied | 54 | 2,262 | - | 2,316 | 4,874 | 220,181 | 5,695 | 230,750 | |||||||||||||||||||||||||
Commercial and industrial | 291 | 1,105 | 48 | 1,444 | 902 | 84,905 | 136 | 85,943 | |||||||||||||||||||||||||
Consumer | - | 243 | - | 243 | - | 32,745 | - | 32,745 | |||||||||||||||||||||||||
All other | - | 1,546 | 900 | 2,446 | 1,109 | 94,653 | 5,128 | 100,890 | |||||||||||||||||||||||||
Total | $ | 452 | $ | 8,947 | $ | 948 | $ | 10,347 | $ | 9,569 | $ | 858,555 | $ | 11,587 | $ | 879,711 | |||||||||||||||||
Loans Individually Evaluated for Impairment by Class of Loans | The following table presents loans individually evaluated for impairment by class of loans as of March 31, 2015. The table includes $5,673,000 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. | ||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 175 | $ | 133 | $ | - | |||||||||||||||||||||||||||
Multifamily real estate | 3,343 | 2,561 | - | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 549 | 486 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 4,336 | 4,105 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,325 | 548 | - | ||||||||||||||||||||||||||||||
All other | 1,044 | 1,008 | - | ||||||||||||||||||||||||||||||
10,772 | 8,841 | - | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 415 | 415 | 69 | ||||||||||||||||||||||||||||||
Non-owner occupied | 622 | 622 | 33 | ||||||||||||||||||||||||||||||
Commercial and industrial | 747 | 475 | 407 | ||||||||||||||||||||||||||||||
All other | 12,543 | 5,146 | 900 | ||||||||||||||||||||||||||||||
14,327 | 6,658 | 1,409 | |||||||||||||||||||||||||||||||
Total | $ | 25,099 | $ | 15,499 | $ | 1,409 | |||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2014. The table includes $5,673,000 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 179 | $ | 137 | $ | - | |||||||||||||||||||||||||||
Multifamily real estate | 1,803 | 1,033 | - | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1,404 | 1,304 | - | ||||||||||||||||||||||||||||||
Non owner occupied | 4,398 | 4,190 | - | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,030 | 270 | - | ||||||||||||||||||||||||||||||
All other | 1,144 | 1,108 | - | ||||||||||||||||||||||||||||||
9,958 | 8,042 | - | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 707 | $ | 707 | $ | 107 | |||||||||||||||||||||||||||
Non owner occupied | 684 | 684 | 54 | ||||||||||||||||||||||||||||||
Commercial and industrial | 929 | 680 | 339 | ||||||||||||||||||||||||||||||
All other | 12,525 | 5,129 | 900 | ||||||||||||||||||||||||||||||
14,845 | 7,200 | 1,400 | |||||||||||||||||||||||||||||||
Total | $ | 24,803 | $ | 15,242 | $ | 1,400 | |||||||||||||||||||||||||||
The Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized | The following table presents the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three months ended March 31, 2015 and March 31, 2014. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||||||||||||||||
Residential real estate | $ | 135 | $ | 1 | $ | 1 | $ | 2,676 | $ | 34 | $ | 34 | |||||||||||||||||||||
Multifamily real estate | 1,796 | - | - | 2,708 | 708 | 708 | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,457 | 9 | 8 | 2,262 | 16 | 11 | |||||||||||||||||||||||||||
Non-owner occupied | 4,800 | 48 | 48 | 1,097 | 627 | 627 | |||||||||||||||||||||||||||
Commercial and industrial | 987 | 4 | 4 | 2,967 | 335 | 335 | |||||||||||||||||||||||||||
All other | 6,195 | 16 | 11 | 7,774 | 44 | 44 | |||||||||||||||||||||||||||
Total | $ | 15,370 | $ | 78 | $ | 72 | $ | 19,484 | $ | 1,765 | $ | 1,759 | |||||||||||||||||||||
Troubled Debt Restructurings | The following table presents TDR’s as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
31-Mar-15 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||||||||||||||
Residential real estate | $ | 13 | $ | 187 | $ | 200 | |||||||||||||||||||||||||||
Multifamily real estate | - | 1,543 | 1,543 | ||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Non owner occupied | - | 469 | 469 | ||||||||||||||||||||||||||||||
Commercial and industrial | - | 427 | 427 | ||||||||||||||||||||||||||||||
All other | - | 963 | 963 | ||||||||||||||||||||||||||||||
Total | $ | 13 | $ | 3,589 | $ | 3,602 | |||||||||||||||||||||||||||
31-Dec-14 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||||||||||||||
Residential real estate | $ | 13 | $ | 191 | $ | 204 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Non owner occupied | - | 474 | 474 | ||||||||||||||||||||||||||||||
Commercial and industrial | - | 761 | 761 | ||||||||||||||||||||||||||||||
All other | - | 1,063 | 1,063 | ||||||||||||||||||||||||||||||
Total | $ | 13 | $ | 2,489 | $ | 2,502 | |||||||||||||||||||||||||||
Troubled Debt Restructuring During the Period | The following table presents TDR’s that occurred during the three months ended March 31, 2015. There were no TDR’s that occurred during the three months ended March 31, 2014. | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
Multifamily Real Estate | 1 | $ | 1,543 | $ | 1,543 | ||||||||||||||||||||||||||||
Total | 1 | $ | 1,543 | $ | 1,543 | ||||||||||||||||||||||||||||
Risk Category of Loans by Class of Loans | As of March 31, 2015, 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 | $ | 265,445 | $ | 7,339 | $ | 5,028 | $ | 13 | $ | 277,825 | |||||||||||||||||||||||
Multifamily real estate | 24,316 | 2,094 | 2,561 | - | 28,971 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 116,104 | 6,327 | 2,487 | - | 124,918 | ||||||||||||||||||||||||||||
Non-owner occupied | 212,908 | 6,734 | 4,924 | - | 224,566 | ||||||||||||||||||||||||||||
Commercial and industrial | 78,958 | 844 | 1,259 | 52 | 81,113 | ||||||||||||||||||||||||||||
Consumer | 30,794 | 289 | 99 | - | 31,182 | ||||||||||||||||||||||||||||
All other | 95,605 | 1,177 | 6,757 | - | 103,539 | ||||||||||||||||||||||||||||
Total | $ | 824,130 | $ | 24,804 | $ | 23,115 | $ | 65 | $ | 872,114 | |||||||||||||||||||||||
As of December 31, 2014, 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 | $ | 265,285 | $ | 8,292 | $ | 4,622 | $ | 13 | $ | 278,212 | |||||||||||||||||||||||
Multifamily real estate | 27,260 | 2,017 | 1,033 | - | 30,310 | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 111,024 | 6,505 | 3,332 | - | 120,861 | ||||||||||||||||||||||||||||
Non-owner occupied | 218,971 | 6,652 | 5,127 | - | 230,750 | ||||||||||||||||||||||||||||
Commercial and industrial | 83,634 | 1,007 | 1,275 | 27 | 85,943 | ||||||||||||||||||||||||||||
Consumer | 32,364 | 267 | 114 | - | 32,745 | ||||||||||||||||||||||||||||
All other | 89,173 | 4,873 | 6,844 | - | 100,890 | ||||||||||||||||||||||||||||
Total | $ | 827,711 | $ | 29,613 | $ | 22,347 | $ | 40 | $ | 879,711 |
STOCKHOLDERS_EQUITY_AND_REGULA1
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS [Abstract] | |||||||||||||||||
Summary of Regulatory Capital Ratios | Shown below is a summary of regulatory capital ratios for the Company: | ||||||||||||||||
Mar 31, | December 31, | Regulatory | To Be Considered | ||||||||||||||
2015 | 2014 | Minimum | Well Capitalized (1) | ||||||||||||||
Requirements (1) | |||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 13.2 | % | n/a | 4.5 | % | 6.5 | % | ||||||||||
Tier 1 Capital (to Risk-Weighted Assets) (1) | 13.2 | % | 13.3 | % | 6 | % | 8 | % | |||||||||
Total Capital (to Risk-Weighted Assets) | 14.4 | % | 14.6 | % | 8 | % | 10 | % | |||||||||
Tier 1 Capital (to Average Assets) | 9.4 | % | 9.1 | % | 4 | % | 5 | % | |||||||||
(1) The regulatory requirements presented in the table are effective as of January 1, 2015. At December 31, 2014, the minimum Tier 1 capital to risk-weighted assets ratio was 4.0% and to be considered well capitalized the ratio was required to be at least 6.0% |
STOCK_COMPENSATION_EXPENSE_Tab
STOCK COMPENSATION EXPENSE (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
STOCK COMPENSATION EXPENSE [Abstract] | |||||||||||||||||||||||||
Assumption Used in the Black-Scholes Option-pricing Model | The assumptions used in the Black-Scholes option-pricing model are as follows | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | 1.41 | % | 2.78 | % | |||||||||||||||||||||
Expected option life (yrs) | 5 | 10 | |||||||||||||||||||||||
Expected stock price volatility | 17.2 | % | 31.19 | % | |||||||||||||||||||||
Dividend yield | 3.53 | % | 3.33 | % | |||||||||||||||||||||
Weighted average fair value of | $ | 1.37 | $ | 3.74 | |||||||||||||||||||||
options granted during the year | |||||||||||||||||||||||||
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information is presented below for the three months ended March 31: | ||||||||||||||||||||||||
- - - - - - 2015 - - - - - - | - - - - - - 2014 - - - - - - | ||||||||||||||||||||||||
Options | Weighted Average | Options | |||||||||||||||||||||||
Exercise | Weighted Average | ||||||||||||||||||||||||
Price | Exercise | ||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding at beginning of year | 273,942 | $ | 11.06 | 354,281 | $ | 9.84 | |||||||||||||||||||
Grants | 47,650 | 14.72 | 46,300 | 14.43 | |||||||||||||||||||||
Exercises | (1,167 | ) | 9.15 | (8,701 | ) | 7.24 | |||||||||||||||||||
Forfeitures or expired | (3,833 | ) | 12.24 | (2,001 | ) | 9.3 | |||||||||||||||||||
Outstanding at March 31, | 316,592 | $ | 11.61 | 389,879 | $ | 10.45 | |||||||||||||||||||
Exercisable at March 31, | 224,958 | 278,228 | |||||||||||||||||||||||
Weighted average remaining life of options outstanding | 6.4 | 6.4 | |||||||||||||||||||||||
Weighted average fair value of options granted during the year | $ | 1.37 | $ | 3.74 | |||||||||||||||||||||
Stock Option Activity by Range of Exercise Prices | Additional information regarding stock options outstanding and exercisable at March 31, 2015, 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 | 113,482 | $ | 7.56 | $ | 871 | 113,482 | 6.2 | $ | 7.56 | $ | 871 | ||||||||||||||
$10.01 to $12.50 | 40,500 | 11.39 | 156 | 26,374 | 8 | 11.39 | 101 | ||||||||||||||||||
$12.51 to $15.00 | 139,110 | 14.22 | 139 | 61,602 | 4 | 13.75 | 91 | ||||||||||||||||||
$15.01 to $17.50 | 23,500 | 16 | - | 23,500 | 0.9 | 16 | - | ||||||||||||||||||
Outstanding - Mar 31, 2015 | 316,592 | 11.61 | $ | 1,166 | 224,958 | 5.2 | 10.58 | $ | 1,063 | ||||||||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 the three months ended March 31, 2015 and 2014 is presented below: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Basic earnings per share | ||||||||
Income available to common stockholders | $ | 3,142 | $ | 3,505 | ||||
Weighted average common shares outstanding | 8,143,326 | 8,043,213 | ||||||
Earnings per share | $ | 0.39 | $ | 0.44 | ||||
Diluted earnings per share | ||||||||
Income available to common stockholders | $ | 3,142 | $ | 3,505 | ||||
Weighted average common shares outstanding | 8,143,326 | 8,043,213 | ||||||
Add dilutive effects of potential additional common stock | 488,900 | 506,943 | ||||||
Weighted average common and dilutive potential common shares outstanding | 8,632,226 | 8,550,156 | ||||||
Earnings per share assuming dilution | $ | 0.36 | $ | 0.41 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
FAIR VALUE [Abstract] | |||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at March 31, 2015 were as follows: | ||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and due from banks | $ | 85,816 | $ | 85,816 | $ | - | $ | - | $ | 85,816 | |||||||||||
Federal funds sold | 24,417 | 24,417 | - | - | 24,417 | ||||||||||||||||
Securities available for sale | 225,137 | - | 225,137 | - | 225,137 | ||||||||||||||||
Loans held for sale | 633 | - | - | 633 | 633 | ||||||||||||||||
Loans, net | 861,944 | - | - | 865,188 | 865,188 | ||||||||||||||||
Federal Home Loan Bank stock | 2,996 | n/a | n/a | n/a | n/a | ||||||||||||||||
Interest receivable | 3,105 | - | 621 | 2,484 | 3,105 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | (1,089,798 | ) | $ | (731,723 | ) | $ | (357,997 | ) | $ | - | $ | (1,089,720 | ) | |||||||
Securities sold under agreements to repurchase | (18,099 | ) | - | (18,099 | ) | - | (18,099 | ) | |||||||||||||
Other borrowed funds | (11,115 | ) | - | (11,127 | ) | - | (11,127 | ) | |||||||||||||
Interest payable | (386 | ) | (6 | ) | (380 | ) | - | (386 | ) | ||||||||||||
The carrying amounts and estimated fair values of financial instruments at December 31, 2014 were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and due from banks | $ | 70,398 | $ | 70,398 | $ | - | $ | - | $ | 70,398 | |||||||||||
Federal funds sold | 4,986 | 4,986 | - | - | 4,986 | ||||||||||||||||
Securities available for sale | 229,750 | - | 229,610 | 140 | 229,750 | ||||||||||||||||
Loans held for sale | 226 | - | - | 226 | 226 | ||||||||||||||||
Loans, net | 869,364 | - | - | 870,273 | 870,273 | ||||||||||||||||
Federal Home Loan Bank stock | 2,996 | n/a | n/a | n/a | n/a | ||||||||||||||||
Interest receivable | 3,219 | - | 625 | 2,594 | 3,219 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | $ | (1,075,243 | ) | $ | (711,118 | ) | $ | (363,481 | ) | $ | - | $ | (1,074,599 | ) | |||||||
Securities sold under agreements to repurchase | (15,580 | ) | - | (15,580 | ) | - | (15,580 | ) | |||||||||||||
Other borrowed funds | (11,722 | ) | - | (11,760 | ) | - | (11,760 | ) | |||||||||||||
Interest payable | (434 | ) | (6 | ) | (428 | ) | - | (434 | ) | ||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using: | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Available for sale | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
U. S. agency MBS - residential | $ | 59,538 | $ | - | $ | 59,538 | $ | - | |||||||||||||
U. S. agency CMO’s - residential | 136,348 | - | 136,348 | - | |||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 195,886 | - | 195,886 | - | |||||||||||||||||
U. S. government sponsored agency securities | 18,600 | - | 18,600 | - | |||||||||||||||||
Obligations of states and political subdivisions | 10,651 | - | 10,651 | - | |||||||||||||||||
Total available for sale | $ | 225,137 | $ | - | $ | 225,137 | $ | - | |||||||||||||
Fair Value Measurements at December 31, 2014 Using: | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Available for sale | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
U. S. agency MBS - residential | $ | 52,780 | $ | - | $ | 52,780 | $ | - | |||||||||||||
U. S. agency CMO’s | 144,188 | - | 144,188 | - | |||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 196,968 | - | 196,968 | - | |||||||||||||||||
U. S. government sponsored agency securities | 22,506 | - | 22,506 | - | |||||||||||||||||
Obligations of states and political subdivisions | 10,276 | - | 10,136 | 140 | |||||||||||||||||
Total securities available for sale | $ | 229,750 | $ | - | $ | 229,610 | $ | 140 | |||||||||||||
Mortgage-backed securities | |||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | 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 quarter ended March 31, 2015: | ||||||||||||||||||||
Securities Available-for-sale | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Balance of recurring Level 3 assets at beginning of period | $ | 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 | (140 | ) | |||||||||||||||||||
Transfers in and/or out of Level 3 | - | ||||||||||||||||||||
Balance of recurring Level 3 assets at period-end | $ | - | |||||||||||||||||||
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 March 31, 2015 are summarized below: | ||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | $ | 346 | - | - | $ | 346 | |||||||||||||||
Non-owner occupied | 589 | - | - | 589 | |||||||||||||||||
Commercial and industrial | 68 | - | - | 68 | |||||||||||||||||
All other | 4,246 | - | - | 4,246 | |||||||||||||||||
Total impaired loans | $ | 5,249 | $ | - | $ | - | $ | 5,249 | |||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Non-owner occupied | $ | 2,003 | - | - | $ | 2,003 | |||||||||||||||
All other | 7,711 | - | - | 7,711 | |||||||||||||||||
Total OREO | $ | 9,714 | $ | - | $ | - | $ | 9,714 | |||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2014 are summarized below: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | 600 | - | - | 600 | |||||||||||||||||
Non-owner occupied | 630 | - | - | 630 | |||||||||||||||||
Commercial and industrial | 341 | - | - | 341 | |||||||||||||||||
All other | 4,229 | - | - | 4,229 | |||||||||||||||||
Total impaired loans | 5,800 | $ | - | $ | - | $ | 5,800 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Non-owner occupied | 2,003 | - | - | 2,003 | |||||||||||||||||
All other | 8,203 | - | - | 8,203 | |||||||||||||||||
Total OREO | $ | 10,206 | $ | - | $ | - | $ | 10,206 | |||||||||||||
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 March 31, 2015 are summarized below: | ||||||||||||||||||||
March 31, 2015 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | 346 | sales comparison | adjustment for limited salability of specialized property | 65.5%-72.4%(52.4%) | |||||||||||||||||
Non-owner occupied | 589 | sales comparison | adjustment for limited salability of specialized property | 41.1%-41.1%(41.1%) | |||||||||||||||||
Commercial and industrial | 68 | sales comparison | adjustment for limited salability of specialized property | 8.0%-8.0%(8.0%) | |||||||||||||||||
All other | 4,246 | sales comparison | adjustment for percentage of completion of construction | 57.2%-57.2%(57.2%) | |||||||||||||||||
Total impaired loans | 5,249 | ||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Non-owner occupied | 2,003 | sales comparison | adjustment for differences between the comparable sales | 17.2%-17.2%(17.2%) | |||||||||||||||||
All other | 7,711 | sales comparison | adjustment for estimated realizable value | 24.6%-67.4%(25.0%) | |||||||||||||||||
Total OREO | $ | 9,714 | |||||||||||||||||||
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2014 are summarized below: | |||||||||||||||||||||
December 31, 2014 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | 600 | sales comparison | adjustment for limited salability of specialized property | 44.8%-72.4%(58.9%) | |||||||||||||||||
Non-owner occupied | 630 | sales comparison | adjustment for differences between the comparable sales | 16.9%-54.6%(16.9%) | |||||||||||||||||
Commercial and industrial | 341 | sales comparison | adjustment for limited salability of specialized property | 26.2%-41.2%(27.0%) | |||||||||||||||||
All other | 4,229 | sales comparison | adjustment for percentage of completion of construction | 57.3%-57.3%(57.3%) | |||||||||||||||||
Total impaired loans | 5,800 | ||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Non-owner occupied | 2,003 | sales comparison | adjustment for differences between the comparable sales | 17.8%-17.8%(17.8%) | |||||||||||||||||
All other | 8,203 | sales comparison | adjustment for estimated realizable value | 24.6%-50.3%(45.0%) | |||||||||||||||||
Total OREO | $ | 10,206 |
SUBSEQUENT_EVENT_Tables
SUBSEQUENT EVENT (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
SUBSEQUENT EVENT [Abstract] | |||||||||||||
Summary of Pro Forma Regulatory Capital Ratios for the Company Assuming the Purchase of Warrant | Shown below is a summary of the pro forma March 31, 2015 regulatory capital ratios for the Company assuming the purchase of Warrant. | ||||||||||||
Pro Forma | Regulatory | To Be Considered | |||||||||||
Mar 31, | Minimum | Well Capitalized | |||||||||||
2015 | Requirements | ||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 12.6 | % | 4.5 | % | 6.5 | % | |||||||
Tier 1 Capital (to Risk-Weighted Assets) | 12.6 | % | 6 | % | 8 | % | |||||||
Total Capital (to Risk-Weighted Assets) | 13.8 | % | 8 | % | 10 | % | |||||||
Tier 1 Capital (to Average Assets) | 9 | % | 4 | % | 5 | % |
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Consolidation, Wholly Owned Subsidiaries [Line Items] | |||
Total Assets | $1,274,106 | $1,252,824 | |
Net Income | 3,142 | 3,670 | |
Citizens Deposit Bank & Trust [Member] | Vanceburg, Kentucky [Member] | |||
Consolidation, Wholly Owned Subsidiaries [Line Items] | |||
Year Acquired | 1991 | ||
Total Assets | 388,304 | ||
Net Income | 1,014 | ||
Premier Bank, Inc. [Member] | Huntington, West Virginia [Member] | |||
Consolidation, Wholly Owned Subsidiaries [Line Items] | |||
Year Acquired | 1998 | ||
Total Assets | 880,024 | ||
Net Income | 2,573 | ||
Parent and Intercompany Eliminations [Member] | |||
Consolidation, Wholly Owned Subsidiaries [Line Items] | |||
Total Assets | 5,778 | ||
Net Income | ($445) |
SECURITIES_Details
SECURITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized Cost | $221,566 | $227,486 |
Unrealized Gains | 4,074 | 3,232 |
Unrealized Losses | -503 | -968 |
Available for sale, Fair Value | 225,137 | 229,750 |
U. S. Sponsored Agency MBS - residential [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized Cost | 58,377 | 52,006 |
Unrealized Gains | 1,165 | 774 |
Unrealized Losses | -4 | 0 |
Available for sale, Fair Value | 59,538 | 52,780 |
U. S. sponsored agency CMO's - residential [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized Cost | 134,321 | 142,932 |
Unrealized Gains | 2,526 | 2,167 |
Unrealized Losses | -499 | -911 |
Available for sale, Fair Value | 136,348 | 144,188 |
Total mortgage-backed securities of government sponsored agencies [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized Cost | 192,698 | 194,938 |
Unrealized Gains | 3,691 | 2,941 |
Unrealized Losses | -503 | -911 |
Available for sale, Fair Value | 195,886 | 196,968 |
U. S. Government Sponsored Agency Securities [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized Cost | 18,494 | 22,553 |
Unrealized Gains | 106 | 30 |
Unrealized Losses | 0 | -57 |
Available for sale, Fair Value | 18,600 | 22,506 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized Cost | 10,374 | 10,015 |
Unrealized Gains | 277 | 261 |
Unrealized Losses | 0 | 0 |
Available for sale, Fair Value | $10,651 | $10,276 |
SECURITIES_By_Contractual_Matu
SECURITIES, By Contractual Maturity (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Amortized cost of available-for-sale securities by contractual maturity [Abstract] | |||
Due in one year or less | $3,795 | ||
Due after one year through five years | 20,574 | ||
Due after five years through ten years | 3,833 | ||
Due after ten years | 666 | ||
Mortgage-backed securities of government sponsored agencies | 192,698 | ||
Available for sale, Amortized Cost | 221,566 | ||
Fair value of available-for-sale securities by contractual maturity [Abstract] | |||
Due in one year or less | 3,822 | ||
Due after one year through five years | 20,816 | ||
Due after five years through ten years | 3,918 | ||
Due after ten years | 695 | ||
Mortgage backed securities of government sponsored agencies | 195,886 | ||
Available for sale, Fair Value | 225,137 | 229,750 | |
Proceeds from the sale of securities | $0 | $0 |
SECURITIES_With_Unrealized_Los
SECURITIES, With Unrealized Losses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | $6,737 | $15,165 |
12 Months or More, Fair Value | 21,092 | 26,471 |
Total Fair Value | 27,829 | 41,636 |
Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Loss | -31 | -109 |
12 Months or More, Unrealized Loss | -472 | -859 |
Total Unrealized Loss | -503 | -968 |
U. S. Government Sponsored Agency Securities [Member] | ||
Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 9,971 | |
12 Months or More, Fair Value | 0 | |
Total Fair Value | 9,971 | |
Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Loss | -57 | |
12 Months or More, Unrealized Loss | 0 | |
Total Unrealized Loss | -57 | |
U. S. Sponsored Agency MBS - residential [Member] | ||
Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 1,805 | |
12 Months or More, Fair Value | 0 | |
Total Fair Value | 1,805 | |
Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Loss | -4 | |
12 Months or More, Unrealized Loss | 0 | |
Total Unrealized Loss | -4 | |
U. S. Government Sponsored Agency CMO's - residential [Member] | ||
Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 4,932 | 5,194 |
12 Months or More, Fair Value | 21,092 | 26,471 |
Total Fair Value | 26,024 | 31,665 |
Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Unrealized Loss | -27 | -52 |
12 Months or More, Unrealized Loss | -472 | -859 |
Total Unrealized Loss | ($499) | ($911) |
LOANS_Major_Classifications_of
LOANS, Major Classifications of Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $872,114 | $879,711 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 277,825 | 278,212 |
Multifamily Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,971 | 30,310 |
Owner Occupied Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 124,918 | 120,861 |
Non Owner Occupied Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 224,566 | 230,750 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 81,113 | 85,943 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 31,182 | 32,745 |
All Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $103,539 | $100,890 |
LOANS_Activity_in_The_Allowanc
LOANS, Activity in The Allowance For Loan Losses by Portfolio Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | $10,347 | $11,027 |
Provision (credit) for loan losses | 69 | -310 |
Loans charged-off | 350 | 446 |
Recoveries | 104 | 73 |
Balance, end of period | 10,170 | 10,344 |
Residential Real Estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 2,093 | 2,694 |
Provision (credit) for loan losses | 154 | -427 |
Loans charged-off | 74 | 19 |
Recoveries | 23 | 2 |
Balance, end of period | 2,196 | 2,250 |
Multifamily Real Estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 304 | 417 |
Provision (credit) for loan losses | -17 | -120 |
Loans charged-off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 287 | 297 |
Owner Occupied Commercial Real Estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 1,501 | 1,407 |
Provision (credit) for loan losses | -11 | 71 |
Loans charged-off | 2 | 1 |
Recoveries | 1 | 0 |
Balance, end of period | 1,489 | 1,477 |
Non Owner Occupied Commercial Real Estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 2,316 | 2,037 |
Provision (credit) for loan losses | 8 | 648 |
Loans charged-off | 0 | 300 |
Recoveries | 0 | 0 |
Balance, end of period | 2,324 | 2,385 |
Commercial and Industrial [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 1,444 | 2,184 |
Provision (credit) for loan losses | 165 | -596 |
Loans charged-off | 161 | 63 |
Recoveries | 2 | 2 |
Balance, end of period | 1,450 | 1,527 |
Consumer [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 243 | 297 |
Provision (credit) for loan losses | 18 | -70 |
Loans charged-off | 54 | 26 |
Recoveries | 34 | 19 |
Balance, end of period | 241 | 220 |
All Other [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 2,446 | 1,991 |
Provision (credit) for loan losses | -248 | 184 |
Loans charged-off | 59 | 37 |
Recoveries | 44 | 50 |
Balance, end of period | $2,183 | $2,188 |
LOANS_Purchased_Loans_Details
LOANS, Purchased Loans (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Purchased loans [Abstract] | |||
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | $11,547 | $11,587 | |
Contractual principal balance | 21,215 | 21,250 | |
Carrying amount, net of allowance | 10,599 | 10,639 | |
Increase in allowance for loan losses related to purchased loans | 0 | 0 | |
Accretable Yield [Roll Forward] | |||
Beginning Balance | 204 | 217 | |
New loans purchased | 0 | 0 | |
Accretion of income | -5 | -3 | |
Reclassifications from non-accretable difference | 0 | 0 | |
Disposals | 0 | 0 | |
Ending Balance | 199 | 214 | |
Multifamily Real Estate [Member] | |||
Purchased loans [Abstract] | |||
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 479 | 497 | |
Owner Occupied Commercial Real Estate [Member] | |||
Purchased loans [Abstract] | |||
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 131 | 131 | |
Non Owner Occupied Commercial Real Estate [Member] | |||
Purchased loans [Abstract] | |||
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 5,658 | 5,695 | |
Commercial and Industrial [Member] | |||
Purchased loans [Abstract] | |||
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | 133 | 136 | |
All Other [Member] | |||
Purchased loans [Abstract] | |||
Loans And Leases Receivable Purchased With Deteriorated Credit Quality | $5,146 | $5,128 |
LOANS_Past_Due_And_Nonperformi
LOANS, Past Due And Non-performing Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Past due and non-performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | $21,978 | $22,767 |
Recorded Investment in Non-accrual Loans | 11,743 | 12,712 |
Loans Past Due Over 90 Days, still accruing | 1,796 | 1,266 |
Residential Real Estate [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 2,598 | 1,996 |
Recorded Investment in Non-accrual Loans | 2,094 | 1,768 |
Loans Past Due Over 90 Days, still accruing | 1,060 | 668 |
Multifamily Real Estate [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 1,801 | 1,803 |
Recorded Investment in Non-accrual Loans | 1,018 | 1,033 |
Loans Past Due Over 90 Days, still accruing | 173 | 564 |
Owner Occupied Commercial Real Estate [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 989 | 2,115 |
Recorded Investment in Non-accrual Loans | 831 | 1,928 |
Loans Past Due Over 90 Days, still accruing | 0 | 0 |
Non Owner Occupied Commercial Real Estate [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 1,988 | 2,020 |
Recorded Investment in Non-accrual Loans | 1,757 | 1,819 |
Loans Past Due Over 90 Days, still accruing | 0 | 26 |
Commercial and Industrial [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 1,761 | 2,012 |
Recorded Investment in Non-accrual Loans | 663 | 806 |
Loans Past Due Over 90 Days, still accruing | 563 | 8 |
Consumer [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 208 | 213 |
Recorded Investment in Non-accrual Loans | 181 | 185 |
Loans Past Due Over 90 Days, still accruing | 0 | 0 |
All Other [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 12,633 | 12,608 |
Recorded Investment in Non-accrual Loans | 5,199 | 5,173 |
Loans Past Due Over 90 Days, still accruing | $0 | $0 |
LOANS_Past_Due_Aging_Analysis_
LOANS, Past Due Aging Analysis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | $872,114 | $879,711 |
30-89 Days Past Due | 11,337 | 10,861 |
Greater than 90 days past due | 11,560 | 11,812 |
Total Past Due | 22,897 | 22,673 |
Loans Not Past Due | 849,217 | 857,038 |
Residential Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 277,825 | 278,212 |
30-89 Days Past Due | 5,197 | 5,810 |
Greater than 90 days past due | 2,248 | 1,706 |
Total Past Due | 7,445 | 7,516 |
Loans Not Past Due | 270,380 | 270,696 |
Multifamily Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 28,971 | 30,310 |
30-89 Days Past Due | 1,126 | 177 |
Greater than 90 days past due | 712 | 1,100 |
Total Past Due | 1,838 | 1,277 |
Loans Not Past Due | 27,133 | 29,033 |
Owner Occupied Commercial Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 124,918 | 120,861 |
30-89 Days Past Due | 2,217 | 250 |
Greater than 90 days past due | 453 | 1,530 |
Total Past Due | 2,670 | 1,780 |
Loans Not Past Due | 122,248 | 119,081 |
Non Owner Occupied Commercial Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 224,566 | 230,750 |
30-89 Days Past Due | 1,827 | 2,173 |
Greater than 90 days past due | 1,757 | 1,670 |
Total Past Due | 3,584 | 3,843 |
Loans Not Past Due | 220,982 | 226,907 |
Commercial and Industrial [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 81,113 | 85,943 |
30-89 Days Past Due | 279 | 1,720 |
Greater than 90 days past due | 1,115 | 608 |
Total Past Due | 1,394 | 2,328 |
Loans Not Past Due | 79,719 | 83,615 |
Consumer [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 31,182 | 32,745 |
30-89 Days Past Due | 414 | 497 |
Greater than 90 days past due | 76 | 71 |
Total Past Due | 490 | 568 |
Loans Not Past Due | 30,692 | 32,177 |
All Other [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 103,539 | 100,890 |
30-89 Days Past Due | 277 | 234 |
Greater than 90 days past due | 5,199 | 5,127 |
Total Past Due | 5,476 | 5,361 |
Loans Not Past Due | $98,063 | $95,529 |
LOANS_Allowance_for_Loan_Losse
LOANS, Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | $461 | $452 | ||
Collectively evaluated for impairment, allowance for loan losses | 8,761 | 8,947 | ||
Acquired with deteriorated credit quality, allowance for loan losses | 948 | 948 | ||
Total allowance for loan losses | 10,170 | 10,347 | 10,344 | 11,027 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 9,826 | 9,569 | ||
Collectively evaluated for impairment, loan balances | 850,741 | 858,555 | ||
Acquired with deteriorated credit quality, loan balances | 11,547 | 11,587 | ||
Total Loans | 872,114 | 879,711 | ||
Residential 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 | 2,196 | 2,093 | ||
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ||
Total allowance for loan losses | 2,196 | 2,093 | 2,250 | 2,694 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 133 | 137 | ||
Collectively evaluated for impairment, loan balances | 277,692 | 278,075 | ||
Acquired with deteriorated credit quality, loan balances | 0 | 0 | ||
Total Loans | 277,825 | 278,212 | ||
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 | 287 | 304 | ||
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ||
Total allowance for loan losses | 287 | 304 | 297 | 417 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 2,082 | 536 | ||
Collectively evaluated for impairment, loan balances | 26,410 | 29,277 | ||
Acquired with deteriorated credit quality, loan balances | 479 | 497 | ||
Total Loans | 28,971 | 30,310 | ||
Owner Occupied Commercial Real Estate [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 69 | 107 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,420 | 1,394 | ||
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ||
Total allowance for loan losses | 1,489 | 1,501 | 1,477 | 1,407 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 901 | 2,011 | ||
Collectively evaluated for impairment, loan balances | 123,886 | 118,719 | ||
Acquired with deteriorated credit quality, loan balances | 131 | 131 | ||
Total Loans | 124,918 | 120,861 | ||
Non Owner Occupied Commercial Real Estate [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 33 | 54 | ||
Collectively evaluated for impairment, allowance for loan losses | 2,291 | 2,262 | ||
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ||
Total allowance for loan losses | 2,324 | 2,316 | 2,385 | 2,037 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 4,727 | 4,874 | ||
Collectively evaluated for impairment, loan balances | 214,181 | 220,181 | ||
Acquired with deteriorated credit quality, loan balances | 5,658 | 5,695 | ||
Total Loans | 224,566 | 230,750 | ||
Commercial and Industrial [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 359 | 291 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,043 | 1,105 | ||
Acquired with deteriorated credit quality, allowance for loan losses | 48 | 48 | ||
Total allowance for loan losses | 1,450 | 1,444 | 1,527 | 2,184 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 975 | 902 | ||
Collectively evaluated for impairment, loan balances | 80,005 | 84,905 | ||
Acquired with deteriorated credit quality, loan balances | 133 | 136 | ||
Total Loans | 81,113 | 85,943 | ||
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 | 241 | 243 | ||
Acquired with deteriorated credit quality, allowance for loan losses | 0 | 0 | ||
Total allowance for loan losses | 241 | 243 | 220 | 297 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||
Collectively evaluated for impairment, loan balances | 31,182 | 32,745 | ||
Acquired with deteriorated credit quality, loan balances | 0 | 0 | ||
Total Loans | 31,182 | 32,745 | ||
All Other [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,283 | 1,546 | ||
Acquired with deteriorated credit quality, allowance for loan losses | 900 | 900 | ||
Total allowance for loan losses | 2,183 | 2,446 | 2,188 | 1,991 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 1,008 | 1,109 | ||
Collectively evaluated for impairment, loan balances | 97,385 | 94,653 | ||
Acquired with deteriorated credit quality, loan balances | 5,146 | 5,128 | ||
Total Loans | $103,539 | $100,890 |
LOANS_Individually_Evaluated_F
LOANS, Individually Evaluated For Impairment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
LOANS [Abstract] | ||
Purchased financing receivable individually evaluated for impairment | $5,673 | $5,673 |
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 25,099 | 24,803 |
Recorded Investment | 15,499 | 15,242 |
Allowance for Loan Losses Allocated | 1,409 | 1,400 |
With no related allowance recorded: [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 10,772 | 9,958 |
Recorded Investment | 8,841 | 8,042 |
Allowance for Loan Losses Allocated | 0 | 0 |
With an allowance recorded: [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 14,327 | 14,845 |
Recorded Investment | 6,658 | 7,200 |
Allowance for Loan Losses Allocated | 1,409 | 1,400 |
Residential Real Estate [Member] | With no related allowance recorded: [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 175 | 179 |
Recorded Investment | 133 | 137 |
Allowance for Loan Losses Allocated | 0 | 0 |
Multifamily real estate [Member] | With no related allowance recorded: [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 3,343 | 1,803 |
Recorded Investment | 2,561 | 1,033 |
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 | 549 | 1,404 |
Recorded Investment | 486 | 1,304 |
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 | 415 | 707 |
Recorded Investment | 415 | 707 |
Allowance for Loan Losses Allocated | 69 | 107 |
Non Owner Occupied Commercial Real Estate [Member] | With no related allowance recorded: [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 4,336 | 4,398 |
Recorded Investment | 4,105 | 4,190 |
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 | 622 | 684 |
Recorded Investment | 622 | 684 |
Allowance for Loan Losses Allocated | 33 | 54 |
Commercial and Industrial [Member] | With no related allowance recorded: [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 1,325 | 1,030 |
Recorded Investment | 548 | 270 |
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 | 747 | 929 |
Recorded Investment | 475 | 680 |
Allowance for Loan Losses Allocated | 407 | 339 |
All Other [Member] | With no related allowance recorded: [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 1,044 | 1,144 |
Recorded Investment | 1,008 | 1,108 |
Allowance for Loan Losses Allocated | 0 | 0 |
All Other [Member] | With an allowance recorded: [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid Principal Balance | 12,543 | 12,525 |
Recorded Investment | 5,146 | 5,129 |
Allowance for Loan Losses Allocated | $900 | $900 |
LOANS_Average_Balance_of_Loans
LOANS, Average Balance of Loans Individually Evaluated For Impairment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing receivable average balance individually evaluated for impairment [Line Items] | ||
Average Recorded Investment | $15,370 | $19,484 |
Interest Income Recognized | 78 | 1,765 |
Cash Basis Interest Recognized | 72 | 1,759 |
Residential Real Estate [Member] | ||
Financing receivable average balance individually evaluated for impairment [Line Items] | ||
Average Recorded Investment | 135 | 2,676 |
Interest Income Recognized | 1 | 34 |
Cash Basis Interest Recognized | 1 | 34 |
Multifamily Real Estate [Member] | ||
Financing receivable average balance individually evaluated for impairment [Line Items] | ||
Average Recorded Investment | 1,796 | 2,708 |
Interest Income Recognized | 0 | 708 |
Cash Basis Interest Recognized | 0 | 708 |
Owner Occupied Commercial Real Estate [Member] | ||
Financing receivable average balance individually evaluated for impairment [Line Items] | ||
Average Recorded Investment | 1,457 | 2,262 |
Interest Income Recognized | 9 | 16 |
Cash Basis Interest Recognized | 8 | 11 |
Non Owner Occupied Commercial Real Estate [Member] | ||
Financing receivable average balance individually evaluated for impairment [Line Items] | ||
Average Recorded Investment | 4,800 | 1,097 |
Interest Income Recognized | 48 | 627 |
Cash Basis Interest Recognized | 48 | 627 |
Commercial and Industrial [Member] | ||
Financing receivable average balance individually evaluated for impairment [Line Items] | ||
Average Recorded Investment | 987 | 2,967 |
Interest Income Recognized | 4 | 335 |
Cash Basis Interest Recognized | 4 | 335 |
All Other [Member] | ||
Financing receivable average balance individually evaluated for impairment [Line Items] | ||
Average Recorded Investment | 6,195 | 7,774 |
Interest Income Recognized | 16 | 44 |
Cash Basis Interest Recognized | $11 | $44 |
LOANS_Troubled_Debt_Restructur
LOANS, Troubled Debt Restructurings (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
TDR's on Non-accrual | $13 | $13 |
Other TDR's | 3,589 | 2,489 |
Total TDR's | 3,602 | 2,502 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDR's on Non-accrual | 13 | 13 |
Other TDR's | 187 | 191 |
Total TDR's | 200 | 204 |
Non Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDR's on Non-accrual | 0 | 0 |
Other TDR's | 469 | 474 |
Total TDR's | 469 | 474 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDR's on Non-accrual | 0 | 0 |
Other TDR's | 427 | 761 |
Total TDR's | 427 | 761 |
All Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDR's on Non-accrual | 0 | 0 |
Other TDR's | 963 | 1,063 |
Total TDR's | 963 | 1,063 |
Multifamily real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDR's on Non-accrual | 0 | |
Other TDR's | 1,543 | |
Total TDR's | $1,543 |
LOANS_TDR_Modified_During_Peri
LOANS, TDR Modified During Period (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loan | ||
Troubled Debt Restructuring Activity [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | $1,543 | |
Post-Modification Outstanding Recorded Investment | 1,543 | |
Increase in allowance for loan losses due to troubled debt restructuring | 0 | 0 |
Defaults within 12 months after modification | 0 | 0 |
Multifamily real estate [Member] | ||
Troubled Debt Restructuring Activity [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 1,543 | |
Post-Modification Outstanding Recorded Investment | $1,543 |
LOANS_Risk_Category_of_Loans_b
LOANS, Risk Category of Loans by Class of Loans, Credit Quality Indicators (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | $872,114 | $879,711 |
Residential Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 277,825 | 278,212 |
Multifamily Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 28,971 | 30,310 |
Owner Occupied Commercial Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 124,918 | 120,861 |
Non Owner Occupied Commercial Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 224,566 | 230,750 |
Commercial and Industrial [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 81,113 | 85,943 |
Consumer [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 31,182 | 32,745 |
All Other [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 103,539 | 100,890 |
Pass [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 824,130 | 827,711 |
Pass [Member] | Residential Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 265,445 | 265,285 |
Pass [Member] | Multifamily Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 24,316 | 27,260 |
Pass [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 116,104 | 111,024 |
Pass [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 212,908 | 218,971 |
Pass [Member] | Commercial and Industrial [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 78,958 | 83,634 |
Pass [Member] | Consumer [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 30,794 | 32,364 |
Pass [Member] | All Other [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 95,605 | 89,173 |
Special Mention [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 24,804 | 29,613 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 7,339 | 8,292 |
Special Mention [Member] | Multifamily Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 2,094 | 2,017 |
Special Mention [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 6,327 | 6,505 |
Special Mention [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 6,734 | 6,652 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 844 | 1,007 |
Special Mention [Member] | Consumer [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 289 | 267 |
Special Mention [Member] | All Other [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 1,177 | 4,873 |
Substandard [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 23,115 | 22,347 |
Substandard [Member] | Residential Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 5,028 | 4,622 |
Substandard [Member] | Multifamily Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 2,561 | 1,033 |
Substandard [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 2,487 | 3,332 |
Substandard [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 4,924 | 5,127 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 1,259 | 1,275 |
Substandard [Member] | Consumer [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 99 | 114 |
Substandard [Member] | All Other [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 6,757 | 6,844 |
Doubtful [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 65 | 40 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Accounts, notes, loans and financing receivable [Line Items] | ||
Loans | 13 | 13 |
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 | 0 | 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 | 52 | 27 |
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 | $0 | $0 |
STOCKHOLDERS_EQUITY_AND_REGULA2
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS [Abstract] | |||
Number of previous years retained profit taken for dividend calculation | 2 years | ||
Funds available for dividends without prior approval | $5.50 | ||
Common Equity Tier I Capital (to Risk-Weighted Assets) (in hundredths) | 13.20% | ||
Common Equity Tier I Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 4.50% | ||
Common Equity Tier I Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 6.50% | ||
Tier I Capital (to Risk-Weighted Assets) (in hundredths) | 13.20% | 13.30% | |
Tier I Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 6.00% | [1] | |
Tier I Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 8.00% | [1] | |
Total Capital (to Risk-Weighted Assets) (in hundredths) | 14.40% | 14.60% | |
Total Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 8.00% | ||
Total Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 10.00% | ||
Tier I Capital (to Average Assets) (in hundredths) | 9.40% | 9.10% | |
Tier I Capital (to Average Assets), Regulatory Minimum Requirements (in hundredths) | 4.00% | ||
Tier I Capital (to Average Assets), To Be Considered Well Capitalized (in hundredths) | 5.00% | ||
[1] | The regulatory requirements presented in the table are effective as of January 1, 2015. At December 31, 2014, the minimum Tier 1 capital to risk-weighted assets ratio was 4.0% and to be considered well capitalized the ratio was required to be at least 6.0%. |
PREFERRED_STOCK_AND_COMMON_STO1
PREFERRED STOCK AND COMMON STOCK WARRANT (Details) (USD $) | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Nov. 14, 2014 | Oct. 02, 2009 | Mar. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||
Par value of common stock called by warrants (in dollars per share) | $0 | $0 | ||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock issued (in shares) | 22,252 | |||
Preferred stock, par value (in dollars per share) | $0 | |||
Liquidation preference (in dollars per share) | $1,000 | |||
Value of preferred stock issued | $22,252 | |||
Preferred stock repurchased (in shares) | 22,252 | |||
Series A Preferred Stock [Member] | Before November 14, 2014 [Member] | ||||
Class of Stock [Line Items] | ||||
Accrued dividend rate (in hundredths) | 5.00% | |||
Warrants [Member] | ||||
Class of Stock [Line Items] | ||||
Term of warrant | 10 years | |||
Numbers of common stock to be purchased with warrants (in shares) | 628,588 | 636,378 | ||
Par value of common stock called by warrants (in dollars per share) | $0 | |||
Exercise price of warrants (in dollars per share) | $5.31 | $5.25 | ||
Threshold of quarterly common stock cash dividends paid (in dollars per share) | $0.11 |
STOCK_COMPENSATION_EXPENSE_Det
STOCK COMPENSATION EXPENSE (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 18, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period, description | three equal annual installments | three equal annual installments | |
Stock option vesting periods | 3 years | 3 years | |
Grants (in shares) | 47,650 | 46,300 | |
Grants (in dollars per share) | $14.72 | $14.43 | |
Compensation expense | $139,000 | $42,000 | |
Unrecognized stock-based compensation expense | 134,000 | ||
Unrecognized stock-based compensation, period of recognition | 35 months | ||
2012 Long Term Incentive Plan [Member] | Robert W. Walker [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants (in shares) | 7,000 | ||
Fair value of stock options granted (in dollars per share) | $14.72 | ||
Compensation expense | $103,000 |
STOCK_COMPENSATION_EXPENSE_Ass
STOCK COMPENSATION EXPENSE, Assumptions (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Assumptions used in the black-scholes option-pricing model [Abstract] | ||
Risk-free interest rate (in hundredths) | 1.41% | 2.78% |
Expected option life (yrs) | 5 years | 10 years |
Expected stock price volatility (in hundredths) | 17.20% | 31.19% |
Dividend yield (in hundredths) | 3.53% | 3.33% |
Weighted average fair value of options granted during the year (in dollars per share) | $1.37 | $3.74 |
STOCK_COMPENSATION_EXPENSE_Sto
STOCK COMPENSATION EXPENSE, Stock Options Activity (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock options activity [Roll Forward] | ||
Outstanding at beginning of year (in shares) | 273,942 | 354,281 |
Grants (in shares) | 47,650 | 46,300 |
Exercises (in shares) | -1,167 | -8,701 |
Forfeitures or expired (in shares) | -3,833 | -2,001 |
Outstanding at end of period (in shares) | 316,592 | 389,879 |
Exercisable at end of period (in shares) | 224,958 | 278,228 |
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | $11.06 | $9.84 |
Grants (in dollars per share) | $14.72 | $14.43 |
Exercises (in dollars per share) | $9.15 | $7.24 |
Forfeitures or expired (in dollars per share) | $12.24 | $9.30 |
Outstanding at end of period (in dollars per share) | $11.61 | $10.45 |
Weighted average remaining life of options outstanding | 6 years 4 months 24 days | 6 years 4 months 24 days |
Weighted average fair value of options granted during the year (in dollars per share) | $1.37 | $3.74 |
STOCK_COMPENSATION_EXPENSE_Aut
STOCK COMPENSATION EXPENSE, Authorized Stock Options By Exercise Price Range (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation, Shares Granted under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding, Number(in shares) | 316,592 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $11.61 |
Outstanding, Aggregate Intrinsic Value | $1,166 |
Currently Exercisable, Number (in shares) | 224,958 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 5 years 2 months 12 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $10.58 |
Currently Exercisable, Aggregate Intrinsic Value | 1,063 |
$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) | 113,482 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $7.56 |
Outstanding, Aggregate Intrinsic Value | 871 |
Currently Exercisable, Number (in shares) | 113,482 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 6 years 2 months 12 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $7.56 |
Currently Exercisable, Aggregate Intrinsic Value | 871 |
$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) | 40,500 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $11.39 |
Outstanding, Aggregate Intrinsic Value | 156 |
Currently Exercisable, Number (in shares) | 26,374 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 8 years |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $11.39 |
Currently Exercisable, Aggregate Intrinsic Value | 101 |
$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) | 139,110 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $14.22 |
Outstanding, Aggregate Intrinsic Value | 139 |
Currently Exercisable, Number (in shares) | 61,602 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 4 years |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $13.75 |
Currently Exercisable, Aggregate Intrinsic Value | 91 |
$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 | 0 years 10 months 24 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $16 |
Currently Exercisable, Aggregate Intrinsic Value | $0 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic earnings per share [Abstract] | ||
Income available to common stockholders | $3,142 | $3,505 |
Weighted average common shares outstanding (in shares) | 8,143,326 | 8,043,213 |
Earnings per share (in dollars per share) | $0.39 | $0.44 |
Diluted earnings per share [Abstract] | ||
Income available to common stockholders | $3,142 | $3,505 |
Weighted average common shares outstanding (in shares) | 8,143,326 | 8,043,213 |
Add dilutive effects of potential additional common stock (in shares) | 488,900 | 506,943 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 8,632,226 | 8,550,156 |
Earnings per share assuming dilution (in dollars per share) | $0.36 | $0.41 |
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) | 23,500 | 69,800 |
FAIR_VALUE_Carrying_Amount_and
FAIR VALUE, Carrying Amount and Estimated Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial assets [Abstract] | ||
Securities available for sale | $225,137 | $229,750 |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 85,816 | 70,398 |
Federal funds sold | 24,417 | 4,986 |
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | -731,723 | -711,118 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowed funds | 0 | 0 |
Interest payable | -6 | -6 |
Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Securities available for sale | 225,137 | 229,610 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Interest receivable | 621 | 625 |
Financial liabilities [Abstract] | ||
Deposits | -357,997 | -363,481 |
Securities sold under agreements to repurchase | -18,099 | -15,580 |
Other borrowed funds | -11,127 | -11,760 |
Interest payable | -380 | -428 |
Level 3 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Securities available for sale | 0 | 140 |
Loans held for sale | 633 | 226 |
Loans, net | 865,188 | 870,273 |
Interest receivable | 2,484 | 2,594 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowed funds | 0 | 0 |
Interest payable | 0 | 0 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 85,816 | 70,398 |
Federal funds sold | 24,417 | 4,986 |
Securities available for sale | 225,137 | 229,750 |
Loans held for sale | 633 | 226 |
Loans, net | 861,944 | 869,364 |
Federal Home Loan Bank stock | 2,996 | 2,996 |
Interest receivable | 3,105 | 3,219 |
Financial liabilities [Abstract] | ||
Deposits | -1,089,798 | -1,075,243 |
Securities sold under agreements to repurchase | -18,099 | -15,580 |
Other borrowed funds | -11,115 | -11,722 |
Interest payable | -386 | -434 |
Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 85,816 | 70,398 |
Federal funds sold | 24,417 | 4,986 |
Securities available for sale | 225,137 | 229,750 |
Loans held for sale | 633 | 226 |
Loans, net | 865,188 | 870,273 |
Interest receivable | 3,105 | 3,219 |
Financial liabilities [Abstract] | ||
Deposits | -1,089,720 | -1,074,599 |
Securities sold under agreements to repurchase | -18,099 | -15,580 |
Other borrowed funds | -11,127 | -11,760 |
Interest payable | ($386) | ($434) |
FAIR_VALUE_Assets_and_Liabilit
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Securities available for sale | ||
Available for sale, Fair Value | $225,137 | $229,750 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale | ||
Available for sale, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale | ||
Available for sale, Fair Value | 225,137 | 229,610 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale | ||
Available for sale, Fair Value | 0 | 140 |
Carrying Value [Member] | ||
Securities available for sale | ||
Available for sale, Fair Value | 225,137 | 229,750 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale | ||
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 |
Available for sale, Fair Value | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale | ||
U. S. agency MBS - residential | 59,538 | 52,780 |
U. S. agency CMO's - residential | 136,348 | 144,188 |
Total mortgage-backed securities of government sponsored agencies | 195,886 | 196,968 |
U. S. government sponsored agency securities | 18,600 | 22,506 |
Obligations of states and political subdivisions | 10,651 | 10,136 |
Available for sale, Fair Value | 225,137 | 229,610 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale | ||
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 | 140 |
Available for sale, Fair Value | 0 | 140 |
Recurring [Member] | Carrying Value [Member] | ||
Securities available for sale | ||
U. S. agency MBS - residential | 59,538 | 52,780 |
U. S. agency CMO's - residential | 136,348 | 144,188 |
Total mortgage-backed securities of government sponsored agencies | 195,886 | 196,968 |
U. S. government sponsored agency securities | 18,600 | 22,506 |
Obligations of states and political subdivisions | 10,651 | 10,276 |
Available for sale, Fair Value | $225,137 | $229,750 |
FAIR_VALUE_Unobservable_Input_
FAIR VALUE, Unobservable Input Reconciliation (Details) (Securities Available-for-sale [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
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 |
Total Gains or Losses (Realized/Unrealized) [Abstract] | |
Included in earnings - realized | 0 |
Included in earnings, unrealized | 0 |
Included in other comprehensive income | 0 |
Purchases, sales, issues and settlements, net | -140 |
Transfers in and / or out of Level 3 | 0 |
Balance of recurring Level 3 assets at period-end | $0 |
FAIR_VALUE_Assets_and_Liabilit1
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Impaired Loans Additional Disclosure [Abstract] | |||
Recorded investment in impaired loans carried at fair value | $6,658 | $7,200 | |
Valuation allowance for impaired loans | 1,409 | 1,400 | |
Impaired collateral dependent loans, provision for loan losses | 9 | -1,437 | |
Other Real Estate Owned Additional Disclosure [Abstract] | |||
Recorded investment in other real estate owned carried at fair value - gross | 11,759 | 12,343 | |
Valuation allowance for other real estate owned | 2,145 | 2,137 | |
Write downs | 50 | 0 | |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Impaired loans: [Abstract] | |||
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] | |||
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] | |||
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] | |||
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] | |||
Owner occupied commercial real estate | 346 | 600 | |
Non-owner occupied commercial real estate | 589 | 630 | |
Commercial and industrial | 68 | 341 | |
All other | 4,246 | 4,229 | |
Total impaired loans | 5,249 | 5,800 | |
Other real estate owned: [Abstract] | |||
Non-owner occupied commercial real estate | 2,003 | 2,003 | |
All other | 7,711 | 8,203 | |
Total OREO | 9,714 | 10,206 | |
Nonrecurring [Member] | Carrying Amount [Member] | |||
Impaired loans: [Abstract] | |||
Owner occupied commercial real estate | 346 | 600 | |
Non-owner occupied commercial real estate | 589 | 630 | |
Commercial and industrial | 68 | 341 | |
All other | 4,246 | 4,229 | |
Total impaired loans | 5,249 | 5,800 | |
Other real estate owned: [Abstract] | |||
Non-owner occupied commercial real estate | 2,003 | 2,003 | |
All other | 7,711 | 8,203 | |
Total OREO | $9,714 | $10,206 |
FAIR_VALUE_Asset_Quantitative_
FAIR VALUE, Asset Quantitative Information (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset fair value | 5,249 | 5,800 |
Impaired Loans [Member] | Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset fair value | 346 | 600 |
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) | 65.50% | 44.80% |
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) | 72.40% | 72.40% |
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) | 52.40% | 58.90% |
Impaired Loans [Member] | Non Owner Occupied Commercial Real Estate [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset fair value | 589 | 630 |
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) | 41.10% | 16.90% |
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) | 41.10% | 54.60% |
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) | 41.10% | 16.90% |
Impaired Loans [Member] | Commercial and Industrial [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset fair value | 68 | 341 |
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) | 8.00% | 26.20% |
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) | 8.00% | 41.20% |
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) | 8.00% | 27.00% |
Impaired Loans [Member] | All Other [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset fair value | 4,246 | 4,229 |
Impaired Loans [Member] | All Other [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability of sales (in hundredths) | 57.20% | 57.30% |
Impaired Loans [Member] | All Other [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability of sales (in hundredths) | 57.20% | 57.30% |
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) | 57.20% | 57.30% |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset fair value | 9,714 | 10,206 |
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 | 2,003 | 2,003 |
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) | 17.20% | 17.80% |
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) | 17.20% | 17.80% |
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) | 17.20% | 17.80% |
Other Real Estate Owned [Member] | All Other [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset fair value | 7,711 | 8,203 |
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) | 24.60% | 24.60% |
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) | 67.40% | 50.30% |
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) | 25.00% | 45.00% |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 0 Months Ended | |||
6-May-15 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Subsequent Event [Line Items] | ||||
Common Equity Tier I Capital (to Risk-Weighted Assets) (in hundredths) | 13.20% | |||
Common Equity Tier I Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 4.50% | |||
Common Equity Tier I Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 6.50% | |||
Tier I Capital (to Risk-Weighted Assets) (in hundredths) | 13.20% | 13.30% | ||
Tier I Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 6.00% | [1] | ||
Tier I Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 8.00% | [1] | ||
Total Capital (to Risk-Weighted Assets) (in hundredths) | 14.40% | 14.60% | ||
Total Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 8.00% | |||
Total Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 10.00% | |||
Tier I Capital (to Average Assets) (in hundredths) | 9.40% | 9.10% | ||
Tier I Capital (to Average Assets), Regulatory Minimum Requirements (in hundredths) | 4.00% | |||
Tier I Capital (to Average Assets), To Be Considered Well Capitalized (in hundredths) | 5.00% | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Reduction in shareholders' equity and regulatory capital | $5,675,000 | |||
Reduction in dilutive effect of potential additional common shares (in shares) | 415,000 | |||
Subsequent Event [Member] | Pro Forma [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Equity Tier I Capital (to Risk-Weighted Assets) (in hundredths) | 12.60% | |||
Common Equity Tier I Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 4.50% | |||
Common Equity Tier I Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 6.50% | |||
Tier I Capital (to Risk-Weighted Assets) (in hundredths) | 12.60% | |||
Tier I Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 6.00% | |||
Tier I Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 8.00% | |||
Total Capital (to Risk-Weighted Assets) (in hundredths) | 13.80% | |||
Total Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements (in hundredths) | 8.00% | |||
Total Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized (in hundredths) | 10.00% | |||
Tier I Capital (to Average Assets) (in hundredths) | 9.00% | |||
Tier I Capital (to Average Assets), Regulatory Minimum Requirements (in hundredths) | 4.00% | |||
Tier I Capital (to Average Assets), To Be Considered Well Capitalized (in hundredths) | 5.00% | |||
Subsequent Event [Member] | U.S. Treasury [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments for purchase of warrants | 5,675,000 | |||
Subsequent Event [Member] | U.S. Treasury [Member] | Bank of Kentucky [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase of warrant, line of credit | 4,000,000 | |||
Subsequent Event [Member] | U.S. Treasury [Member] | Cash and Cash Equivalents [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments for purchase of warrants | $1,675,000 | |||
[1] | The regulatory requirements presented in the table are effective as of January 1, 2015. At December 31, 2014, the minimum Tier 1 capital to risk-weighted assets ratio was 4.0% and to be considered well capitalized the ratio was required to be at least 6.0%. |